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Ermitaņo


Introduction

Commodity:Au & Ag low sulphidation epithermal veining
Location:Sonora, Mexico
Size:165 km2
Status:Optioned to First Majestic
Stage:Advancing Discovery

Overview

The Ermitaño Property consists of 165 square kilometres of contiguous mineral tenure located approximately 145 kilometres from Hermosillo and immediately adjacent to First Majestic's Santa Elena gold-silver mine in Sonora, Mexico. Access to the property is by paved highway and secondary roads. Ermitaño is held 100% by Evrim subject to an underlying third party net smelter royalty of 2%.

Evrim's exploration partner First Majestic Silver Corp. has received assay results from the first four holes of a ten hole diamond drill program at the Ermitaño West prospect totaling 947 metres. The Ermitaño West prospect is located approximately 3.5 kilometres southeast the Santa Elena mine site.

Ermitaño West Drilling Highlights

Drill Hole EW16-04
  • 18.0 metres grading 11.4 grams per tonne ("g/t") gold and 86 g/t silver including 3.25 metres grading 34.6 g/t gold and 242 g/t silver
Drill Hole EW16-03
  • 9.6 metres grading 1.8 g/t gold and 24 g/t silver including 3.1 metres grading 4.9 g/t gold and 36 g/t silver
Drill Hole EW16-02
  • 13.2 metres grading 1.1 g/t gold and 29 g/t silver including 3.0 metres grading 2.9 g/t gold and 72 g/t silver
Drill Hole EW 16-01
  • 8.8 metres grading 0.8 g/t gold and 9 g/t silver
True widths are estimated to be 70-90% of reported intervals.

The principal vein at Ermitaño West is situated in a larger vein field and has considerable width in all drill holes. The mineralization is gold rich (relative to silver) and the high gold grades are evenly distributed across the drill intercepts. This discovery is very close to First Majestic's Santa Elena mine and provides great potential for Evrim to realize the value of this discovery in the near term.

Drilling targeted the principal east-west trending vein at Ermitaño West that is interpreted to form the hanging wall to veins and veinlets mapped to the south. The principal vein is hosted in rhyolite tuff and drilling intersected competent veins from 7.5 to 13.1 metres wide. Vein textures vary from massive crystalline quartz with minor colloform and cockade bands at and near surface to strongly developed banding, increased oxides, quartz after bladed calcite, adularia, and re-brecciation with increasing depth. Veins have silicified selvages and common vein stringers adjacent to the competent vein with similar grade mineralization.

The results fit a classical epithermal pattern with low gold and silver grades at surface increasing at depth to economic grades where textures indicate a boiling environment within the vein. The increase in grade within the vein beneath the surface and a high gold to silver ratio (~1:10) strongly suggest that ore shoots are fully preserved and the limited drilling shows a system open to the east, west and at depth (see Ermitaño West Longitudinal Section on Maps tab).

Drilling is ongoing to complete a planned 10-hole program with further assays pending.

First Majestic can earn a 100% interest in the Ermitaño Property by paying Evrim US$50,000 each year and delivering a Production Notice by January 2019, specifying mine and construction plans with accompanying permits. Upon vesting, First Majestic will no longer be required to make the annual payments and Evrim will retain a 2% Net Smelter Royalty ("NSR").

The content of this page has been reviewed by Stewart Harris, P.Geo., Vice President, Technical Services for the Company. Mr. Harris is a Qualified Person as defined under the terms of National Instrument 43-101.

The content of this page has been reviewed by Stewart Harris, P.Geo., Vice President, Technical Services for the Company. Mr. Harris is a Qualified Person as defined under the terms of National Instrument 43-101.