Vancouver B.C. - April 14, 2016: Evrim Resources Corp. (TSX.V: EVM) (“Evrim” or the “Company”) is pleased to announce results from an exploration program on its 100% owned Cerro Cascaron project in Chihuahua, Mexico. Cerro Cascaron is an early stage target covering 69 square kilometres of ground prospective for epithermal gold-silver deposits. The property is favorably situated in the dissected volcanic terrains of the Sierra Madre Occidental in Chihuahua, approximately 55 kilometres southeast of Goldcorp Inc.’s past-producing El Sauzal gold mine. Cerro Cascaron represents one of the few untested targets in the trend.
Exploration Program Highlights
- Gold-silver mineralization outlined over a 10 square kilometre area to date on the eastern third of the property
- Fourteen structurally-controlled epithermal gold-silver systems identified with strike lengths ranging from 70 to 800 metres with a cumulative strike length of over 3000 metres delineated to date. Most structures remain open along strike.
- Significant gold or silver epithermal vein mineralization sampled in eleven zones, including:
- 9.24 g/t gold and 134 grams per tonne (g/t) silver over 2.0 metres
- 6.18 g/t gold over 1.5 metres
- 1.19 g/t gold over 5.0 metres
- 1.80 g/t gold and 516 g/t silver over 0.8 metres
- 0.499 g/t gold and 231 g/t silver over 3.8 metres
The exploration program comprised property-scale and detailed geologic mapping and rock chip sampling at selected targets identified from Evrim’s previous reconnaissance-scale programs. Geologic mapping has better defined the controls on mineralization that occurs in Cretaceous andesite volcanic rocks and extends upwards into younger Tertiary rhyolite and andesite volcanic rocks. The mineralized structures comprise quartz veins, vein-breccias, quartz veinlet and stockwork zones with finely crystalline, drusy, locally banded and lattice textures that are common in low sulphidation epithermal gold-silver systems. The mineralized structures range from 0.3 to 10 metres in width and follow two dominant orientations, east-west and north-south with higher-grade gold mineralization preferentially hosted in the north-south structures. A vertical zonation has been identified in the vein systems that have a vertical extent of at least 900 metres. The veins exposed at lower elevations have higher silver and base metal values and higher gold values are present at higher elevations with boiling-level textures and high-grade gold present at, or near, the top of the exposed system. Additional work in the Serpiente Dorada zone confirmed widespread anomalous gold, including 1.19 g/t gold over 5.0 metres, that is associated with north-south and northeast striking quartz veining and fractures.
Alain Charest, Vice President Exploration, Mexico commented, “The Sierra Madre Occidental hosts some of the most important gold-silver deposits in Mexico and Cerro Cascaron shares a similar geological setting as some of these deposits. The mineralization at Cerro Cascaron is abundant and high-grade, and its vertical extent and zonation demonstrate a well-developed system. In addition, local textures suggestive of the higher levels of gold mineralization indicate that significant gold mineralization could lie beneath.”
About the Cerro Cascaron Project
The Cerro Cascaron project covers a historic Colonial-era mining district that contains numerous gold and gold-silver prospects with evidence of small-scale artisanal mining. The Company has identified a number of low sulphidation epithermal gold-silver targets at, or near, the unconformity between the Cretaceous to Tertiary Lower Volcanic Sequence andesites and the Tertiary Upper Volcanic Sequence rhyolites. Most epithermal gold-silver deposits found in the Sierra Madre Occidental, including El Sauzal, Mulatos and Ocampo, occur at, or near, this unconformity. Exploration work to date has outlined a primary zone called Serpiente Dorada.
The Serpiente Dorada zone comprises a 200 metre by 300 metre area with multiple sub-parallel mineralized structures and breccias that cut the lower part of the rhyolite sequence. The gold-mineralized structures and breccias are associated with a sub-vertical north-striking fault, parallel secondary faults and a younger northeast-striking fault. The zone remains open along strike to the north and south. Individual mineralized structures range from one metre to ten metres in width and are silicified with quartz veins and veinlets, stockworks and quartz infilling breccia matrices. A total of 157 rock samples have been collected from this zone, ranging from <5 parts per billion (ppb) gold to 1,670 g/t gold and with nineteen samples exceeding 1.0 g/t gold with anomalous silver and pathfinder elements. Local coarse visible gold mineralization is associated with manganese oxides and occurs along north striking, sub-parallel fracture planes within the footwall rhyolite breccias.
Property-wide prospecting on the Cerro Cascaron project has identified twelve other zones of gold-silver mineralization, three of which have rock samples exceeding 10 g/t gold. A total of 191 rock samples have been collected outside of the Serpiente Dorada zone ranging from <5 ppb gold to 39.7 g/t gold with 18 of these samples exceeding 1.0 g/t gold. These showings, including Serpiente Dorada, have yet to be tested by drilling or modern exploration techniques. Evrim’s plan for the project in 2016 is to continue to define the extents of, and controls on, mineralization identified to date and to explore for additional systems on the underexplored property. This project is an excellent opportunity for the Company to make a new discovery in this proven district.
The core claims containing a large portion of the Serpiente Dorada zone were staked by the Company in late 2015, and three surrounding claims were acquired under two separate agreements with a third party. Under the terms of each agreement, the Company will pay CDN$140,000 over a five year period to acquire a 100% interest. Each agreement is also subject to a 2% Net Smelter Royalty of which 1% can be purchased for US$1.25 million.
All figures are available in the News Release posted on the Company web page www.evrimresources.com.
ArcelorMittal Sonora S.A. Alliance
The Company also announces that the iron ore exploration alliance with ArcelorMittal Sonora S.A. has ended. The Company wishes to thank ArcelorMittal’s exploration team for their valuable contribution over the past two years.
Qualified Person Statement
Evrim’s disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, P.Geo. Vice President, Technical Services for the Company. Mr. Harris serves as a Qualified Person under the definition of National Instrument 43-101.
About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable business model. The Company is well financed, has a diverse range of quality projects and a database in Mexico and portions of southwestern United States. The existing projects, and generation of quality exploration targets and ideas, are advanced through option and joint venture agreements with industry partners to create shareholder value. Evrim’s business plan also includes royalty creation utilizing the Company’s exploration expertise and existing projects.
On Behalf of the Board
EVRIM RESOURCES CORP.
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Mahesh Liyanage at 604-248-8648, or visit www.evrimresources.com.
Forward Looking Information
This news release includes certain statements that may be deemed “forward looking statements”. All statements in this news release, other than statements of historical facts, that address events or developments that Evrim Resources Corp. (the “Company”) expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.