Vancouver B.C. - December 19, 2018: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) announces the 2018 exploration results from its Ball Creek and Axe projects in British Columbia, Canada. At the completion of these programs the Company’s exploration partner, a wholly-owned subsidiary of Antofagasta plc (“Antofagasta”), relinquished their options on both projects. The Ball Creek and Axe projects remain 100%-owned by Evrim.
“Antofagasta spent approximately $2.1 million exploring both the Ball Creek and Axe projects which they optioned from Evrim in May and December of 2017. Evrim would like to thank Antofagasta for their technical expertise and financial contributions,” commented Paddy Nicol, President and CEO of Evrim.
“Elsewhere, the Company is engaged in two ongoing drill programs: one at our 100%-owned Cuale and the other at Cerro Cascaron, which is optioned to Harvest Gold Corp. We are also preparing for a drill program at our Sarape project in the first quarter of 2019, which is optioned to Coeur Mining Inc., and First Majestic Silver Corp. is in the midst of a 13,000 metre expansion and infill drill program1 at the Ermitaño West project where Evrim has a royalty interest on a growing, inferred 550,000 ounce gold equivalent resource2.
2017 and 2018 Ball Creek Program
Exploration at Ball Creek comprised mapping and sampling on seven separate targets: the Quash zone, North and South More targets, the Rainbow North target, the ME/Goat targets, the Cliff zone and the Ball Creek porphyry, as well as a remote sensing assessment and a detailed airborne magnetic and radiometric survey.
The Quash zone is located approximately 200 metres from Golden Ridge Resources’ Williams porphyry discovery on the Hank property, where drill hole HNK-18-013 intersected 319 metres grading 0.42 grams per tonne (“g/t”) gold and 0.34% copper.3 An Induced Polarization (IP) survey completed this summer at the Quash zone is marked by distal porphyry alteration and geochemistry, and suggests the Williams porphyry may cross the property boundary dipping steeply to the northwest.
The North and South More targets are significant alkalic porphyry alteration zones where anomalous soil and rock geochemistry extend over four kilometres by one kilometre although a defined drill target was not identified. North of the Ball Creek Porphyry a strong stockwork zone with B-type quartz veins containing pyrite, chalcopyrite, bornite and molybdenite returned a rock chip sample grading 0.30% copper and 0.67 g/t gold. The Cliff zone south of the Ball Creek porphyry contains quartz, sericite and pyrite alteration superimposed over deeper level alteration.
Rainbow North is a gold target where a 2017 rock sample returned 17 g/t gold and 0.66% copper that was collected 32 metres north of historic drill hole RN11-01 which intersected 91 metres grading 0.05% copper and 0.76 g/t gold, including 42.9 metres of 0.06% copper and 0.99 g/t gold. There is no drilling to the northeast and southwest of this intersection.
Ball Creek is an attractive gold-rich copper porphyry project located in the centre of the Golden Triangle approximately 50 kilometres south of GT Gold’s Saddle North discovery and 70 kilometres east of Teck and Newmont’s Galore Creek. The work with Antofagasta focused on copper targets in the eastern portion of the property with limited work on several untested copper targets outside of the Antofagasta program area, including Mess Creek, South More, and Rainbow North. The Company will consider a range of options for advancing the property in 2019 including another joint venture partner.
2018 Axe Program
The 2018 program at Axe included mapping, four diamond drill holes and 39 reverse circulation (“RC”) drill holes. The West, South, Adit and the newly-identified Ohio zones were tested with diamond drill holes and the RC drilling was used to test a number of magnetic targets over a wide area beneath thin till cover. A total of 2,113.6 metres of diamond drilling and 695.3 metres of RC drilling was completed testing porphyry centres with untested magnetic highs where re-logging of historic drill core identified a strong association of high-grade copper and gold with magnetite.
Drilling at the West zone targeted a strong magnetic high beneath historic drill hole A06-05 that intersected 49.5 metres grading 1.23 g/t gold from 25.5 metres downhole and adjacent short intervals of copper mineralization including 12 metres grading 0.53% copper and 0.28 g/t gold from 85.5 metres downhole in A07-06. Drill hole AXD18-01 intersected discontinuous mineralization throughout the hole including 28.8 metres of 0.52 g/t gold and 0.13% copper from 2.6 metres. The West zone comprises a well-zoned porphyry system with copper-gold mineralization associated with magnetite skarn mineralization on the edges of a porphyry intrusion.
The South zone represents another strong magnetic high beneath historic hole D69-02 that intersected 91.4 metres grading 0.31% copper from 100.6 metres downhole including 15.2 metres grading 0.52% copper from 134 metres downhole. Drill hole AXD18-02 drilled a porphyritic intrusion with zoned porphyry-style alteration. The porphyry contains intense vein development but only weak sulphide content.
Drill hole AXD18-03 targeted the Ohio zone, a previously untested magnetic high located west of the Adit zone. The drill hole intersected magnetic potassic alteration with no significant sulphides.
Mapping defined the Adit zone as a higher priority target with a 200 metre wide zone of chalcopyrite mineralization overprinted by sericite alteration. The target was tested by drill hole AXD18-04, which intersected a porphyritic intrusion containing zones of fine-grained chalcopyrite largely overprinted by sericite alteration. This mineralization includes 63.0 metres grading 0.20% copper with narrow intervals of high copper grades: 8.0 metres grading 0.63% copper from 311 metres and 7.0 metres grading 0.70% copper from 432.0 metres. Potential for more continuous mineralization exists at depth and laterally, although post mineral intrusions limit the potential to the southeast.
|AXD18-03||No Significant Intersections|
Table 1 - Axe Significant Intersections
The RC program formed a grid of shallow holes to sample the top of bedrock beneath thin till cover and identify potential porphyry centres for diamond drill testing. The Ohio diamond drill hole tested one of these RC targets and the Company is interpreting the results of this work. The program also helped extend the geological map under cover to the west but no significant targets were generated.
“We are evaluating the results from this year’s work in conjunction with existing data to determine our next course of action at Axe”, commented Charles Funk, Evrim’s VP New Opportunities and Exploration.
About the Ball Creek Project
The Ball Creek Project is a large, 524 square kilometre copper-gold porphyry and epithermal gold-silver project located in northwest British Columbia’s Golden Triangle, only eight kilometres west of Highway 37 and the 287 kV Northwest Transmission Line. The project contains four separate porphyry systems distributed across the property and in close proximity to the Triassic/Jurassic unconformity, a similar setting to major deposits including Red Chris, KSM, Spectrum/GJ, and Snip.
Significant potential exists at the Mess Creek, More Creek, Rainbow, and Ball Creek porphyry systems. The Ball Creek porphyry has received the majority of exploration, with the other porphyry systems having seen only limited drilling.
Evrim acknowledges that Ball Creek is situated in the traditional territory of the Tahltan Nation and is committed to developing a positive and mutually beneficial relationship based on respect and transparency.
About the Axe Project
The Axe Project is a 50 square kilometre, early stage exploration property, prospective for gold-rich copper porphyry mineralization. It is located 20 kilometres north of Princeton along Highway 5A, and 30 kilometres north of Copper Mountain Mining Corporation’s producing Copper Mountain Mine. A 238 kV power line crosses the southwest corner of the property, while a network of logging roads immediately east of Highway 5A provide excellent road access.
The property is located within the Intermontane Belt in the southern portion of the Quesnellia Terrane in southern British Columbia. Southern Quesnellia is composed of Triassic Nicola Volcanic Belt rocks and associated Jurassic to Cretaceous intrusions. The belt extends from the Canada/USA border to north of Kamloops and is characterized by several producing mines and advanced stage mineral development projects.
In 2006, a NI 43-101 resource of 39 million tonnes (“Mt”) at 0.38% copper in the indicated category and an additional 32 Mt at 0.38% copper in the inferred category was estimated, although gold was not included as it was not assayed in most previous drilling.
Evrim is committed to developing positive and mutually beneficial relationships based on respect and transparency with local First Nations and communities in the areas in which we operate.
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 covering substantial areas of Mexico and portions of southwestern United States. The Company’s projects 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 Charles Funk, VP New Opportunities and Exploration at 604-248-8648, or Donna Yoshimatsu at 416-722-2456.
Visit our website at www.evrimresources.com.
- Please refer to the joint news release issued by the Company and First Majestic Silver Corp. dated September 10, 2018. http://www.evrimresources.com/news/2018/first-majestic-and-evrim-resources-agree-to-exercise-of-ermitano-and-cumobabi-option-agreements/
- Please refer to the Company news release of April 5, 2018. The resource on the Ermitaño West vein that comprises part of the Ermitaño property was announced by earn-in partner First Majestic Silver Corp. (“First Majestic”) on March 29, 2018. Inferred resources of 40.8 million ounces silver equivalent have been calculated by First Majestic with an average grade of 4.0 grams per tonne (“g/t”) gold and 68 g/t silver, or approximately 562,000 ounces gold equivalent, using First Majestic’s metal prices of US$1,450 per ounce gold and US$20 per ounce silver along with other assumptions to determining metal equivalent stated in its March 29, 2018 news release. http://www.evrimresources.com/news/2018/ermitano-west-maiden-resource-announced/
- Please refer to the news release issued by Golden Ridge Resources Ltd. dated November 28, 2018. https://www.goldenridgeresources.com/news/index.php?content_id=103
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.