Evrim acquires Cuale gold project in Mexico
VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX-V:EVM) (“Evrim” or the “Company”) is pleased to announce the acquisition and initial exploration results of the Cuale gold property, an early-stage exploration property prospective for high sulphidation epithermal gold-silver in Jalisco, Mexico. The Cuale project was initially staked under the Callinan Royalties Generative Alliance (now owned by Altius Minerals Corp. (TSX:ALS)) with formal title granted to Evrim for 100% ownership in November 2017.
Cuale Exploration Highlights
- Rock chip sampling has defined a 500 metre by 250 metre zone of gold mineralization with all seven samples ranging from 0.19 to 4.56 grams per tonne (g/t) gold;
- Contour soil sampling within the area defines a 400 metre by 140 metre zone of gold anomalism with all seven soil samples ranging from 0.13 g/t gold to 4.06 g/t gold;
- Excellent infrastructure nearby and within the same region as the Barqueño project (Agnico Eagle Mines) and the Terronera project (Endeavour Silver).
“Gold mineralization from sampling at the La Gloria prospect indicates significant potential for an oxidized high sulphidation gold system at the Cuale project. These encouraging early results warrant rapid advancement to define the full extent of mineralization,” commented Evrim’s Vice President for New Opportunities and Exploration, Charles Funk. “Oxidized high sulphidation deposits are highly valued for their often large tonnages and lower construction costs. Cuale is a new project for Evrim and the extent of mineralization over such a broad area presents an uncommonly compelling prospect.”
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Figures 1 and 2 (left) Gold in soil samples and (right) gold in rock chip samples.
Mineralization is found in moderately to strongly silicified rhyolite that contains up to 10% specular hematite in boxworks, interpreted to have formed after pyrite. Zones of pervasive silicification with strong clay alteration of phenocrysts trending to vuggy silica are observed but the distribution is not yet well understood. Overprinting white quartz veins and massive specularite veins form sheeted networks in outcrop. On the margin and at lower elevations, high temperature clays including pyrophyllite and dickite are noted before the system grades towards kaolinite with abundant specular hematite (up to 15%) distally and at lower elevations.
Soil sampling shows gold, silver, bismuth, molybdenum, lead, antimony with depleted manganese and zinc occur together in the mineralized zone with elevated copper and arsenic occurring at lower elevations to the northeast. In rock samples gold, silver, bismuth and antimony strongly correlate.
About the Cuale Project
The Cuale 100% owned project is a 97 square kilometre early stage exploration property prospective for high sulphidation epithermal gold-silver, located 185 kilometres west of Guadalajara in the Cordillera Madre del Sur. Cuale was identified and staked under the Callinan Royalties Generative Alliance (now owned by Altius Minerals), and is subject to a 1.5% net smelter royalty (“NSR”) for precious metals and a 1.0% NSR for base metals payable to Altius Minerals. Cuale was identified and staked as part of the Company's generative exploration program.
The property is located within the Talpa de Allende area of Jalisco near Agnico Eagle Mines’ Barqueño project (663k oz gold and 2.2M oz silver) and Endeavour Silver’s Terronera project (37M oz silver and 311k oz gold). The area is close to infrastructure with roads and powerlines crossing the property.
The property is located within a complex accreted arc terrane that developed during the Mesozoic Era and that hosts the majority of volcanogenic massive sulphide (VMS) deposits in Mexico. The accreted arc terrane comprises an interbedded sequence of rhyolitic volcanics and volcaniclastics that are only weakly deformed. These units are intruded by the Cretaceous Puerto Vallarta batholith.
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Figure 3 View looking west to La Gloria prospect with extent of alteration and location of gold samples shown.
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Figure 4 Hand samples collected from the project with high sulphidation textures
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 proprietary database in Mexico and portions of southwestern United States. Evrim employs a business model of generating exploration ideas and advancing its projects through joint ventures thereby employing third party capital to create shareholder value and participate in economic discoveries. This model enables the Company to create royalties and own minority interests in mineral deposits and operating mines while minimizing capital dilution and maximizing shareholder value.
On Behalf of the Board
EVRIM RESOURCES CORP.
Paddy Nicol
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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.