Evrim secures additional ground at Cuale High Sulphidation gold project
VANCOUVER, British Columbia, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce the acquisition of 50 square kilometres of prospective land adjacent to the La Gloria prospect at the 100%-owned Cuale project in Jalisco, Mexico. The area immediately to the west and north of the Cuale claim group was staked thereby expanding the total project area to 147 square kilometres. In December 2017, the first-ever trenches were completed at La Gloria with intervals including 9.4 metres at 7.4 grams per tonne (g/t) gold (see news release dated January 18, 2018).
Alain Charest, Vice President Exploration, Mexico commented, “Cuale is one of the most exciting grass-roots exploration projects to have surfaced in Mexico in recent history and securing the land position was paramount. High sulphidation oxidized systems are rare in Mexico. Three known deposits are Goldcorp’s El Sauzal (1.9 million ounces gold), Alamos Gold’s Mulatos (5.0 million ounces gold) and Agnico Eagle’s La India (3.0 million ounces gold) and they serve as good indicators of the potential of this deposit style.1 High sulphidation gold deposits are known for their low cost, large scale and long mine life.”
Evrim plans to rapidly advance the project with additional trenching, mapping, sampling and an Induced Polarization geophysical survey, all planned to commence in February 2018.
New gold zone at La Gloria prospect
Detailed mapping with supporting Terraspec clay mineral identification has significantly extended the size of the high temperature footprint to 2.3 kilometres by 2.2 kilometres. This scale compares favourably with similar high sulphidation deposits in Mexico, Peru, Chile and South East Asia.
Within this footprint, a new zone of high temperature alteration with gold has been identified in the northwest. A grab sample within a broad zone of advanced argillic to silica alteration returned 0.25 g/t gold, one of only four assay samples collected in the zone. This area will be a priority for infill sampling in the upcoming program along with additional trenching in the core gold-rich zone.
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Figure 1 Claim Map with La Gloria target highlighted
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Figure 2 Alteration map of the La Gloria prospect
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Photo 1 High temperature (advanced argillic to silica) alteration in a tuff clast in the northwest zone.
About the Cuale Project
The 100%-owned Cuale project is a 147 square kilometre, early stage exploration property prospective for high sulphidation epithermal gold mineralization, 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.
The property is located within the Talpa de Allende area of Jalisco near Agnico Eagle Mines' Barqueño project (663,000 ounces gold and 2.2 million ounces silver) and Endeavour Silver's Terronera project (37 million ounces silver and 311,000 ounces gold)2. The area is close to infrastructure with roads and powerlines crossing the property.
The property lies 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 is comprised of an interbedded sequence of rhyolitic volcanics and volcaniclastics that are only weakly deformed and has been intruded by the Cretaceous Puerto Vallarta batholith. The La Gloria intrusives, tuffs and high sulphidation alteration are presently interpreted to be an even younger event correlating with either the Sierra Madre Occidental or Trans Mexican Volcanic Belt events.
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.
Evrim applies industry standard exploration sampling methodologies and techniques. All geochemical soil, stream, rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples were dispatched to ALS Limited in Guadalajara, Mexico for sample preparation and to the ALS laboratory in North Vancouver for analysis. These facilities have ISO/IEC 17025:2005 accreditation. Assay results from surface rock, channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.
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.
Paddy Nicol
President & CEO
To learn 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, or visit www.evrimresources.com.
References:
- Total production reported on S&P Global Market Intelligence website.
a. El Sauzal: https://platform.mi.spglobal.com/web/client?auth=inherit#metalsAndMiningProperty/profile?id=29540
Total reserves and resources reported on S&P Global Market Intelligence website.
b. Mulatos: https://platform.mi.spglobal.com/web/client?auth=inherit#metalsAndMiningProperty/profile?ID=28640
c. La India: https://platform.mi.spglobal.com/web/client?auth=inherit#metalsAndMiningProperty/profile?ID=33479
- Total reserves and resources reported on S&P Global Market Intelligence website.
a. Barqueno: https://platform.mi.spglobal.com/web/client?auth=inherit#metalsAndMiningProperty/combinedOwnership?ID=40435
b. Terronera: https://platform.mi.spglobal.com/web/client?auth=inherit#metalsAndMiningProperty/combinedOwnership?ID=37381
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.