Evrim Resources Corp. acquires the Suanse Property in Mexico
VANCOUVER, Nov. 14, 2019 - Evrim Resources Corp. (TSX.V:EVM) ("Evrim" or the "Company") is pleased to announce that it has signed an agreement (the "Agreement") with San Marco Resources ("San Marco") to acquire the Suanse Property in Sonora, Mexico. The Suanse Property covers 1,115 hectares of ground within Evrim's larger Llano del Nogal claim block and lies immediately north of Evrim's Suanse porphyry target (see Evrim's news release dated October 12, 2016). Evrim's Llano del Nogal project is located in the prolific Laramide porphyry belt of northern Mexico between the world-class Buenavista (Cananea) and La Caridad porphyry copper mines; it is one of the few undrilled porphyry copper-epithermal gold-silver systems on the trend. "The acquisition of the Suanse Property solidifies the exploration potential of the greater Llano del Nogal project," commented Paddy Nicol, CEO of Evrim. "In particular, Evrim's Suanse porphyry target sits on the margin of the Suanse property boundary and can now be explored more completely and effectively. Evrim is seeking a partner for this exciting exploration opportunity."
About the Llano del Nogal Project
The Llano del Nogal project is located approximately 180 kilometres northeast of Hermosillo and covers roughly 115 square kilometres of ground including the recent addition of the Suanse property. The project lies in the Cananea-La Caridad trend where it intersects an east-northeast-striking structural trend that hosts epithermal gold-silver vein and breccia systems (Figure 1). The properties overlie an area of extensive alteration developed in pre-mineral Cretaceous volcanic rocks and Laramide-age intrusions (Figure 2).
Suanse Porphyry Target
Mapping, sampling and a ground magnetic survey completed by Evrim on the Llano del Nogal claim block identified the Suanse porphyry target, a one kilometre by 600 metre area of propylitic to potassic alteration developed in volcanic rocks, intrusions and hydrothermal breccia bodies. Soil sampling outlined a 600 metre by 500 metre area of copper anomalism (>100 parts per million) corresponding to areas of sheeted quartz-chalcopyrite-chlorite-magnetite veins developed in andesite and microdiorite. A ground magnetic survey outlined a donut-shaped anomaly approximately 400 metres in diameter and roughly coincident with the soil anomaly. The soil and magnetic anomalies extend northward onto the Suanse claim where acid-altered volcanic rocks overlie an east-northeast striking magnetic high. The alteration, which includes argillic and advanced argillic alteration surrounding ridges of vuggy and massive quartz, is interpreted to be a partially-eroded lithocap (Figure 2). Evrim plans to extend its mapping and sampling northward onto the Suanse claim and complete a soil survey to close off the open-ended areas of anomalism.
Figure 1 - Llano Del Nogal and Suanse location map.
Suanse Project Acquisition
Evrim can acquire a 100% interest in the Suanse Project from San Marco by making total cash payments of $75,000 and granting San Marco a 1% net smelter royalty ("NSR") of which half can be repurchased for $1.0 million. The cash payments are due as follows:
- A $25,000 payment upon signing the Agreement;
- a $25,000 payment upon signing a joint venture agreement or partnership with third parties; and
- a payment of $25,000 upon the completion of a minimum 1,000 metres of drilling.
Qualified Person Statement
Evrim's disclosure of technical and scientific information in this press release has been reviewed and approved by Dave Groves, Vice President, Exploration for Evrim. Mr. Groves is a Certified Professional Geologist (#11456) with the American Institute of Professional Geologists and a Qualified Person under the definition of National Instrument 43-101.
Figure 2 - Llano Del Nogal and Suanse Property geology
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 the 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
Paddy Nicol
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President, Dave Groves, VP Exploration at daveg@evrimresources.com, or Liliana Wong, Investor Relations Manager at 604-425-3400.
Visit our website at 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.
SOURCE: Evrim Resources Corp.