Evergold Plans Follow-up Drilling on 2021 Discovery of High-Grade Gold and Silver on the Golden Lion Property

TORONTO, May 09, 2022 - Evergold Corp. (TSXV: EVER) (“Evergold” or the “Company”), is pleased to announce a Phase 1 drill program encompassing up to 2,100 metres, in follow-up to high-grade gold and silver intercepts delivered by the final 3 holes of the 2021 field season on the large GL1 Main Zone target, located on the Golden Lion property in the Toodoggone mining camp, north-central British Columbia, Canada. The 2021 drill results (see news, November 16, 2021), included the highest grades of gold and silver ever achieved in drilling at Golden Lion, including 31.7 g/t Au and 924 g/t Ag over 0.6 metres within 2.8 metres of 10.4 g/t Au and 651 g/t Ag, within 11.3 metres of 5.4 g/t Au and 62 g/t Ag in hole GL-21-025, and 3.3 metres of 11.30 g/t Au and 12 g/t Ag in hole GL-21-024. These high-grade intercepts were hosted within much broader envelopes of moderate-grade mineralization, including, for example, 40.3 metres of 2.0 g/t Au and 24 g/t Ag in hole GL-21-025.

Preparations are well advanced with drilling expected to start in the latter half of June for completion in July. Contingent on Phase 1 results, the program may be expanded into a second phase extending into August-September. At one time held by mining major Newmont Corp., the GL1 Main Zone is among the best early-stage prospects in the rapidly re-emerging Toodoggone camp, where re-development is being led by the advanced-stage ‘Lawyers’, ‘Ranch’, and ‘Shasta’ projects owned, respectively, by Benchmark Metals, Thesis Gold, and TDG Gold (Figure 1). Bridge and road work, currently underway to service these projects, will provide drive-on access to within 10 easy kms of the GL1 Main prospect by the close of this summer.

“New modeling carried out by our team overwinter suggests the GL1 Main zone mineralization plunges to the N/NW within what appears to be a moderately NE-dipping mineralized system” (Figures 2 and 3), said Kevin Keough, President & CEO. “The results suggest that all drilling to date, both by Newmont and ourselves, may have been limited to the near-surface volumes of a potentially much larger, deep-running, high-grade epithermal system. A key objective of the approaching Phase 1 drill program will be to commence the process of exploring down-plunge and down-dip, where mineralization is open to expansion including the newly discovered high-grade domain.”

Widely spaced, shallow angle holes (a single hole per pad) drilled by Newmont in 1984 on the core of the GL1 Main Zone returned broad intercepts of low to moderate-grade epithermal style alteration and mineralization from surface including, for example, 87.0 metres of 1.01 g/t Au from 10 to 97 metres in hole GL-84-20. The wide spacing of the Newmont holes, and the absence of undercuts to any of them, left ample exploration potential at depth, between the historical holes, and along strike. Drilling carried out by the Company in 2020 and 2021 also returned broad intercepts consistent with those achieved by Newmont including, for example, 88.62 metres of 0.71 g/t Au from 4.88 to 93.50 metres in hole GL-20-009. However, the final three holes of the 2021 program (GL-21-023, 024, 025), all drilled from the same pad, delivered the discovery of the first genuinely high-grade domain, coming to surface between historical drilling, and were the highest grades ever achieved in drilling on the property, including 2.8 metres of 10.4 g/t Au and 651 g/t Ag, within 11.3 metres of 5.4 g/t Au and 62 g/t Ag in hole GL-21-025, and 3.3 metres of 11.30 g/t Au and 12 g/t Ag within 66.0 metres of 1.36 g/t Au and 11 g/t Ag in hole GL-21-024. This new high-grade zone will form the focus for initial step-out drill holes in the approaching field season.

Photos accompanying this announcement are available at:
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/04842061-b301-440d-81c3-5f0e1c3e864a

Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/29673cfb-a44c-4d2f-ac66-d4afd13e6a78

Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/2dff2602-9369-4f05-a6c0-2e9d3cee7ecc


Quality Assurance and Quality Control

Charles J. Greig, P.Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.


About Evergold

Evergold Corp. is a Canadian explorer with four wholly-owned precious metals projects in B.C. (Golden Lion, Holy Cross, Snoball and Spanish Lake), and a single project under option in Nevada (Rockland). Company management is proven, with a track record of exploration success, most recently the establishment of GT Gold Corp. in 2016 and the discovery (see SEDAR / news, July 25 and Dec. 15, 2017 respectively) of the Saddle South epithermal vein and Saddle North porphyry copper-gold deposits near Iskut B.C., which hold more than 20 million ounces of gold equivalent in all categories (Saddle North NI 43-101 Technical Report, August 20, 2020). GT Gold was acquired in 2021 by Newmont Corporation.



For additional information, please contact:

Evergold Corp.
Kevin M. Keough, President and CEO
Tel: (613) 622-1916
www.evergoldcorp.ca
kevin.keough@evergoldcorp.ca



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Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political and geopolitical risks; an inability to fulfill the duty to accommodate First Nations; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, and exchange rates; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. No assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.