Evrim Resources Corp. (TSX-V:EVM) (“Evrim” or the “Company”) and
Harvest Gold Corporation (TSX-V:HVG) (“Harvest Gold”) are pleased
to announce the completion of phase one exploration at the Cerro
Cascaron project in Mexico. Cerro Cascaron covers 69 square
kilometres in a historic Colonial-era mining district in the
prolific Sierra Madre Occidental precious metals belt of western
Chihuahua State, Mexico. Harvest Gold has the right to earn
up to an 80% interest in the Project by incurring certain
exploration expenditures, making cash and share payments and
delivering a 43-101 compliant feasibility study.
Cerro Cascaron Exploration
Highlights
- Delineation of six sub-parallel veins over 900 metres by 300
metres in the silver rich Cascarita area
- Five adit channel sample cuts with widths of 1.4 to 3.3 metres
grading between 231 and 542 grams per tonne (g/t) silver
equivalent* at Cascarita
- Definition of a 1.8 kilometre vein corridor extending north and
east of the Julieta and Serpiente Dorada veins
- Soil sampling and mapping of new veins (El Salto and La Puerta)
within the Cascaron vein field
“The phase one exploration program at Cerro
Cascaron has successfully demonstrated the size potential of the
Cascaron vein field with extensions of all veins to the north of
high-grade gold sampled in old workings. The latest sampling
of ore grades and widths at the silver-rich Cascarita prospect
presents an exciting new development” commented Vice President of
New Opportunities and Exploration, Charles Funk. “We look
forward to Harvest Gold drilling these targets in 2018.”
Harvest Gold’s President and CEO Rick Mark
stated: “Our initial exploration program has increased our
confidence in the potential of the Cerro Cascaron project. We
now have drill ready, high grade gold and silver targets and we
have confirmed it has district-scale potential. Those
essential elements for mine finding are backed by the facts that
Cerro Cascaron is in a mining friendly jurisdiction and is situated
in a world class mineral belt. With our first exploration
program completed with very positive results, we have now begun the
process of selecting drill targets for our initial drill program
and expect to begin drilling early in 2018.”
Cascarita Adit Sampling |
|
|
|
Sample |
Width |
Silver |
Lead |
Zinc |
Ag-Eq* |
|
|
Cut |
(metres) |
(g/t) |
(%) |
(%) |
(g/t) |
|
C10 |
1.4 |
114 |
5.24 |
1.28 |
402 |
|
C11 |
2 |
127 |
8.73 |
0.54 |
524 |
|
C12 |
2.3 |
311 |
1.60 |
0.26 |
393 |
|
C13 |
2.1 |
245 |
6.42 |
0.49 |
542 |
|
C14 |
3.3 |
104 |
2.40 |
0.48 |
231 |
|
*Note: Silver-Equivalent Ag-Eq = Ag +
(Pb%*22.046*Pb price*31.103/Ag price) + (Zn%*22.046*Zn
price*31.103/Ag price). Metal prices used for this formula: Ag =
$US 16.25/oz, Pb = $US 1.00/lb, Zn = $US 1.25/lb. Recoveries
of 100% are assumed for the silver-equivalent values.
In the Cascarita area, six vein systems are
present within a 900 metre by 300 metre corridor of
northwest-striking structures. Four of the fault-bounded
structures were sampled and displayed appreciable widths from 0.8
to 3.3 metres with associated and locally extensive zones of
stockwork veining up to 20 metres wide that locally link parallel
structures. Mineralized structures comprise dominantly
quartz±barite breccia-veins with polymetallic sulphides.
Quartz textures include colloform and drusiform quartz and
local amethyst. Boiling textures are present as quartz
pseudomorphs after bladed calcite at the Coralillo Vein.
Polymictic breccias that locally include quartz vein
fragments suggest significant reactivation and movement along
faults. Sampling of these four structures returned weighted
averages from 15.5 to 542 g/t silver-equivalent (silver-equivalent
calculations and assumptions are noted above). Significant
base metal sulphide development is reflected by high levels of lead
and zinc with anomalous copper, arsenic and antimony
geochemistry. Veins and sampling locations are shown in
Figures 1 and 2.
http://evrimresources.com/i/misc/Cascaron-Figure1.jpgFigure
1 Cascarita prospect
http://evrimresources.com/i/misc/Cascaron-Figure2.jpgFigure
2 Detailed area showing adit sampling location and
results
Soil Sampling
A soil sampling program was completed over the
Cascaron vein field area to define the extension of the veins
northward and at higher elevations. Earlier, Evrim’s sampling
had demonstrated high gold grades along the base of a silicified
rhyolite tuff cliff where numerous old workings and prospecting had
suggested northern extensions. The soil sampling program was
successful in extending all of the veins by 600 to 1,800 metres in
strike length. Importantly, the veins that were sampled occur
at higher elevations above the workings and the interpreted boiling
zone. Drilling these veins at the same elevation as the old
workings is the next step.
The sampling program defined two new vein
corridors. Mapping confirmed the presence of quartz/calcite
veins at El Salto and La Puerta. Also, a 1.8 kilometre long,
gold-in-soil vein corridor north and east of Julieta and Serpiente
Dorada includes a soil sample that assayed 1.38 g/t. This is
a priority target for drill testing.
http://evrimresources.com/i/misc/Cascaron-Figure3.jpgFigure
3 The highly anomalous gold-in-soil trend north and
east of Julieta and Serpiente Dorada
Mapping
The geology in this area is lithologically and
structurally complex. The uppermost and youngest lithology of
the vein field comprises ignimbrites of the Upper Series Sierra
Madre Occidental Volcanics. The ignimbrites overlie a conformable
package of rhyolitic tuffs and pyroclastic horizons with
intercalated fine-grained tuffs. This dominantly felsic volcanic
package in turn overlies a series of andesite flows with
intercalated basalt flows. The intercalated andesite/basalt flows
overlie andesite flows and rhyolite flows. A series of aphanitic
rhyolitic dykes that locally exhibit flow textures cut all of the
volcanic sequence, with the exception of the uppermost ignimbrites
and rhyolitic tuffs.
Overall, mineralization in the soil and rock
geochemical corridors corresponds to quartz and calcite veins with
low temperature textures indicative of the highest levels of an
epithermal system. Limited wallrock alteration is also
suggestive of high level structures. The quartz veins have
well-defined structural controls.
About the Cerro Cascaron
Project
The Cerro Cascaron property hosts a low to
intermediate sulphidation epithermal gold-silver bearing system and
includes a field of high-grade gold-silver veins measuring
approximately 18 square kilometres in area on the eastern third of
the property. Veining has been mapped on a cliff face for over 900
vertical metres with classic textural evidence of multi-phased
hydrothermal boiling accompanying the highest gold grades. These
boiling zones have been established in the upper 380 metres of the
vein field. Beneath the boiling zones, silver and base
metal-rich veins and breccias provide additional exploration
targets.
Cerro Cascaron’s setting and mineralization is
similar to many epithermal deposits in the Sierra Madre Occidental,
including Fresnillo PLC's La Cienega Mine in Durango, Coeur’s
Palmarejo mine in Chihuahua and further south, First Majestic’s San
Martin de Bolanos silver mine in Jalisco State. The Cerro
Cascaron property is approximately 55 kilometres southeast of
Goldcorp’s past-producing El Sauzal gold mine and is one of the few
unexplored and undrilled opportunities in the region.
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 BoardEVRIM RESOURCES
CORP.
Paddy NicolPresident & 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.
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