Drilling on Geology, GL1 Main Zone
Figure 1 Figure 1
Drilling on Resistivity, GL1 Main Zone
Figure 2 Figure 2
Drilling on Chargeability, GL1 Main Zone
Figure 3 Figure 3
Section 602510, Drilling on Resistivity and Chargeability, GL1 Main Zone
Figure 4 Figure 4
Section 602524, Drilling on Resistivity and Chargeability, GL1 Main Zone
Figure 5 Figure 5
TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, OTC: EVGUF, FRA: 5EG) (“Evergold” or the “Company”) is pleased to report that drilling completed during the 2020 field season on the GL1 Main target, on its Golden Lion property in northern B.C., has returned broad assay intercepts of gold and silver-bearing epithermal-style mineralization, with local higher-grade intervals, suggestive of the upper part of the system and comparable to historical (1984) Newmont drill results. Importantly, and unknown at the time to Newmont, this generally low to locally moderate-grade shallow mineralization is associated with coincident induced polarization chargeability and resistivity responses that increase with depth below current drill intercepts. The geophysical data (see representative sections Figures 4 and 5) clearly shows that all drilling to date that occurred directly on the GL1 Main zone, both historically by Newmont (9 holes) and this year by Evergold (10 holes), has tested only the shallower, weaker geophysical response, and indicates that potentially stronger mineralization, and higher grades, may lie directly below, in association with the higher-tenor geophysical response. Presented in this news release are assay results for five holes at GL1 Main (GL-20-002, 003, 006, 007, 008). Results for another five holes from GL1 Main (GL-20-009, 011, 012, 013 and 016) are pending, along with six reconnaissance holes drilled on targets located elsewhere on the property.
GL1 Main - Drilling Highlights: Broad gold-silver vein zone (>100 metres true width) intercepted in multiple holes along a 500-metre strike length inclusive of Evergold and historical Newmont drilling; open along strike and to depth. Results include:
-
53.21 metres at 0.75 g/t Au from 7.52 to 60.73 metres in hole GL-20-002
- Including 19.00 metres of 1.61 g/t Au from 35.10 to 54.10 metres
-
73.82 metres of 0.50 g/t Au from 5.38 to 79.20 metres in hole GL-20-003
- Including 7.60 metres of 2.78 g/t Au from 55.40 to 63.00 metres
-
61.70 metres of 0.76 g/t Au from 6.80 to 68.50 metres in hole GL-20-006
- Including 17.50 metres of 1.51 g/t Au from 42.50 to 60.00 metres
-
73.12 metres of 0.69 g/t Au from 4.88 to 78.00 metres in hole GL-20-008
- Including 8.39 metres of 1.72 g/t Au from 27.70 to 36.09 metres
“We’re clearly onto it at GL1 Main and we know exactly where to go next,” said Kevin Keough, President & CEO. “Similar to Newmont’s results in 1984, we’ve confirmed with the drill the presence of a plus 100 metres true width, plus 500-metres long, gold-silver bearing zone carrying bulk tonnage-style grades near surface and encompassing local higher-grade intervals. What is fundamentally new and exciting and was unknown to previous operators, are our geophysical results. These indicate GL1 Main is potentially much sweeter not far below where we’ve drilled to date. Our field camp remains in place at Golden Lion, pretty much ready to go, and we’re already planning for the 2021 program with anticipation. In the meantime, stay tuned as we await results for another five holes from GL1 Main, and an additional six from targets elsewhere on the property.”
Comments by CJ Greig, P.Geo, Technical Advisor to the Company
“The size of the GL1 system, and how well it is expressed in all the geochemical and geophysical parameters, is noteworthy. These characteristics are highlighted in the figures the technical team has produced. The soil geochemical anomalies (Figure 1) emphasize the strike extent of the near-surface part of the system (two +500 metres long sub-parallel trends), and these coincide with both elevated resistivity and chargeability at depth (Figures 2 & 3). The drill sections and their broad Au-Ag-enriched intersections help to emphasize the broad width of the mineralizing system, and the accompanying IP inversions (Figures 4 & 5) show that the system has legs to depth. This is also the case along trend, where drill-testing is even more sparse than at GL1 Main, but Newmont’s previous drill intersections, and the similar geophysical and soil geochemical response, are suggestive of similar depth potential. The Company’s technical team is working with the data already received and will be finalizing plans for drill-testing along trend and deeper, once all assays are in.”
Discussion of Drill Results
The current interpretation of the drilling at the GL1 Main target indicates a broad (>100 metres true width), steeply dipping, northwest-southeast trending gold-silver, quartz-carbonate low sulphidation epithermal vein system displaying relatively consistent grades and excellent continuity hole-to-hole. The gold and silver bearing system has been intersected in nine historical (1984) Newmont drill holes, and in all ten Evergold holes from 2020 targeted directly on the GL1 Main trend. Results for five of these ten Evergold holes (GL-20-002, 003, 006, 007 and 008) are reported in this news release. Locations are shown on the accompanying plan and section views. Assays for the remaining five holes drilled on the GL1 Main target (holes GL-20-009, 011, 012, 013 and 016) are pending. The 2020 drill program also tested several additional targets elsewhere on the Golden Lion project, besides GL1 Main. Assays for those holes that tested targets off the GL1 Main trend (i.e. GL-20-001 and GL-20-004) and on the GL2 and GL3 target areas (holes GL-20-005, 010, 014 and 015) will be announced when received, compiled and interpreted.
The intercepts reported today are from two drill setups separated by approximately 65 metres. Holes GL-20-002 and GL-20-003 were drilled from the same setup in a southwesterly direction (190 degrees azimuth), the latter undercutting the former (see ‘Additional Notes’, below), whereas holes GL-20-006, 007 and 008 were drilled from a second setup located southwest of the first, in a north-easterly direction (040 degrees azimuth) (see plan view Figures 1, 2 and 3). Drilling from the two pads has therefore roughly ‘scissored’ the GL1 Main zone, providing a minimum estimate for zone true width, one goal of the drilling. Notably, all holes cased into mineralization at surface and all holes carried intermittent gold and silver values down-hole well beyond the significant intercepts cited, and did not fully exit the GL1 Main zone at depth. Modelling of these Evergold results coupled with historical Newmont drill results indicates the true width of the GL1 Main zone exceeds 100 metres. From Newmont hole GL-84-9 in the northwest, to similar alteration seen by Evergold well to the southeast in hole GL-20-016 (assays pending), the GL1 Main zone is presently interpreted to encompass more than 500 metres of strike length, and is open to the northwest, southeast, and to depth.
Andrew J. Mitchell, P.Geo., Vice President, Exploration for Evergold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.