VANCOUVER, British Columbia, Nov. 27, 2017 (GLOBE NEWSWIRE) -- 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.
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Figure 1 Cascarita prospect
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Figure 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.jpg
Figure 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 Board
EVRIM RESOURCES CORP.
Paddy Nicol
President & 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.
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