VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce that Newmont FN Holdings ULC, a subsidiary of Newmont Mining Corporation (“Newmont”), has designated the Astro project for option under the terms of the exploration alliance (the “Alliance”) signed on July 10, 2017 with Evrim Exploration Canada. The Astro project is situated on the western margin of the Mackenzie Platform, a basin which runs parallel to the Yukon and Northwest Territories border.
“The designation of the Astro Project has met the Alliance’s original goal; generating quality greenfield targets in terranes favorable for large scale gold deposits,” commented Paddy Nicol, Evrim’s President and CEO. “This summer Newmont and Evrim have planned a US$1.2 million exploration and drilling program at Astro. The permitting process is well underway, and we look forward to the engagement of the local community within the Sahtu region.”
Evrim and Newmont acknowledge that the Astro Project is located within the traditional territory of the Sahtu Dene and Metis Comprehensive Land Claim, and are committed to developing a positive and mutually beneficial relationship based on respect and transparency.
Astro Option Terms
Under the terms of the Alliance, Newmont may elect to earn an 80% interest in a designated project by making staged cash payments totaling US$600,000 to Evrim and solely fund exploration until it has defined a NI 43-101 compliant pre-feasibility study on a minimum two million ounce gold resource, over a ten year period. Evrim will be the operator for the initial US$5million in exploration expenditures.
Evrim may then elect to form a joint venture with Newmont on a respective 20:80 basis, whereby Evrim can maintain its equity interest in the project or elect to have Newmont fund a positive NI 43-101 compliant feasibility study and reduce Evrim’s equity interest to 15%. Thereafter, Evrim may elect to contribute its pro-rata share of adopted programs and budgets or convert to a 2% net smelter return royalty (“NSR”) of which 0.5% may be repurchased by Newmont for US$10 million.
About the Astro Project
The 250 square kilometre Astro Project is located six kilometres north of the Mile 222 airstrip and 195 kilometres northeast of Ross River along the Canol Road, providing seasonal road access to the southern boundary of the property. Soil sampling within the Astro Project has defined a 9.5 kilometre north-northwest trending corridor of gold anomalism that includes limited surface sampling of the high-grade Radio and Microwave gossans:
- Chip sampling at the Radio prospect returned 11.6 grams per tonne (“g/t”) gold over 18.0 metres including 32.1 g/t gold over 6.0 metres
- Chip sampling at the Microwave prospect returned 4.68 g/t gold over 7.5 metres including 6.73 g/t gold over 3.0 metres
- Approximately 40 metres east of the Microwave prospect is a second zone of mineralization grading 2.25 g/t gold over 11.0 metres
- The mineralized intersections at the Radio and Microwave prospects are open along strike in both directions
For more information on the Astro Project please visit Evrim’s website at: https://www.evrimresources.com/news/2019/evrim-samples-18-metres-grading-11.6-grams-per-tonne-gold-at-astro-in-the-northwest-territories/, or at www.evrimresources.com/projects/joint-ventures/astro/.
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.
Samples were delivered to ALS Global in Whitehorse, YT for sample preparation and to the ALS laboratory in North Vancouver for analysis. The ALS facilities have ISO/IE 17025:2005 certification. Rock samples were assayed for gold by 30 gram fire assay and multi-element analysis by four-acid and ICP analysis. Overlimit rock samples were re-assayed by fire assay with gravimetric finish.
Rock chip samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
About Evrim Resources
Evrim is a precious and base metals project generator, with early stage exploration projects and a database covering substantial areas of Mexico, western Canada and portions of southwestern United States. We focus our expertise on identifying new early stage exploration targets which are later advanced through option and joint venture agreements with industry partners to create shareholder value and avoid stock dilution. Evrim’s business plan also includes royalty creation utilizing the Company’s exploration expertise and existing projects.
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 Liliana Wong, Investor Relations Manager at 778-929-3382.
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.
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.