Evergold Completes Snoball Drill Program in B.C., Awaits Assays from Strongly Mineralized Intercepts at Golden Lion
Toronto, Ontario – October 7, 2021 – Evergold Corp. (“Evergold” or the “Company”) (TSX-V:EVER, WKN:A2PTHZ) is pleased to announce new intercepts of the C Zone, Pyramid Peak, in this year’s drill program on the Snoball property, located in northwest B.C.’s Golden Triangle. Due to the early onset of winter, the drill program has now wrapped up for a total of 400 metres in four shallow holes (SB21-14 through 17), less than the originally targeted 2,000 metres. The new intercepts include quartz veining with associated pyrrhotite, pyrite, arsenopyrite and chalcopyrite. ALS Global, the Company’s analytical services provider, currently projects mid-December for delivery of assays.
Golden Lion Property – Assays Anticipated in the Near Term
As announced on August 3 this year, strongly mineralized intercepts were achieved this summer at the Company’s Golden Lion property, where drilling in July at the GL1 Main Zone, designed to test for a potential strengthening of the epithermal system below the shallow drilling carried out by the Company in 2020, and by Newmont of Canada Ltd. in 1984, returned the strongest visual intercepts yet seen by the Company on that property, including intercepts of intense hydrothermal alteration encompassing base metal sulphide-bearing quartz-carbonate veins, veinlets, stockworks and breccias, and intervals of semi-massive to massive sulphides. ALS Global now projects delivery of all assays by the end of the first week in November.
“Although we and our contractors faced significant labour shortage and weather challenges in the field this year,” commented Kevin Keough, President & CEO, “we are excited by what we’ve seen in select core. We continue to patiently await receipt of the assay results which will tell the story for both Snoball and Golden Lion.”
Readers are advised that visual estimates should be treated with caution and are not a replacement for laboratory analysis.
Evergold Corp. has been assembled by a team with a record of recent success in B.C., namely the establishment of GT Gold Corp. in 2016 and the discovery in 2017 of the Saddle epithermal and porphyry copper-gold deposits near Iskut B.C., which hold more than 20 million ounces of gold equivalent in all categories. GT Gold was recently acquired by Newmont Corporation. Evergold combines four 100%-owned properties in prime B.C. geological real estate from well-known geologist C.J. (Charlie) Greig, with the recently optioned Rockland property in Nevada, seasoned management, and a qualified board. The Company’s flagship assets consist of the Golden Lion property, the Snoball property, and the past-producing high-grade Rockland gold-silver property in Nevada. All three properties host zones of precious metals that the Company believes offer considerable upside.
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.
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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, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the 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, and 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.