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Evergold Models GL1 Main Zone, Highlighting Emerging High-Grade Domain First Drilled at Close of 2021 Drill Program

Toronto, Ontario – January 17, 2022Evergold Corp. (“Evergold” or the “Company”) (TSX-V:EVER, WKN:A2PTHZ) is pleased to announce completion of initial 3D geological modeling of the GL1 Main Zone, located on the Golden Lion property in the Toodoggone district, north-central British Columbia, Canada.  Images from the model are included as Figures 1 through 4 below.  The shape shown in the figures is an outer bounding surface that broadly outlines the current drilled extent of mineralization defining the GL1 Main zone along approximately 400 metres, as located within a larger, roughly 2.7 kilometre-long trend of surface geochemical anomalies (Figure 1). It includes all significant mineralized intersections drilled to date in 19 Evergold core holes totalling 3,458 metres and 9 historical Newmont core holes totalling 1,224 metres, and in places includes internal zones of negligible grade.  The shapes are not to be confused with grade shells or mineral resource estimations; the Golden Lion property does not currently host any NI 43-101 compliant resources. 

The model highlights in red the location of the first high-grade domain drilled on the property, intersected by the Company in the final 3 holes of the 2021 program.  This high-grade domain, which comes to surface and returned the highest grades of precious and base metals yet seen in drilling at Golden Lion, will be the focus of follow-up drilling in the 2022 field season.  Drilling in this domain returned (news, November 16, 2021) multiple high-grade polymetallic intercepts within broad envelopes of bulk-tonnage style mineralization, including, for example, 2.81 metres of 10.35 g/t Au, 651.3 g/t Ag, 10.9% zinc and 3.7% lead within 11.3 metres of 5.4 g/t Au, 62 g/t Ag, 3.2% Zn, 1.3% Pb and 40.3 metres of 1.99 g/t Au, 23.7 g/t Ag, 1.2% Zn, 0.5% Pb in hole GL-21-025.  Program highs for individual core samples, each 0.5-0.6 metres in length, achieved 44.70 g/t Au, 924.0 g/t Ag, 20.2% Zn and 10.0% Pb.

“Last year’s program demonstrated that the GL1 Main Zone is host to high grades over underground-style widths,” said Kevin Keough, President & CEO. “The end-of-season results are a watershed for the Golden Lion program and, aided by modeling which will help put us into more high grade, sets us up for a great 2022.  The initial high-grade domain is open for expansion, and the nature of these large epithermal systems suggests there will be more of them found as we follow up with exploration of the system to depth and along strike.”

Key take-aways from the 3D geological modelling exercise include:

  • Zone strike is NNW-SSE and dip is approximately 75 degrees ENE
  • Average zone true width exceeds 100 metres
  • Mineralization is open along strike to the northwest and southeast, and to depth down-dip to the northeast
  • Alteration and grades appear to increase down-dip on all 3 sections drilled by the Company in 2021
  • Previous operators erred historically by not executing undercuts to any of their shallow angle holes
  • High grades can and do come to surface, as confirmed by 2021 drill section GL21-23/24/25
  • Drill density must be increased in both the lateral and vertical dimensions to find and delineate the high-grade domains; drilling must push out both to depth and along strike
  • Geochemical anomalism (Au-Ag-Zn-Pb-Cu) extends along some 2.7 kms of strike to the northwest and southeast from GL1 Main, suggesting strong zone expansion / exploration potential
  • Ag-Au zonation is visible in drill assays and surface sampling results

Figure 1 – Perspective view, looking northwest, of the GL1 Main target area showing gold (yellow-orange-red) and silver (purple-blue) soil geochemical anomalies on topography

Perspective view, looking northwest, of the GL1 Main target area showing gold (yellow-orange-red) and silver (purple-blue) soil geochemical anomalies on topography

Figure 2 – Zoomed-in perspective view, looking northwest, of the modeled GL1 Main zone on topography

Zoomed-in perspective view, looking northwest, of the modeled GL1 Main zone on topography

Figure 3 - Underground view, looking west, of the modeled GL1 Main zone (yellow) and initial high-grade domain (red).  Drill holes are shown as blue traces

Underground view, looking west, of the modeled GL1 Main zone (yellow) and initial high-grade domain (red).  Drill holes are shown as blue traces

Figure 4 – Close up view, looking southwest and approximately perpendicular to zone strike, of the emerging high-grade domain (red), within the modelled GL1 Main zone (yellow).  Drill holes are shown as blue traces

Close up view, looking southwest and approximately perpendicular to zone strike, of the emerging high-grade domain (red), within the modelled GL1 Main zone (yellow).  Drill holes are shown as blue traces

About Evergold

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 2017-18 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 (Saddle North NI 43-101 Technical Report, August 20, 2020). 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. 

Qualified Person

Charles J. Greig, P.Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

For additional information, please contact:

Kevin M. Keough
President and CEO
Tel: (613) 622-1916
www.evergoldcorp.ca
[email protected]

Neither the 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.

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.