Evergold Starts Drill Program at DEM Copper-Gold-Silver Prospect, B.C.
Toronto, Ontario – October 19, 2023 - Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to announce that first-ever drilling of the Company’s road-accessible DEM porphyry Cu-Au-Ag prospect, located in central B.C., is now underway. The program will encompass up to 1,000 metres of drilling in multiple holes targeting the DEM geochemical trend and underlying high-order geophysical anomalies, with completion anticipated for early November. Field operations are being carried out from a base in Fort St. James, located 40 kms to the southeast of site.
“It is always a thrill to drill the first holes into a really strong-looking exploration prospect,” said Kevin Keough, President & CEO. “I’d like to thank those shareholders who have made this possible by supporting our recent financing. DEM offers the real prospect of delivering a new discovery, to which end we are very much looking forward to the results of this program. In the event it goes well, the Company will be well positioned to embark on a follow-up program in the spring.”
The DEM prospect is a roughly 4 km2 copper-gold-silver porphyry system defined by multiple supporting data sets. These include multi-element geochemical anomalism in soils, including highs to 2.1 ppm Au, 160 ppm Ag, >10,000 ppm As, 651 ppm Cu, 0.5% Pb, and 0.41% Zn, overlying compelling strong magnetic and IP chargeability and resistivity anomalies associated with favourable geology and regional scale structures. These datasets, combined, suggest high discovery potential. Further details on the DEM prospect may be found on the Company’s website at www.evergoldcorp.ca/projects/dem-property/ and in a NI 43-101 technical report entitled “Technical Report on the DEM Property” dated August 30, 2023, posted thereon and on the Company’s issuer profile at SEDAR+.
Quality Assurance and Quality Control
Charles J. Greig, M.Sc. P.Geo., the Company’s Chief Exploration Officer and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
Evergold Corp. is a TSX-V listed mineral exploration company with projects in B.C. and Nevada. The Evergold team has a track record of success in the junior mining space, most recently the establishment of GT Gold Corp. in 2016 and the discovery of the Saddle South epithermal vein and Saddle North porphyry copper-gold deposits near Iskut B.C., sold to Newmont in 2021 for a fully diluted value of $456 million, representing a 1,136% (12.4 X) return on exploration outlays of $36.9 million.
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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. 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, 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, 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.