First-Ever Drilling to Start on Evergold's Holy Cross Au-Ag Property, Central B.C.
Toronto, Ontario – October 4, 2022 – Evergold Corp. (“Evergold” or the “Company”) (TSX-V: EVER, OTC: EVGUF, WKN: A2PTHZ). The Company is pleased to report that geological staff have mobilized to the Company’s 100% owned Holy Cross gold-silver property, located in central B.C., in advance of fully-financed plans to carry out up to 2,500 metres of drilling. Drilling is expected to begin by mid-month and follows recent geophysical and soil geochemical surveys that have helped to define drill targets.
“The Holy Cross property has the potential to host a significant discovery,” said Kevin Keough, President & CEO. “Mining majors Noranda and Phelps Dodge were attracted to it in their day for its large-scale alteration and geochemical anomalies. We like it too and – crucially – we’ll be the first to drill it. Beyond its geological merits, Holy Cross has several key access, infrastructure and topographic advantages, namely: drive-on access, a new powerline under construction crossing Holy Cross to Artemis Gold’s 12 million ounce Blackwater deposit to the south of us, and moderate topography allowing for potential year-round drilling and news flow.”
About the Holy Cross Property
Readers are referred to the Company’s August 4, 2022 news release for a more fulsome discussion, including a geochemical plan view, a preliminary geophysical target section view, and interpreted deposit model.
The Holy Cross property hosts a very extensive, highly anomalous silver-in-soil geochemical anomaly (see August 4 news release Figure 3) along with other gold-in-soil pathfinder elements which lie along a NW trend coincident with variably but commonly intensely silicified and pyritized rhyolite bodies, locally hosting veining. Gridded silver-in-soil values run from trace to highs of 19.4 g/t Ag in Company sampling and highs to 36.5 g/t Ag in sampling by Phelps Dodge, with gold-in-soil values ranging from trace to 719 ppb Au in Company sampling and highs to 2,912 ppb Au in sampling by Phelps Dodge. Grab sample assays, although not necessarily representative of mineralization on the property, run to highs of 8.86 g/t Au in sampling by the Company, to 26.02 g/t Au in sampling by Noranda, and to 50.0 g/t Ag in sampling by Phelps Dodge.
The Company interprets the observed widespread surface Au-Ag and pathfinder element anomalism, and siliceous-pyritic and clay alteration as representing the upper levels of a potentially intact felsic intrusion-related, low sulphidation, epithermal gold-silver system, with the higher-grade parts of the system lying at depth (see August 4 news release Figure 1). Testing this theory by targeting attractive geophysical anomalies occurring down-dip or down-plunge of the best soil geochemical anomalies (see August 4 news release Figure 2) will be the focus of the approaching drill program.
Quality Assurance and Quality Control
Charles J. Greig, 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 Canadian explorer with three wholly-owned precious metals projects in B.C. (Golden Lion, Holy Cross, Snoball), and a single project under option in Nevada (Rockland). Company management is proven, with a track record of exploration success, most recently the establishment of GT Gold Corp. in 2016 and the discovery (see SEDAR / news, July 25 and Dec. 15, 2017 respectively) of the Saddle South epithermal vein and Saddle North 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 acquired in 2021 by Newmont Corporation.
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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.