VANCOUVER, BC / ACCESSWIRE / January 16, 2020 / (TSXV:EVM) Evrim Resources Corp. ("Evrim" or the "Company") is pleased to report results from a surface sampling program completed by exploration partner Golden Ridge Resources (GLDN) ("Golden Ridge") on the Company's Ball Creek project in northwest British Columbia. The work completed by Golden Ridge successfully identified several new exploration targets at the Hickman and More areas and expanded on previous exploration at the ME prospect.
- The Hickman target includes a 500 metre by 1500 metre area of anomalous copper-gold samples over the Hickman batholith, a large granodioritic to monzonitic intrusive complex related to the nearby Schaft Creek porphyry copper deposit
- Sampling at More extends historic soil coverage and outlines several epicenters of copper-gold anomalism along a seven-kilometre trend
- Extensive soil and talus sampling at the ME prospect outlined a 1500 metre by 500 metre copper-molybdenum-gold-silver anomaly, located 2.5 kilometres south of the Main Zone porphyry
Evrim acknowledges that Ball Creek is situated in the traditional territory of the Tahltan Nation and is committed to developing a positive and mutually beneficial relationship based on respect and transparency.
About the Sampling Results Program
Golden Ridge collected over 4,500 soil samples and 59 rock samples from several areas at the Ball Creek property in 2019 and reported the results in two news releases (December 18, 2019 and January 9, 2020). Evrim has integrated the results from Golden Ridge's sampling program with historic exploration sampling, mapping and drilling.
Figure 1. Regional geologic setting of the Ball Creek Property and the approximate locations of referenced soil anomalies.
Soil sampling in the far west of Ball Creek focused on a colour anomaly located seven kilometres southwest of Teck Resources/ Copper Fox Metals' Schaft Creek copper-molybdenum-silver-gold porphyry deposit. Limited 2019 rock sampling of outcrop in the region returned 0.59% copper, 0.24 g/t gold and 1.99 g/t silver from a monzonite sample (S023231) within the mapped Hickman Batholith. Soil sampling identified a 500 metre by 1500 metre region of copper-gold anomalism focused on the periphery of the Hickman Batholith, which intrudes a sequence of Triassic Stuhini Group basaltic to andesitic volcanic rocks (Figure 2), a setting analogous to the Schaft Creek deposit. Another anomaly, located further south on claims held by Golden Ridge, lies near the margin of the Mount Hickman ultramafic complex.
Figure 2. Copper-in-soil and rock values and BC 1:250,000 bedrock geology at the Hickman prospect, Ball Creek.
Soil sampling within the greater More anomaly highlighted a seven kilometre trend of copper anomalism. The anomalous trend coincides with a sequence of syenite sills and dikes intruding andesite (Figure 3). The anomalism remains open to both the northeast and southwest. Previous exploration in the region centered on the North More showing and included five drill holes focused on only a short section of the identified anomalous trend. The southern and northern ends of the trend remain largely untested.
Figure 3. 2019 Copper-in-soil anomalism and bedrock geology at the More prospect, Ball Creek.
Soil sampling across the Main zone highlighted previously known porphyry targets at Ball Creek and Cliff as well as a lightly explored target at ME. Results from the ME zone identified a 1500 metre by 500 metre zone of copper-gold-molybdenum-silver anomalism coinciding with a northeast-trending mapped hornblende bearing porphyry body (Texas Creek Intrusive Suite) intruded into andesitic flows (Figure 4). Historical assessment reports describe strong quartz-sericite-pyrite (QSP) alteration within a prominent gossan developed on steep slopes with historic rock samples in the area returning up to 814 ppb gold from quartz-pyrite-molybdenum veins to five centimetres wide and 1.5% copper from garnet-chlorite skarn. A portion of the ME prospect was drilled in 1980; however, both holes are collared downslope of 2019 copper-gold anomalism.
Figure 4. 2019 Copper in soil results at ME over inferred geology
Golden Ridge plans to follow-up the 2019 exploration program with additional soil sampling and prospecting to constrain the new anomalies. Several lines of induced polarization (IP) geophysics are planned to test the ME anomaly in advance of additional drilling in 2020.
About the Ball Creek Project
The Ball Creek Project is a large, 524 square kilometre concession covering copper-gold porphyry and epithermal gold-silver prospects in the Golden Triangle near Highway 37 and the 287 kV Northwest Transmission Line in northwestern British Columbia (Figure 1). The Ball Creek property trends east to west, approximately perpendicular to the dominantly north to south trending regional porphyry belts and, as a result, contains multiple prospective intrusive centers ranging from Triassic to Cretaceous in age.
Prior exploration at Ball Creek includes approximately 11,000 metres of drilling at the Main Zone, a sub-vertical, northeast-striking porphyry complex that is 500 metres wide and 1,300 metres long and intrudes andesitic volcanic rocks. Drilling results from Main Zone include 231 metres grading 0.21% copper and 0.54 g/t gold in drill hole BC07-12. In 2019, Golden Ridge completed a 50 metre southwest step out at Main Zone that intersected 291.5 meters grading 0.14% copper and 0.48 g/t Au gold starting 15 metres downhole.
Golden Ridge can earn an 80% interest in Ball Creek by issuing shares and making a series of cash and/or cash-equivalent share payments of up to $4.55 million to Evrim. Once Golden Ridge has completed a 43-101 compliant feasibility study, provided evidence of mutually-acceptable project financing and made a production decision, it will have exercised its 80% interest in Ball Creek. Golden Ridge will then make cash payments of $250,000 per year until a deposit is placed into commercial production. Evrim will retain a carried 20% interest under a joint venture structure and the right to purchase 1% of a pre-existing 2% net smelter royalty ("NSR") for $1.0 million.
Quality Assurance/Quality Control Procedures
Readers are referred to Golden Ridge's news releases dated December 18, 2019 and January 9, 2020 for the details of their quality assurance/quality control (QAQC) procedures.
Qualified Person Statement
Evrim's disclosure of technical and scientific information in this news release has been reviewed by Dave Groves, Vice President, Exploration for Evrim. Mr. Groves is a Certified Professional Geologist (#11456) with the American Institute of Professional Geologists and a Qualified Person under the definition of National Instrument 43-101.
About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable business model. The Company is well financed, has a diverse range of quality projects and a database covering substantial areas of Mexico and portions of southwestern United States. The Company's projects are advanced through option and joint venture agreements with industry partners to create shareholder value. 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.
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President, Dave Groves, VP of Exploration at [email protected], or Liliana Wong, Manager, Investor Relations at 604-425-3400.
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.
SOURCE: Evrim Resources Corp.