Rockland Property Highlights:
- Hosts a large, robust, epithermal gold-silver vein system with characteristics akin to the neighbouring high-grade Aurora (Hecla Mining) and Bodie vein districts, each with +1.5 million ounces (Moz) of gold production at grades of +1 ounces per ton (opt) gold, excellent potential for the expansion of known zones of mineralization, and the discovery of new ones;
- Numerous significant historical intercepts such as:
° 182.9 metres of 0.40 grams per tonne (g/t) Au in Romarco hole PG-33;
° 109.7 metres of 0.96 g/t Au including 12.2 metres of 1.88 g/t Au in Romarco hole PG-32;
° 59.4 metres of 1.03 g/t Au including 6.1 metres of 4.80 g/t Au in BHP hole RK-11;
° 39.6 metres of 1.16 g/t Au including 3.1 metres of 8.56 g/t Au in BHP hole RK-17;
° 1.5 metres of 19.80 g/t Au in Romarco hole PG-36C;
° 1.5 metres of 5.08 g/t Au and 354 g/t Ag in B2Gold hole RK18-27; - Excellent location within the
Walker Lane structural belt, globally endowed with +80 million ounces of gold and +700 million ounces of silver, and rapidly developing with advanced prospects and/or new mines such as Bullfrog (Bullfrog Gold/Barrick/Augusta),Mother Lode (Corvus Gold), Silicon (Anglo Gold ),Castle Mountain (Equinox),Tonopah (Blackrock), and others; - Historic production from the
Rockland Mine of an estimated 50,000 ounces of gold-silver grading as high as 2.8 opt gold equivalent (96 g/t AuEq); - Drive-on access and workable year-round, meaning low discovery and development costs
“Evergold was founded to create shareholder value and our two flagship properties in B.C.,
Note:
About the Rockland Property
The Rockland property is located approximately 25 miles south of the town of
Mineralization on the property is spatially and genetically associated with Late Miocene-age rhyolite intrusive activity and occurs in intensely altered rhyolites, associated sedimentary rocks, and pre-Tertiary granodiorite. The best gold grades are associated with quartz veins and rhyolite feeder dikes that cut the basement granodiorite at the
The property hosts two key target areas: the historic
The historic
In the vicinity of the
- 39.6 metres of 1.16 g/t Au including 3.1 metres of 8.56 g/t Au in BHP hole RK-17;
- 59.4 metres of 1.03 g/t Au including 6.1 metres of 4.80 g/t Au in BHP hole RK-11; and
- 67.1 metres of 0.34 g/t Au in BHP hole RK-8
Much of the approximately 1 kilometre strike length of the
Limited historical drilling indicates a large low-grade gold zone at depth at Rockland East, with broad lower-grade intercepts commonly encompassing narrower intervals of higher grade. The geometry of this zone is still poorly understood. Map relations coupled with abundant associated pathfinder elements (particularly As and Sb) characteristic of the upper levels of low sulphidation systems found at
Significant
- 30.5 metres of 1.29 g/t Au including 3.1 metres of 6.13 g/t Au in Inmet hole PG-13;
- 16.8 metres of 1.05 g/t Au and 9.1 metres of 2.82 g/t Au including 1.5 metres of 9.20 g/t Au in Inmet hole PG-15;
- 109.7 metres of 0.96 g/t Au including 12.2 metres of 1.88 g/t Au in Romarco hole PG-32;
- 182.9 metres of 0.40 g/t Au in Romarco hole PG-33; and
- 59.4 metres of 1.09 g/t Au including 3.1 metres of 19.80 g/t Au in Romarco hole PG-36C
As at the
Other target areas with anomalous surface geochemistry occur on the property and have had little or no drilling, including an area with high grade vein boulders containing up to 30 g/t Au and 140 g/t Ag.
Evergold Exploration Approach
Few of the companies that previously carried out work on the Rockland property executed systematic exploration programs, with most drilling limited to one or two phases and occurring two or more decades ago.
Terms of the Letter Agreement
Under the terms of the Letter Agreement, the Company will have the right to earn a 100% ownership interest in the Rockland property in exchange for staged outlays to Enigma over five years which cumulatively total
Schedule of Cash and Share Payments:
DATE | PAYMENT (US$ & Shares) |
On signing | |
On TSX Approval of Transaction | |
TOTAL |
*the final
Schedule of Work Commitments:
US$75,000 on or beforeJanuary 1, 2022 US$175,000 on or beforeJanuary 1, 2023 US$250,000 on or beforeJanuary 1, 2024 US$1,175,000 on or before the later ofJanuary 1, 2025 , or 18 months from the receipt of drill permits, and to include drilling (with assaying costs) that includes 5,000 feet in theRockland Mine area and 15,000 feet in the Rockland East target area.
About
For additional information, please contact:
Kevin M. Keough
President and CEO
Tel: (613) 622-1916
www.evergoldcorp.ca
kevin.keough@evergoldcorp.ca
Neither the
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 complete the second tranche of Offering on satisfactory terms or on the timeline as announced or at all and the expected expenditure of the proceeds of the second tranche of the Offering; 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.
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