Additional assays are pending for all 3 holes.
The high-grade intercepts include a first porphyry-hosted intercept: high-grade (0.82% Mo) molybdenum with associated gold (1.2 g/t), rhenium (3.7 g/t) and silver-enriched (8 g/t) sulphides from veining within high-K porphyry intrusive from 299 to 301 metres in hole DEM23-02. This, along with ubiquitous pyrrhotite hornfels and skarn-style assemblages, the high density of porphyritic dykes in the lower third of DEM23-03, as well as induced polarization (IP) data, point to high potential for underlying and/or nearby bodies of porphyry-style mineralization. The broad gold and silver predominant intercepts are accompanied throughout the holes by strongly elevated gold pathfinder element geochemistry, particularly arsenic, antimony, bismuth and locally elevated tellurium, indicating the presence of a richly mineralized precious metals system that is considered likely to produce both broad and/or high-grade intercepts with higher-density drilling now in planning for the 2024 field season.
Reported below are partial assays for intervals in diamond core holes DEM23-01, 02 and 03. Sampling of the remainder of the holes is ongoing. Arsenic values have been determined to be the key indicator of system presence. Core photos of high-grade intercepts are included below and may also be viewed on the Company's website at
Highlights: DEM23-03: Partially delineated system envelope: 48.2 metres of 0.58 g/t Au, 11 g/t Ag and 3,696 ppm As from 303 to 351.2 metres - open in all directions. Assays of remainder of hole pending.
Including: high-grade gold: 11.98 g/t Au, 24 g/t Ag and 71,293 ppm As from 339 to 340.5 metres
Including: high-grade cobalt: 0.11% Co, 29.5 g/t Au, 0.19% Cu, 42 ppm Te and 35,800 As from 340 to 340.5 metres
DEM23-01: Partially delineated system envelope: 135 metres of 0.12 g/t Au, 2 g/t Ag and 901 ppm As from surface - 6 to 141 metres - open to depth. Assays of remainder of hole pending.
Including: high-grade tungsten and high-grade silver: 0.32% W, 155 g/t Ag, 5 ppm Te, 11,850 As from 131 to 132 metres
DEM23-02: First intercept of high-grade porphyry intrusive: high-grade molybdenum (0.82%), with associated gold (1.2 g/t), silver (8 g/t), rhenium (3.7 g/t) and arsenic (2,340 ppm), from 299 to 300 metres. Assays of remainder of hole pending.
'These are very encouraging results for a first pass program, with results to date suggesting we are on the fringes of a large, and somewhat unusual, intrusion-related system,' said
Discussion of Drill Results
Two holes (DEM23-01 & 02) were drilled due east from a first pad, and a single hole (DEM23-03) was drilled due west from a second almost 400 metres southeast. The holes were targeted on one prominent magnetic high. Each of the three holes intercepted a broad sulphide vein system, hosted within variably calcareous fine-grained sedimentary rocks cut locally by metre-scale porphyritic dykes, with the host rocks, and locally the dykes, strongly infused over significant core lengths of up to 20 metres by cross-cutting sulphide-bearing veinlets and veins, locally of semi-massive to massive character, along with associated disseminated sulphides. These intervals are encompassed by broader halos of lower-intensity disseminated and sulphide-bearing veinlets and veins. Sulphide minerals observed in core include abundant disseminated and vein-hosted arsenopyrite, pyrite, and pyrrhotite, with lesser but significant sphalerite, galena, chalcopyrite, and molybdenite. Sulphosalts are also commonly observed. High-grade precious metals, cobalt and tungsten values are localized to the best developed parts of the vein system, particularly the massive sulphide sections, whereas the molybdenum, although present at elevated levels generally throughout the vein system, achieves high grades within a single narrow porphyritic intrusive (dyke) intercepted from 299 to 301 metres in DEM23-02, where it is accompanied by elevated rhenium, gold and silver and the suite of elements characterizing other parts of the DEM mineralizing system. Intriguingly, this dyke may represent an apophysis (projecting finger) off a larger body of porphyry-style mineralization nearby.
Geophysical Interpretation and Exploration Implications
Magnetic susceptibility readings taken of core and observations of core mineralogy suggest that the positive magnetic response generated over some areas of the DEM target area by an aeromagnetic survey flown in 2017 is likely largely due to the magnetic properties of pyrrhotite, a common sulphide constituent of the core. Magnetic susceptibility readings taken systematically of the core down the holes also clearly demonstrate that the magnetic response has been largely destroyed in the most intensely developed, silica-rich and generally highest-grade part of the vein system as observed, for example, from 303 to 351 metres in DEM23-03.
In 2021, a small, 2.6 line-km induced polarization (IP) survey consisting of two east-west oriented lines separated by 200 metres was run over the general area of the recent drilling.
Importantly, both the 2017 airborne magnetometer survey and the 2021 IP survey were optimized for exploration reconnaissance - not drill targeting. It is anticipated that new, detailed surveys of both will be carried out for drill targeting purposes, in-filling between existing lines, looking more deeply and broadening coverage to areas not yet surveyed.
About the
The 10,451-hectare DEM property, located in moderate terrain only 40 kms northwest of
QA/QC
The company has a robust quality assurance/quality control program that includes the insertion of blanks, standards and duplicates. Samples of drill core are cut by a diamond-blade rock saw, with half of the cut core placed in individually sealed polyurethane bags and half placed back in the original core box for permanent storage. With the rare exception, sample lengths generally vary from a minimum 0.5-metre interval to a maximum 2.0-metre interval, with an average of 0.5 to 1.0 metres in heavily mineralized sections of core, where precise identification of the mineralogical source of metal values is important. Drill core samples are shipped by truck in sealed woven plastic bags to the ALS sample preparation facility in
About
Contact:
Kevin M. Keough
President and CEO
Tel: (613) 622-1916
Email: kevin.keough@evergoldcorp.ca
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.
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