Vancouver, British Columbia--(Newsfile Corp. - April 19, 2017) - Evrim Resources Corp. (TSXV: EVM) ("Evrim" or the "Company") is pleased to provide an update on recent activity at its Ermitaño gold-silver project in Sonora, Mexico under option to First Majestic Silver Corp. (TSX: FR) (NYSE: AG) ("First Majestic"). First Majestic has completed six additional drill holes following up discovery hole EW16-04 that intersected 11.4 grams per tonne gold over 18.0 metres at the Ermitaño West prospect (see News Release dated January 17, 2017). During a site visit, Evrim geologists reviewed holes EW16-05 to EW16-07 and report intersections of wide veins with near identical vein mineralogy and textures to those reported in hole EW16-04.
First Majestic is in receipt of the assay results and has indicated that it would make the results available to Evrim subsequent to successful completion of its community engagement process at Ermitaño. Under the terms of the Agreement, First Majestic has to deliver a production notice supported by the required permits and a detailed mining and construction schedule by January 10, 2019 to earn 100% of the Ermitaño project, at which time Evrim will retain a 2% NSR.
The Ermitaño West prospect is located approximately 3.5 kilometres southeast of First Majestic's operating Santa Elena gold-silver mine.
Ermitaño West Drilling Highlights
The following summary of drilling results at the Ermitaño West prospect is based on detailed field observations made by Evrim geologists during a site visit. Evrim has not received assay results for these drill holes. These field observations will be corroborated by assay results if and when received by Evrim. Readers are cautioned that visual inspections of gold and silver bearing drill core by professional geologists are not always indicative of actual mineral composition or assay results.
Drill Hole EW16-05
19.8 metre vein intersected at 130.7 metres downhole and located 200 metres west and 75 metres higher in elevation than hole EW16-04. The vein is hosted in strongly silicified rhyolite tuff and is composed of green- to cream-coloured, colloform banded, chalcedonic with minor crystalline quartz, common adularia bands, zones of quartz-healed breccia with milled vein fragments, iron oxides after sulphide and minor manganese oxide.
Drill Hole EW16-06
14.4 metre vein intersected at 268.9 metres downhole and located 120 metres west and 60 metres deeper than hole EW16-04. The vein is composed of abundant quartz veinlets up to 50 centimetres wide with slivers of wallrock from 268.9 to 274.4 metres and competent quartz vein from 274.4 to 283.2 metres. The vein is hosted at the contact between strongly silicified rhyolite tuff and andesite tuff and is composed of dominantly green-coloured, vein breccia with colloform bands and bladed quartz replacing calcite, chalcedonic with rare crystalline quartz, adularia, iron oxides after sulfide, common manganese oxide and rare visible native silver. Native silver is observed from 280.4 to 281.6 metres. Quartz healed milled breccia with clasts of vein material are common.
Drill Hole EW16-07
9.0 metre vein intersected at 217.2 metres downhole within a 103.5 metre zone of widespread vein stockwork beginning at 175.6 metres downhole. The main vein is intersected 110 metres northeast and 70 metres deeper than hole EW16-02. The vein and stockwork is hosted in silicified rhyolite tuff and andesite dyke and composed of white, massive to rarely banded chalcedonic quartz with manganese oxide.
Further information is required to determine accurate true widths though holes 4-6 are estimated to be 70% of reported intervals and holes 1-3 and 7 are estimated to be 90-100% of reported intervals.
Figure 1 - Location map of Ermitaño project and Santa Elena mine
To view an enhanced version of Figure 1, please visit:
http://orders.newsfilecorp.com/files/2604/26224_a1492542549556_56.jpg
Holes EW16-06 and EW16-05 step out 110 and 200 metres west, respectively of the discovery hole EW16-04, and intersect similarly wide veins with near identical mineralogy and textures to holes EW16-03 and EW16-04. Hole EW16-05 appears to intersect the top of the boiling zone while hole EW16-06 is in the core of the boiling zone. These holes define a strike length of approximately 440 metres between hole EW16-02 in the east and hole EW16-05 in the west with boiling textures present and a depth range of 140 metres. The boiling zone defined by assays in holes EW16-02, -03 and -04 and mineralogical textures in holes EW16-05 and -06 remains open to the west and at depth.
Hole EW16-07 is the easternmost intersection and cut through quartz stockwork not seen in previous holes. The main vein has mineralogy and textures more similar to the white massive quartz observed in hole EW16-01.
Pierce points of the vein indicate a post-mineral fault may be present between holes EW16-04 and EW16-03 that rotates the eastern portion of the vein to dip at an average of 70° to the north while the western portion is sub-vertical.
Figure 2 - Plan map of Ermitaño West showing surface geology and drilling
To view an enhanced version of Figure 2, please visit:
http://orders.newsfilecorp.com/files/2604/26224_a1492542550150_46.jpg
Figure 3 - Ermitaño West Long Section
To view an enhanced version of Figure 3, please visit:
http://orders.newsfilecorp.com/files/2604/26224_a1492542550665_38.jpg
Qualified Person Statement
Evrim's disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, P.Geo. Vice President, Technical Services for the Company. Mr. Harris serves as 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 has a diverse range of quality projects and a database in Mexico and portions of southwestern United States. The existing projects, and generation of quality exploration targets and ideas, 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.
Paddy Nicol
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Charles Funk, VP New Opportunities and Exploration at 604-248-8648, or visit 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.
