VANCOUVER, British Columbia, Feb. 19, 2015 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX-V:EVM) ("Evrim" or the "Company") and exploration partner SilverCrest Mines Inc. (TSX:SVL) ("SilverCrest") are pleased to announce initial results of nine drill holes on the Company's Ermitaño project in Sonora, Mexico. The 2,656 metre drill program successfully identified the presence of near surface gold and silver mineralization at the El Durazno target.
Evrim President and CEO Paddy Nicol commented, "SilverCrest's objective is to find additional gold-silver resources for the Santa Elena Mine, approximately eight kilometres west of the El Durazno target. Given El Durazno's proximity to the mine and leach pad capacity, the economic threshold for additional discoveries could be quite low. The El Durazno target is the first in a series of prospective areas that will be explored in this developing regional trend. SilverCrest's exploration budget in 2015 for the Ermitaño and adjacent Cumobabi projects is approximately is US$2.3 million and will consist of approximately 6,000 metres of drilling."
The Ermitaño project (see attached Figure 1) is located within the same trend of mineralization that is currently being mined at SilverCrest's Santa Elena mine and comprises an estimated 16,526 hectares. The defined corridor is approximately 10 kilometres by 20 kilometres along a NW-SE trend. The concessions contain Late Cretaceous andesite and rhyolite volcanic rocks which host the vein structures controlling the Santa Elena low sulphidation epithermal mineralization. An exploration program completed in 2014 has tested widespread epithermal mineralization in four defined main targets outlined below:
The El Durazno target comprises two parallel east-west trending corridors of veining and stockwork mineralization with thickness ranging from 4 metres to 50 metres for a defined cumulative strike length of approximately 900 metres. The first corridor (see attached Figure 2) is defined by outcropping of veins and stockwork in an area of 400 metres along strike and 50 metres wide with a total of 86 surface channel samples averaging 1.28g/t gold. The second corridor is defined by outcropping of vein and stockwork in an area of 500 metres along strike and 50 metres wide with 129 surface channel samples averaging 0.34g/t gold. Surface channel samples in the two corridors range from 0.4 metres to 2.0 metres in width and average 1.50 metres in width. Evidence based on epithermal textures and more detailed mineralogical studies suggest a shallower level exposure in a low sulphidation epithermal environment compared to Santa Elena. The interpreted shallow level of exposure presents an excellent opportunity to discover additional mineralization at depth.
Ermitaño West contains a network of low sulphidation east–west trending epithermal veins and stockwork within an area of 1,200 metres long and 600 metres wide with 546 surface channel samples averaging 0.17g/t gold over widths ranging from 0.3 metres to 2.0 metres and averaging 1.3 metres. Vein textures suggest a shallower level of exposure in the low sulphidation epithermal environment compared to Santa Elena.
Ermitano East is an east–west trending galena-bearing silver vein system with indications of two different levels of epithermal exposure (deep and shallow). Surface sampling returned significant silver grades with 554 channel samples with an average width of 1.60 metres and an average grade of 14 g/t silver, including 6 samples that exceeded 300 g/t silver.
Veta Valentina hosts a 1.2 kilometre long and 10 metre wide east-west trending structural corridor with low sulphidation epithermal veining.
Significant assay results from the drilling program at El Durazno are shown below. Widths are considered near-true thickness. Holes ED-14-002 and 004 had no significant values. All sample analyses were completed by Inspectorate Labs of Reno, Nevada.
|Hole ID||From (m)||To (m)|| Interval |
| Gold |
| Silver |
All figures are available in the News Release posted on the Company web page www.evrimresources.com.
SilverCrest can earn a 100% interest in the Ermitaño Property by paying US$75,000 upon signing the Agreement (paid) and US$50,000 each anniversary thereafter, completing a minimum of US$500,000 in exploration expenditures in the first year, and delivering a Production Notice specifying mine and construction plans with accompanying permits. Upon vesting, SilverCrest will no longer be required to make the annual payments and Evrim will retain a 2% Net Smelter Royalty ("NSR").
SilverCrest can also earn a 100% interest in Cumobabi by paying US$75,000 upon signing the Agreement (paid) and US$50,000 each anniversary thereafter, completing a minimum of US$500,000 in exploration expenditures by the second anniversary, and delivering a Production Notice specifying mine and construction plans with accompanying permits. Upon vesting, SilverCrest will no longer be required to make the annual payments and Evrim will retain a 1.5% NSR.
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 is well financed, 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.
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Howard Davies, COO 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Evrim Resources Corp.