Vancouver B.C. - July 13, 2016: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) and exploration partner First Majestic Silver Corp. (TSX:FR: NYSE: AG) (“First Majestic”) are pleased to announce a 2,000 metre drill program has been planned at the Company’s Ermitaño gold-silver property in Sonora, Mexico. The program follows up exploration completed by First Majestic in 2015, where drilling tested new targets at the Ermitaño East and Veta Valentina areas.
- A US$640,000 exploration program including six drill holes is planned in the Ermitaño West area, located approximately three kilometres southeast of First Majestic’s Santa Elena silver and gold mine
- The principal Ermitaño West vein shows thickness ranging from 2.0 metres to 3.5 metres wide, outcrops over more than 500 metres of strike, and has never been drilled
- Twenty of 912 rock samples taken at Ermitaño West exceed 1.0 gram per tonne (“g/t”) gold to a maximum of 6.63 g/t gold
- Drilling at Ermitaño East in 2015 intersected anomalous gold throughout two of three holes
- Three of seven holes drilled at Veta Valentina in 2015 intersected anomalous gold and base metal values
Stewart Harris, Evrim’s Vice President of Technical Services commented, “The drilling program at the Ermitaño West target represents an excellent opportunity to add to the mineral endowment of a 10 kilometre by 15 kilometre trend, which includes Ermitaño East, Veta Valentina, Durazno area, and the Santa Elena Mine. Vein structures at Ermitaño West exhibit similar structural characteristics to the east-striking principal veins at Santa Elena and vein textures suggest a shallow level of exposure in this low to intermediate sulphidation epithermal system. The shallow level of exposure suggests that the most prospective part of the epithermal gold-silver system has been preserved beneath this untested target.”
The Ermitaño West zone (see Figure 1) consists of a network of low to intermediate sulphidation east-west trending epithermal veins and stockwork. The veining covers an area of 1,200 metres long and 600 metres wide with 912 rock samples averaging 0.12 g/t gold over widths ranging from 0.1 metres to 3.5 metres and averaging 0.7 metres. The principal east-west striking vein is up to 3.5 metres wide and with a hanging wall of sub-parallel east-west striking veins and north-south striking stockwork veining over 200 metres wide. Vein textures, including banded quartz, quartz replacing bladed calcite, and an elevation 200 metres to 300 metres higher than the pit at Santa Elena suggest a shallower level of exposure in the epithermal environment compared to Santa Elena.
First Majestic plans to begin the 2,000 metre drill program at Ermitaño West in August. The drilling is planned to test the principal quartz vein and sub-parallel veins and stockworks.
Figure 1 - Location map of Ermitaño project and Santa Elena mine
Ermitaño East is an east-west trending zone of stockwork quartz veining and galena-bearing silver quartz veining with indications of two different levels of epithermal exposure (deep and shallow). Three holes totaling 792 metres were drilled at Ermitaño East with one hole targeting a gold-mineralized structure and the remaining two holes targeting silver-lead-zinc mineralization. One hole from each target area returned anomalous gold values from throughout the hole. An additional structure and significant portions of these structures have yet to be tested by drilling.
Veta Valentina hosts an east-west silicified limestone and a north-trending stockwork zone of dense calcite and chalcedonic quartz veining typical of low sulphidation epithermal systems. Seven holes totaling 1089 metres were drilled at Veta Valentina and three of these holes intersected anomalous gold, silver, lead and zinc values.
All figures are available in the News Release posted on the Company web page www.evrimresources.com.
First Majestic can earn a 100% interest in the Ermitaño Property by paying US$75,000 upon signing the Agreement 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, First Majestic will no longer be required to make the annual payments and Evrim will retain a 2% Net Smelter Royalty (“NSR”). To date, over $3.1 million has been spent on the Ermitaño property by First Majestic and previous partner SilverCrest Mines.
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 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.
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.