Commodity: High grade Au-Ag epithermal vein Location: Chihuahua, Mexico Size: 69 km2 Status: Optioned to Harvest Gold Corporation Stage: Drilling 3,000 metres with exploration partner Harvest Gold
Cerro Cascaron is a large underexplored and undrilled project with two known areas of veining with outcropping gold and silver mineralization, including bonanza grab samples of up to 1,670 g/t gold and 1,490 g/t silver.
The project is a 69 square kilometre, low to intermediate sulphidation, epithermal gold bearing system located in the Sierra Madre Occidental of Chihuahua, Mexico, approximately 55 kilometres southeast of Goldcorp Inc.’s past-producing El Sauzal gold mine. Towards the eastern segment of the property lies a high-grade gold vein field spanning approximately 18 square kilometres in area. Veining has been mapped over 900 vertical metres, with classic textural evidence of hydrothermal boiling accompanying the highest gold grades. This boiling zone has been established in the upper 380 metres of the vein field. Beneath the boiling zones, silver and base metal rich veins and breccias provide additional exploration targets. The property also contains a substantial silver rich breccia target (La Cascarita) located five kilometers west of the currently defined gold field. Much of Cerro Cascaron is yet to be explored.
Agreement with Harvest Gold:
Evrim has signed a four-year agreement with Harvest Gold Corporation whereby Harvest Gold can earn an initial 70% interest in the Cerro Cascaron project by incurring:
- $6 million in exploration expenditures, making $900,000 in cash payments and issuing 2 million shares to Evrim over the four year period.
- Evrim will be the operator during this initial interest period.
- An additional 10% interest for an aggregate 80% interest in the Project may be acquired by Harvest Gold by making a cash payment of $200,000 (or 200,000 shares at Evrim’s election) and funding a 43-101 compliant feasibility study over a five year period.
- If Evrim’s interest in Cerro Cascaron is diluted to 10% or less, its interest will convert into a 2% net smelter royalty (“NSR”). Evrim will retain the right to purchase half of a pre-existing 2% NSR from a property vendor for US$2.5 million.
The content of this page has been reviewed by Stewart Harris, P.Geo., Vice President, Technical Services for the Company. Mr. Harris is a Qualified Person as defined under the terms of National Instrument 43-101
Cerro Cascaron’s setting and mineralization are similar to many epithermal deposits in the Sierra Madre Occidental, including Minera Frisco SAB’s Ocampo Mine to the northwest, Goldcorp’s past producing El Sauzal gold mine and further south, First Majestic’s San Martin de Bolanos silver mine in Jalisco State. Cerro Cascaron remains one of the few unexplored and undrilled opportunities in the region. A 20 kilometre access road reaches the northeast corner of the property which is located in a mountainous region of Chihuahua.
Channel sampling and mapping undertaken by Evrim in 2016 have extended the area of the high grade gold veins at the Cerro Cascaron vein field to 18 square kilometres while identifying several drill targets for follow-up. For example, the Serpiente Dorada vein has grab samples of 1,670 grams per tonne gold and 1,490 g/t silver, and the San Pedro vein has channel samples of 2.6 metres grading 6.05 g/t gold and 28.3 g/t silver, including 0.8 metres grading 19.0 g/t gold and 72.6 g/t silver. Vein textures indicate that the strike extensions of the veins at Serpiente Dorada, Dolores, San Pedro and Carabina are above the boiling zones where high grade samples with visible gold have been collected and represent excellent targets.
Five kilometres to the west, La Cascarita prospect contains silver dominant veins and breccias up to three metres wide. Five of forty grab samples are greater than 200 g/t silver and range from 0.46 to a maximum of 982 g/t silver. The scale of veining and range of mineralization style on the project from low sulphidation bonanza gold, intermediate sulphidation high silver and silver rich breccia bodies, demonstrate the district scale of the project with large areas of the property yet to be explored.
Mapping to date has focused within the vein field and contains multiple north-south trending veins including the Serpiente Dorada, San Pedro, Julieta and Carabina veins. These north/south trending veins are cut by east-west and northeast-southwest trending structures. The upper levels of the veining occur at the contact between the Upper and Lower Volcanic Sequence.
2017-2018 Exploration Program
Sampling of ore grades and widths at the silver-rich Cascarita prospect was carried out in late 2017. The exploration program demonstrated the size potential of the Cascaron vein field with extensions of all veins to the north of high-grade gold sampled in old workings.
Cerro Cascaron Exploration Highlights
- Delineation of six sub-parallel veins over 900 metres by 300 metres in the silver-rich Cascarita area
- Five adit channel sample cuts with widths of 1.4 to 3.3 metres grading between 231 and 542 grams per tonne (g/t) silver equivalent* at Cascarita
- Definition of a 1.8 kilometre vein corridor extending north and east of the Julieta and Serpiente Dorada veins
- Soil sampling and mapping of new veins (El Salto and La Puerta) within the Cascaron vein field
A 3,000 metre diamond drill program started in October 2018 to test a zone of sub-parallel veins at the Cascarita silver target followed by drilling within four vein targets in the Cascaron vein field.
Cascarita Silver Target
The drill program started at the Cascarita silver target in October 2018, where three drill holes are planned to test over 350 metres of strike length, along a 900 metre polymetallic silver-lead-zinc sheeted vein/breccia system. The initial drill targets are defined by underground channel and surface grab samples undertaken by Evrim in 2017 that returned five channel sample cuts with widths between 1.4 metres to 3.3 metres grading between 231 g/t silver equivalent* and 542 g/t silver equivalent.
Cascaron Vein Field Targets
Four drill holes from one site are planned to test the San Pedro vein, where high grade gold and silver veins are defined by channel sampling, and by gold, silver, and pathfinder soil geochemistry approximately 800 metres to the north. Channel sample results collected from the San Pedro vein returned sample grades of 19 g/t gold and 72.6 g/t silver over 0.8 metres within 2.6 metres grading 6.05 g/t gold and 28.3 g/t silver. Approximately 45 metres further north, channel sampling returned grades of 10.5 g/t gold and 46.4 g/t silver over 0.9 metres within 4.3 metres grading 2.22 g/t gold and 10.9 g/t silver.
Three drill holes are planned to test 900 metres of strike along the Serpiente Dorada and Julieta structures, an area within a 1.8 kilometre long gold-silver soil anomaly that averages above 50 ppb gold with the peak being 1.38 g/t gold. The drill holes will test an area of high-grade gold-silver mineralization defined by channel and grab samples at Serpiente Dorada, and strong geochemical anomalies defined by the Julieta structure and the Julieta-Serpiente structural intersection. Epithermal veins commonly transition from multiple narrow veinlets in the brittle rhyolite and rhyolite tuffs into a single broader vein in more component andesite units beneath. The drilling at Serpiente Dorada will test this concept at Cerro Cascaron.
The Carabina vein area will see diamond drill testing with one drill hole planned beneath an area of high grade gold-silver surface samples. In 2016, channel sampling across the Carabina vein returned sample grades of 5.73 g/t gold and 29.3 g/t silver over 1.4 metres within 5.4 metres that graded 2.12 g/t gold and 14.5 g/t silver.