Commodity: Au-Ag epithermal vein Location: Sonora, Mexico Size: 53 km2 Status: Optioned to Coeur Mining Inc. Stage: Drill-ready
The Sarape Project is a 57 square kilometre early stage exploration property prospective for epithermal gold-silver deposits situated in Mexico’s Rio Sonora valley. The acquisition of Sarape is a key addition to Evrim’s portfolio in Mexico that was identified and staked as part of the Company’s generative program.
The project is optioned to Coeur Mining, who may earn up to an 80% interest with $16.5M on exploration, $2.6M cash, and a National Instrument 43-101 compliant feasibility study on a minimum measured and indicated resource estimate of 1 million ounces gold equivalent, all over a ten-year period.
A 2500 metre discovery drilling program is planned to start on Q1 2019.
Located within the Rio Sonora valley near Mercedes mine, Santa Elena mine and First Majestic’s Ermitaño Project, which Evrim holds a 2% net smelter royalty on:
- Mercedes (Premier Gold) 1.15 Moz gold and 9.5 Moz silver (40 kilometres west)
- Santa Elena (First Majestic) 19.5Moz silver and 293koz gold (36 kilometres south)
- Ermitaño Inferred Mineral Resource (2% NSR with First Majestic) 562,000 ounces gold equivalent.
Sarape was identified through Evrim’s generative programs with reconnaissance exploration completed in early 2017. The project is 100% owned by Evrim with no underlying royalties and is located near excellent infrastructure with roads and power crossing the 5,776 hectare property.
The Phase 1 exploration program has defined two major veins: the Sarape vein, a northwest trending vein measuring 6.0 kilometres in length and up to 12.0 metres in width, and the Chiltepin vein, a west trending vein measuring 2.6 kilometres in length and up to 3.0 metres in width. Both veins are located either side of a Laramide age horst block. Systematic channel sampling reveals that the western portion of both veins contains barren white quartz and calcite veins that are interpreted to represent late influx and boiling of meteoric fluids during the collapse of the hydrothermal system. The eastern portion of the veins are composed of a separate phase of low temperature, tan green quartz that consistently assays from 0.10 to 0.36 g/t gold across sampled widths, with individual samples assaying up to 3.6 g/t gold. Vein textures in this portion suggest they may represent the upper levels of a gold/silver bearing system with bonanza grade targets in the boiling zone at depth. This setting is similar to the outcropping veins at Ermitaño West (40 kilometres to the south) where Evrim’s exploration partner First Majestic Silver discovered bonanza grades 150 metres beneath low grade surface veins. Neither vein at Sarape has ever been drilled.
White quartz and calcite is interpreted to represent hydrothermal system collapse with meteoric fluids drawn down into the faults, is heated and boiled (calcite crystallizes when a fluid heats due to reverse solubility). This part of the vein has extremely low gold, silver or pathfinder anomalism as the precursor fluid was barren. A second quartz phase is green/tan in colour and consistently contains 0.1-0.3 g/t gold. Intervals include:
- 3.5 metres @ 0.11 g/t gold
- 11.9 metres @ 0.10 g/t gold
- 5.6 metres @ 0.16 g/t gold
- 0.6 metres @ 0.36 g/t gold
There is a total strike extent of 2.2 kilometres of anomalous gold. The green quartz phase is overprinted by a white quartz-calcite phase. Textures in green quartz indicate a high level, low temperature environment above the boiling zone. The boiling zone of the green quartz phase represents a drill target interpreted to occur 100-250 metres below surface. There is no significant offset along vein length; the entire vein is at the same preserved high level within the epithermal system.
The same quartz paragenesis is observed at the Chiltepin vein as at the Sarape vein with white quartz and calcite overprinting a green/tan quartz phase. The vein is oriented east-west and located on southern margin of an interpreted horst block. The vein structure is predominantly composed of a massive vein and stockwork of white quartz and calcite. There are small zones of green quartz which are more common in splays containing assay results of:
- 1 metre @ 3.66 g/t gold
- 0.9 metre @ 2.36 g/t gold
There is a total strike extent of 1.6 kilometres of anomalous gold. The boiling zone of the green quartz phase represents a drill target interpreted to occur 100-250 metres below surface. There is no significant offset along vein length; the entire vein is at the same preserved high level within the epithermal system.
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.