Projects

Ermitaño

  • Introduction

    Target: Au & Ag low sulphidation epithermal veining
    Location: Sonora, Mexico
    Size: 165 km2
    Status: 2% NSR with First Majestic Silver Corp
    Stage: Advancing discovery and production planned for Q4 2020
    Inferred Resource: 659,000 ounces gold equivalent 1,2

    Overview

    The Ermitaño Property consists of 165 square kilometres of contiguous mineral tenure located approximately 145 kilometres from Hermosillo and only 3.5 kilometres southeast of First Majestic’s Santa Elena gold-silver mine in Sonora, Mexico. Access to the property is by paved highway and secondary roads. The current indicated resource is 119,000 gold equivalent ounces and the current inferred resource is 659,000 ounces gold equivalent 1,2.

    First Majestic Silver Corp. completed its 100% earn-in for the project in September 2018, with US$1.5 million cash payment for a net smelter royalty (“NSR”) for both Ermitaño (2% NSR) and Cumobabi (1.5% NSR) projects.

    On April 3, 2019, Evrim announced an expanded resource for Ermitano, based on a news release from First Majestic a week earlier:

    • 8.81 million ounces silver equivalent in the indicated category with an average grade of 4.05 grams per tonne (“g/t”) gold and 65 g/t silver, or approximately 119,000 ounces of gold, using First Majestic’s metal prices of US$1,300 per ounce gold and US$17.50 per ounce silver along with other assumptions to determining metal equivalent stated in its March 29, 2019 news release.
    • 48.98 million ounces silver equivalent in the inferred category with an average grade of 3.36 g/t gold and 59 g/t silver, or approximately 659,000 ounces of gold, using First Majestic’s metal prices of US$1,300 per ounce gold and US$17.50 per ounce silver along with other assumptions to determining metal equivalent stated in its March 29, 2019 news release.

    First Majestic is currently advancing the Ermitaño West deposit with an ongoing 32,700 metre drill program with three diamond drills to investigate the continuity of mineralization at shallow depths that may be amenable to open pit extraction. A news release from the company on August 7th, 2019 also states their plans to develop an underground portal in Q4 2019 to be able to drift into the Ermitaño ore body, and initial production is planned to start in Q4 2020.


    1. Resource: https://www.evrimresources.com/news/2019/evrim-announces-an-expanded-inferred-resource-of-659-000-gold-equivalent-ounces-and-indicated-resources-of-119-000-gold/
    2. Gold equivalent is calculated using a gold to silver ratio of 1:75. Recoveries of 100% are assumed for the calculation of gold-equivalent values

  • First Majestic completed a ten hole 3,156 metre diamond drill program in early 2017.

    Ermitaño West Results

    Hole From
    (m)
    To
    (m)
    Interval
    (m)
    Gold
    (g/t)
    Silver
    (g/t)
    Gold-Equiv
    (g/t)
    EW 16-01 96.6 105.4 8.8 0.8 10 0.9
    EW 16-02 157.1 170.3 13.2 1.1 29 1.5
    including 164.0 168.2 4.2 2.5 58 3.3
    EW 16-03 195.8 205.4 9.6 1.8 24 2.1
    including 199.6 202.7 3.1 4.9 36 5.4
    EW 16-04 224.5 242.5 18.0 11.4 86 12.6
    including 228.1 240.1 12.0 15.7 107 17.1
    EW 16-05 126.4 152.6 26.2 4.2 52 4.9
    including 132.7 144.9 12.2 7.3 72 8.3
    EW 16-06 268.8 301.6 32.8 3.8 187 6.3
    Including 271.3 279.5 8.2 11.5 633 19.9
    EW 16-07 191.5 212.6 21.1 0.3 10 0.4
    EW 16-08 347.7 371.5 23.8 2.0 37 2.5
    EW 16-09 268.5 282.3 13.8 3.3 72 4.3
    including 271.3 279.5 8.2 4.4 87 5.6
    and 318.0 321.3 3.3 6.2 27 6.6
    EW 16-10 147.4 163.8 16.4 2.2 35 2.6
    including 147.4 152.9 5.5 4.8 65 5.7

    About the Ermitaño West Vein System

    Drill holes EW16-01 to EW16-10 intersected a wide, east-west trending, low-intermediate sulphidation epithermal vein with an accompanying hangingwall stockwork zone that has been mapped over 1,200 metres long and 600 metres wide. The principal east-west striking vein is up to 3.5 metres wide on surface 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 more than 100 metres higher than the pit at Santa Elena suggest that drilling has intersected mineralization with significant depth potential. Mineralization at Santa Elena continues for over 600 vertical metres.

    El Durazno

    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 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 1.28 g/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 0.34 g/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 East

    Ermitaño 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

    Veta Valentina hosts a 1.2 kilometre long and 10 metre wide east-west trending structural corridor with low sulphidation epithermal veining.

    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.