Evergold Provides Update on its Snoball and Golden Lion Drill Programs in Northern B.C.

TORONTO, July 27, 2020 (GLOBE NEWSWIRE) -- Evergold Corp. ("Evergold" or the "Company") (TSX-V: EVER, OTC: EVGUF, FRA: 5EG) is pleased to provide the following exploration update for its two 100%-owned flagship properties, Snoball and Golden Lion, both located in northern British Columbia, Canada, upon which two separate exploration programs, including concurrent drilling, are now underway.

Snoball Property, Golden Triangle, northwestern B.C.

First-ever Phase 1 drilling of the Pyramid Peak target from the “Apex” pad is progressing on schedule, with approximately 1,675 metres of the targeted 2,400 metres, in 8 holes, completed to date, and hole SB-20-009 presently underway.  It is anticipated that drilling will continue from the Apex pad for the remainder of the Phase 1 program. Contingent upon successful results of the Phase 1 work, a Phase 2 drill program may be undertaken during the latter half of the 2020 field season. 

The objective of the Phase 1 drill program is to explore Pyramid Peak for the potential source, or sources, of a large, strong, gold-silver soil and talus-fines geochemical anomaly developed by Noranda in the early 1990s at considerably lower elevations, some 500-700 metres downslope.  The identification of Pyramid Peak as the potential source followed sampling by Evergold in 2016 and 2017, which returned consistently strong values of gold and silver in talus fines.

Following a recent surge in drilling in northern B.C., the Company estimates up to 7 weeks for receipt of assay results upon completion of any one drill hole.  Accordingly, the Company anticipates receiving initial Phase 1 assay results in August.  Phase 1 results will be released when assays have been received back from the lab, quality checked, compiled and evaluated. To provide context, results will generally be released in batches of several holes per news release.  Should Phase 1 results warrant extension of the drill program into an immediate second phase, release of assay results could continue to year end. 

Photos and videos of the drill on the Apex pad and general operations may be viewed at https://www.evergoldcorp.ca/investors/photo-gallery/.

Golden Lion Property, Toodoggone region, north-central B.C.

Phase 1 drilling commenced July 26 on the GL1 target area, following completion of geochemical and geophysical surveys to refine and prioritize targets.  Geophysical and geochemical programs are now underway over the GL2 and GL3 target areas located to the northeast and east, respectively, of GL1. Approximately 2,400 metres of Phase 1 drilling is planned, focused on multiple high priority gold, silver and copper targets within the GL1, GL2 and GL3 target areas.  Contingent upon successful results of the Phase 1 work, a Phase 2 drill program may be undertaken immediately thereafter.