Evergold Updates Holy Cross Exploration Model in Advance of Fall Drill Program

TORONTO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Evergold Corp. (“Evergold” or the “Company”) (TSX-V: EVER, OTC: EVGUF). The Company is pleased to provide an updated exploration model (Figure 1) for its 100% owned Holy Cross Au-Ag property, located in central B.C approximately 30 kms south of Fraser Lake, in advance of fully-financed plans to carry out up to 2,500 metres of drilling, commencing in October. The Holy Cross property has drive-on access, moderate topography, is largely treeless and can be drilled year-round. The property has in the past attracted the attention of major mining companies including Noranda (1987-1989), Kennecott (1994), and Phelps Dodge (1995-1997) for its large-scale geochemical anomalies and potential to host epithermal-style, felsic intrusion-related Au-Ag mineralization with some similarities, such as in the age of the host rocks, elevated silver geochemistry, and presence of extensive silicification and pyritization, to the region’s Blackwater deposit, presently being developed by Artemis Gold, and hosting published resources of almost 12 million ounces of gold, and 122 million ounces of silver. Prior operators at Holy Cross carried out some 2 kilometres of trenching, along with considerable soil geochemical sampling, geologic mapping, and local induced polarization (“IP”) surveys. However, the target areas on the property were never drilled, leaving the potential for a significant discovery intact.

The Holy Cross property hosts a robust siliceous and pyritic alteration system and carries silver, gold, and copper values within extensive Ag-rich and pathfinder-element soil geochemical anomalies over a large area underlain by felsic volcanic and/or high-level intrusive rocks. Work by the Company, including two lines of deeper-sensing IP in 2015, a detailed airborne magnetic survey in 2019, and a line of audio-magnetotellurics in 2021, along with mapping and rock and soil geochemical sampling programs carried out this season, has revealed attractive coincident geophysical and geochemical anomalies. Figure 2, for example, shows three targets identified on line 2650N from the 2015 IP survey. Figure 3 shows silver-in-soil values, with the 2015 IP program results for chargeability (red lines) and resistivity (blue lines) superimposed. Gridded silver-in-soil values run from trace to highs of 19.4 g/t in Company sampling and highs to 36.5 g/t in sampling by Phelps Dodge, with gold-in-soil values ranging from trace to 719 ppb in Company sampling and highs to 2,912 ppb in sampling by Phelps Dodge. Grab samples, although not necessarily representative of mineralization on the property, have run to highs of 8.86 g/t Au in sampling by the Company, to 26.02 g/t Au in sampling by Noranda, and to 50.0 g/t Ag in sampling by Phelps Dodge.