Evergold Files NI 43-101 Report for DEM Property

TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, OTC: EVGUF, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to announce that it has filed an independent technical report in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, on the newly optioned DEM project (news, August 2, 2023), located in central British Columbia (the “DEM Property”). The target at the DEM Property is a copper-gold-silver porphyry system defined by multiple supporting data sets. These include soil geochemistry, compelling strong magnetic and IP-chargeability anomalies associated with favourable geology and regional scale structures. Evergold plans to initiate the exploration recommended in this technical report in the near term.

The technical report, entitled "Technical Report on the DEM Property, Fort St. James Area, British Columbia, Canada”, was prepared by Linda Dandy, P.Geo., Consulting Geologist, of Atlin, B.C., and has an effective date of August 30, 2023. The report is available on SEDAR+ under Evergold's issuer profile. The report details the geological setting of the DEM Property with a particular focus on the DEM Halo copper-gold-silver porphyry prospect, where the bulk of the surficial historical exploration work by prior operators has taken place, and recommends a 2-phase work program in follow up. Phase I will include an expanded soil geochemical survey, geological mapping and four helicopter supported diamond drill holes from two drill pad locations at an estimated cost of $724,500. Phase 2, which will be contingent upon the receipt of positive results from Phase 1, would entail expanded induced polarization and airborne magnetic surveys, data compilation, and systematic fences of diamond drill holes.

As announced August 2, 2023, the Company has the right to earn a 100% ownership interest in the DEM Property in exchange for staged cash payments to the optionors over four years cumulatively totaling $980,000, in addition to escalating work commitments totaling $5,000,000 over the same time frame. The Option Agreement to acquire the DEM Property remains subject to receipt of all necessary regulatory and other approvals, including the final approval of the TSXV and the approval of disinterested shareholders of the Company.