Evergold Conducts Airborne Magnetic Survey of DEM Porphyry Property, B.C., in Preparation for 2024 Field Season

TORONTO, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to report that a 1490 line-km, high resolution heli-borne magnetic survey over the entire 10,451-hectare breadth of the road-accessible DEM property, located 40 km northwest of Fort St. James in central B.C., is now underway. The survey (Figure 1) is being carried out in follow-up to a small 3-hole reconnaissance drill program carried out in October-November last year on the large DEM1 porphyry prospect, which covers 4 km² (4%) of the highly prospective 104 km² property area. The drilling targeted a multi-element geochemical anomaly in soils overlying the topographically highest areas of the DEM1 prospect along with coincident and compelling strong magnetic, IP chargeability and resistivity anomalies, suggesting high discovery potential. Initial assays (additional assays are pending) from this very preliminary drill program have attracted considerable positive attention in the technical community and industry, including a shout-out as “the property to watch” by the B.C. government geologist at the recent AMEBC Roundup conference in Vancouver. These early assay results demonstrate:

• A large new porphyry system at DEM1
• A system fertile for both intrusion and related vein-hosted precious and strategic metals
• A remarkable assemblage of sulphides and associated high-value elements including gold, silver, molybdenum, cobalt, tungsten, tellurium and rhenium, indicating a richly mineralized system that is considered likely to produce both broad and/or high-grade intercepts with higher-density drilling, now in planning
• Broad intercepts of gold and silver, for example, 135 metres of 0.12 g/t Au, 2 g/t Ag from 6 to 141 metres in hole DEM23-01 and 48.2 metres of 0.58 g/t Au and 11 g/t Ag from 303 to 351.2 metres in hole DEM23-03
• High-grade porphyry-hosted intercepts including individual sample highs of molybdenum (0.82%) with associated gold (1.2 g/t), rhenium (3.7 g/t) and silver (8 g/t)
• High-grade vein-hosted intercepts including individual sample highs of gold (29.5 g/t), silver (182 g/t), cobalt (0.12%), copper (0.19%) and tellurium (41 g/t).  

An earlier, limited-coverage magnetic survey carried out in 2017 proved highly effective in delineating the immediate area of the DEM1 target (Figure 2). A recent review of the sea level susceptibility slice of the publicly available regional magnetic dataset revealed a large new anomaly immediately southeast of DEM1, of similar scale and character (Figures 3 & 4). The magnetic survey now underway is expected to better define this ‘DEM2’ target, possibly reveal others over the roughly 96% of the property not surveyed to date, and provide greater detail and depth penetration over and below the DEM1 prospect, allowing for more effective drill targeting.