Evergold – Magnetic Survey Over DEM1 Porphyry Prospect, B.C., Reveals New Mirror-Image DEM2 Target to the Southeast

TORONTO, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to report that a high resolution heliborne magnetic survey over the road-accessible DEM property in central B.C. has been completed, revealing in the process a large new target - designated ‘DEM2’ - of similar scale and geophysical character to the DEM1 porphyry prospect, and centred approximately 4 kilometres to the southeast (Figure 1). The two prospects are separated from each other by a granitic intrusion. The survey was completed in follow-up to a highly encouraging 3-hole reconnaissance drill program carried out late last year on the DEM1 prospect which targeted a multi-element geochemical anomaly in soils overlying compelling strong magnetic, IP chargeability and resistivity anomalies. As reported on January 15, 2024 and highlighted below, the reconnaissance drilling confirmed the presence of a new porphyry system at DEM1, with initial assays (additional assays are pending) demonstrating locally high grades within a broad, low-grade system envelope of such high-value elements as gold, silver, molybdenum, cobalt, tungsten, tellurium and rhenium, indicating a richly mineralized system.

“We continue to methodically advance the DEM property, and the story is only getting better with each step in the process,” said Kevin Keough, President & CEO. “We will be reporting further on our developing plans for the 2024 field season, to potentially include a combination of drilling in follow-up to the impressive early results from last fall’s recon drill program, along with soil geochemical sampling and an induced polarization geophysical survey over the newly identified DEM2 target.”

Highlight intercepts, fall 2023 drill program:

DEM23-01: Partially delineated system envelope (additional assays pending):

• 135 metres of 0.12 g/t Au and 2 g/t Ag from 6 to 141 metres
  • Including: high-grade tungsten and silver, with tellurium: 0.32% W, 155 g/t Ag, 5 ppm Te, from 131 to 132 metres

DEM23-02: High-grade porphyry intrusive:

• High-grade molybdenum (0.82%), gold (1.2 g/t), silver (8 g/t), rhenium (3.7 g/t) from 299 to 300 metres. Assays of remainder of hole pending
  

DEM23-03: Partially delineated system envelope (additional assays pending):

• 48.2 metres of 0.58 g/t Au and 11 g/t Ag from 303 to 351.2 metres
  • Including: high-grade gold: 11.98 g/t Au and 24 g/t Ag from 339 to 340.5 metres
  • Including: high-grade cobalt, gold, tellurium: 0.11% Co, 29.5 g/t Au, 22 g/t Ag, 0.19% Cu, 42 ppm Te from 340 to 340.5 metres