Evergold – CSAMT Survey Over DEM1 Prospect, B.C., Reveals Large Target Extending Across All Lines and to Depth Below Reconnaissance Drill Holes

TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to report, further to highly encouraging reconnaissance drill results released earlier this year (news January 15, 2024, recapped below), the completion of a 5 line-km CSAMT (Controlled Source Audio-frequency Magneto-tellurics) deeper-looking geophysical survey directly over the DEM1 target (Figure 1). The survey has revealed (Figures 2 to 6) a large-scale resistivity-low anomaly coincident with high Induced Polarization (IP) chargeability, suggestive of the presence of abundant sulphides, extending across all lines, a north-south distance of 500 metres, and to beyond the 400-metre depth limit of the survey. The anomaly approximates 400 metres in width, presenting a highly attractive target for follow-up drilling this season, details of which will be forthcoming.

“The DEM1 target below and lateral to where we first hit it in last fall’s short program, really looks terrific”, said Kevin Keough, President & Chief Executive Officer. “It is a large, deep-seated target within a considerably larger general target area and we already know, from the reconnaissance drill results, that the system is richly mineralized, having already delivered broad intercepts of low-grade gold and silver from surface and, within that broad envelope, local high grades of an impressive spectrum of high-value elements, including precious and strategic metals and a high-level porphyrytic intrusion hosting molybdenum and gold. Recall that our team’s massive Saddle discovery some years ago for GT Gold took more holes and considerably more metres to really get on to than just the 3 reconnaissance holes and 947 metres we have managed to put into the DEM prospect so far. We believe the DEM1 system is capable of delivering much better results than we’ve seen to date.”

January 15, 2024 News Recap: Highlight Intercepts, DEM1 Target, Fall 2023 Reconnaissance Drill Program. (Note: For cost-saving purposes the three holes were only partially sampled. Priority intervals were determined by visual and XRF analysis of mineralization intensity. Pads and casing were left in place with a view toward possible re-use for follow-up drilling):

Drill Pad 1: DEM23-01: Partially delineated system envelope – from surface

• 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

Drill Pad 1: DEM23-02: First intercept of high-grade veining within porphyritic intrusive