VANCOUVER, British Columbia, Oct. 20, 2014 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) ("Evrim" or the "Company") has been advised by SilverCrest Mines Inc. ("SilverCrest"), that drilling has started on the Ermitaño Property in Sonora, Mexico. The drill program will include six drill holes in the Durazno target totalling an estimated 1,800 metres.
The drill program follows up surface exploration work completed by SilverCrest in 2014. To date, detailed geological mapping, rock chip and channel sampling has been completed on the Durazno target, located approximately seven kilometres southeast of SilverCrest's Santa Elena Mine. The Durazno target consists of outcropping widespread epithermal mineralization hosted in Tertiary rhyolite tuffs and dacites. Thirty-three of the 1,073 rock samples exceed 1.0 g/t gold to a maximum of 24.3 g/t gold and six of the thirty-three samples exceed 100 g/t silver to a maximum of 257 g/t silver over a continuous strike length of 450 metres along the longest vein.
About the Ermitaño Property
The Ermitaño Property consists of two concessions (Ermitaño I and II) totaling 165 square kilometres of contiguous mineral tenure located approximately 145 kilometres from Hermosillo and immediately adjacent to SilverCrest's Santa Elena Mine in Sonora, Mexico. Access to the property is by paved highway and secondary roads. Ermitaño I and II are held 100% by Evrim's Mexican subsidiary subject to an underlying third party NSR of 2%.
SilverCrest can earn a 100% interest in the Ermitaño Property by paying US$75,000 upon signing the Agreement (paid) and US$50,000 each anniversary thereafter, completing a minimum of US$500,000 in exploration expenditures in the first year, and delivering a Production Notice specifying mine and construction plans with accompanying permits. Upon vesting, SilverCrest will no longer be required to make the annual payments and Evrim will retain a 2% Net Smelter Royalty ("NSR").
The Ermitaño I and II concessions are located along the same trend of mineralization currently being exploited at the Santa Elena Mine. The concessions host the same early Tertiary andesite and rhyolite volcanic rocks with major structures that host the Santa Elena silver and gold low sulphidation epithermal mineralization. The Durazno Target is the first of three such systems on Ermitaño to be explored by SilverCrest and the drilling planned for 2014 represents the first drilling carried out on the property.
About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable business model. The Company has a diverse range of quality projects and a database in Mexico and portions of southwestern United States. The existing projects, generation of quality exploration targets, and ideas are advanced through option and joint venture agreements with industry partners to create shareholder value. Evrim's business plan also includes royalty creation utilizing the Company's exploration expertise and existing projects.
Qualified Person Statement
Evrim's disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, P.Geo. Vice President, Technical Services for the Company. Mr. Harris serves as a Qualified Person under the definition of National Instrument 43-101.
On Behalf of the Board
EVRIM RESOURCES CORP.
Paddy Nicol
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Howard Davies, COO at 604-248-8648, or visit www.evrimresources.com.
Forward Looking Information
This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Evrim Resources Corp. (the "Company") expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.