VANCOUVER, British Columbia , Aug. 02, 2017 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce the acquisition of the Sarape gold-silver project in central Sonora, Mexico. Sarape was identified through Evrim’s generative programs with reconnaissance exploration completed in early 2017. The project is 100% owned by Evrim with no underlying royalties and is located near excellent infrastructure with roads and power crossing the 5,776 hectare property.
Sarape is located in an emerging epithermal gold belt that hosts Premier Gold’s Mercedes Mine and First Majestic’s Santa Elena Mine.
“Sarape displays many similarities with Evrim’s Ermitaño project discovery where exploration partner First Majestic drilled 18 metres grading 11.4 g/t gold,” commented Charles Funk, Evrim’s Vice President of New Opportunities and Exploration. “Common to both projects are prominent outcropping broad veins with low to moderate grade gold and silver at surface. A key observation lies in the recognition of textures within the veins at surface which commonly occur above concealed high-grade ore-shoots.”
The Phase 1 exploration program has defined two major veins: the Sarape vein, a northwest trending vein measuring 6.0 kilometres in length and up to 12.0 metres in width, and the Chiltepin vein, a west trending vein measuring 2.6 kilometres in length and up to 3.0 metres in width. Both veins are located either side of a Laramide age horst block. Systematic channel sampling reveals that the western portion of both veins contains barren white quartz and calcite veins that are interpreted to represent late influx and boiling of meteoric fluids during the collapse of the hydrothermal system. The eastern portion of the veins are composed of a separate phase of low-temperature, tan-green quartz that consistently assays from 0.10 to 0.36 g/t gold across sampled widths, with individual samples assaying up to 3.6 g/t gold.
Neither the Sarape nor Chiltepin vein has ever been drilled.
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Figure 1: Location map showing location of Sarape project relative to Evrim projects and major mines on central Sonora.
Sarape and Ermitaño comparison
Both projects contain notable outcropping veins with long strike lengths and wide widths at surface:
| Prospect | Vein | Strike Length | Vein Width |
| Ermitaño | Ermitaño West | 1,450 metres | 1-3 metres |
| Sarape | Sarape | 6,000 metres | 1-12 metres |
| Chiltepin | 2,600 metres | 1-3 metres |
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Figure 2: LEFT: Sarape vein at Sarape project. RIGHT: Ermitaño West vein at Ermitaño project.
The Ermitaño west vein has 14 of 924 samples above 1 g/t gold (1.5%) with a maximum value on surface of 6.6 g/t gold. The Sarape project has 2 of 132 samples above 1 g/t gold (1.5%) with a maximum value on surface of 3.7 g/t gold.
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Figure 3: LEFT: Gold in rock chip samples from Sarape project. RIGHT: Gold in rock chip samples from Ermitaño project.
Identifying surface textures is a key observation at Ermitaño West to interpret that the high grade ore-shoot occurred at depth below. The outcropping vein at Ermitaño West is composed of massive white quartz with very minor banding and anomalous gold and silver. At 100 metres below surface in hole EW16-01, banding is more evident and a tan-green phase of quartz is first observed.
At Sarape, both the Sarape and Chiltepin veins contain two phases of quartz; a low temperature chalcedonic white quartz with bladed calcite phase associated with an influx of shallow meteoric water during the waning phase of the system, and a second low-temperature banded tan-green quartz phase with anomalous gold and silver.
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Figure 4: LEFT: Chiltepin vein at Sarape project grading 3.7 g/t gold and 177 g/t silver.
RIGHT: 100 metres downhole in EW16-01 (50 metres above the high grade ore shoot) Ermitaño West vein grading 1.9 g/t gold and 13 g/t silver.
Evrim released the results of the first four drill holes at Ermitaño West (see news release January 17, 2017) where drilling has intersected a boiling zone 150 metres below surface and a high grade ore-shoot with hole EW16-04 recording 18 metres at 11.4 g/t gold.
Evrim will now focus on presenting the 100% owned Sarape project to exploration partners with the goal of drill testing these veins.
Qualified Person Statement
Evrim's disclosure of technical or scientific information in this press release has been reviewed and approved by David A. Caulfield, P.Geo., an Independent Director of the Company. Mr. Caulfield serves as a Qualified Person under the definition of National Instrument 43-101.
About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable value generation model. The Company is well financed, has a diverse range of quality projects and a database in Mexico and portions of southwestern United States. The existing projects, and 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.
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 Charles Funk, VP New Opportunities and Exploration 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.