Evergold Completes Drill Camp at Snoball, Prepares to Mobilize Camp and Drill to Golden Lion, Grants Options
Evergold Completes Drill Camp at Snoball, Prepares to Mobilize Camp and Drill
to Golden Lion, Grants Options
TORONTO, June 17, 2020 -- Evergold Corp. ("Evergold" or the "Company") (TSX-V: EVER) is pleased to provide the
following update on preparations for what promises to be an exciting summer of first-ever drilling of selected targets on its two
flagship properties, Snoball and Golden Lion.
Snoball Property , Golden Triangle, northwestern British Columbia, Canada: Construction of a camp in support of the pending
2,400 metre Phase 1 drilling program is complete. The camp is located approximately 20 kms from the Pyramid Peak target,
just off of Hwy. 37. A survey of the snowpack on and around Pyramid Peak was carried out by helicopter on June 9 and
revealed that snowmelt was less advanced than in recent years. In consequence of the continuing avalanche hazard, the start
of drilling has been delayed a week to ten days, to approximately June 25. Otherwise, all aspects of the Snoball program are
proceeding smoothly.
Golden Lion Property , Toodoggone region, north-central British Columbia, Canada: A fixed-wing airborne survey of snowpack
carried out on June 10 again showed more snow than normal, and well-below average snowmelt at the proposed camp site.
Consequently, the start of camp mobilization there has been delayed, and is now targeted to commence on June 23.
Notwithstanding, the survey indicated that key drill targets such as GL1 North Ridge and GL3 are now mostly exposed, and
snowmelt is advancing rapidly at the GL2 target area. Otherwise, all facets of the Golden Lion program are progressing without
issue toward launch of the planned 2,400 metre Phase 1 drill program.
A final survey of snowpack at key drill sites on both properties will be carried out by fixed wing aircraft on June 18 or 19. With
working capital of $3.4 million, Evergold is well placed to commence the Snoball and Golden Lion drill programs. The Company
will provide further updates as operations advance on both properties.
Option Grant
The Company further announces, pursuant to the Company’s stock option plan, that 840,000 stock options have been granted
to officers, directors and consultants of the Corporation. The options have an exercise price of $0.66 per share with a term of
five years and are subject to vesting conditions.
Quality Assurance and Quality Control
Andrew J. Mitchell, P.Geo., Vice President, Exploration for Evergold Corp. and a Qualified Person as defined by NI 43-101,
has reviewed and approved the technical information in this news release.
About Evergold
Evergold Corp. has been assembled by a team with a record of recent success in British Columbia, combining four 100%-
owned properties in prime geological real estate from one of BC’s best-known geologists, C.J. (Charlie) Greig, with seasoned
management and a qualified board. The Company’s flagship assets consist of the 3,545 hectare Snoball property, located in
the heart of BC’s famed Golden Triangle only 12 kilometres off highway 37, where the Company believes it has located the
source of a large, strong gold-silver anomaly up-slope of previous work, and the 5,099 hectare Golden Lion property, located
well to the east of Snoball in similar Stikine terrane rocks, at the north end of the Toodoggone region, where multiple strong
gold-silver-copper targets have been outlined. The Company intends to carry out the first-ever drilling of selected targets on
both properties in the now unfolding 2020 field season.
For additional information, please contact:
Kevin M. Keough
President and CEO
Tel: (613) 622-1916
www.evergoldcorp.ca
Andrew J. Mitchell
Vice President, Exploration
Tel: (604) 202-0508
www.evergoldcorp.ca
Neither the 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 news release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words
to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may
be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since
forward-looking statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information currently available to the
Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties
and other factors involved with forward-looking information could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements,
exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans,
timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources,
failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a
production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations
and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in
equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects,
capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and
development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company
believes that the assumptions and factors used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events
or otherwise, other than as required by law.