Evergold Drills a New High-Grade Gold-Silver System on Pyramid Peak, Golden Triangle, B.C., Including 20.8 g/t Au and 54.5 g/t Ag over 0.70 Metres in SB20-006; Drilling Encourages at Golden Lion
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NEWS RELEASE
Evergold Drills a New High-Grade Gold-Silver System on Pyramid
Peak, Golden Triangle, B.C., Including 20.8 g/t Au and 54.5 g/t Ag over
0.70 Metres in SB20-006; Drilling Encourages at Golden Lion
Toronto, Ontario – August 18, 2020 – Evergold Corp. ("Evergold" or the "Company") (TSX-V: EVER,
OTC: EVGUF, FRA: 5EG). The Company is pleased to report that first-ever drilling high on Pyramid Peak,
on the Company’s Snoball Property in northern British Columbia, Canada, has tapped into a significant new
high-grade vein system, returning multiple intercepts of vein- hosted gold and silver, including local high
grades. The Company notes it is very early days in the unfolding of the disc overy, and it may require time
to understand the controls on mineralization and determine where to go next. Nonetheless the Company
is excited to continue exploration and to see where the work in planning may lead, as the evidence suggests
that the system that lies beneath Pyramid Peak and Snoball Ridge has vertical extent, deep roots and
strong potential for high grades in multiple structures.
In the interest of delivering to shareholders some early sense of the system potential, sections of drill core
from several holes, selected on the basis of strong mineralization and high XRF readings for gold pathfinder
elements, were “rushed” for laboratory assays. The results of these assays are presented below. A ssays
for the remainder of each of these holes , and other significant intercepts in the program, will be released
when they have been received, compiled and evaluated.
Early results as the Company starts to unravel the geometry of the system :
(See Figure 1) (True widths are presently unknown)
• 20.8 g/t Au & 54.54 g/t Ag over 0.70 metres from 134.30 to 135.00 metres in hole SB20-006
• 12.90 g/t Au and 54.24 g/t Ag over 1.44 metres from 47.75 to 49.19 metres in hole SB20-005
o Within 3.19 g/t Au and 28.37 g/t Ag over 9.62 metres from 42.00 to 51.62 metres
• 11.40 g/t Au and 4.51 g/t Ag over 1.50 metres from 33.00 to 34.50 metres in hole SB20-002
• 2.01 g/t Au and 27.85 g/t Ag over 6.64 metres from 42.84 to 49.48 metres in hole SB20-001
• 1.31 g/t Au and 38.17 g/t Ag over 5.30 metres from 46.00 to 51.30 metres in hole SB20-008
Phase 1 drilling from the Apex pad has now wrapped up for a total of 2,799 metres in 13 holes, exceeding
the targeted 2,400 metres.
“Our team has done a really fine job, in very challenging weather conditions, executing the first-ever drilling
at Pyramid Peak, and in the process delivered an exciting early stage discovery in the heart of some of the
most prospective geological real estate in the world,” said Kevin Keough, President & CEO. “It’s a high-
grade system that warrant s perseverance. Our plan now is to get better positioned with new pads
downslope from the Apex pad and to the west along Snoball Ridge, where our modeling suggests the
potential for multiple mineralized structures . Weather allowing, we anticipate being able to complete
construction of these new drill pads this season and possibly bring the drill back on. While we await the
remaining Snoball assays, drilling continues to the east at our Golden Lion property, and that story too is
starting to look rather exciting, as noted below. It’s early in the discovery process at both these properties,
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but we remain highly confident in their potential to generate strong returns for shareholders as we move
forward.”
Golden Lion property update (See Figure 2):
The Company is pleased to report that drilling on the Company’s Golden Lion property, located to the east
of Snoball in the Toodoggone region, has returned broad intercepts of epithermal -style mineralization at
the GL1 ‘Main’ target. To date in excess of 2,500 metres of Phase 1 drilling in 15 holes has been completed,
distributed across six different targets on the GL1 and GL2 target areas as follows:
GL1 ‘E-W Anomaly’ 1 hole: GL20-001
GL1 ‘Main’ 9 holes: GL20-002/3/6/7/8/9/11/12/13
GL1 ‘North Ridge’ 1 hole: GL20-004
GL2 ‘Skarn’ 2 holes: GL20-005/14
GL2 ‘EP Zone’ 1 hole: GL20-015
GL3 ‘8300’ 1 hole: GL20-010
Drilling is continuing. Significant assays will be reported when received, compiled and evaluated.
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.
Samples of NRQ-diametre drill core were cut by a diamond blade rock saw, with half of the cut core placed
in individual sealed polyurethane bags and half placed back in the original core box for permanent storage.
Sample lengths typically vary from a minimum 0.5-metre interval to a maximum 2.5-metre interval, with an
average 1.5-metre sample length. 1 standard and 2 blanks were inserted per 50 samples. Drill core
samples were then delivered by truck in sealed woven plastic bags to one of two laboratories 1) the ALS
Geochemistry facility in Terrace, BC, for sample preparation with final analysis at the ALS Geochemistry
Analytical Lab facility in North Vancouver, BC, or 2) the MSA Labs facility in Terrace, BC, for sample
preparation with final analysis at the MSA Analytical Lab facility in Langley, BC. Both the ALS Geochemistry
facilities and the MSA Labs facilities are accredited to the International Standards ISO/IEC 17025:2017 and
ISO 9001:2015 standards. Gold was determined by fire- assay fusion of a 50 g sub- sample with atomic
absorption spectroscopy (AAS). Various metals including silver, gold, cop per, lead and zinc are analyzed
by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion.
The following company-wide analytical protocols are in place for samples with base and precious metal
values that exceed certain thresholds. Samples returning values >10 ppm gold from fire assay and AAS
are determined by using fire assay and a gravimetric finish. Samples with visible gold or suspected of having
exceptionally high grades are submitted for metallic screen gold analysis on a larger sub- sample. The
elements copper, lead and zinc are determined by ore grade assay for samples that return values >10,000
ppm by ICP analysis. Silver is determined by ore grade assay for samples that return >100 ppm.
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 quali fied 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.
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For further information, please visit the Company’s website at www.evergoldcorp.ca , or contact:
Kevin M. Keough Andrew J. Mitchell
President and CEO Vice President, Exploration
Tel: (613) 622-1916 Tel: (604) 202-0508
www.evergoldcorp.ca [email protected]
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 t o 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.
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Figure 1: Snoball / Pyramid Peak Phase 1 Drilling Plan View on Geology
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Figure 2: Golden Lion Phase 1 Drilling Plan View