Evergold Updates Holy Cross Exploration Model in Advance of Fall Drill Program
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NEWS RELEASE
Evergold Updates Holy Cross Exploration Model in Advance of Fall Drill Program
Toronto, Ontario – August 4, 2022 – Evergold Corp. (“Evergold ” or the “ Company”) (TSX-V: EVER, OTC: EVGUF). The
Company is pleased to provide an updated exploration model (Figure 1) for its 100% owned Holy Cross Au- Ag property, located
in central B.C approximately 30 kms south of Fraser Lake, in advance of fully -financed plans to carry out up to 2, 500 metres of
drilling, commencing in October. The Holy Cross property has drive-on access, moderate topography, is largely treeless and can
be drilled year-round. The property has in the past attracted the attention of major mining companies including Noranda (1987 -
1989), Kennecott (1994), and Phelps Dodge (1995 -1997) for its large- scale geochemical anomalies and potential to host
epithermal-style, felsic intrusion-related Au-Ag mineralization with some similarities, such as in the age of the host rocks, elevated
silver geochemistry, and presence of extensive silicification and pyritization, to the region’s Blackwater deposit, presently being
developed by Artemis Gold, and hosting published resources of almost 12 million ounces of gold, and 122 million ounces of silver.
Prior operators at Holy Cross carried out some 2 k ilometres of trenching, along with considerable soil geochemical sampling,
geologic mapping, and local induced polarization ( “IP”) surveys. However, the target areas on the property w ere never drilled,
leaving the potential for a significant discovery intact.
The Holy Cross property hosts a robust siliceous and pyritic alteration system and carries silver, gold, and copper values within
extensive Ag-rich and pathfinder-element soil geochemical anomalies over a large area underlain by felsic volcanic and/or high-
level intrusive rocks. Work by the Company, including two lines of deeper-sensing IP in 2015, a detailed airborne magnetic survey
in 2019, and a line of audio-magnetotellurics in 2021, along with mapping and rock and soil geochemical sampling programs carried
out this season, has revealed attractive coincident geophysical and geochemical anomalies. Figure 2, for example, shows three
targets identified on line 2650N from the 2015 IP survey. Figure 3 shows silver-in-soil values, with the 2015 IP program results for
chargeability (red lines) and resistivity (blue lines) superimposed. Gridded silver -in-soil values run from trace to highs of 19.4 g/t
in Company sampling and highs to 36.5 g/t in sampling by Phelps Dodge, with gold-in-soil values ranging from trace to 719 ppb in
Company sampling and highs to 2,912 ppb in sampling by P helps Dodge. Grab samples, although not necessarily representative
of mineralization on the property, have run to highs of 8.86 g/t Au in sampling by the Company, to 26.02 g/t Au in sampling by
Noranda, and to 50.0 g/t Ag in sampling by Phelps Dodge.
As shown on Figure 1, t he Company interprets the observed widespread surface Au-Ag and pathfinder element anomalism, and
silicious-pyritic and clay alteration as representing the upper levels of a potentially intact felsic intrusion-related, low sulphidation,
epithermal gold-silver system, with the higher-grade parts of the system lying at depth (Figure 1). Testing this theory by targeting
attractive coincident geophysical-geochemical anomalies, at least four of which have been identified to date, will be the focus of
the approaching first -ever drill program. Crews are presently on the ground bringing up the soil sampling density, and flagging
lines for an additional 16 line-kms of IP, with the IP to be completed in the coming months, prior to drilling.
“It’s always exciting to be the first to drill targets of this scale,” said Kevin Keough, President & CEO. “ With Blackwater not too far
to the south, we’re in fertile geological terrane, and very much looking forward to doing the work. The fact that we have these
targets to drill, reflects the systematic approach to exploration applied to all our projects by our exploration team , CJ Greig &
Associates, including at our Rockland, Nevada property, where the same methodical approach is revealing a felsic intrusive-
extrusive complex similar to that at Holy Cross, associated closely with mineralization and promising geophysical anomalies.”
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Figure 1 – Conceptual Holy Cross Exploration Model, Showing High-Grade Target Area
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Figure 2 – Holy Cross 2015 IP Line 2650 Results and Targets
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Figure 3 – Holy Cross Silver-in-Soil Values, Samples Underway (White Dots), and Two Lines of 2015 IP
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Quality Assurance and Quality Control
Charles J. Greig, P.Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this
news release.
About Evergold
Evergold Corp. is a Canadian explorer with four wholly-owned precious metals projects in B.C. (Golden Lion, Holy Cross, Snoball
and Spanish Lake), and a single project under option in Nevada (Rockland). Company management is proven, with a track record
of exploration success, most recently the establishment of GT Gold Corp. in 2016 and the discovery (see SEDAR / news, July 25
and Dec. 15, 2017 respectively ) of the Saddle South epithermal vein and Saddle North porphyry copper -gold deposits near Iskut
B.C., which hold more than 20 million ounces of gold equivalent in all categories (Saddle North NI 43-101 Technical Report, August
20, 2020). GT Gold was acquired in 2021 by Newmont Corporation.
For additional information, please contact:
Kevin M. Keough
President and CEO
Tel: (613) 622-1916
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 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 prov ides 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 fr om 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 t est 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 N ations and other
indigenous peoples, an inability to predict and counteract the effects of COVID -19 on the business of the Company, including but not limited to
the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains,
uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exc hange
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.