Evergold – Magnetic Survey Over DEM1 Porphyry Prospect, B.C., Reveals New Mirror-Image DEM2 Target to the Southeast
Evergold – Magnetic Survey Over DEM1 Porphyry Prospect, B.C., Reveals New
Mirror-Image DEM2 Target to the Southeast
TORONTO, Feb. 22, 2024 -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to
report that a high resolution heliborne magnetic survey over the road-accessible DEM property in central B.C. has been
completed, revealing in the process a large new target - designated ‘DEM2’ - of similar scale and geophysical character to the
DEM1 porphyry prospect, and centred approximately 4 kilometres to the southeast (Figure 1). The two prospects are
separated from each other by a granitic intrusion. The survey was completed in follow-up to a highly encouraging 3-hole
reconnaissance drill program carried out late last year on the DEM1 prospect which targeted a multi-element geochemical
anomaly in soils overlying compelling strong magnetic, IP chargeability and resistivity anomalies. As reported on January 15,
2024 and highlighted below, the reconnaissance drilling confirmed the presence of a new porphyry system at DEM1, with
initial assays (additional assays are pending) demonstrating locally high grades within a broad, low-grade system envelope of
such high-value elements as gold, silver, molybdenum, cobalt, tungsten, tellurium and rhenium, indicating a richly mineralized
system.
“We continue to methodically advance the DEM property, and the story is only getting better with each step in the process,”
said Kevin Keough, President & CEO. “We will be reporting further on our developing plans for the 2024 field season, to
potentially include a combination of drilling in follow-up to the impressive early results from last fall’s recon drill program, along
with soil geochemical sampling and an induced polarization geophysical survey over the newly identified DEM2 target.”
Highlight intercepts, fall 2023 drill program:
DEM23-01: Partially delineated system envelope (additional assays pending):
• 135 metres of 0.12 g/t Au and 2 g/t Ag from 6 to 141 metres
◦ Including: high-grade tungsten and silver, with tellurium: 0.32% W, 155 g/t Ag, 5 ppm Te, from 131 to 132 metres
DEM23-02: High-grade porphyry intrusive:
• High-grade molybdenum (0.82%), gold (1.2 g/t), silver (8 g/t), rhenium (3.7 g/t) from 299 to 300 metres. Assays of
remainder of hole pending
DEM23-03: Partially delineated system envelope (additional assays pending):
• 48.2 metres of 0.58 g/t Au and 11 g/t Ag from 303 to 351.2 metres
◦ Including: high-grade gold: 11.98 g/t Au and 24 g/t Ag from 339 to 340.5 metres
◦ Including: high-grade cobalt, gold, tellurium: 0.11% Co, 29.5 g/t Au, 22 g/t Ag, 0.19% Cu, 42 ppm Te from 340 to
340.5 metres
About the DEM Project
The 10,451-hectare DEM property, located in moderate terrain only 40 kms northwest of Fort St. James in central B.C., lies
toward the south end of the Nation Lakes porphyry camp and within the Quesnel Terrane, the latter of which hosts large
deposits and long-life mines including the nearby Mount Milligan mine (50 kms to the northeast of DEM) and Lorraine deposit
and, farther south, the Mt. Polley, Afton, Copper Mountain, and Brenda mines, in addition to the Highland Valley mines and
deposits. Located central to the DEM property is the “DEM Halo” (a.k.a. “DEM1”) prospect, a roughly 4 km 2 target area
defined by alteration and mineralogy suggestive of the presence of a porphyry system, by a multi-element soil geochemical
signature, including soil highs to 2.1 ppm Au, 160 ppm Ag, >10,000 ppm As, and 651 ppm Cu, by compelling high-relief
magnetic and IP-chargeability anomalies, and by the presence of nearby regional scale structures. Extensive logging in the
area and associated forest service roads provide drive-on access directly to the DEM prospect. All of these factors, when
combined, indicate excellent discovery potential for a precious and strategic metals-enriched porphyry and related vein
systems. Further details on the DEM prospect may be found on the Company’s website at www.evergoldcorp.ca/projects/dem
-property/ and in a NI 43-101 technical report entitled “Technical Report on the DEM Property” dated August 30, 2023, posted
thereon and on the Company’s issuer profile at SEDAR+.
Qualified Person
Charles J. Greig, M.Sc., P.Geo., the Company’s Chief Exploration Officer and a Qualified Person as defined by NI 43-101, has
reviewed and approved the technical information in this news release.
Figure 1: Key Targets, DEM Property February 2024 Heliborne Magnetic Survey. Total flight lines 1,489.7 km.
About Evergold
Evergold Corp. is a TSX-V listed mineral exploration company with projects in B.C. and Nevada. The Evergold team has a
track record of success in the junior mining space, most recently the establishment of GT Gold Corp. in 2016 and the
discovery of the Saddle South epithermal vein and Saddle North porphyry copper-gold deposits near Iskut B.C., sold to
Newmont in 2021 for a fully diluted value of $456 million, representing a 1,136% (12.4 X) return on exploration outlays of $36.9
million.
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 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. 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, 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, 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a3f3fc4
-7f2a-47e6-b063-b84ff3d506ad