Vancouver, British Columbia--(Newsfile Corp. - December 12, 2016) - Evrim Resources Corp. (TSXV: EVM) ("Evrim" or the "Company") announces it has signed an agreement with Liberty Leaf Holdings Ltd. (CSE: LIB) ("Liberty Leaf") and Bearclaw Capital Corp. (TSXV: BRL) ("Bearclaw") to acquire a 100% interest in the Axe Project in south central British Columbia. Axe is an early stage exploration target covering 4,938 hectares of ground prospective for gold-rich copper porphyry targets.
Evrim acknowledges that the Company will be working in the traditional territory of the Upper Similkameen Indian Band and is committed to open and respectful dialogue.
Evrim's President and CEO, Paddy Nicol, commented, "The Axe project was identified from our generative programs in early 2016, and complements our growing portfolio of quality exploration targets in British Columbia. Axe is situated along the same geological trend as many mines and deposits in south central British Columbia including Highland Valley, New Afton, Copper Mountain, and Ajax. Access and local infrastructure are important features for Axe with a provincial highway and the town of Princeton nearby. Initial exploration efforts will include data reinterpretation and review, with a field program planned for the spring of 2017."
About the Axe Project
The Axe property is located within the Intermontane Belt in the southern portion of the Quesnellia Terrane in southern British Columbia. The southern Quesnel trough is dominantly described by the Triassic Nicola Volcanic Belt and associated Jurassic to Cretaceous intrusions, which extend from the Canada/USA border to north of Kamloops, and it is characterized by several producing mines and developing mineral deposits.
The project contains four known porphyry targets (West, Adit, Mid and South) within a 5.0 kilometre by 3.5 kilometre hydrothermal footprint. Drilling in the West zone by previous operators intersected 124.5 metres grading 0.38% copper and 0.22 grams per tonne ("g/t") gold in drill hole A07-08 including 10.5 metres grading 1.55% copper and 0.94 g/t gold. Recent work also defined an open copper, gold, molybdenum, bismuth and tungsten in soil anomaly immediately east of the Adit and Mid zones (the 1516 zone) over a 1,000 metre by 500 metre area with a quartz, sericite, pyrite (QSP) altered gossan and coincident chargeability and conductivity high. The 1516 zone has had only four holes completed on the eastern edge between 1970 and 1982, and no drilling has taken place since. The project is in good standing with no expenditure required to maintain this status until February 2023.
Evrim will pay $30,000 ($21,000 to Liberty and $9,000 to Bearclaw) and additional consideration consisting of cash or shares, at Evrim's election, in the event certain exploration milestones are made or joint venture payments are received. Twenty-one claims on the Axe property are subject to an underlying 1% net smelter royalty (NSR) that can be purchased for $1.5 million and four separate claims are subject to an underlying 2% NSR whereby half can be purchased for $1.0 million and the remaining half can be purchased for $2.0 million.
Figure 1: Axe Project, Regional geology and location map
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About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable business 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.
Qualified Person Statement
Evrim's disclosure of technical or scientific information in this press release has been reviewed and approved by David Caulfield, P.Geo, Director for the Company. Mr. Caulfield serves as a Qualified Person under the definition of National Instrument 43-101.
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 & 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.
