Drilling at Golden Lion Shows Promising High-Grade Gold and Silver for Evergold Corp

• Evergold is exploring for precious metals like gold and silver at its Golden Lion property in British Columbia, with a focus on the GL1 Main zone.
• Historical drilling by companies like Newmont in the 1980s showed the potential for large-scale mineralization. Evergold's recent drilling has revealed high-grade intercepts including 11m at 5.6 g/t Au.
• The mineralization appears to be epithermal in style, with quartz-carbonate alteration and sulfides like pyrite. It may be plunging downward to the north-northwest.
• Evergold plans 2,200m of drilling in June-July, focused on expanding the known high-grade zone. Additional drilling could take the program up to 10,000m.
• The Golden Lion property benefits from good infrastructure, with road access improving as other companies explore nearby. Evergold sees district-scale potential.

About

Evergold Corp is a Canadian exploration company focused on precious metals projects in British Columbia and Nevada. The company, founded in 2015, has a portfolio of early to mid-stage exploration assets. Evergold’s current flagship project is the Golden Lion property in the emerging Toodoggone region of north-central BC.

The Golden Lion property in BC, host to the GL1 Main prospect - a large gold-silver zone with characteristics of both high-grade mineralization and bulk tonnage potential. The company's Rockland property in Nevada consists of the historic small high-grade Rockland Mine as well as the large Rockland East target, where previous operators have traced 800 meters of strike length along a broad gold-silver zone.

Interview with Kevin M. Keough, President & CEO of Evergold Corp.

Highlights from Recent Drilling at Golden Lion Main Zone

The Golden Lion property covers 2,756 hectares along the eastern margin of the Toodoggone mining district. Work by Evergold over the past two years has delineated a broad gold-silver epithermal system at least 2.7km long that remains open ended. The focus has been on the GL1 Main zone, where drilling in 2021 hit the highest grades found to date on the project.

Three holes at the end of last season’s short drilling program returned the first high-grade domain at GL1 Main, with intervals up to 11m grading 5.6 g/t Au and 40m of 2 g/t Au. Individual samples assayed as high as 30-40 g/t Au and over 900 g/t Ag. The company believes these high-grade shoots occur within a larger envelop of bulk-tonnage style mineralization starting at surface.

According to Evergold’s CEO Kevin Keogh, “We now think that not only is it a broad long epithermal system with the typical high grade chutes and bulk tonnage envelopes, but we believe there's a plunge direction to that mineralization.” The company will focus drill testing on delineating this plunging high-grade shoot while also expanding laterally.

Large System with Upside Potential

Work to date has only tested a small portion of the extensive mineralized system at Golden Lion. Geochemical sampling has outlined a 2.7km long gold-silver anomaly that remains open along strike. Mineralization and alteration at GL1 Main are associated with a major geological contact between intrusive rocks and volcanics.

Evergold sees upside to expand the footprint of the known mineralization, especially to the north and south. Historical shallow drilling along the southern silver zone returned high-grade silver intercepts over 16m, pointing to an attractive target area. Extensive geophysics and geological mapping will aid in targeting extensions of the GL1 Main zone.

According to CEO Keogh, “Immediately north of GL1 there's been a lot of slumping off the hillside we think it's covering the system. The geochemistry hints of it is much larger than this view too but on the southern end here I want to draw your attention to that...we've got some extraordinarily high values of silver in outcrop this is the and we've announced these results as well in previous news releases and we get up into kilograms of ...silver the values are really strong in outcrop up here and we're going to be doing some work."

Fully Funded for Aggressive 2022 Exploration

With a recently completed $4 million financing, Evergold is fully funded for an aggressive exploration campaign this year. The company has permitting in place to carry out over 10,000 meters of drilling between now and September.

Work is scheduled to commence in mid-June, beginning with 12-15 holes and 2,200m focused on expanding the high-grade domain at GL1 Main. This will include step-out drilling down plunge and laterally. Further results will determine additional targets to be tested along the large mineralized trend.

According to Keogh, “It's got considerable potential and you know people have to understand look at what I think Thesis announced today right I mean they're drilling 50,000 meters 50,000 I mean these are the sort of numbers that you have to put in on these high-grade systems to really prove them up."

Conclusion

With its large, underexplored epithermal system and newly discovered high-grade mineralization, Golden Lion provides significant blue-sky potential for Evergold investors. Strategic step-out drilling is poised to rapidly advance this intriguing gold-silver project in an emerging Canadian mining district. Successful results could quickly demonstrate Golden Lion’s potential to join the ranks of other recent BC discoveries.

Backed by a solid cash position, Evergold is primed to aggressively explore through 2022. As results from this summer’s large drilling campaign start rolling in, investors will gain greater clarity on Golden Lion’s ultimate scope. For risk-tolerant investors, current prices around $0.13 per share provide an attractive entry point to Evergold and its expanding high-grade gold discovery.