Evergold Receives Drill Permit for Golden Lion Property, Work on Access Road Starts, Drill Contract Let

TORONTO, April 07, 2020 (GLOBE NEWSWIRE) -- Evergold Corp. (EVER.V) (“Evergold” or the “Company”), is pleased to announce that it has received a multi-year drill permit for its wholly-owned Golden Lion property, located in north-central British Columbia, Canada. The permit has been issued by the B.C. Ministry of Energy, Mines and Petroleum Resources. The newly-granted permit allows for the completion of the full range of exploration activities, including drilling, geophysical and geochemical programs, as well as a support camp, planned for the property in the approaching 2020 field season. 

The Golden Lion property hosts multiple targets that have returned high values of gold+/-silver+/-copper in outcrop and/or soil sampling, including highs to 14.95 g/t gold in sequential soil samples, and 13,406 g/t (13.4 kilograms per tonne) silver and 15.9% copper in selected rock samples.  The Company believes these targets are ripe for discovery and intends to drill them for the first time this summer.  Readers should note that rock grab samples are by their nature selective and not necessarily representative of the mineralization hosted on the property.

In preparation for this summer’s program, maintenance work started this week on the Omineca Resource Road and its bridges, with financial support from a consortium of industry participants including the Company, and the B.C. Government.  The work is being carried out by the Tsay Keh Dene and Kwadacha First Nations, with completion anticipated for late April.  The Company has also let a drill contract for Golden Lion with Radius Drilling Corp. of Prince George, B.C. Uncertainty stemming from COVID-19 notwithstanding, field work is targeted to start in late May, with geophysical, geochemical and geological programs to refine drill targets commencing mid June, followed by drilling tentatively scheduled to start in the latter half of July.

COVID-19 Virus

The Company is monitoring the evolution of the COVID-19 pandemic and the impact of public health measures being taken to address it.  All of the Company’s key suppliers (geologists, drillers, fuel, camp, aircraft and transport) reside in northern and interior B.C., areas that have to date seen a relatively low incidence of the virus.  Moreover, neither of the Company’s two flagship properties are located close to any community, and access to them is for the most part through largely unpopulated areas.  Discussions with vendors suggest that, barring any government-imposed forced closures of businesses and strict inter-community travel bans, the Company should be able to execute the exploration programs planned for this summer on its Snoball and Golden Lion properties.  Protocols are being developed, and measures will be taken as may be necessary, to adjust field operations to ensure the health of workers and prevent spread to remote communities. 

"COVID-19 is posing a unique order of threat and challenge to society and industry,” says Kevin Keough, Evergold’s President and CEO. “We are not taking this threat lightly.  We are however actively working toward the safe execution of our planned programs, as many people depend upon them for their well-being, and that of their families and communities.  The gold price is strong, and investors are telling us that the market will respond to discovery success. Now that our drill permits are in place for both Snoball and Golden Lion, coupled with the proceeds of our initial public offering last October, we believe we are very well placed to deliver on our vision of drilling this summer for the first time, the high potential targets we have identified.”

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.

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. Greig, with seasoned management and a qualified 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.  The Company intends to carry out the first-ever drilling of selected targets on both properties in the forthcoming 2020 field season. 

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Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. 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 as disclosed under the heading "Risk Factors" described in the Company’s Prospectus and elsewhere in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. 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.