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Evergold is all cashed up and set to go big game hunting in British Columbia and Nevada

Last updated: 10:55 29 Mar 2021 EDT, First published: 10:48 29 Mar 2021 EDT

Evergold Corp -

It looks set to be an eventful summer exploration season for Evergold Corp. (CVE:EVER)(WKN:A2PTHZ), as it looks to follow up on the swathe of early-stage successes it had last year on its Snoball and Golden Lion projects in British Columbia.

Last year’s drill results, in combination with the track record of the Evergold team setting up GT Gold (in the process of being bought for $400 million by Newmont) and delivering the +20 million ounce gold equivalent “Saddle” North and South discoveries in 2017, helped encourage significant new money into the company earlier this year, when a C$6mln fundraising turned out to be significantly oversubscribed.

After some hesitation Evergold chief executive Kevin Keough decided to boost the capital raise by another C$2mln to help meet the demand, bringing several local and international institutions onto the register in the process.

The result is a fully-funded company, backed by blue-chip names, which is raring to get to work on a highly prospective exploration portfolio.

First out of the traps this spring will be Golden Lion, followed about a month later by Snoball.  The latter is situated plumb in the heart of British Columbia’s famous Golden Triangle, some way to the south of GT Gold’s (Newmont’s) Saddle project.

Back in the day, when Kevin Keough used to run GT Gold and CJ “Charlie” Greig the exploration, they came to know the area well. Given that GT Gold is now sitting on more than one very large orebody – to everyone’s surprise located not far from the highway - it’s not surprising that they remain largely focused on the area with Evergold.

In fact, his experience in the Golden Triangle has led him to suggest, along with others, that the area should really more aptly be renamed the ‘Golden Horseshoe’, because the Stikine geological terrane that hosts the great Golden Triangle deposits actually arches round to the north and then trends back down, further to the east.

Snoball lies on the western limb of the horseshoe, north of Eskay but south of Spectrum, while Golden Lion lies over on the eastern limb, in what is known as the high-grade past producing Toodoggone area, and about 25 kms north of Benchmark Metals (CVE:BNCH) prolific Lawyers project.

It’s big country, and the targets are big too, but in the case of Snoball, although the terrain is rugged, it’s at least not too far from infrastructure, being just 12 kms off highway 37. Golden Lion is more remote, though it was possible to drive to it in the Newmont days of ownership way back in the early 1980s, and may yet be again.

The plan is to get on the ground at Golden Lion in early to mid-June.  An initial phase of 2,500 metres will get drilled there, to be followed by another 2,000 metres at Snoball starting in late July when the snow up high has melted, at which point the company will take stock and see what sort of a message the core and the assays are sending back.  If the message is good, the drill programs will be extended.

Keough’s aspirations are big, and at both Snoball and Golden Lion he’s hoping that work completed on the two properties – some of it in the field and some of it in the office - following the completion of last year’s drilling has pointed the Company to the sweet spots they didn’t quite manage to get to in 2020, due to challenges of weather, timing, assay delays and financing.

The thinking is that when Evergold drilled its holes from the spectacular Pyramid Peak “Apex” pad at the highest elevations on Snoball in 2020, they ended up clipping the top of an entirely new system, which may extend hundreds of metres down through the mountain. In particular with the next round of drilling this summer the company will target the “C Zone” that lies for the most part down slope of last year’s drilling, at the point where Pyramid Peak joins Snoball Ridge.

“Last year our drilling from the Apex pad cut multiple vein sets within a broad zone, which it appears we drilled largely from the wrong direction, forced as we were by topographic limitations to drill all of our first holes from the one high-elevation Apex pad,” says Keough.

“We think we’re up on top of the system. The trenching, mapping and sampling work we did on site after the drilling wrapped up in 2020 exposed juicy-looking arsenopyrite-rich mineralization in high-grade outcropping veins, with apparent support in the encompassing host rocks, offering the potential for much better, longer, high-grade results in the drilling to come.” 

Meanwhile, an hour’s flying time to the east of Snoball, at Golden Lion, Evergold will be looking to expand on the existing shallow, 800 metre-long drilled gold-silver zone, once held by Newmont, ironically enough, given its announced purchase of GT Gold.

“Golden Lion is an epithermal system,” says Keough. “Where it’s been drilled it’s large, but generally low grade. The geophysical data however, clearly suggests that the drilling to date - all of it shallow only - has just been scratching the top of what appears to be potentially much stronger, richer mineralization, just below.”

While all that’s going on, Evergold will also be moving forward with the Rockland property in Nevada, which it optioned early this year from local owners, and which, according to Keough, hosts the shallow, high-grade “Rockland” past producing mine from the cowboy days on the west side of the property and, two miles to the east, a very large drilled gold-silver zone.

“Although the old mine certainly has considerable remaining potential in and around it,” explains Keough, “our priority target is the Rockland East gold-silver zone, which is 800 metres long and blind to the surface, but carries a trace element signature suggesting it’s the halo above a deeper, never drilled, high-grade epithermal system similar to those of the Midas and Sleeper Mines elsewhere in Nevada.”

More work will need to be done on Rockland before it is drill ready – that work is now well underway – but it’s a very nice-looking project to have running along behind the current main events of Snoball and Golden Lion.

It won’t be long now before the newsflow starts coming thick and fast. Watch this space for the action, and given all that’s on offer, don’t be surprised if the shares start to move sharply too.

Evergold Corp says Magnetic Survey identifies new large target at DEM Property

Evergold Corp (TSX-V:EVER, OTC:EVGUF)'s CEO Kevin Keough joined Steve Darling from Proactive to provide and update regarding recent developments on the DEM property in central British Columbia. He announced the completion of a high-resolution heliborne magnetic survey, which revealed a...

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