Evergold releases drilling update from Toodoggone, B.C. project

Evergold Corp. [EVER-TSXV] has released an update on drilling at the GL1 Zone its Golden Lion gold-silver-copper project in the Toodoggone region of north-central British Columbia.

Evergold is an exploration company which has been assembled by a team of executives with a strong track record of success in B.C. The company is led by President and CEO Alex Walcott, who in a previous role was integral to the success of GT Gold Corp.’s Saddle discoveries. GT Gold Executive Chairman Charles Greig showed considerable confidence in Evergold’s management team by agreeing to vend four properties, including Golden Lion, into the company in exchange for shares and a small royalty. One of the most experienced geologists in B.C., Greig has previously worked on projects such as Brucejack, Red Mountain and Silback Premier.

The 12,500-hectare Golden Lion property was previously drilled by Newmont Corp., [NEM-NYSE] during a period of declining gold prices in the mid 1980s. At the southern end of the Golden Lion Project, at the GL1 Main zone, previous drilling by the Evergold, along with historical work, has outlined a near-surface, intermediate sulfidation epithermal-style gold and silver-bearing system with excellent potential for expansion along trend and down dip.  Prior to current drilling, the property was last explored by the company in 2021 when the final three holes yielded some of the most significant gold-silver intercepts ever drilled on the property.

To the north of the GLI Main Zone, the property also has copper potential that is clearly evident in historical data, and which has been realized recently elsewhere in the district.

Golden Lion is well situated approximately 70 kilometres northwest of Centerra Gold Inc.’s [CG-TSX, CGAU-OTC]  Kemess copper-gold mine.

In its latest update, the company said diamond drilling on the GL1 Zone is progressing well with six holes (1,400 metres) completed from two pads and approximately 10 to 12 holes remaining to be drilled from three or four drill pads.

The company is reporting encouraging visuals from all holes, with common based metal-bearing veining typical of previously intersected GL1 mineralization. All assays remain outstanding. An updated geological interpretation confirms the GL1 mineralized zone dips moderately to steeply northeast, an orientation not fully appreciated in previous drilling, the company said in its latest press release.

Drill targets were developed by integrating historical drilling and survey data with a new and detailed drone magnetic survey, the company’s previous induced polarization surveys and updated geological interpretations.

Meanwhile, the company said drilling will continue from additional pads to systematically test the zone along strike and across its interpreted width.  Core logging and sampling are underway, with assays results to be released once received and interpreted.

Evergold shares were unchanged at 42 cents on Wednesday. The shares trade in a 52-week range of 75 cents and 20 cents.