March 31, 2020
Evrim announces Resource Upgrade at the Ermitaño Project
Vancouver B.C. – April 1, 2020: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce an update to the gold-silver resource on the Ermitaño Project in Sonora, Mexico. Property owner First Majestic Silver Corp. (“First Majestic”) announced a 15% increase in grade and a 345% increase in contained silver-equivalent ounces in the indicated resource for year-end 2019 compared to the 2018 indicated resource (First Majestic news release of March 30, 2020). Ermitaño is located approximately four kilometres from First Majestic’s Santa Elena mine and is being developed as a satellite deposit. Evrim holds a 2% net smelter royalty (NSR) on the Ermitaño Project.
Year-End 2019 Ermitaño Resource Highlights
- Indicated resource increased to 2,107,000 tonnes averaging 4.59 grams per tonne (“g/t”) gold and 70 g/t silver for 311,000 ounces of contained gold and 4.73 million ounces of contained silver(1,2)
- Inferred resource of 3,733,000 tonnes averaging 3.08 g/t gold and 58 g/t silver for 370,000 ounces of contained gold and 6.98 million ounces of contained silver(1,2)
- Grade increased 15% and silver-equivalent ounces by 345% to 30.4 million silver equivalent ounces in the indicated-resource category(1)
1 Information announced by First Majestic on March 30, 2020
2 Metal prices used by First Majestic for mineral resource estimates were US$18.50/oz silver and US$1,450/oz gold
First Majestic also announced plans to invest US$29.1 million in Ermitaño mine development, mine equipment and materials handling (see Annual Information Form filed March 30, 2020). A prefeasibility study detailing development and production plans is expected to be released in the fourth quarter of this year (First Majestic news release of February 24, 2020).
The entirety of the Ermitaño resource, including metallurgical recoveries and underground cut-off grades used in resource estimations, can be viewed in First Majestic’s 2019 Annual Information Form filing at www.sedar.com.
“We are very pleased to see that the 33,000 metres of drilling completed by First Majestic at Ermitaño in 2019 has contributed to increased gold and silver grades, and added ounces to the overall resource,” commented Evrim CEO Paddy Nicol. “The confidence of the resource has also significantly improved over last year, which supports the development that is being undertaken by First Majestic. We look forward to the economic mine studies later in 2020 with production planned for 2021.”
Qualified Person Statement
Evrim’s disclosure of technical and scientific information in this news release has been reviewed by Dave Groves, Vice President, Exploration for Evrim. Mr. Groves is a Certified Professional Geologist (#11456) with the American Institute of Professional Geologists and a Qualified Person under the definition of National Instrument 43-101.
The Company notes it is relying on First Majestic’s technical disclosures of March 30, 2020, February 24, 2020 and March 29, 2019 for the information in this news release.
About Evrim Resources
Evrim is a precious and base metals project generator, with early stage exploration projects and a database covering substantial areas of Mexico, western Canada and portions of southwestern United States. We focus our expertise on identifying new early stage exploration targets which are later advanced through option and joint venture agreements with industry partners to create shareholder value and avoid stock dilution. Evrim’s business plan also includes royalty creation utilizing the Company’s exploration expertise and existing projects.
On Behalf of the Board
EVRIM RESOURCES CORP.
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President, Dave Groves, VP Exploration or Liliana Wong, Marketing & Investor Relations Manager at 604-248-8648.
Visit our website at 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.