7 May 2020
Evrim Resources Corp. has been advised by its partner, Newmont FN Holdings ULC, a subsidiary of Newmont Corporation (“Newmont”), that it is relinquishing its option to earn up to an 80% interest in the Astro Project, NWT, Canada and terminating the Mackenzie Alliance.
Evrim President & CEO Paddy Nicol stated, “We would like to thank Newmont for their exploration expertise and financial support over the past three years. Exploration work totalling US$3.2 million allowed for the evolution of the Astro project from a regional greenfield generative concept (the Mackenzie Alliance) to a ten kilometre long structural corridor with outcropping gold mineralization. This partnership has helped contribute to our understanding of the Astro project and the Misty Creek Embayment. Evrim is evaluating specific untested targets and the extensive regional potential before determining the next steps for exploration at Astro.”
About the Astro Project
The Astro Project is a 288 square kilometre green-field exploration property located in the Northwest Territories along the Yukon border close to the Canol Road. The property contains outcropping gold mineralization in a ten kilometre long structural corridor. Mineralization is developed within and flanking the hornfelsed aureole of the Border pluton. Identified gold mineralization consists of gold-arsenic-antimony bearing quartz veins and gold- bismuth skarn and disseminated sulphides. Gold is hosted in multiple lithologies and displays a strong structural control along high-angle northwest-striking faults and fractures.
Surface sampling of gossans at the Radio, Ultraviolet and Microwave prospect returned significant gold results including chip-channel sampling of 17.7 grams per tonne (“g/t”) gold over 30.0 metres. Another prospect, Infrared, displays a 2 kilometre by 500 metre soil anomaly that has not yet been linked to a bedrock source.
The Astro project is the result of a successful two-year, US$1.8 million generative “Mackenzie Alliance” with Newmont Mining Corporation who designated the project under the option phase of the Alliance. In 2019, Newmont funded a US$1.4 million exploration program that included an airborne geophysical survey and eleven reverse-circulation (RC) scout drill holes. The project is fully permitted through 2023.
The Astro project is located within the territories of the Sahtu Dene and Metis Comprehensive Land Claim agreement and Evrim is committed to developing a positive mutually beneficial relationship based on respect and transparency.