Canada’s Evrim acquires Cerro Cascaron gold property in Mexico
Evrim Resources Corp. (TSXV: EVM) (“Evrim” or the “Company”) is pleased to announce that it has acquired the Cerro Cascaron project in Chihuahua, Mexico. Cerro Cascaron is an early stage target covering 69 square kilometres of ground prospective for epithermal gold-silver deposits.
The project was identified through the Vancouver-based company’s generative programs in 2015. The property is favourably situated in the dissected volcanic terrains of the Sierra Madre Occidental in Chihuahua, approximately 70 kilometres southeast of Goldcorp Inc.’s past-producing El Sauzal gold mine. Cerro Cascaron represents one of the few untested targets in the trend.
“The geological and structural setting at Cerro Cascaron share many characteristics with other epithermal gold-silver deposits in the area including El Sauzal, Mulatos, and Ocampo,” Evrim VP of Exploration Mexico, Alain Charest commented. “Finding an exceptional project such as Cerro Cascaron, in an area that has seen little exploration demonstrates that there are still discoveries to be made in the Sierra Madre Occidental.”
About the Cerro Cascaron Project
The Cerro Cascaron project covers a historic Colonial-era mining district that contains numerous gold and gold-silver prospects with evidence of small-scale artisanal mining. The Company has identified a number of low sulphidation epithermal gold-silver targets at, or near, the unconformity between the Cretaceous to Tertiary Lower Volcanic Sequence andesites and the Tertiary Upper Volcanic Sequence rhyolites. Most epithermal gold-silver deposits found in the Sierra Madre Occidental, including El Sauzal, Mulatos and Ocampo, occur at, or near, this unconformity. Exploration work to date has outlined a primary zone called Serpiente Dorada.
The Serpiente Dorada zone comprises a 200 metre by 300 metre area with multiple sub-parallel mineralized structures and breccias that cut the lower part of the rhyolite sequence. The gold-mineralized structures and breccias are associated with a sub-vertical north-striking fault, parallel secondary faults and a younger northeast-striking fault. The zone remains open along strike to the north and south. Individual mineralized structures range from one metre to ten metres in width and are silicified with quartz veins and veinlets, stockworks and quartz infilling breccia matrices. Only 34 rock samples have been collected from this zone, ranging from <5 parts per billion (ppb) gold to 1,670 grams per tonne (g/t) gold and with eleven samples exceeding 1.0 g/t gold with anomalous silver and pathfinder elements. Local coarse visible gold mineralization is associated with manganese oxides and occurs along north striking, sub-parallel fracture planes within the footwall rhyolite breccias.
Property-wide prospecting on the Cerro Cascaron project has identified eight other gold-silver vein systems representative of Sierra Madre Occidental style epithermal gold silver systems, three of which have rock samples exceeding 10 g/t gold. A total of 140 rock samples have been collected outside of the Serpiente Dorada zone ranging from <5 ppb gold to 52.5 g/t gold with 19 of these samples exceeding 1.0 g/t gold. These showings, including Serpiente Dorada, have yet to be tested by drilling or modern exploration techniques. Evrim’s plan for the project in 2016 is to better define the extents of, and controls on, mineralization identified to date and to explore for additional systems on the underexplored property. This project is an excellent opportunity for the Company to make a new discovery in this proven district.
The core claims containing a large portion of the Serpiente Dorada zone were staked by the Company in late 2015, and three surrounding claims were acquired under two separate agreements with a third party. Under the terms of each agreement, the Company will pay CDN$140,000 over a five year period to acquire a 100% interest. Each agreement is also subject to a 2% Net Smelter Royalty of which 1% can be purchased for US$1.25 million.
All figures are available in the News Release posted on the Company web page www.evrimresources.com.