VANCOUVER, British Columbia, Oct. 30, 2013 (GLOBE NEWSWIRE) — Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to report drill results from the exploration program on the Company’s wholly owned Cumobabi copper-molybdenum porphyry project in Sonora, Mexico. Evrim and exploration partner FQM ( Akubra ) Inc. (formally Inmet Mining Corporation) (“FQM”) (TSX:FM) have completed five widely-spaced drill holes totaling 2,943 metres. The program at Cumobabi tested geological, geochemical and geophysical targets generated by the 2012 exploration program. The program also comprised additional IP surveying totaling 38 line-kilometres in two blocks northeast and northwest of the 2012 survey.
“This is the first comprehensive drill program at the Cumobabi project to target porphyry copper-molybdenum mineralization,” commented Paddy Nicol, President and CEO of Evrim. “While economic grade intersections were not intersected, drilling successfully intersected local anomalous copper mineralization (including 0.1% copper over eight metres) and porphyry related alteration systems. Evrim and FQM will conduct a further review of the results, including the IP survey in the northern claim blocks, to determine the next steps.”
This phase of drilling comprised widely-spaced holes over an area measuring approximately 3,000 by 5,000 metres which identified multiple zones of porphyry-style alteration and mineralization in andesitic and latitic volcanic rocks. Three of the holes exhibited significant biotite-quartz±magnetite alteration which when combined with phyllic and propylitic alteration in these and adjacent holes will enable vectoring to the porphyry centres of the systems. Anomalous copper, gold and molybdenum were intersected in the holes in quartz-sulphide veins and as chalcocite and covellite on fractures. Brecciation is ubiquitous in these holes comprising anhydrite/gypsum-pyrite, tourmaline-quartz-pyrite and hydrothermal quartz sericite-pyrite breccias. Similar tourmaline-sulphide breccias are associated with the mineralization at the Cumobabi Mine located approximately 7.5 kilometres north of the drill area.
About the Cumobabi Project
The Cumobabi copper project comprises a dominant land position consisting of 407 square kilometres in a proven porphyry and breccia district in Sonora, Mexico. Geology underlying the Cumobabi project consists of Cretaceous andesite volcanic centres intruded by Laramide age rocks including granodiorite and quartz-feldspar porphyries. The Cumobabi project is in its third year of a five year option with FQM whereby FQM can earn a 60% interest in the project by spending $5,000,000 in exploration expenditures and making cash payments of $250,000.
Qualified Person Statement
Evrim’s disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, P.Geo. Vice President, Exploration for the Company. Mr. Harris serves as a Qualified Person under the definition of National Instrument 43-101.
For further information on Evrim please visit www.evrimresources.com.
On Behalf of the Board
EVRIM RESOURCES CORP.
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Rob Duncan, VP Business Development at 604-248-8648.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: PADDY NICOL OR ROB DUNCAN