Metals Update 07/07/2021

Evergold begins drilling at Golden Lion

Evergold Corp. has begun drilling on the Golden Lion property, located in north-central British Columbia’s Toodoggone region. Greater than 2,000 metres of core drilling is planned, focused on the GL1 Main Zone, where drilling in 2020 confirmed the presence of a broad, long, near-surface gold-silver zone, and a subsequent induced polarization (“IP”) survey identified a strengthening chargeability and resistivity response below last year’s drilling. Concurrent with the ongoing drilling, IP and soil and rock sampling coverage over the GL1 Main target is being expanded. To the east, mapping and sampling of several targets on the GL2 and GL3 target areas is also underway.

Highlights from the 2020 drilling program at the GL1 Main Zone included:

  • 88.62 metres at 0.71 g/t Au from 4.88 to 93.50 metres in hole GL-20-009:
    • Including 16.50 metres of 1.59 g/t Au from 45.00 to 61.50 metres.
  • 61.70 metres of 0.76 g/t Au from 6.80 to 68.50 metres in hole GL-20-006:
    • Including 17.50 metres of 1.51 g/t Au from 42.50 to 60.00 metres.
  • Widths reported are drilled core lengths

“We’re happy to be back drilling on the GL1 Main Zone,” said Kevin Keough, President & CEO, “and further exploring other promising targets nearby. The Golden Lion property and the GL1 Main Zone in particular has considerable potential, which we plan to further demonstrate with the results of the current work.”

Assay results will be reported when received, compiled and interpreted.

Westhaven drills 76.33 m of 2.93 g/t Au at Shovelnose

Westhaven Gold Corp. has released the drill results from its continuing drill campaign at its 100-per-cent-owned 17,623-hectare Shovelnose gold property. Shovelnose is located within the prospective Spences Bridge gold belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, B.C.

Recent highlights

  • SNR21-05 (South zone: Vein zone 2, 181 m to 257.33 m);
    • 76.33 metres of 2.93 g/t gold and 11.30 g/t silver;
    • Including 42 m of 4.28 g/t Au and 16.86 g/t Ag;
    • Including two m of 26.60 g/t Au and 98.37 g/t Ag;
    • Including four m of 12.29 g/t Au and 36.90 g/t Ag;
  • SNR21-07 (South zone: Vein zone 1, 51 m to 92.25 m);
    • 41.25 m of 4.47 g/t Au and 17.69 g/t Ag;
    • Including 1.83 m of 54.33 g/t Au and 230.44 g/t Ag;
    • Including 0.83 m of 65.70 g/t Au and 237.00 g/t Ag;
  • SNR21-06 (South zone: Vein zone 1, 42.78 m to 87 m);
    • 4.77 m of 8.53 g/t Au and 14.14 g/t Ag;
    • Three m of 5.78 g/t Au and 15.51 g/t Ag;
    • Including one m of 14.10 g/t Au and 37.60 g/t Ag;
  • SNR21-08 (South zone: Vein zone 2, 122 m to 148.50 m);
    • 26.60 m of 2.48 g/t Au and 14.25 g/t Ag;
    • Including 3.23 m of 17.15 g/t Au and 21.97 g/t Ag;
    • Including 1.23 m of 33.40 g/t Au and 182.00 g/t Ag;
  • SN21-167 (FMN: Vein zone 1, 81.95 m to 104 m);
    • 22.05 m of 2.20 g/t Au and 5.88 g/t Ag;
    • Including 4.18 m of 5.26g/t Au and 9.27 g/t Ag.

Gareth Thomas, President & CEO of Westhaven Gold, states: “Though still early days at the FMN, 2021 exploration drilling has successfully outlined a 200m corridor of higher-grade zones of gold and silver mineralization starting from hole SN21-158 (3.46m of 9.46 g/t Au and 151.82 g/t Ag) to hole SN21-167 (4.18m of 5.26 g/t Au and 9.27 g/t Ag). Our technical team is getting a better handle on targeting the elevation range of best mineralization, which bodes well for future significant drill intercepts at FMN.” Thomas goes on to add, “The recent South Zone results (76.33m of 2.93 g/t Au and 11.30 g/t Ag) help validate the high-grade nature of this project as we continue to drill outside of this main structure looking for additional zones of gold and silver mineralization. A 3rd drill rig is on site testing these targets now.”

Peter Fischl, Exploration Manager adds: “Recent resource definition drilling at South Zone targeting Vein Zones 1 and 2 continues to intersect significant grades and widths in both zones (SNR21-05 to SNR21-08). Drilling at FMN has confirmed that stronger mineralization in Vein Zone 1 occurs at 1,200m to 1,300m elevation, similar to that seen at South Zone. Holes SN21-158, SN21-161, SN21-163 and SN21-167 encountered moderate to strong gold mineralization centred at 1205m in SN21-163, 1240m in SN21-161, 1280m in SN21-167, and 1320m in SN21-158. Weaker mineralization was encountered in a deeper test in hole SN21-162, which intersected Vein Zone 1 at 1120-1190m elevation. Follow-up drilling at FMN will focus on targeting shallower portions of Vein Zone 1 above 1200m elevation.”

Drillhole SNR21-08 intersected Vein Zone 2 starting at 122m downhole (26.60m of 2.48 g/t Au and 14.25 Ag) and is located 50m NW along strike from drillhole SNR21-05 which intersected Vein Zone 2 starting 181m downhole (76.33m of 2.93 g/t Au and 11.30 Ag). The Vein Zone 1 mineralization encountered in drill hole SNR21-07 (41.25m of 4.47 g/t Au and 17.69 g/t Ag) starts at 51m downhole. Resource holes (SNR21-09 to SNR21-16) were geologic holes drilled as part of the ongoing resource definition program and drilled on the eastern periphery of the South Zone with a view to providing information related to wallrock characterization and condemnation testing.

Additional third RD rig

A third drill has been added to the property tasked with testing exploration targets located off of Vein Zone 1 where two drills are currently operating. The first target to be tested with this third drill was generated during the 2020 field season when a CSAMT (Controlled Source Audio-frequency Magneto-Tellurics) geophysics program was completed. The drill will start at CSAMT target 3 (please reference map below) which is located approximately 800m to the east of the South Zone and shares similar geophysical characteristics.

Westhaven retains market-making services

Westhaven has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company. The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP $5,000 per month for a period of 3 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm’s length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only. VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.

Westhaven Gold webinar

President & CEO Gareth Thomas will be participating in the following webinar on Wednesday, July 7th at 2 pm ET / 11:00 am PT. There will be a Q&A session post presentation as well.

Qualified person statement

Peter Fischl, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.

QA/QC

Core samples were prepared using the PREP-31 package in ALS’s Kamloops facility. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250 g is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen. 0.75g of this pulverized split is digested by Four Acid and analyzed via ICP-MS (method code ME-MS61m (+Hg)), which reports a 49-element suite of elements. All samples are analyzed by Fire Assay with an AES finish, method code Au-ICP21 (30g sample size). Additional Au screening is performed using ALS’s Au-SCR24 method, select samples are dry screened to 100 microns. A duplicate 50g fire assay is conducted on the undersized fraction as well as an assay on the entire oversize fraction. Total Au content, individual assays and weight fractions are reported. All analytical and assay procedures are conducted in ALS’s North Vancouver facility. A QA/QC program included laboratory and field standards inserted every 25 samples. At least one field blank is inserted in every batch of 25 samples, with additional blanks inserted following samples with visible gold.

Westhaven’s ongoing Quality Assurance and Quality Control programs include auditing of all exploration data. Any significant changes will be reported when available.

Troilus Gold drills seven m of 4.72 g/t AuEq in Quebec

Troilus Gold Corp. has released additional results from its continuing exploration and infill drill program on its 100-per-cent-owned Troilus gold project, which hosts one of the largest undeveloped gold and copper deposits in Quebec, Canada. New results have further expanded the western extension in the J Zone by another 150 metres to the northeast. The strike length of this new mineralized zone has grown from 200 metres to 850 metres since it was initially identified in May 2021 (See press releases dated May 12 and June 8, 2021). Additionally, several step-out holes extended down dip mineralization ~60 metres beyond what was previously known, and up to ~90 metres below the pit shell proposed in the Preliminary Economic Assessment (“PEA”) maintaining consistent and above average grades and thicknesses.

Highlights from the J Zone drill results include:

  • ZJ21-241 extended the newly identified western extension of the J Zone with high-grade intercepts within 150 metres from surface, and confirmed strongly mineralized down-dip extensions (see Figure 2 cross section):
    • 1.57 g/t AuEq over 31m, incl. 4.72 g/t AuEq over 7m and 22.51 g/t AuEq over 1m
    • 2.24 g/t AuEq over 8m, incl. 5.06 g/t AuEq over 3m
    • 4.51 g/t AuEq over 1m
    • 3.59 g/t AuEq over 1m
  • 3.29 g/t AuEq over 4m within a broader intersection of 1.19 g/t AuEq over 19m, located outside of the PEA pit shell in hole ZJ21-240
  • ZJ21-239
    • 7.46 g/t AuEq over 1m and 2.71 g/t AuEq over 2m, within a broader intersection of 1.17 g/t AuEq over 16m
    • 3.65 g/t AuEq over 2m, 2.37 g/t AuEq over 1m and 1.19 g/t AuEq over 3m, within a broader intersection of 0.88 g/t AuEq over 22m, located outside of the PEA pit shell
  • ZJ21-243
    • 3.18 g/t AuEq over 3m within a broader intersection of 1.60 g/t AuEq over 13m
  • ZJ21-246
    • 4.36 g/t AuEq over 1m
    • 3.91 g/t AuEq over 1m
    • 2.51 g/t AuEq over 1m
    • 0.97 g/t AuEq over 7m, incl. 1.48 g/t AuEq over 3m
  • ZJ21-249
    • 3.33 g/t AuEq over 2m within a broader intersection of 1.24 g/t AuEq over 9m

“We are very pleased with these additional great results from the J Zone, which continue to emphasize that there’s plenty of room for our deposit to grow. Step-out and step down holes continue to extend and expand the deposit and we’re quite excited to see how these continued positive results will impact the upcoming new resource estimate and pre-feasibility study,” commented Justin Reid, President and CEO of Troilus Gold.

The J Zone exploration target includes the smaller of the two formerly mined open pits at Troilus. In 2019, the Company had tremendous drilling success in this zone by applying a new geological model derived from two years of drill analysis, which highlighted the importance of structural controls on gold and copper. This exploration program contributed a significant open-pit resource to the Preliminary Economic Assessment completed in August 2020. Over 68,000 metres have been drilled since the 2020 mineral resource estimate cut off, and the Company intends to continue drilling at a rate of approximately 10,000 metres per month throughout the Summer with the intention to include as much of this new data into the upcoming mineral resource estimate and pre-feasibility study as possible.