Evergold Corp (TSX-V:EVER, OTC:EVGUF) announced promising results from a follow-up drilling program at its DEM porphyry prospect near Fort St. James, British Columbia.
The limited program has revealed new intersections of the DEM sulphide vein system, supporting the company’s theory of a large mineralized system centered around a porphyry intrusion, located downslope beneath thick glacial till.
The DEM porphyry prospect, a greenfield discovery, is part of Evergold’s 12,728-hectare DEM property within the Quesnel terrane, known for hosting significant porphyry deposits such as Mount Milligan.
The company's recent drilling focused on a small section of the four-square-kilometre DEM Mountain area, revealing what may be the alteration "halo" around the intrusion anchoring the system.
“As a raw new greenfield prospect first drill tested less than 12 months ago, we continue to make significant advances in our understanding of this large system of which we have only tested, with limited budget not adequate to the scale of the opportunity, a very small portion to date,” said Kevin Keough, CEO of Evergold.
“These advances include recognition of a large alteration halo, demonstration that this halo is mineralized with locally high grades encompassed by broad envelopes of a spectrum of high-value elements, and now perhaps most significantly, the location of what we believe may be the porphyry intrusion centering the system.”
Two drill holes, totaling 756 meters, were completed, intercepting sulphide-bearing veinlets and semi-massive sulphides within sedimentary rocks. The core has been sent for assay, with results expected in November.
Evergold also extended induced polarization (IP) coverage to the west, north, and south of the previous drilling areas, identifying a potential intrusive center beneath the glacial till. The area is characterized by geophysical anomalies similar to those encountered on DEM Mountain.
The DEM property, located in moderate terrain with road access, lies within a productive mining region, surrounded by large porphyry deposits. Evergold's next steps include targeting the potential porphyry center with new drilling.