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Evrim Resources Corp.
Summary
| Project: | Ermitano | |
|---|---|---|
| Deposit: | Ermitano West | |
| Location: | Mexico | |
| Commodities: | Gold-Silver | |
| Date: | 4/5/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-4-2018: Evrim Resources Corp. announces a Resource Estimation report for its Ermitano West deposit at the Ermitano project. JV Partner First Majestic Silver announces Initial inferred mineral resource at project. Vancouver B.C. – April 5, 2018: Evrim Re | |
| Resources: | (Resources, Inf.): 40.8Moz AgEq contained | |
| CP/QP: | [Resources]: Jesus M. Velador Beltran (Internal) | |
| ABSTRACT: | Vancouver B.C. – April 5, 2018: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce that a maiden resource on the Ermitaño West vein that comprises part of the Ermitaño property was announced by earn-in partner First Majestic Silver Corp. (“First Majestic”) on March 29, 2018. Inferred resources of 40.8 million ounces silver equivalent have been calculated by First Majestic with an average grade of 4.0 grams per tonne (“g/t”) gold and 68 g/t silver, or approximately 562,000 ounces gold equivalent, using First Majestic’s metal prices of US$1,450 per ounce gold and US$20 per ounce silver along with other assumptions to determining metal equivalent stated in its March 29, 2018 news release. In addition, a new significant discovery on the Ermitaño property known as the “Aitana” vein, indicates potential to add to the announced resource. “The Ermitaño West and Aitana veins lie only four kilometres south of the operating mill at Santa Elena and remain to be explored at depth where First Majestic stated it expects to recover higher concentrations of gold and silver, in particular at Aitana,” commented Paddy Nicol, Evrim President and CEO. “First Majestic has announced plans to complete 13,000 metres of infill and expansion drilling at depth at Ermitaño West in 2018, as well as explore the recently discovered Aitana vein.” The Company also announces that First Majestic has initiated arbitration proceedings in connection with its purported exercise of the option pursuant to which First Majestic can earn a 100% interest in the Ermitaño property, subject to the retention by Evrim of a 2% net smelter return royalty interest. It is expected that the arbitration will deal with the requirements under the option agreement for First Majestic to exercise the option and not the relative interests of the parties in the Ermitaño property. Paddy Nicol, Evrim's President and CEO commented, “Evrim is preparing for the arbitration process and continuing discussions towards a satisfactory outcome with First Majestic. We maintain the view that Ermitaño’s proximity to the Santa Elena mine makes First Majestic the natural partner to develop the Ermitaño project. Nonetheless, we are bound to ensure that the exercise of the option is in compliance with the terms of the option agreement. ” | |
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