Evergold Corp.'s Golden Lion hole returns 7.70 g/t gold over 4.9m
The GL1 hole lies about 100 metres southeast of earlier drilling; assays from ten more holes in the completed program remain pending.
Mara Quinlan
Evergold Corp. CVEEVER OTCMKTSEVGUF reported Friday that Golden Lion hole GL26-031 returned 4.9 metres at 7.70 grams per tonne gold. The result adds a high-grade assay about 100 metres southeast of its 2021 drilling in British Columbia; the interval also graded 186 grams per tonne silver.
Shares fell 20 per cent to C$0.36 at the 4 p.m. EDT close Friday on the TSX Venture Exchange, from C$0.45 at Thursday's close, according to the CVEEVER quote. Volume reached about 406,000 shares at that same 4 p.m. EDT Friday close, against average daily volume of about 20,900, according to CVEEVER.
The high-grade run sits within 13.5 metres at 2.84 grams per tonne gold and 127.65 grams per tonne silver. The broader interval begins 199 metres downhole; reported lengths are measured along drill core, and true widths have not been established.
The company has reported six of the 16 holes in its completed 3,988-metre program, with assays for the other ten pending. The six reported holes came from two fences drilled between July and August 2026. Evergold described a mineralized envelope spanning about 300 metres of strike that remains open along strike and at depth.
On the closer step-out fence, GL26-027 returned 53.23 metres at 0.94 grams per tonne gold. That fence lies about 40 metres southeast of the 2021 drilling. Its silver grade was 3.8 grams per tonne, and the interval began 103 metres downhole. Hole GL26-026 on the same fence cut 44.0 metres at 0.74 grams per tonne gold. Its shallower mineralized interval begins at about 56 metres vertical depth. Evergold says the broad mineralized envelope on this fence lies within roughly 150 metres of surface.
"These are the first six of 16 holes, and we look forward to reporting the remaining ten as results arrive," chief executive Alex Walcott said in the release.
Evergold's 2021 report recorded 11.3 metres at 5.4 grams per tonne gold in an earlier high-grade hole. The Oct. 2 release describes the new high-grade result as a possible continuation of that earlier zone at depth to the southeast.
Evergold closed a C$5.4 million gross placement on April 6, with proceeds intended for exploration and working capital. The Oct. 2 drill release did not give a current cash balance or estimate how long the proceeds would fund further work.
Copper, lead and zinc results for the six reported holes are also pending. Evergold completed an airborne survey covering 725 line-kilometres across Golden Lion and said three-dimensional modelling is underway. It also awaits rock and soil sample results from its 2026 field program.
Evergold said on Oct. 2 it would report assays for the ten remaining holes as results arrive, without setting a date for the next batch.
