Evergold’s Golden Lion Drilling Yields the Highest Grades Yet Seen on the Property, Multiple High-Grade Intercepts Including 2.8 m of 10.4 g/t Gold, 651 g/t Silver, 11% Zinc, 4% Lead, Within 11.3 m

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November 16, 2021 10:00 AM EST

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TORONTO, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Evergold Corp. (“Evergold” or the “Company”) (TSX-V:EVER, WKN:A2PTHZ) is pleased to report by far the highest grades of gold, silver, zinc and lead ever achieved in drilling at the GL1 Main target, located on the Company’s Golden Lion property in the Toodoggone epithermal district, northern British Columbia, Canada. Assay results for drill section 23-24-25 (Figure 1), encompassing the final 3 holes of the program, definitively establish that the GL1 Main Zone carries high grades of gold, silver and base metals within a broader envelope of moderate grade mineralization, with intercepts commencing just below surface and extending to at least 190 metres down-dip to the northeast, the deepest drilled to date. The zone remains open for further expansion and follow up will be a priority for the 2022 season. The Company is well financed and has working capital of $3.1 million.

Drilling Highlights – GL1 Main Zone

Hole GL21-025

40.3m of 2.0 g/t Au, 24 g/t Ag, 1.2% Zn, 0.5% Pb, including
11.3m of 5.4 g/t Au, 62 g/t Ag, 3.2% Zn, 1.3% Pb, including
2.8m of 10.4 g/t Au, 651 g/t Ag, 10.9% Zn, 3.7% Pb, including
1.0m of 26.1 g/t Au, 619 g/t Ag, 10.0% Zn, 3.5% Pb, including
0.6m of 31.7 g/t Au, 924 g/t Ag, 12.6% Zn, 3.7% Pb, and
1.0m of 13.4 g/t Au, 26 g/t Ag, 11.3% Zn, 8.4% Pb

Hole GL21-024

66.0m of 1.36 g/t Au, 11 g/t Ag, 0.3% Zn, 0.2% Pb, including
3.3m of 11.30 g/t Au, 12 g/t Ag, 1.9% Zn, 2.3% Pb, including
1.0m of 29.10 g/t Au, 19 g/t Ag, 2.7% Zn, 1.6% Pb, including
0.5m of 44.70 g/t Au, 24 g/t Ag, 4.3% Zn, 2.8% Pb

Hole GL21-023

1.2m of 10.9 g/t Au, 5.5 g/t Ag, 0.2% Zn, 1.4% Pb

“We were excited to see bands of base metal massive sulphides in our drilling this year at Golden Lion”, commented Kevin Keough, President & CEO. “At the time the visuals suggested to us a potential increase in grade, which has been borne out by these results. The grades achieved in this round of drilling at GL1 Main are certainly the highest ever returned for precious and base metals and the latter, at the grades we’re seeing, have the potential to contribute in a meaningful way to rock value. The results also point to considerable potential to build high-grade ounces, and high rock value, both near-surface and down dip, which historically was completely untested, as well as along adjacent areas of the major fault associated with the zone. Moving forward into 2022, we’ll aim to increase our drillhole density to better understand controls on mineralization and expand the high-grade zones, to advance the GL1 Main prospect as quickly as possible.”

Discussion of Drill Results

The Company has carried out two programs of drilling on the Golden Lion property. In 2020, 3,017 metres were drilled in 16 holes, principally focused on the GL1 Main Zone. This work delivered broad, shallow, low-grade gold-silver intercepts (e.g. 88.62 metres of 0.71 g/t Au from 4.88 to 93.50 metres in hole GL20-009) very similar to results achieved by mining major Newmont in 1984, which completed 2,475 metres of drilling in 22 holes on the prospect. Importantly, Newmont’s drill pads were widely spaced with only a single hole per pad, leaving the depth potential of the GL1 Main Zone entirely untested.

With the goal of evaluating the potential for higher grades within and below the broad envelope of near surface mineralization, in July this year the Company returned to the property and drilled 1,811 metres in 9 holes, results for all of which are reported in this news release. Induced polarization (IP) surveys carried out by the Company in 2020 and 2021 had identified chargeability and resistivity anomalies which were tested during this year’s program. Program results demonstrate an association of the best mineralization, and highest metal grades, with IP resistivity highs, and moderate chargeability. Silicification and veining associated with the GL1 Main epithermal-style mineralization is now traceable, with geochemical sampling and induced polarization surveys, along some 1700 metres of strike.

During the 2021 program 8 of the 9 holes drilled tested the GL1 Main Zone over a strike length of 175 metres, at vertical depths ranging from 20 metres (uppermost high-grade intercepts in hole GL21-024) to 175 metres below surface (lowermost high-grade intercepts in hole GL21-025). In addition to intersecting the highest grades to date, the drill program successfully expanded the GL1 Main Zone to approximately 160 metres down dip. The zone remains open to further expansion.

Refer to drill section Figure 1, and plan views Figures 4 & 5. Holes GL21-023, 024 and 025 were drilled from the same pad, stepped somewhat back from the previous drilling. The first two holes were drilled on a southwest (220 degrees) azimuth at inclinations of 85 and 45 degrees respectively. In follow-up to the encouraging visuals delivered by these initial holes, the drill was turned around to drill the final hole of the program, GL21-025, on a northeast azimuth (040 degrees), testing to depth. All three of these holes cut strong hydrothermal alteration in trachyandesitic rocks, encompassing discontinuous quartz-sulphide veins, veinlets, fracture fillings and vein breccias containing sphalerite and galena with subordinate pyrite and rare chalcopyrite, and including local cm- to dcm-scale semi-massive to massive sulphide sections. Strongest overall results were returned from deepest hole GL21-025 and shallowest hole GL21-024 with, however, encouraging broad intercepts, and local high grade, in GL21-023.

Refer to drill section Figure 2 and plan views Figures 4 & 5. Holes GL21-017 and GL21-018 were drilled to the southwest (azimuth 200 degrees) at minus 45 and 75 degrees respectively, to evaluate a deeper combined IP chargeability and resistivity anomaly that suggested a potential system strengthening to depth in that direction. At 356 metres in total length, GL21-017 was the longest hole of the program. No truly significant gold or silver intercepts were returned from this hole, and lead and zinc values were only marginally elevated above background. However, its minus 75 degree undercut, hole GL21-018, intersected the GL1 Main Zone with elevated values of lead and zinc, and low values of silver and gold over broad widths, including individual gold highs to 6.15 g/t and 6.47 g/t. Overall, results on this section indicate system strengthening to depth, with a dip direction to the northeast.

Refer to drill section Figure 3 and plan views Figures 4 & 5. Holes GL21-020, 021 and 022 were all drilled to the southwest (azimuth 210 degrees) at dips of, respectively, minus 50, 83, and 67 degrees. In the shallowest hole, GL21-020, generally only very low values of gold were returned, to a single high of 2.08 g/t. Silver values were likewise generally low, with the exception of individual sample highs to 148, 310, and 223 g/t Ag. Zinc and lead values were moderately elevated, to individual sample highs of 1.1% Zn and a similar individual high for Pb. Minus 83 undercut hole GL21-021 returned somewhat more elevated values of gold to individual sample highs of 5.27 g/t Au, a relatively shallow, broad intercept of 29.5 metres of 29 g/t silver and a notable deeper, separate individual high value of 997 g/t silver over half a metre, and more strongly and more consistently elevated values of lead and zinc to highs of 4.7% and 5.9% respectively. Hole GL21-022, which split the difference between GL21-020 and GL21-021, had in general weaker values of gold, silver, zinc and lead than those seen in its overcut hole GL21-020 and notably less than those in steep hole GL21-021. Overall, results on this section indicate a strengthening to depth.

Hole GL21-019 was drilled at a reconnaissance target 200 metres southwest of GL 1 Main, with no significant results.

Geology and Geological Setting

Refer to geological plan, Figure 5. The GL1 Main Zone lies along what has been interpreted as a major, northwesterly striking, northeast-dipping thrust fault juxtaposing the host Lower Jurassic Toodoggone formation volcanic rocks with Upper Triassic and older (?) volcanic and sedimentary rocks that have been intruded by Early to Middle Jurassic (?) granodiorite. Gold and silver are closely associated with zinc and lead within broad low sulphidation epithermal-style mineralized intervals of discontinuous mm- to cm- and very locally, dcm-scale veins, veinlets, fracture fillings, and local vein-breccias. The extensional vein fillings predominantly contain dark grey to honey coloured sphalerite, along with galena and subordinate mm-scale fine-grained pyrite seams and disseminations. Gangue typically consists of quartz, iron carbonate and lesser jasperoid. Proportions of sulphide mineralization to gangue varies greatly, and short intervals of semi-massive to massive sulphide mineralization occur locally within the zones, where they consist largely of dark grey to honey coloured sphalerite and galena. Dark grey sphalerite commonly rims the honey coloured variety. Host rocks to the mineralized zones are commonly “bleached” to an orange-beige colour that consists largely of iron carbonate, sericite and silica.

The immediate host rocks to the mineralized zones at GL1 Main are part of a gently northeast dipping sequence of high-K intermediate composition volcanic rocks of the Lower Jurassic Toodoggone formation, chiefly trachyandesite flows and tuff, which are age-equivalent to Hazelton Group rocks elsewhere in the region, such as at Benchmark Metals’ nearby Lawyers property (the former Cheni mine) and farther afield, to much of the Hazelton Group in the Golden Triangle of northwest B.C. Of significance on the property is the fault or fault system that juxtaposes the rocks of the Toodoggone formation with the older rocks to the east and northeast. While the fault has long been interpreted as a thrust fault, the extensional style of the mineralization at GL1 Main suggests that the mineralizing event may be related to extension associated with the later stages of Toodoggone formation volcanism, as is interpreted for mineralization elsewhere in the region. Given that, it is possible that the mineralization at GL1 Main may have formed within a fault with original normal sense of displacement, most likely down-to-the-west, that was subsequently “inverted” through reactivation as a thrust or reverse fault. This could well have occurred in mid-Cretaceous time, during development of the nearby Skeena fold belt, a contractional belt well displayed to the immediate west of the Toodoggone region in the folded and faulted Middle Jurassic to Late Cretaceous sedimentary rocks of the Bowser Lake and Sustut groups.

Exploration Potential at GL1 Main

The results of the Company’s 2020 and 2021 drilling highlight the strong potential at the GL1 Main zone for further exploration drilling, and for high-grade gold-silver mineralization. Beyond the obvious down-dip potential, another clear focus should be to test along trend to the north and northwest of drill holes GL21-023, 024 and 025, east of drill holes GL21-020, 021 and 022. Encouragement for this approach is evident in the anomalous soil geochemistry in that direction, which has in part been masked by downslope dispersion of talus and scree originating from generally poorly mineralized granodiorite upslope, as well as from the apparently increasing Au:Ag ratio evident in the soil geochemistry. There is also some evidence for the system continuing in that direction from strong values of gold and copper in soil and rock geochemical samples (including highs to 14.95 gt/ Au from soils) collected from GL1 North Ridge and areas immediately adjacent. GL1 North Ridge was tested with a single drill hole, GL20-004, in the previous season, and while little encouragement was evident in that drill hole, the trend clearly merits further work. Exploration should also take place to the south-southeast where extensions to the GL1 Main trend were intersected in several of Newmont’s 1984 drill holes. Together, all of these drilling results are indicative of a broad and lengthy mineralizing system that is well endowed with both precious and base metals, and remains in the early days of testing and understanding.

Table 1 – GL1 Main Zone Drilling - Assay Composites

Hole & Pad ID		From (m)	To (m)	Width (m)	Au (g/t)	Ag (g/t)	Pb (%)	Zn (%)

PAD A
GL21-017		64.00	74.50	10.50	1.15	1.0	0.3	0.7
GL21-018		34.32	135.50	101.18	0.44	2.5	0.1	0.2
	Including	66.00	100.25	34.25	0.89	2.1	0.2	0.3
	Including	74.55	75.13	0.58	6.15	4.3	2.2	1.0
	And	97.00	100.25	3.25	2.37	8.6	0.4	0.6

PAD B
GL21-019	Off trend - No significant intercepts

PAD C
GL21-020		17.84	18.21	0.37	0.30	148.0	0.2	0.8
		21.92	22.22	0.30	0.08	310.0	0.3	0.8
		30.00	30.50	0.50	2.08	2.2	0.4	0.7
		80.00	81.50	1.50	-	223.0	-	-
		84.66	85.34	0.68	0.38	21.5	1.1	1.1
GL21-021		11.78	18.50	6.72	-	37.2	-	-
		43.50	57.00	13.50	0.82	6.1	0.4	0.6
	Including	44.39	45.26	0.87	1.68	8.0	3.5	5.2
	And	55.50	56.00	0.50	5.27	2.6	0.3	0.5
		64.00	93.50	29.50	-	29.2	-	-
		114.12	114.63	0.51	1.17	997.0	0.7	-
GL21-022		13.74	20.00	6.26	-	56.8	-	-
	Including	13.74	14.57	0.83	-	161.0	0.2	0.3

PAD D
GL21-023		82.12	123.00	40.88	0.98	1.8	0.4	0.5
	Including	108.00	111.50	3.50	0.90	4.3	1.9	3.2
	And	98.50	99.66	1.16	10.91	5.5	1.4	0.2
		147.00	148.00	1.00	-	87.9	-	-
		189.45	191.00	1.55	-	79.0	-	-
GL21-024		43.00	109.00	66.00	1.36	11.0	0.2	0.3
	Including	45.10	48.35	3.25	11.30	12.0	2.3	1.9
	Including	45.10	46.60	1.50	21.46	13.6	1.2	2.0
	Including	45.60	46.60	1.00	29.10	19.0	1.6	2.7
	Including	46.10	46.60	0.50	44.70	24.1	2.8	4.3
		71.00	72.50	1.50	3.43	85.0	0.3	1.3
	Including	71.50	72.00	0.50	3.71	214.0	0.3	1.2
GL21-025		119.69	160.00	40.31	1.99	23.7	0.5	1.2
	Including	119.69	122.50	2.81	10.35	651.3	3.7	10.9
	And	119.69	131.00	11.31	5.40	62.0	1.3	3.2
	Including	125.44	131.00	5.56	4.55	7.6	1.9	4.3
	Including	125.44	126.00	0.56	13.45	26.1	8.4	11.3
	And	120.40	121.30	1.03	26.11	619.0	3.5	10.0
	Including	120.40	121.00	0.60	31.70	924.0	3.7	12.6
		190.05	195.78	5.73	1.95	66.0	1.9	2.3
	Including	193.30	194.50	1.20	4.49	125.0	6.7	8.3
		210.87	211.52	0.65	0.81	73.2	0.6	0.9

Notes: Widths reported above are drilled core lengths. True widths of the individual drill intercepts for those holes drilled to a southwest azimuth vary between an estimated 90 to 100% of drilled lengths for minus 45 to 50 degree holes, approximately 70-80% for minus 65-75 degree holes, and 60% for minus 80-85 degree holes. True widths for hole GL21-025, which drilled at minus 80 degrees to a northeast azimuth, are estimated to approximate 50% of drilled lengths.

Table 2 - Drill Hole Azimuths and Dips

Hole & Pad ID	Azimuth (degrees)	Dip (degrees)
PAD A
GL21-017	200	-45
GL21-018	200	-75
PAD B
GL21-019	180	-50
PAD C
GL21-020	210	-50
GL21-021	210	-83
GL21-022	210	-67
PAD D
GL21-023	220	-85
GL21-024	220	-45
GL21-025	040	-80

About Evergold

Evergold Corp. has been assembled by a team with a record of recent success in B.C., namely the establishment of GT Gold Corp. in 2016 and the discovery in 2017-18 of the Saddle epithermal and porphyry copper-gold deposits near Iskut B.C., which hold more than 20 million ounces of gold equivalent in all categories. GT Gold was recently acquired by Newmont Corporation. Evergold combines four 100%-owned properties in prime B.C. geological real estate from well-known geologist C.J. (Charlie) Greig, with the recently optioned Rockland property in Nevada, seasoned management, and a qualified board. The Company’s flagship assets consist of the Golden Lion property, the Snoball property, and the past-producing high-grade Rockland gold-silver property in Nevada. All three properties host zones of precious metals that the Company believes offer considerable upside.

Qualified Person

Charles J. Greig, P.Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

QA/QC

The company has a robust quality assurance/quality control program that includes the insertion of blanks, standards and duplicates. Samples of drill core are cut by a diamond-blade rock saw, with half of the cut core placed in individually sealed polyurethane bags and half placed back in the original core box for permanent storage. With the rare exception, sample lengths generally vary from a minimum 0.5-metre interval to a maximum 2.0-metre interval, with an average of 0.5 to 1.0 metres in heavily mineralized sections of core, where precise identification of the mineralogical source of metal values is important. Drill core samples are shipped by truck in sealed woven plastic bags to the ALS sample preparation facility in Terrace, BC, and thereafter taken by ALS to their North Vancouver analytical laboratory. ALS operates according to the guidelines set out in International Organization for Standardization/International Electrotechnical Commission Guide 25. Gold is determined by fire assay fusion of a 50-gram subsample with atomic absorption spectroscopy (AAS). Samples that return values greater than 10 parts per million gold from fire assay and AAS (atomic absorption spectroscopy) are determined by using fire assay and a gravimetric finish. Various metals including silver, gold, copper, lead and zinc are analyzed by inductively coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements copper, lead and zinc are determined by ore-grade assay for samples that return values greater than 10,000 ppm by ICP (inductively coupled plasma) analysis. Silver is determined by ore-grade assay for samples that return greater than 100 ppm.

For additional information, please contact:

Kevin M. KeoughPresident and CEOTel: (613) 622-1916www.evergoldcorp.ca [email protected]

Neither the 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.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Photos accompanying this announcement are available at:

Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/30efc9b7-1846-4ff5-b6d5-d4d595e5ef9f

Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/b949062f-74ae-4411-9b4c-a4be3ce0b59e

Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/c5983846-18cf-4ff6-b9ea-b921c63e8694

Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/1843db47-49f6-4226-af84-db35c28e2990

Figure 5: https://www.globenewswire.com/NewsRoom/AttachmentNg/a5b74e81-1920-4885-9bb8-d635c97b290f