Evergold CEO Says Golden Lion Holes 'Did Exactly What We Thought'

0:15Back in May, Evergold announced we would drill 4 ,000 meters at the Golden Lion to test a two-kilometer gold-silver trend. The program is done, six holes are back, and CEO Alex Walcott is here to walk us through it. The gold mine is located in north-central British Columbia, the same mining district as Centaurus Comesse Mine. Alex, let's start with those GL1 drill results. In an interview with Goldfinger Capital, you said you wanted to do some systematic work building on a 2021 drill fence program. What concept are you testing? In 2021, it was our last year, and we actually drilled the project with every gold.

0:54But we are gold determined, way nice numbers. and what they did indicate was the body was dipping to the northeast rather than a lot of holes were drilled northeast so they're going down. So what it symboled to us was we went back and looked at all the old data, pulled it together, I mean this concept was backed around by the geodactors of Mike 21 also and we had some new people there but the idea being is basically the body was dipping so what we decided to do is it's an epithrallel system so we really wanted to test the long strike and see if we could actually map this geology and try to understand some of this structure for dirt post-mineralization so it is a fault structure and it did turn out to be fairly well so we lined up quite nicely and most of our bowls did exactly what we thought they were going to do and so we didn't really change much for our original plan what we planned to do in the spring we actually had to ski in the summertime and the same results in the bowl can you talk about some of those high grade results and also talk about what you're seeing.

1:54You said that there was that defined zone, but you also said there was a lower zone that was developing and potentially some different bodies. Yeah, so I mean, zone we hit when we actually stepped over when we did our first fans of gold, we hit some pretty decent numbers when we had some nice consistence like GL26. We got 44 meters of 0.74 and GL27, we got 54 meters of 0.94 gold. But we also see at the bottom in like hole 31 was this deep intercept and it's kind of not a huge zone but it's got some very nice numbers into it now we got 4.9 meters of 7.7 grams per ton and also a really nice hit of 186 grams per ton silver now what's kind of significant about this is it looks like you may have another like it's kind of drawn multiple pulses this system so we might actually have a lower zone forming because in the bottom of full 25 beneath our decent intercept will have which we previously released, there is actually this little snippet of this high-grade, which is high-grade gold and silver.

2:56And so we think we can track those across. And they sit about the same elevation. So that's kind of curious. We're really trying to follow the idea of we're trying to get stock lenses here. You said that the mineralization can be quite consistent and that you want to be building volumes. That was kind of your top takeaway. Yeah, no, and that's the whole thing. is like, I mean, obviously grade does vary. It's an epithermal system. So, you know, these things pinch as well. But in a broader sense, while we step over with the drill, we can actually, where we expect we're getting a mineralization, we can line it up fairly well.

3:30So that was one of the surprising things. So we just stepped over, drilled the gain. And for the most part, I mean, occasionally a little fault in there and stuff, but it was fairly well behaved. When do you expect to get the remaining drill results? We should be having some more holes coming out fairly quick here. We just started doing some QC on them. and then basically was just waiting for our last batch also. So we're still waiting for our ICP data, but I mean, MSA Labs has been pretty awesome getting the results back to us. So we'll hopefully put another six wells out in the next week or so, but we're still waiting.

4:00Now, you called the summer's campaign a two-pronged approach. Can you talk about the Copper King target in the northern part of the Golden Lion property? You did some soil samples. You did some airborne data collection. You said you were not able to get to the induced polarization. Can you talk about what you have and what might be missing? Yeah, so what we kind of did was when we first went back, we're going back to Golden Lion this year. We actually took just a really hard review of all the data sets. And there was some pretty significant copper numbers in historical data sets. I mean, there is just a lot of 1 % grab samples.

4:36There's some old historic drilling, which there's no assays for. but there's some very interesting descriptions of what they talk about with the boronite, chalcocite and the hole. So we're just trying to follow that up. So we're going up there to do the gold. We wanted to hit the gold zone because it obviously is an obvious target and basically known drilling. But we also wanted to, while we're up there, we wanted to basically do a bunch of regional projects on the whole property itself and actually evaluate the copper potential, which is obviously quite good given some of the numbers we're seeing.

5:02So we did a couple of regional surveys, property-wide surveys. We did a mobile MT survey, which maps connectivity in the late spring. And that kind of gave us a good overview. It's broad-spaced. And then in the late summer, we actually did a high-resolution mag radiometric survey throughout the property doing 75-metre spacing. So we have very detailed data. So one of the ideas is also using the radiometrics to follow the GL1 zone and also look for alteration patterns in basically the northern portion of the property where we have all the copper. When do you think you'll be releasing the data? it'll probably just be it won't be a release as per se but it'll probably just be included in presentations as we go from now on I mean geophysics is not too material so it's kind of one of those things that makes for a pretty picture I mean it's useful for the eye that knows how to use it but otherwise the loculus is blobs on a map right now you're in a busy area you're beside Thesis Gold there's also Centera that's operating up there near the Comessa Mine as I mentioned at the top looking at their own results and interpreting the own data that they're producing as well.

6:11How useful is that? Or is it useful in terms of your own projects there at GoldenEye? I think, I mean, they're all different beasts up there. I mean, and that's the whole thing. You know, porphyry is epithermal systems. There's so many different projects going on. I think understanding the regional trends is a big thing and understanding the different data sets and what it all means and how people have used different techniques to map things. And, you know, we do evaluate all the reports. We've read all the thesis reports. We've gone through Sun Summit, a very close one to us also. And that's another great project up there.

6:40We've actually looked at that data sets quite a bit. You know, you have Aurora, which has multiple types of deposits on it, really. I mean, you have N, ACTG, Finley. There's a lot of information happening up there. What's your cash position and will you be needing to raise again? We will be needing to raise to conduct a program for next year. gas business. And we actually spent oh, we still have about just over a million 1.2 million in the bank of hard dollars. And so we're actually not terrible yet, but we will need to actually fund for an upcoming program. Lastly then, so news flow we expect over the next 12 months, it'll be mostly I guess those pending assays.

7:19Yeah, we'll probably have about three or four releases coming out, basically coming up and just talking about what we're doing and evaluating everything we've learned from the property. And we're just going to try I keep people informed and really just work on the technical side. I mean, we're a very technical company. I mean, Charlie Gregg is the chairman. He's a geologist. Myself, I'm a geophysicist. We have two other geologists on our board, and then we have an auditor, which is awesome. So the whole basis is covered. Alex, thanks for speaking with Mining Stock Daily. No worries. Pleasure to talk to you.

7:51The information presented should not be considered investment advice. Mining Stock Daily Yance affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.