Evergold Announces June 1 Exploration Start

TORONTO, May 11, 2021 (GLOBE NEWSWIRE) -- Evergold Corp. ("Evergold" or the "Company") (TSX-V:EVER, OTC:EVGUF, FRA:A2PTHZ) is pleased to announce a targeted June 1 start to the field season on the Golden Lion property, located in BC's Toodoggone region. The launch of exploration on the Snoball property, located in BC's Golden Triangle to the west of Golden Lion, will follow approximately six weeks later, around July 15.

2021 Exploration Plans ? Golden Lion Property:

• Minimum 2,500 metres of Phase 2 drilling; a Phase 3 program may follow, contingent on results;
• Drilling will target a high-tenor, coincident induced polarization (IP) chargeability and resistivity response, suggestive of potentially stronger mineralization, lying directly below the GL1 Main Zone, where shallow Phase 1 drilling by Evergold in 2020, and historical drilling by Newmont, has identified a long, broad, zone of near-surface gold-silver epithermal style mineralization extending along more than 800 metres of strike, and across true widths exceeding 150 metres;
• Programs of IP geophysics, geological mapping, prospecting, and soil & rock sampling will evaluate possible extensions along and across strike, particularly to the north toward the GL1 North Ridge target area, where work in 2020 returned high values of gold, silver and copper in soils and selected rock samples.
  

2021 Exploration Plans ? Snoball Property:

• Minimum 2,000 metres of Phase 2 drilling, a Phase 3 program may follow, contingent on results;
• Drilling will target a promising area of widespread strong and locally very high-grade gold, silver and pathfinder element values in outcrop and talus fines within the C Zone trend at Pyramid Peak, downslope from drilling carried out in 2020;
• As presently interpreted, the C Zone is a broad, SW-NE trending, epithermal-style vein system likely encompassing several variably oriented vein sets;
• The high, mountain-top elevation of the discovery suggests that Phase 1 drilling in 2020 may have just caught the top of the system.

"We are excited to have the drills turning soon, with the goal of building on the positive early-stage results of 2020 and firmly demonstrating the merit and potential of Snoball and Golden Lion," said Kevin Keough, President & CEO. "At Snoball, our objective is to tap into the core of the new high-grade vein system we drilled for the first time in 2020 and to follow it to depth, in which case we can work the topography to our advantage. At Golden Lion, where drilling has already shown the presence of a large, shallow, gold zone, our immediate objective is to test the high tenor geophysical response below last year's drilling, which could justify subsequent drilling along and across strike. Both these projects are exciting for the near-term potential they offer, and we're fully financed to execute."

Andrew J. Mitchell, P.Geo., Vice President, Exploration for Evergold Corp. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

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. (TSXV: GTT) in 2016 and the discovery in 2017 of both the Saddle South and Saddle North copper-gold deposits, now holding more than 20 million ounces of gold equivalent in all categories, and currently being 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 Snoball property, located in the heart of BC's famed Golden Triangle, where drilling in 2020 achieved the discovery of a new high-grade, gold-silver system at the highest elevations on Pyramid Peak; the Golden Lion property, located at the north end of B.C.'s Toodoggone region, where drilling in 2020 confirmed the presence of a large-scale epithermal-style gold-silver zone at the GL1 Main prospect; and the past-producing high-grade Rockland gold-silver property in Nevada. All three of these properties host zones of precious metals that the Company believes offer considerable near-term upside.

For additional information, please contact:

Kevin M. Keough
President and CEO
Tel: (613) 622-1916
www.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.