07/20/2004
Everton and Globestar announce a new copper porphyry discovery at Dona Loretta - First drilling reports 93m. grading 0.6 % copper including 15 m. grading 1.1% copper
Everton Resources (TSXV-EVR) and GlobeStar Mining Corporation (TSXV-GMI) and are pleased to announce the discovery of a copper bearing porphyry system at Dona Loretta, within the Bayaguana joint venture in the Dominican Republic. Interpretation of the first holes in the 11 hole program have confirmed breccia zones within a previously unrecognised large scale porphyry system. The mineralization at Dona Loretta is open at depth, and in all directions. GlobeStar is the operator, while Everton are earning into the joint venture by funding exploration programs. The results from the first hole, CC-08, returned 93 metres grading 0.6% copper between 44 and 137 m in depth. Of this mineralized section, the upper 48.8 metres graded 0.7% copper and the lowest 27 metres graded 0.8% copper including 15.2 metres grading 1.1% copper. CC-08 is the most southerly hole at Dona Loretta, 300 metres from a previous drill hole, CC-07, which returned 2% copper over 24 metres.
“High grade copper over significant widths confirm the potential of a large scale porphyry system.” commented Bill Fisher, GlobeStar’s president. “The target extends under marine sediments in the direction of our 45 million tonne Dona Amanda copper deposit to the west, is open in all directions and at depth.”
Project description
The mineralization is concentrated in brecciated zones within a massive quartz feldspar porphyry. Outcrop mapping recorded intense brecciation surrounded by extensive argilitic and prophilitic alteration in a broad corridor running NNW-SSE, coincident with the geochemical and geophysical anomalies. All of the drill holes to date have intersected brecciated zones, and have been drilled to a maximum depth of less than 150 metres. The Porphry system was discovered within the Los Ranchos Formation, also host to Placer Dome’s Pueblo Viejo gold/zinc mine (28 million ounces of gold, 3 million tonnes of zinc – Nelson 1999), which is located along strike, 55 kilometres north west. The Formation consists of a series of large scale volcanic centres at various levels of erosion. The systems display anomalous precious and base metal values, and extensive, alteration systems covering several square kilometres each.
The Bayaguana joint venture covers a series of these volcanic centres, including Dona Amanda (45 million tonnes grading 0.45% copper and 0.22 g/t gold), 4.5 kilometres to the west of Dona Loretta. The area between Dona Amanda and Dona Loretta is covered by limestones and evaporates laid down in a recent marine transgression. Geochemical signatures from the underlying volcanic sequence is masked by the impermeable cover. Interference of evaporites in the overlying sequence effectively blocks Induced Polarization and chargeability measurements.
This highly prospective target area between two significant copper systems is untested, but leaves space for the potential of an extremely large system
Dona Loretta has a distinctive geochemical and geophysical signature, confirmed by the joint venture’s 2004 geochemical and geophysical programs. The copper anomaly is 3,500 metres by 800 metres covering approximately 3 square kilometres, and is masked to the west by the marine cover. Anomalous gold is found, centred in the southern part of Dona Loretta over a 1,400 metres by 800 metres area. There are two areas of high chargeablility, one (1,000 m by 300 m) beneath the copper/gold zone in the south and the other (900 m by 300m) beneath the northern part of the copper anomaly. The southern lobe has 10 Induced Polarisation (IP) anomalies, with two major lineaments extending beyond the edge of the marine cover to the west. The northern lobe has 8 IP anomalies, two of which show through the sedimentary cover, co-incident with high chargeability. These geophysical signatures from beneath the sediments may represent either extremely strong anomalies or thin sedimentary cover
Drilling is ongoing and results will be released as the program develops. Everton have to invest US$ 1.5 million to earn a 50% at Bayaguana, and a further US$500,000 before GlobeStar is required to contribute. The companies also are to drill the Los Hojanchos target, which is located 13 kilometres south east of the Pueblo Viejo gold mine.
Marc L’Heureux, Vice-President Exploration of Everton, acts as the Qualified Person for the Bayaguana project.
The TSX Venture Exchange neither approves nor disapproves of the information contained in this News Release. The Company’s Shares are listed on the TSX Venture Exchange and trade under the symbol “EVR”.
For more information, please contact
Andre Audet
Chairman & CEO
Tel: 613 241 2332 Fax: 613 241 6005
[email protected] www.evertonresources.com
or
Dwane Brosseau
Manager of Investor Relations
Tel: 604 662 4955 Fax: 604 662 4988
[email protected]
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