Everton and Globestar: Exploration Update on New Mineralized Zone - Cuance, Dominican Republic
Everton Resources Inc. (TSX-V: EVR, Frankfurt: ERV) ("Everton") and GlobeStar Mining Inc. (TSX: GMI) ("GlobeStar") are pleased to announce the completion of a nine-hole drill program totaling 1,023.4 meters on the new Loma Lambedera discovery located on the Cuance concession in the central Dominican Republic (option to acquire 50% from GlobeStar). Based on the results, an induced polarization (IP) program for a total of 43 km of survey lines has commenced in the northern portion of the Cuance concession, immediately north of the recently completed drill program at Loma Lambedera and south of the Las Tres Bocas Target, located on the Loma El Mate concession (50% partnership with Linear Gold, LRR: TSX), where 10.58 meters of 2.96 g/T Au, 104.91 g/T Ag, 2.03% Cu and 9.41% Zn was intersected in hole TBM-07 (press release of October 11th, 2006). This new mineralized zone is located in the Maimon polymetallic massive sulphide district that also hosts GlobeStar's Cerro de Maimon deposit (10 km to the West).
Highlights of the drill program include hole CUA-04 with 15 m @ 1.22 g/T Au, 2.84 g/T Ag, 0.35% Cu and 2.42% Zn, including 12.00 m @ 1.31g/T Au, 2.03 g/T Ag, and 2.94% Zn (press release of March 3rd, 2008).
|Hole||Azimuth||Dip||From (m)||To (m)||Length (m)||Au (g/t)||Ag (g/t)||Cu (%)||Zn (%)|
|CUA-01||N 80 E||-50||12.00||24.00||12.00||l/v||0.20||0.11||l/v|
|CUA-02||N 42 E||-60||0.60||26.15||25.55||0.47||2.80||0.52||0.12|
|CUA-03||N 42 E||-45||0.60||24.50||23.90||0.21||5.57||l/v||l/v|
|CUA-04||N 42 E||-68||41.00||56.00||15.00||1.22||2.84||0.35||2.42|
|CUA-05||N 42 E||-60||27.50||45.50||18.00||l/v||l/v||0.20||l/v|
|CUA-06||N 55 E||-60||9.50||41.00||31.50||l/v||l/v||0.23||0.20|
|CUA-07||N 42 E||-60||0.00||33.50||33.50||0.24||l/v||l/v||l/v|
|CUA-08||N 55 E||-60||87.50||95.00||7.50||l/v||l/v||0.21||l/v|
|CUA-09||N 45 E||-60||N/A*|
|CUA-09A||N 65 E||-70||N/A*|
*Holes CUA-09 and CUA-09A were not sampled.
** l/v = low value
All the holes except CUA-09 and CUA-09A intersected sulphide-disseminated mineralisation, including pyrite, chalcopyrite, sphalerite and bornite. Alteration types include quartz - sericite - chlorite - pyrophylite - barite. The mineralised intervals appear associated with zones of shearing in the chlorite - sericite schists.
A distinctive zone of secondary supergene enrichment can be observed in hole CUA-02 with the presence of abundant copper mineralisation including bornite, covellite and malachite. An interval of 2.30 meters @ 2.92 g/T Au, 10.34 g/T Ag, 2.04% Cu and 0.77% Zn was cut within this zone. The mineralisation is considered to remain open to the northwest and at depth.
In other news, Everton will issue 80,000 common shares at a deemed price of $0.50 per share to DIAGNOS inc. as per the service agreement dated October 31, 2007 (see DIAGNOS press release dated November 13, 2007). The shares are subject to a hold period of 4 months from their date of issuance and said issuance is subject to regulatory approval. DIAGNOS, a leader in the use of artificial intelligence ("AI") and advanced knowledge extraction techniques, used its CARDS (Computer Aided Resources Detection Software) system on the data provided by Everton with the aim of identifying targets for precious and base metals on a territory covering many tens of thousands of squared kilometers outside of the Dominican Republic. A 2% NSR (Net Smelter Return) bonus will also be paid to DIAGNOS for each economical discovery on the studied zone. Everton will have the option to acquire 1% of this NSR at any time for $1 million.
This press release was reviewed by, and all fieldwork was performed under the supervision of, Marc L'Heureux, P. Geo. and VP Exploration of Everton, who acts as Everton's Qualified Person as defined by NI 43-101.
Everton is well funded and actively exploring in the Opinaca region of James Bay, Quebec where Everton has amassed one of the largest land claims adjacent to Goldcorp's (NYSE: GG, TSX: G) Eleonore gold deposit where Goldcorp recently announced an initial gold resource of 2.8 million ounces. Everton is also actively exploring in the Dominican Republic adjacent to where the world's largest gold mining company, Barrick Gold (NYSE/TSX: ABX) is partnering with Goldcorp to develop, at an estimated cost of $2.7 billion, the Pueblo Viejo deposit, that contains 20.4 million ounces of gold, 2.6 billion pounds of zinc, 423.6 million pounds of copper and 117.3 million ounces of silver.
For more information, please contact:
Manager, Corporate Communications
Capital Capital Inc.
President & CEO, Chairman
|Telephone: 613 241.2332
This press release contains certain forward-looking statements that involve risks and uncertainties, such as statements of Everton's plans, objectives, strategies, expectations and intentions. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to Everton, or its management, are intended to identify such forward-looking statements. Many factors could cause Everton's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. The forward-looking statements included in this press release represent Everton's views as of the date of the release. While Everton anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. All subsequent written and oral forward-looking statements attributable to Everton or persons acting on its behalf are expressly qualified in their entirety by this notice.
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