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Evrim Signs LOI with Coeur Mining to Option Sarape Gold-Silver Project
Feb. 20, 2018 09:04AM PST
Gold InvestingEvrim Resources (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce that it has signed a Letter of Intent (the “LOI”) with a subsidiary of Coeur Mining (“Coeur”) on the Company’s Sarape epithermal gold-silver project in Sonora, Mexico. Coeur may acquire up to an 80% interest in Sarape by spending US$16.5 million on exploration, making …
Evrim Resources (TSX.V:EVM) (“Evrim” or the “Company”) is pleased to announce that it has signed a Letter of Intent (the “LOI”) with a subsidiary of Coeur Mining (“Coeur”) on the Company’s Sarape epithermal gold-silver project in Sonora, Mexico.
Coeur may acquire up to an 80% interest in Sarape by spending US$16.5 million on exploration, making staged cash payments of US$2.4 million, and completing a National Instrument (“NI”) 43-101 compliant Feasibility Study on a minimum measured and indicated resource estimate of 1,000,000 ounces gold equivalent, within a ten-year period. Sarape is located in an emerging epithermal gold belt that hosts Premier Gold’s Mercedes Mine, First Majestic Silver’s Santa Elena Mine, and the Ermitaño gold discovery, a project under option to First Majestic Silver.
Evrim’s CEO, Paddy Nicol, said:
“We are excited to partner with Coeur on the Sarape project, and this transaction represents our seventh active exploration partnership.
Like the Ermitaño project, Sarape exhibits large outcropping veins up to six kilometres in length and has never been drill tested. The exploration of Sarape to date has focused on the recognition of textures within the veins at surface which commonly occur above concealed high-grade ore-shoots.”