Everton's APV might have VMS deposits says research

2013-01-31 08:44 ET - News Release


Mr. Andre Audet reports


Everton Resources Inc. has released the results of a study from the University of Barcelona confirming the volcanogenic massive sulphide and VMS-epithermal hybrid gold potential for the Ampliacion Pueblo Viejo II concession in the Dominican Republic.

The study, partially funded by Everton Resources as part of a Masters degree thesis, concluded that the APV concession has the potential for both gold-rich VMS and epithermal-VMS deposits adjacent to Barrick-Goldcorp's Pueblo Viejo gold mine (Proven and Probable Reserves of 25.3 M ounces) (refer to Barrick Gold's financial statements for their yearend December 31, 2011) which commenced gold production on August 14, 2012.

The report, written by research student Lisard Toro i Abat and thesis advisor Dr. Joaquin Proenza, states that:

"From the ore metals grades study, a direct correlation of higher grades with advanced argillic alteration zones is evident. Highest Cu and Au values always correlate with zones of intermediate temperature advanced argillic alteration (with pyrophyllite). This observation makes an epithermal genetic model very suitable to explain the distribution of ore metals in APV-S concession and would be in agreement with latter accepted genetic models for Pueblo Viejo".

The report continues on:

"(We) propose a VMS-epithermal genetic model for Pueblo Viejo area (including surrounding concessions) that formed in a shallow subaqueous setting. Other names given to this typology would include high sulphidation VMS. This mineralization style is understood to form as shallow submarine hot spring deposits. They resemble to deep-sea metalliferous deposits but also have distinctive epithermal characteristics similar to gold deposits on the adjacent volcanic islands such as those described in the harbor at Lihir (Hannington: http://www.empr.gov.bc.ca/Mining/Geoscience/PublicationsCatalogue/GeoFiles/1996-1/Pages/shallow.aspx). Similar mineral deposits would include Eskay Creek mine (Taylor et al., 2008)".

The report included the analytical work of more than one hundred samples collected mainly from diamond drill core from the different campaigns on the APV concession. Analytical work included whole rock and trace elements geochemistry, stable sulfur isotope analysis, polished and thin section analysis and SEM and XRD scanning. Whole rock and trace elements analytical work was done at Acme Laboratories, Vancouver, B.C., sulfur isotope by mass spectrometry, scanning electron microscope (SEM) and X-Ray diffraction (XRD) was done at Serveis Cientifico-Tecnic de la Universitat de Barcelona. Thin sections were prepared (50) by the Servei de Lamina Prima de la Universitat de Barcelona, (20) by the Mikenia Laboratory, Poland, and (30) in Leoben, Austria.

Andre Audet, Chairman and Chief Executive Officer of Everton said, "We are encouraged by the findings in the study and the fact that they are based on drill results done on approximately 20% of the property. This reinforces the potential for VMS and Pueblo Viejo style epithermal gold discoveries on APV. Everton is excited to continue exploration on APV in 2013."