High-Grade Sampling Results from the la Cienaga Copper-Gold Project

Highlights:

-          EVR completed a systematic sampling program at the la Cienaga Copper-Gold Project.

-          Average values from a total of 119 samples assayed at 0.88% Cu, 2.51g/t Au,  5.61g/t Ag.

-          In the Eagle Zone, sample #1844128 returned the highest-grade gold assay

• 83.87g/t Au, 2.9% Cu, 7.7g/t Ag

-          Further detailed mapping and sampling including trenching will be completed and results will be used for drill target evaluation.

-          The New Standard claims pegged in 2021, have been rationalised to focus attention on a strong structural anomaly.

September 29th, 2023 - EV Resources Limited (ASX: EVR) (“EVR”, or “the Company”) is pleased to announce that it has completed an initial geological review of the la Cienaga copper-gold project within la Paz County, Arizona, USA.

The Project is located in the Buckskin Mountains of West-Central Arizona, and covers ground in the Cienaga sub-district which accounts for 85% of all the gold produced from the Buckskin District, although no mining has occurred since the 1920s. This follows the consolidation of the ground position at the New Standard project (See ASX announcement of 10th May 2023 “New Standard Project Land Position Consolidated”).

The dominant mineralisation of the Buckskin District is related to a regional burial event caused by tectonic over-plating. The Buckskins experienced a regional MVT-style mineralisation event in which Iron-Oxide/Copper mineralisation has emplaced along stratigraphic controls within the Paleozoic Sedimentary Rocks.  Subsequent extension and rifting have affected the area.  A distinctive feature of the Eagle Zone is vertical sedimentary formations which host mineralization

Figure 1 –  La Cienaga Claims and Geological Features

Eagle Zone – Maiden Exploration Programme

The recently pegged Eagle Zone (See Map 1, above and for more detail Map 2, below) has returned excellent sampling results. For a full list of Sample Results see Table 1, below.

The Eagle Zone contains numerous old mine workings and more than 4,000m of underground workings are noted in State and County records. Many of the underground developments were completed prior to 1910 and minimal reporting exists. The historic mining in the Eagle Zone is concentrated within the craggy peaks and outcrops of the Double Eagle Shaft and Gray Eagle Shaft.  Historic records, maps, and sections are being integrated into a working 3D model. There are numerous existing access roads and only minor rehabilitation will be required to mobilize drilling operations.

In the Eagle Zone, copper-oxide mineralisation occurs in conjunction with massive hematite, hematite-breccia, and local mushketovite (hydrothermal magnetite).  Copper-Oxide species are more advanced and include malachite, chrysocolla, azurite, brochanthite and others.  Later emplacement of sub-vertical volcanics is along trend with the vertical sedimentary rocks and west of a 100m-thick Tertiary basalt flow.  The historic mining area is focused on mineralised contacts of the sedimentary sequence.  Numerous vein trends extend to the southwest, a basement detachment fault has also been observed nearby. 

Figure 2 – Eagle Zone, within the La Cienaga Project

Photo 1 – Eagle Zone Vertical Rhyolite Vent with Silicic and Argillic Alteration. Location of Samples 1843963 - 969

Photo 2 – Eagle Zone. Vertical Rhyolite Vent with Silicic and Argillic Alteration. Samples 1843970-979

The exposed portion of this zone presents as a block of highly mineralised (iron-oxide/copper-oxide) paleozoic carbonates and siliciclastic sediments that have been rotated to a sub-vertical orientation. More than 5km of structurally controlled quartz vein mineralisation has been identified along this trend. 

Photo 3 – Looking NE at Gray Eagle Shaft area.  Approx. 20m wide gossan is sub-vertical.

Photo 4 – Mesothermal quartz vein with drusy quartz rimming cavities (epithermal overprint)

The highest-grade sample #1844128 was recorded at the Eagle Zone.

Sample #1844128:

-          83.87g/t Au, 2.9% Cu, 7.7g/t Ag, 0.19% TREO (which includes: 804ppm Ce, 53ppm Gd, 386ppm Nd, 96ppm Pr, 74ppm Sm, 57ppm Y).  No other samples produced a TREO result.

Photo 5 – Sample 1844128

New Standard Zone – Revisited and Refocused

The New Standard Project Area was visited during the summer field season.  Access from Parker, AZ is 15 miles by paved and dirt road.  Previous sampling of the project in 2022 was made available to Mineoro by EV Resources, this information was used to supplement a complete geologic reconnaissance.

The New Standard Project can be broken into the East and West, divided by the Central Arizona Project Water Canal. The East half was visited briefly and had been previously mapped and sampled in 2022. Mineralisation observed in the East Half is hosted in carbonates, Iron-Oxides and Copper-Oxides is patchy and discontinuous, although concentrated along stratigraphic controls. This land position has been dropped, to focus exploration on the West Half - auriferous mineralisation here is related to both low-angle structural zones and sub-vertical structures which host volcanic-related mineralisation. 

Photo 6 – Low angle structural control

A layered rhyolitic vent can be traced for about 500m on surface; this feature is silicified and contains leached sulphide grains. 

Photo 7 – Vertical rhyolite Vent. New Standard West Zone

Sampling by Mineoro in the West Half returned Gold values ranging from 0.019ppm up to 23.10ppm and having and average value of 2.78ppm (grams per ton) from 19 samples.

Photo 8 – Vertical Rhyolite Vent New Standard West Zone

Next Steps

EVR will plan a further and more detailed sampling and trenching campaign at la Cienaga, from which drill targeting studies will be conducted.

Table 1 – La Cienaga Sampling Program – Table of Significant Results

Blank cell in results table – below reporting limits

ENDS

For further information, please contact:

Luke Martino

Non-Executive Chairman

Tel: +61 8 6489 0600

E: [email protected]

Hugh Callaghan

Managing Director

Tel: +61 8 6489 0600

E: [email protected]

This ASX announcement was authorised for release by the Board of EV Resources Limited (EVR).

Forward Looking Statement

Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy.  Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Competent Person’s Statement

The information in this release that relates to Exploration Results is based on information prepared by Dr Michael Feinstein, a certified professional geologist and member of the American Institute of Professional Geologists. Dr Feinstein is a licensed Professional Geoscientist registered with the American Institute of Professional Geologists and based in the USA.

Dr Feinstein has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Feinstein consents to the inclusion in the release of the matters based on their information in the form and context in which it appears. Dr Feinstein is a consultant to the Company and holds no shares in EV Resources Limited. Dr Feinstein consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

Compliance Statement

This announcement contains information on the la Cienaga Project extracted from ASX market announcements dated 10th May 2023, 15th September 2022 and 15th March 2022 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.