Everton Resources Inc. is pleased to announce the commencement of field programs in Canada and the Dominican Republic.
BLUE SKY JACKPOT Lithium Ontario
Located in the Thunder Bay Mining District of Ontario approximately 150 kilometers northeast of Thunder Bay, the lithium property hosts numerous spodumene bearing pegmatite occurrences and has lain dormant since 1955 when it was worked by the Ontario Lithium Corporation. The patented claim group was forfeit due to unpaid taxes and has subsequently been optioned by Everton Resources. This initial exploration program will focus on areas previously reported to host spodumene bearing pegmatite occurrences to locate, validate and sample these pegmatite occurrences for lithium and rare earth elements. (See news release May 17, 2016.)
The Blue Sky Jackpot Lithium property surrounds the Jackpot Occurrence, a small four claim unit group in the centre of the Everton property that is also described by E. G. Pye in his 1965 report as reportedly hosting a historic non-compliant resource of 2 million tons of 1.09% lithium oxide.
ARROYO CARPINTERO (formerly Ponton) Dominican Republic
Located 27 km east of the Pueblo Viejo mine, this concession will be the initial focus of our renewed exploration efforts in the Dominican Republic. Soil geochemistry, trenching, and soil samples have previously defined significant anomalies, along with artisanal mining having been observed onsite. This very promising prospect is located in the Monte Plata Province and on one of the few regional volcanic centers on the "Los Ranchos Formation". The concession is not located near any ecologically restricted areas, has good access and a low population density. Surface geology, soil, and rock geochemistry sampling have returned values of 4.08 g/t Au, 30 g/t Ag, 0.63% Cu and 0.67% Zn. Grid line cutting and surveying is being initiated as a precursor to a 22 km line Induced Polarization (IP) ground geophysical survey. The IP survey will cover resistivity and magnetics and should start in late August.
André Audet, Chairman and CEO of Everton, commented: "This will be a very active season for Everton. I am looking forward to report on the results of our exploration programs and to further advance our gold, copper and lithium projects in Ontario and the Dominican Republic."
The technical content of this release was reviewed by Wade Kornik, P.Geo., a qualified person as defined by the National Instrument 43-101.
In Other News:
Everton also announces the closing of a non-brokered private placement by issuing 300,000 units of the Corporation for gross proceeds of $15,000.
Each Unit consisted of one common share (the "Common Share") of the Corporation at a price of $0.05 per Common Share and one-half common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional common share in the capital of the Corporation at a price of $0.07 per common share for a period of twenty-four (24) months. The proceeds will be used to advance exploration work and also for working capital.
In connection with the private placement, the Company will pay a cash finder's fee of $1,200 and issue 24,000 finder's warrants exercisable at $0.07 for a period of twenty-four (24) months from the closing date.
All securities issued in the private placement are subject to a four-month hold period expiring on December 5, 2016. The private placement is subject to receipt of applicable regulatory approvals including acceptance of the TSX Venture Exchange (TSX-V).