Everett Resources Ltd.

Everett Resources Ltd.

May 04, 2011 09:48 ET

Everett Resources Anounces It Has Received the VTEM Survey Report on the Menarik Property, Quebec

- Everett's geological consultants have used historic exploration data and the recently delivered VTEM (Geotech Airborne Limited) survey results, to identify two previously unidentified conductive zones on the Menarik Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - Everett Resources Ltd. ("Everett") (TSX VENTURE:EAR) is pleased to announce the VTEM survey report and operational update of its activities on its Menarik polymetallic property ("Menarik" or "Property"), located in the James Bay area of the province of Québec.

Everett has received the VTEM survey report that was contracted on the Menarik Property. The company has identified three distinct anomaly trends that will be the target of the next diamond drill program soon as ground conditions permit, and a drill contractor selected.

The new completed results from the VTEM include:

  • Area 1 corresponds to the area of the diamond drilling completed in 2007- 2008 (News Release http://bit.ly/NrFeb24). The VTEM anomalies will be integrated with the diamond drill intercepts to formulate the diamond drill holes.
  • Area 2 is a series of VTEM anomalies that correspond to surface copper – zinc mineralization will be drilled tested for Volcano Massive sulfides. This electromagnetic airborne anomaly is traced for approximately 300 metres along strike.
  • Area 3 is a 200 metre long VTEM anomaly that corresponds to the contact of a tonalite intrusive and the Menarik Ultramafic intrusive. This anomaly may correspond to copper- nickel mineralization.

Please click http://bit.ly/VtemMay2011 for the new anomalies on the map of the Menarik VTEM.

Everett geologists interpret the high/lowground magnetic signature to correlate with and reinforce previous ground mag results based on a compilation report by Pro-Or's geologist, Yvan Bussieres, that five different types of mineralization have been indentified on the Menarik Property in two zones. The Menarik ultramafic intrusion contains stratiform chromitite formations, massive sulphides and nickel-copper concentrations in the altered zones. Gold showings and mineralized felsic volcanic were found on the edges.

The winter drilling program that was announced on March 2nd 2011 is finished, and the core samples have been sent to ALS Chemex Labs Ltd of Rouyn-Noranda, Québec.

Everett is still at an early stage of exploration on the Menarik Property. The compiled geologic and analytical results from exploration completed previously by Ressources Minieres Pro-Or Inc. ("Pro-Or") has identified that the large ultramafic intrusions on the Property contain stratiform chromitite formations, massive sulphides and nickel-copper concentrations in the altered zones. Gold showings and mineralized felsic volcanic were found on the edges. This VTEM survey was designed to target nickel-copper sulphide deposits hosted in mafic-ultramafic intrusions on the Property.

A panoramic view of the Menarik polymetallic property, which outlines the main areas of mineralization as well as additional defined areas of mineralization, can be seen on the Everett website at the following link: http://bit.ly/MenarikMap

A 43-101 compliant measured and indicated resource estimate of chromite was reported in 2006 by Pro-Or's consultant group, Roche, from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. comprising a total exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. The report can be found on SEDAR (www.sedar.com) or the Company's website at www.everettresources.com.

Qualified Person

Everett's program is being conducted under the supervision of, and the technical information presented in this press release has been reviewed and approved by, Yvan Bussières, P. Eng. Mr. Bussières is a qualified person as defined by National Instrument 43-101.

About Everett Resources Ltd.

Everett is a junior resource mineral exploration company with interests in two mineral properties, the Menarik located in Quebec and the San Juan Property located in New Mexico, U.S.A.

To find out more about the Everett Resources Ltd.'s. Menarik Project, visit Everett's website at www.everettresources.com.

The Menarik Property, Quebec

As set out in the joint news release issued by Everett and Pro-Or Inc. ("Pro-Or") on September 23, 2010, the Menarik Property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties. Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property.

The San Juan Property, New Mexico

Everett continues to hold and maintain its interest in the uranium prospective San Juan Property which is comprised of 496 mineral claims located in the San Juan Basin of New Mexico. The San Juan Property contains lands where earlier drilling by the U.S. Department of Energy encountered conditions consistent with those of other uranium occurrences identified in the area. With its current exploration focus on the Menarik Property, Everett may seek a joint venture participant to carry out an exploration program.


Michael Waggett, President

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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