VANCOUVER, Jan. 24 /PRNewswire/ -- Evolving Gold Corp. (TSX: EVG) (FSE: EV7) (the "Company") is pleased to provide an update of its ongoing exploration activities in Nevada. Evolving Gold is currently exploring four gold properties in the prolific northern Nevada gold province, including its Humboldt, Carlin, Jake Creek and Boulder Valley projects.
"2010 was a seminal year for Evolving's exploration in Nevada," says Quinton Hennigh, President and Chief Geologist. "In February, we announced the discovery of high grade gold mineralization at our Carlin project. In May, we announced the acquisition of one of the largest land packages on the Carlin trend. In November, we announced the discovery of a new gold system at our Jake Creek property. We continue to be excited by the discovery potential of these projects, all of which are located in one of the most gold-rich portions of the earth's crust. In 2011, we plan aggressive exploration on all these projects, because we recognize the positive impact they could provide our shareholders."
Humboldt/Carlin Projects: -- The Company completed a detailed magnetotelluric geophysical survey. The survey identified a number of complex structures that may control high grade gold mineralization as intersected in CAR-007 (18.3 meters at 11.7 gpt Au). Two core rigs are currently testing the geophysical targets produced by this survey. -- A wedge has been set on hole CAR-002 to test for improvements and continuations of gold mineralization encountered in that hole at 850-930 meters. This includes 1.5 meters at 11.9 gpt Au, which supports potential for the discovery of additional high grade gold in the immediate vicinity. -- A second core rig is deepening CAR-003 to test an interpreted structure below the initial terminus of that drill hole. This drilling has encountered increased alteration, realgar (arsenic sulfide), and stibnite (antimony sulfide). Gold assays are pending. -- A new reverse circulation precollar, CAR-010, has been drilled and cased to 540 meters. CAR-010 is located approximately 20 meters due west of CAR-007. Core drilling will start shortly on CAR-010 and proposed wedge holes to provide additional drill tests of the high grade gold encountered in CAR-007. Geophysical surveys indicate that the high grade gold mineralization is associated with a series of north-south structures. -- Core hole EHB-002 was drilled on the Humboldt project, approximately 4.5 km southeast of CAR-002, to a depth of 1,310 meters. It encountered units that are interpreted to be the same favorable lower plate carbonate rocks as in CAR-002 and CAR-007. EHB-002 encountered anomalous gold to 0.12 gpt and highly anomalous arsenic and antimony at 1,115-1,150 meters. -- Core hole EHB-003 was drilled on the Carlin project, approximately 1.6 km northwest of EHB-002 to a depth of 1,356 meters. It also encountered similar favorable lower plate carbonate rocks. Assays are still pending for this hole. -- Core hole EVGQ-001 was drilled in the Carlin project approximately 4.5 km northwest of CAR-007, to a depth of 1,401 meters. It encountered units that are interpreted to be the same favorable lower plate carbonate rocks as in CAR-002 and CAR-007. EVGQ-001 encountered anomalous gold to 0.17 gpt and anomalous arsenic and antimony at 1,240 meters to the end of the hole. -- Two reverse circulation precollars were drilled to 400 meters in the western part of the Humboldt project. Due to wet winter conditions, core drilling to test lower plate targets interpreted to lie within 800 meters of the surface will be postponed till June, 2011.
Evolving Gold holds 100 percent of the Humboldt project in the southern part of the Carlin trend. The Humboldt project largely encircles the Carlin project, which is subject to an agreement with subsidiaries of Newmont Mining Corporation. Collectively, Evolving Gold's land holdings in the Humboldt and Carlin projects provide Evolving Gold with one of the largest land positions in the Carlin trend. A large gold system was discovered and drilled by Evolving Gold in 2009 and 2010 in the Carlin project. To date, gold mineralization has been encountered in multiple drill holes in an area measuring approximately 400 meters wide and 1,000 meters long, situated about 2.0 km south of the town of Carlin, Nevada. Intersections to date range from high grade gold mineralization (18.3 meters at 11.7 gpt Au in drill hole CAR-007) to broad intervals of low grade gold mineralization (172 meters at 0.31 gpt Au in drill hole CAR-009). The company is targeting buried, high grade, sediment-hosted gold mineralization, similar to that being mined underground elsewhere on the Carlin trend.
Jake Creek Project: -- As previously reported, drill hole JC-005 intersected 28.9 meters at 1.33 gpt Au. -- A December, 2010 detailed gravity survey over the project area identified buried structures that may serve as controls on gold mineralization intersected in drill hole JC-005. -- Evolving Gold has staked additional lode mining claims, enlarging the land position at Jake Creek to approximately 20,000 acres. -- Evolving Gold is revising drill permits to allow for an additional twenty reverse circulation drill holes to evaluate the Jake Creek discovery. A spring drill program is anticipated.
On November 18, 2010, the Company announced the discovery of blind gold mineralization in a drill hole at its 100% owned Jake Creek project near Newmont's Twin Creeks mine. Hole JC-005 encountered 28.9 meters at 1.33 gpt Au, including 1.5 meters at 11.3 gpt Au, hosted by volcanic rocks immediately overlying Paleozoic sedimentary rocks. This mineralized interval appears to be similar to epithermal mineralization at the nearby, high grade, Ken Snyder and Sleeper gold deposits.
Boulder Valley Project: -- Diamond core hole, BVE-001, was drilled to 1,313.7 meters in late December. This drill hole is located approximately 4.0 km southwest of the Post-Betze deposit on the Carlin trend, targeting buried gold mineralization in lower plate carbonate rocks. -- Drill hole BVE-001 cut volcanic cover to 405 meters, entering upper plate siliceous rocks below that point, followed by interpreted lower plate units from 760 to 875 meters. Below a large fault at 875 meters the drill hole entered interpreted upper plate units again. Assays are pending.
The Boulder Valley project, southwest of the Post-Betze deposit, covers an area of approximately 12,500 acres and is subject to an agreement with subsidiaries of Newmont Mining Corporation. Evolving Gold has targeted drilling this covered, undrilled area of the Carlin trend because of the presence of a large gravity feature interpreted as indicating the potential presence of relatively near surface, Paleozoic rocks, potentially favorable for gold mineralization. Discovery of lower plate rocks in BE-001 is considered to be very promising and indicates that this area may be permissive for the discovery of a blind, Carlin-style gold deposit. Assays are pending. Additional drilling is under consideration for 2011.
Assays:
All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. True widths of mineralization in these drill holes, at this stage of exploration, are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its gold discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado, and on four gold properties in and adjacent to the productive Carlin district of northern Nevada, two of which are 100% controlled by Evolving Gold. In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
For more information about Evolving Gold please visit: http://www.evolvinggold.com/. To receive regular updates or to receive a follow-up call from Investor Relations please sign up at: http://evolvinggold.com/sign-up.php.
On Behalf of the Board of Directors EVOLVING GOLD CORP. "Robert Barker" Robert Barker CEO and Director
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We seek safe harbour.
Evolving Gold Corporation
CONTACT:
Investor Relations:
Graham Johnstone
Tel: 778-331-2023
info@evolvinggold.com
