Evolving Gold: Drilling Significantly Extends Gold System at the Rattlesnake Hills Joint Venture, Wyoming
VANCOUVER, Nov. 15, 2011 /PRNewswire/ – Evolving Gold Corp. (TSX: EVG) (OTCQX: EVOGF) (FSE: EV7) (the “Company”)
is pleased to provide an update of the drilling program at its
Rattlesnake Hills joint venture gold property in Wyoming. Rattlesnake
Hills is a joint venture with Agnico-Eagle (USA) Limited
(Agnico-Eagle). Agnico-Eagle is the manager of the joint venture and
is funding 100 percent of the current exploration program.
Summary of Results:
-- The 2011 summer program at Rattlesnake Hills has completed a total of 8,193 m (26,880 ft) of core drilling in 24 holes. The results of the first 11 holes are reported here. -- Drilling has extended gold mineralization at the North Stock target to depth and to the south west. o Drill hole RSC-160 intersected 282.9 m at 1.08 g/t Au (927.9 ft at 0.031 oz/t), including 39.6 m at 2.57 g/t Au (129.4 ft at 0.075 oz/t), confirming vertical continuity of gold mineralization to below a depth of 300 meters. o Drill hole RSC-165 intersected 115.8 m at 0.50 g/t Au (379.8 ft at 0.015 oz/t) extending gold mineralization some 40 m to the south west of the know gold body. o Gold extensions are open to the south, west and at depth. Future drilling will continue to follow up on demonstrated extensions of the North Stock gold deposit. -- Drilling between the North Stock and Antelope Basin gold deposits has encountered broad intersections of gold mineralization. o Drill hole RSC-167 intersected 62.5 m at 0.51 g/t Au (205.0 ft at 0.015 oz/t) 200 m south of the North Stock deposit and 300 m north of the Antelope Basin deposit. This mineralization has the potential to become a connecting zone of gold mineralization between the two deposits. Drilling will continue to further explore and define this area. -- In addition to the drill program, Agnico-Eagle initiated an extensive surface exploration effort and a district-wide airborne magnetic and radiometric survey was completed. Only a fraction of the Rattlesnake Hills land package has previously seen modern exploration techniques applied to it. This program is expected to highlight more gold target zones on the property.
“The drill results are very encouraging as they demonstrate that the
gold mineralization at North Stock both continues to depths greater
than 300 m and may extend southward to connect with the Antelope Basin
gold zone,” comments William Gee, CEO of Evolving Gold. “The existence
of a significant quantity of gold between the two known gold deposits
shows the potential to greatly enhance the economics of the known gold
system by possibly allowing for a single large pit with a reduced strip
ratio.” Mr. Gee adds, “We also remain excited for the potential to
expand beyond the known gold zones and develop additional drill target
elsewhere on this large property”.
Assays have been reported for eleven drill holes, RSC-157 through
RSC-167. Assays for the remaining thirteen drill holes of this summer
drill program will be reported once they are received. To view an
image of the drill hole layout corresponding to this news release,
please click here or go to page 3.
Rattlesnake Hills Project GoldAssays Hole From To Interval Gold Interval Gold (meters) (meters) (meters) grams/tonne (ft) oz/ton RSC-157 10.6 21.3 10.7 0.43 35.1 0.012 172.2 198.1 25.0 0.28 82.0 0.009 RSC-158 166.2 201.2 35.0 0.28 114.8 0.009 234.7 251.5 16.8 0.29 55.1 0.009 RSC-159 0 19.8 19.8 0.35 65.0 0.011 RSC-160 33.5 316.4 282.9 1.08 927.9 0.031 including 211.8 251.4 39.6 2.57 129.9 0.075 RSC-161 Low level Gold RSC-162 240.79 266.7 25.9 0.24 85.0 0.007 RSC-163 54.8 121.9 67.1 0.25 220.1 0.007 RSC-164 128.0 158.5 30.5 0.28 100.0 0.008 280.5 372.2 91.7 0.24 300.8 0.007 RSC-165 86.9 277.4 190.5 0.41 624.8 0.012 including 86.9 202.7 115.8 0.50 379.8 0.015 RSC-166 Low level Gold RSC-167 163.0 303.2 140.2 0.33 459.9 0.010 including 176.8 239.3 62.5 0.51 205.0 0.015 *0.24g/t Au cut-off grade is used forreporting purposes
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.
Drill samples were collected with a diamond core drill. Sample
intervals are 1.5 m (5 feet), but in some instances sample intervals
were based on geology and alteration. Half core was shipped to
American Assay Laboratories in Elko, Nevada for preparation and to
American’s facility in Sparks, Nevada for analysis. Gold assays were
determined using standard fire assay techniques on 30-gram pulps with
an atomic absorption finish. Agnico-Eagle QA/QC included the insertion
of standards and blanks on a regular basis. Check assays were
performed by SGS Minerals Services in Toronto, Ontario.
About The Rattlesnake Hills Project
Rattlesnake Hills is an Evolving Gold, gold discovery joint ventured
with Agnico-Eagle on June 27, 2011. Approximately 80,000m of core
drilling in 180 holes has been completed in 4 seasons of drilling. As
part of the joint venture agreement Agnico-Eagle has the right to earn
up to 70% ownership in the project by spending $76 million on a
combination of cash payments to Evolving Gold, purchases of Evolving
Gold treasury shares, and project work commitments, including the
obligation to advance the project through feasibility. Evolving Gold
has no further spending commitment on the project as part of this joint
venture. The agreement allows for considerable resources to be brought
to the project in terms of people, mining expertise and capital while
allowing Evolving gold to focus its people and capital on the extensive
portfolio of gold properties it controls in Carlin, Nevada.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its gold properties in and
adjacent to the productive Carlin district of northern Nevada, and on
advancing its gold discovery at Rattlesnake Hills, Wyoming. In
compliance with National Instrument 43-101, the Company Chief
Geologist, Steven R. Koehler, BSc Geology and CPG, is the Qualified
Person responsible for the accuracy of this news release.
For more information about Evolving Gold please visit: www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
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.
SOURCE Evolving Gold Corporation
PDF with caption: “2011 Rattlesnake Hills Drill Hole Layout”. PDF available at: http://stream1.newswire.ca/media/2011/11/15/20111115_C5692_DOC_EN_6678.pdf