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Canada Business News and Press Releases
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(EMAILWIRE.COM, October 22, 2009 ) Vancouver, British Columbia - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the “Company”) is pleased to announce that drilling at its Rattlesnake Hills project continues to intersect long intervals of gold mineralization including intervals of higher grades.
Significant intersections include 175.3 meters at 1.86 gpt Au (575 feet at 0.054 opt Au) including 36.6 meters at 4.11 gpt Au (120 feet at 0.120 opt Au) in drill hole RSC-039 and 141.7 meters at 1.56 gpt Au (465 feet at 0.046 opt Au) including 7.6 meters at 16.41 gpt Au (25 feet at 0.479 opt Au) in drill hole RSC-041.
President hole RSC-041.
President and Chief Geologist, Dr. Quinton Hennigh states, “Drilling continues to support continuity of gold mineralization along the south side of North Stock. The strike length of the higher grade zone currently extends about 240 m and is open to the northeast. RSC-039 indicates that it can start less than 15 meters below surface and RSC-046 indicates it continues to a depth of approximately 300 m. The higher grade zone appears to be approximately 65 m wide where it is hosted in the diatreme breccia, widening to about 90 m at drill hole RSC-039.”
Rattlesnake Hills is similar in geology to the Cripple Creek district in Colorado, where Anglo Ashanti currently produces approximately 275,000 ounces of gold annually in an open pit, heap leach operation with a recovered grade of 0.49 grams per tonne. More than 20 million ounces of gold has been produced from the Cripple Creek complex.
North Stock Target
- The broad interval of gold mineralization in hole RSC-039, 175.3 meters at 1.86 gpt Au (575 feet at 0.054 opt Au) including 36.6 meters at 4.11 gpt Au (120 feet at 0.120 opt Au), continues to demonstrate continuity of gold mineralization along the southern boundary of the North Stock diatreme complex. RSC-039 is located 80 meters northeast of RSC-020 (67.1 meters at 10.8 gpt Au) and 130 meters southwest of RSC-003 (146.3 meters at 2.92 gpt Au).
- Drill hole RSC-041 intersected 141.7 meters at 1.56 gpt Au (465 feet at 0.046 opt Au) including 7.6 meters at 16.41 gpt Au (25 feet at 0.479 opt Au). This hole intersects the southern boundary of the North Stock diatreme complex slightly above the interpreted highest grade portion of the contact zone mineralization.
- Drill hole RSC-046 intersected the mineralized diatreme contact approximately 180 meters vertically below drill hole RSC-020 and intersected 39.6 meters at 1.52 gpt Au (130 feet at 0.044 opt Au), including 3.0 meters at 13.23 gpt Au (10 feet at 0.386 opt Au). Alteration and mineralization is related in part to an intermediate porphyry similar to that encountered to the east in drill hole RSC-027. There is growing evidence of the importance of this porphyry in the development of gold mineralization at Rattlesnake Hills.
Drill holes RSC-033 and 037 targeted shallower levels of the North Stock target, largely above the upper portion of the higher grade gold mineralization in the vicinity of drill hole RSC-003. Drill hole RSC-036 appears to have intersected a late stage diatreme breccia or fault offset.
Dr. Hennigh comments, “Continuing development of evidence linking gold mineralization at North Stock to an intermediate porphyry, coupled with results previously reported for RSC-027, opens up exploration potential for a major, untested mineralized porphyry target at depth. This will likely be a significant focus of our continued exploration at Rattlesnake Hills.”
Antelope Basin Target
- Drill hole RSC-038 intersected several long intervals of gold mineralization, such as 61.0 meters at 0.62 gpt Au (200 feet at 0.018 opt Au) in schist northwest of the diorite intrusion which hosts much of the Antelope Basin gold mineralization.
- Drill hole RSC-035 was lost due to open space caving. Prior to being lost it intersected 30.8 meters at 0.83 gpt Au (101 feet at 0.024 opt Au), starting at 13.7 meters (45 feet) down hole.
Drilling indicates that the Antelope Basin gold mineralization is not restricted to the diorite intrusion. The Antelope Basin mineralization is extensively oxidized. The character of the mineralization and alteration is similar to that at North Stock, suggesting a genetic link between the two. Mineralization appears to extend to the northeast, toward a known concentration of mineralized porphyry, and to the southwest toward a drill hole completed by ACNC (Inco) in the 1980Â’s which contained reported anomalous gold values.
North Stock - Summary Table of Assays
See table at http://evolvinggold.com/news/2009/evolving-gold-intersects-366-meters-at-411-gpt-au/.
Antelope Basin - Summary Table of Assays
See table at http://evolvinggold.com/news/2009/evolving-gold-intersects-366-meters-at-411-gpt-au/.
Please note: Lengths of intersections reported in all tables are down hole intervals. Estimates of true widths are still not reliable at this stage of exploration of this system.
Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish. For over limit assay results, initial assays in excess of 10.0 gpt Au, a gravimetric finish is utilized. The Company will undertake a program of metallic screen fire assays, particularly of the higher grade intervals.
General Update for Rattlesnake Hills
The Company has made major progress in defining the potential and continuity of the high grade and bulk tonnage targets at North Stock and Antelope Basin during the 2009 drill program. It has also identified a gold minerralized porphyry target southeast of North Stock, which is an important exploration target for 2010. Assays from approximately 51 drill holes remain to be reported.
Two track mounted core rigs will continue to operate at the Rattlesnake Hills project until approximately the end of October, when freezing weather and snow conditions mandate a termination of drilling due to logistical difficulties and safety concerns. The Company expects to complete hole number 93 on the property by the end of October.
Preliminary metallurgical studies indicate that floatation should produce a bulk sulfide concentrate that includes a high percentage of the gold. The Company plans to undertake an extensive program of cyanide leach gold assays to characterize the metallurgical nature of the mineralization at Rattlesnake. A program of leach testing on the oxide portion of the mineralization at North Stock and Antelope Basin will also be initiated, along with additional test work on the sulfide mineralization.
As part of an overall program of advancing the baseline studies for permitting development, archeological surveys have been expanded in 2009, and wildlife surveys are ongoing through the year. A thorough biological survey of plant species is planned for Spring and early Summer in 2010. Regulatory authorities have permitted the removal of an unoccupied eagleÂ’s nest on the access road, with the preparation of an alternative nesting site nearby that will not be disturbed by traffic accessing the drill site.
The Company plans to complete an updated NI 43-101 in the second quarter of 2010 addressing size, grade, metallurgy and economics of the Rattlesnake Hills project.
It has come to the attention of the Company that an assay conversion from grams per tonne to ounces per ton (opt) in the September 14, 2009 news release was incorrect. In the reported assays for RSC-027, the interval of 160.0-170.7 meters, at 3.87 gpt Au, should have been shown as 0.113 opt instead of 0.088 opt as previously reported.
Carlin Drilling
At the Carlin, Nevada property, two additional core holes (CAR-003 and CAR-004) have been completed subsequent to the completion of hole CAR-002 reported on September 10, 2009. These holes are drilled to depths of 1,130.2 meters and 1,030.2 meters (3,700 feet and 3,379 feet) and have intersected the interpreted Webb Formation which hosted the upper interval of gold mineralization intersected in drill hole CAR-002. One core rig is drilling at Carlin and will complete a fourth hole (CAR-007). CAR-007 is currently at a depth of 771.3 meters (2,530 feet) and will test the full sedimentary column that was tested in CAR-002, including the unit that hosted the lower intersection of gold mineralization in that drill hole. Assays are pending for CAR-003 and CAR-004 and will likely not be available for at least a month.
Kiyuk Gold Property:
The Company reports that a proposed joint venture on the Kiyuk property has been cancelled, and that the Company controls 100 percent of the property through an agreement with the underlying owner. Earlier this month, Ridgemont Capital Corp. indicated to the Company that it would not proceed with a proposal to acquire by joint venture a 70 percent interest in the Kiyuk Gold Property.
“Kiyuk is an exciting exploration property in southern Nunavut with alteration and anomalous gold in rock samples, commonly to levels of 3-5 gpt Au extending over a strike length of 18 kilometers.” says Evolving Gold CEO, Dr. Robert Barker. “We have completed additional sampling, expanded the size of known prospects, and completed geophysical surveys to better define drill targets. This is large gold system that fits EVG’s exploration expertise.”
“Rattlesnake Hills continues to be our primary focus and we will carefully examine all our options for pursuing an exploration program on this property to optimize both our human resources and our cash.”
About Evolving Gold Corp.
Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado. Evolving Gold has the option to acquire 100% of the Rattlesnake Hills project.
Evolving also has nine other gold properties in New Mexico, Nevada in the United States, and southern Nunavut in Canada. A lease agreement with subsidiaries of Newmont Mining Corporation on four prospective gold properties (North Carlin District Properties) in the prolific Carlin Trend. The Carlin property drilling described earlier in this news release is on one of these four properties.
For more information about Evolving Gold please visit: 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.
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.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
“Robert Barker”
Robert Barker
CEO and Director
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FOR MORE INFORMATION, PLEASE CONTACT:
Evolving Gold Corp.
Robert Bick, Executive Chairman
robert@evolvinggold.com
Direct: 604 685 6375
Toll Free: 1-866-604-3864
www.EvolvingGold.com
.
Investor Relations:
Leo Karabelas
First Canadian Capital Corp.
Tel: 416-543-3120
lkarabelas@firstcanadiancapital.com
.
Shiro Rae
Senergy Communications Inc.
Tel: 778 331-2095
shiro@senergyir.com
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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 CompanyÂ’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 CompanyÂ’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 CompanyÂ’s filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the CompanyÂ’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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Evolving Gold Corp.
Robert Bick, Executive Chairman
604 685 6375
robert@evolvinggold.com 
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