VANCOUVER, Aug. 5 /CNW/ - Evolving Gold Corp. (TSX-V:EVG) (OTCBB:EVOGF)
is pleased to provide an update on the status of its active properties. Assay
results are expected in early Fall from the Rattlesnake Hills Diatreme Complex
and from the North Carlin District Properties.
Rattlesnake Hills Diatreme Complex, Wyoming
Phase One drilling, 24,000 ft (7,300 m) is currently underway at Evolving
Gold's Rattlesnake Hills Diatreme Complex Property in Wyoming. Two LF-90
diamond core drills rigs began drilling on June 21, 2008 on the South Stock,
Antelope Basin and North Stock targets. To date, they have drilled
approximately 8,100 ft (2,455 m) of core in four holes, RSC-001 (Antelope
Basin), RSC-002 (South Stock) and RSC-003 and RSC-004 (North Stock). Holes
RSC-005 and RSC-006, also in the North Stock target, are in progress. Assay
results from the first three holes are anticipated within 6 - 8 weeks. Phase
One drilling should be completed by late October, 2008.
Hole RSC-003 twinned an historic Newmont diamond drill hole that
intersected 489 ft (149 m) grading 1.62 grams per tonne (gpt) gold in a zone
of adularia-carbonate-sulfide veinlets to depths of 815 ft (247 m). RSC-003
encountered similar veinlets to depths of 1,320 ft (400 m). Hole RSC-001 is
located near an historic reverse circulation hole drilled by American Copper
and Nickel Company that intersected 335 ft (101 m) grading 0.78 gpt gold in
stockwork carbonate-sulfide veinlets hosted in a mafic intrusion. RSC-001
encountered similar stockwork mineralization to a depth of 1,150 ft (348 m),
then intersected a carbonate-adularia-sulfide cemented breccia to the end of
the hole at 1,417 ft (472 m). Hole RSC-002, drilled to 1,316 ft (399 m) in the
South Stock target, encountered carbonate-adularia-sulfide cemented breccia
from 620 to 1,170 ft (188-355 m). Gold assays from these three holes are
North Carlin District Properties, Nevada
Drilling resumed in the Sheep Creeks area on June 2, 2008 after flooding
from unusually heavy snowmelt delayed access to the drill sites. The sixth and
last diamond drill hole of Phase One is currently underway and is expected to
be completed by mid-August, 2008. Complete assay results are anticipated by
early Fall. Once the Sheep Creeks drill program is complete, drilling will
begin on the Carlin and Cottonwood Creek properties to evaluate stratigraphy
and depth to favorable host rocks. At the Jake Creek property, Evolving plans
to drill approximately 6 holes in late 2008 to test targets resulting from our
recently completed mercury vapor and induced polarization surveys. After
several failed attempts to drill through overburden at Boulder Valley,
Evolving will evaluate other drilling options to complete the test of the
target in late 2008.
Sleeper District Project, Nevada
Evolving completed Phase One drilling at the Sleeper District Project in
late May, 2008 and has received the assay results. Thirty-four reverse
circulation drill holes ranging in depth from 100-300 meters were drilled
testing geophysical targets over this extensive property. The goal of this
drill program was to identify areas underlain by favorable host-rocks. Six
widely spaced, yet strategically placed holes in the southeast and central
portions of the property encountered similar volcanic and sedimentary rocks to
those that host the adjacent Sandman deposits (Fronteer and Newmont Mining
joint venture) at shallow depths of 30-80 meters. Evolving believes these six
drill holes define an area of approximately 12 square kilometers underlain by
reworked tuffaceous volcaniclastic rocks like those that host the North Hill
and Silca Ridge deposits of the Sandman project, approximately 2-4 km
southeast of Evolving's claimblock. Clay alteration and minor silicification
were encountered in four holes indicating that hydrothermal fluids have
affected these favorable host rocks. Anomalous gold values of 10-249 parts per
billion have been identified within the altered intervals. Five drill holes in
the northern part of the property in close proximity to Gabica Butte were
terminated when they encountered water-saturated sands at depths of about
160 meters resulting in the collapse of the holes.
Fisher Canyon, Nevada
Evolving plans Phase Two drilling at Fisher Canyon for late 2008 to
follow up on last winter's encouraging drill results (25.9 m grading 0.87 gpt
gold in hole FC-006) and to test additional targets on the property. One new
target lies approximately 500 meters northeast of the area drilled last
winter. In this new target area, surface sampling of rocks similar to those
encountered in drilling has returned assays as high as 6.0 gpt gold.
Prospecting this spring identified favorable host rocks for about three
kilometers to the northeast from the drilled area.
Malone Silver Gold Project, New Mexico
Evolving is presently permitting Phase Two drilling for late 2008 or
early 2009. The objective of the second phase of drilling is to define the
dimensions of the near surface, disseminated gold-silver mineralization
encountered in Phase One drilling which was completed in January, 2008.
Results from Phase One drilling include 24.7 meters at 56.2 gpt silver and
0.60 gpt gold including a high grade interval of 0.91 m grading 833 gpt silver
and 6.62 gpt gold in MAL-06, 12.8 meters at 57.2 gpt silver and 0.58 gpt gold
in MAL-07 and 36.6 meters at 35.65 gpt silver and 0.30 gpt gold in MAL-04.
Phase One drilling was shallow, generally less than 100 meters, and several
holes terminated in mineralized rock. Phase Two drilling will test
mineralization at depths of up to 300 meters.
Incentive Stock Options
The Company announces today that it will issue 50,000 incentive stock
options at a price of $0.65 to Lewis Kleinhans, geological consultant,
pursuant to his service contract. These options have a 5 year term and are
subject to regulatory approval.
About Evolving Gold Corp.
Evolving Gold is actively exploring nine separate gold properties,
primarily in known, producing gold trends in the southwestern United States.
In total, Evolving holds over 36,400 ha (90,000 acres) of exploration lands.
Evolving currently has over $21 million in its treasury.
Evolving owns 100% of the Rattlesnake Hills Diatreme Complex in Wyoming
(see press release 1/18/2008). Evolving has entered into a lease agreement
with Newmont Mining Corporation on four prospective gold properties (North
Carlin District Properties) located within the prolific Carlin Gold Trend (see
press release 12/5/2007).
Evolving Gold is continuing its aggressive drilling and acquisition
In compliance with National Instrument 43-101, Robert W. Barker, Ph.D.,
P.Geo., is the Qualified Person responsible for the accuracy of this news
On behalf of Evolving Gold Corp.
President and Director
FORWARD LOOKING STATEMENTS: This document includes forward-looking
statements as well as historical information. Forward-looking statements
include, but are not limited to, the continued advancement of Evolving's
general business development, research development and Evolving's development
of mineral exploration projects. When used in this document, the words
"anticipate", "believe", "estimate", "expect", "intent", "may", "project",
"plan", "should" and similar expressions may identify forward-looking
statements. Although Evolving Gold Corp. believes that their expectations
reflected in these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that actual
results will be consistent with these forward-looking statement. Important
factors that could cause actual results to differ from these forward-looking
statements include the potential that Evolving's mineral deposit(s),
fluctuations in the marketplace for the sale of minerals, the inability to
implement corporate strategies, the ability to obtain financing and other
risks disclosed in our annual report on Form 20F filed with the U.S.
Securities and Exchange Commission and filings made with the Canadian
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Evolving Gold Corp., Robert Bick, CEO,
firstname.lastname@example.org, Direct: (604) 685-6375, Toll Free: (866) 604-3864,
www.EvolvingGold.com OR Miranda Bradley, Investor Relations,
email@example.com, Direct (416) 996-0238 OR Renmark Financial
Communications Inc., Christopher Wells: firstname.lastname@example.org, Barry
Mire: email@example.com, Tel.: (514) 939-3989, Fax: (514) 939-3717,