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VANCOUVER, Feb. 28 /CNW/ - Evolving Gold Corp. (TSX-V:EVG) (OTCBB: EVOGF)
(FSE:EV7) (the "Company") is pleased to report that core drilling continues at
the Company's Sheep Creeks project situated between the Carlin and the
Getchell gold trends in north-central Nevada, and that anomalous gold values
have been returned from the first diamond drill hole which was terminated
approximately 200 to 300 meters above target depth due to technical
The third hole (SCD-3,diamond core) is currently at a depth of 1661 feet
(506 meters) and is situated approximately 120 meters to the SW of the first
reverse circulation hole (SCR-1,see press release dated January 23, 2008 for
results of this partially completed RC hole). The first diamond drill hole, a
twin hole to the first reverse circulation hole, and collared adjacent to it,
was abandoned at 375 meters, also due to technical reasons. SCD-3, a core
hole, has given the Company a much more extensive intersection of the strata
underlying the Sheep Creek project area and is planned to continue from its
current depth to approximately 600 to 700 meters final depth.
In the Sheep Creeks area, Evolving controls over 50,000 acres of land
which has been acquired primarily by staking. The Company's concept is that
beneath the unaltered Miocene volcanic cover, Paleozoic-age sediments, of the
same age and lithology to those which host the major gold deposits of the
Carlin and Getchell gold trends, may potentially be preserved close enough to
surface to be drilled and explored. The concept, which addresses the potential
for the continuation of the prolific Carlin trend of gold deposits, has as its
basis a structural analysis of the region based to a large degree on gravity
data. This entire area, which lays between the prolific Carlin and Getchell
gold trends, has seen almost no previous drilling. The closest historic drill
hole to Evolving's current drilling is at least 10 kilometers distant.
The first Evolving reverse circulation hole, (SCR-1), which is vertically
inclined, reached a depth of 1480 feet (463 meters) before being abandoned due
to technical reasons. A twin hole, drilled with a diamond drill, (SCD-2), was
collared nearby the terminated reverse circulation hole, and was planned to
reach a target depth of approximately 650 meters. SCD-2 also encountered
technical difficulties and was terminated at 1230 feet (375 meters). Both
holes penetrated approximately 350 meters of Miocene-age, unaltered volcanic
rocks. At approximately 350 meters depth they entered an approximately
20 meters thick zone of intensely pyritized and silicified intermediate
volcanic rocks, interpreted by the Company to represent the base of the
Miocene volcanic sequence in this area.
From 370 meters (approximately) both SCR-1 and SCD-2 entered a sequence
of intensely silicified, fractured and brecciated fine-grained sedimentary
rocks, although specific intervals with volcanic-like textures are also
observed. Over broad areas, the degree of alteration, and sulphide-quartz
veining and replacement has rendered the protolith difficult to identify
without planned, future petrographic studies.
The bottom 235 meters of the SCR-1, (all assays have been returned),
averages 0.23 grams per ton (gpt) gold, with individual 5 foot (1.6 meters)
intervals ranging up to 1.56 gpt gold (refer to press release dated
January 23, 2008). Thus, the first hole within the Company's large land
holdings showed the underlying strata to be intensely hydrothermally altered
and anomalously gold-bearing.
SCD-2, which terminated at 375 meters, penetrated only a small section of
what the Company interprets to be potentially sedimentary basement strata.
However, it, too, has returned geochemically-anomalous gold and pathfinder
elements from the heavily pyritized basal section of the Miocene volcanic
sequence. For example, between 321.3 and 375 meters, gold values range from
less than detection to a high value of 4.8 gpt over 1 meter intervals.
Significant values include 4 meters grading 1.69 gpt gold which includes a
2 meter interval of 3.12 grams per ton gold. It is important to emphasize that
the hole was terminated approximately 300 meters above the target depth, where
the Company expects calcareous sedimentary strata to be intersected.
Multi-element geochemical analyses have all been returned for the first
reverse circulation hole and the significance of the "pathfinder" element
anomalies which accompany gold and alteration in the hole has been discussed
previously (see press release dated January 23, 2008).
SCD-3 is located approximately 120 meters SW of the first sites. This
hole is currently at a depth of 506 meters. The first 300 meters penetrated
unaltered Miocene volcanic, becoming highly pyritized, silicified and altered
between 300 and 325 meters. At approximately 325 meters onwards, the rocks are
dominated by intensely silicified rocks including what the Company believes
were of sedimentary protoliths. Occasionally, units which resemble
highly-altered volcanic rocks are also noted. Moderate fracturing,
brecciation, and pyritization accompany the siliceous alteration. Dark-colored
andesite dykes are also occasionally present. From 457 to 483 meters (26
meters), silty sediments have undergone silicification and brecciation while
the degree of sulphidization as cross-cutting veins and disseminations
increases significantly. Barite is also noted in this interval. At 483 meters,
the hole entered brecciated, sulphidized, and occasionally dolomitized
limestone. In places the limestone is intensely silicified, and can exhibit
laminated, bioturbated textures. Drilling will continue until a depth of 600
to 700 meters.
Photographs of drill core from Evolving's third hole can be viewed on the
Company's web site at
Dr. Quinton Hennigh, Ph.D., Vice President of Exploration states: "Our
Sheep Creeks project consists of approximately 80 square miles of exploration
ground staked to date. It is significant to me that a scientifically-based
program, combined with a business environment that supports imaginative
exploration, has resulted in the identification of highly-altered, mineralized
strata in our first few holes, including highly-anomalous gold values from the
first two holes which were terminated short of the target depth. Regarding our
latest hole, which is still in progress, and has yet to be assayed, I have yet
more confidence that the original premise for our program in the area - that
potentially mineralized strata lie at reasonable depth beneath relatively
shallow overburden - is correct".
Drill core from RCD-3 is currently being logged and sampled, and will be
dispatched to ALS Chemex Labs in Elko, Nevada for sample preparation. All
previous and current geochemical analyses are carried out ALS Chemex in North
About Evolving Gold Corp.
Evolving Gold Corp. is an emerging gold exploration and development
company focused on building value through the acquisition and exploration of
world class prospective gold prospects in the southwestern United States. The
Company is actively exploring 10 separate gold properties, primarily in known,
producing gold trends in the state of Nevada. The Company has recently
completed first rounds of drilling at the Malone (NM) and Fisher Canyon (NV)
gold prospects and is currently drilling at their large Sheep Creeks (Carlin
District) and Siesta (Sleeper District) gold prospects which Evolving has
acquired by staking in north-central Nevada. Evolving recently announced the
signing of a definitive agreement to acquire 100% of the Rattlesnake gold
prospect located in Wyoming (see press release dated January 18, 2008).
Evolving has entered into an agreement with Newmont Mining Corporation
concerning an exploration partnership on four prospective gold properties
located within the prolific Carlin Gold Trend (see press release dated
December 5, 2007). In total, Evolving holds over 90,000 acres of exploration
lands in Nevada, Wyoming and New Mexico.
In compliance with National Instrument 43-101 ("NI 43-101") Lawrence A.
Dick, Ph.D., P.Geo. is the Qualified Person responsible for the accuracy of
this news release.
For more information visit www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
Lawrence A. Dick, Ph.D., P.Geo.
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/or 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 are intended to be among
the statements that 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 British Columbia Securities Commission.
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.: Lawrence Dick, President
and Director, email@example.com, Tel: (604) 685-6375, Toll Free:
1-866-604-3864, www.evolvinggold.com; OR Renmark Financial Communications Inc:
Christopher Wells: firstname.lastname@example.org, James Buchanan:
email@example.com, Tel.: (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; OR Excelsior Communications Inc.: Miranda Bradley,
Managing Partner, firstname.lastname@example.org, Direct (416) 996-0238,