VANCOUVER, Jan. 24 /CNW/ - 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
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
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
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
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
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.
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: www.evolvinggold.com. To receive regular updates or to receive a follow-up call from
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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
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