VANCOUVER, Jan. 23, 2012 /CNW/ - Evolving Gold Corp. (TSX: EVG) (OTCQX: EVOGF) (FSE: EV7) (the "Company") is pleased to provide an update of the 2011 drilling at its Rattlesnake Hills gold property in Wyoming, a joint venture with Agnico-Eagle (USA) Limited (Agnico-Eagle). Core drilling during 2011 has identified high grade gold mineralization at a new target at South Stock, identified a new porphyry target at Northeast Stock, expanded the North Stock mineralization, and confirmed the porphyry target between North Stock and Antelope Basin. Agnico-Eagle is the manager of the Rattlesnake Hills joint venture and is funding 100 percent of the exploration program.
Summary of Results:
The 2011 exploration program at Rattlesnake Hills included a total of 8,193m (26,880 ft) of core drilling in 24 holes. The results of the final 13 holes of the program are reported here.
- South Stock Target: Exploration drilling has intersected high-grade gold mineralization at the new "South Stock" gold target in drill hole RSC-180, 3.1m of 9.30g/t Au. This new gold zone is located 500m south of the Antelope Basin Gold Zone and is hosted by stockwork adularia-dolomite-sulfide veinlets. Soil and rock chip geochemistry shows gold anomalies over an area larger than at the North Stock Gold Zone.
- North Stock Gold Zone: Drilling at the North Stock Gold Zone has enlarged and confirmed lateral continuity of grade across the known deposit. Drill holes intersections include 102.1m of 0.69g/t Au in RSC-170, 62.5m of 1.84g/t Au in RSC-171 and 42.7m of 1.13g/t Au in RSC-175.
- North East Stock Target: The first exploration drill tests of the new North East Stock Target (RSC-172,-173,-174) intersected intensely altered porphyry stocks that do not outcrop, demonstrating potential for large, hidden, gold-mineralized porphyry bodies.
- Porphyry Target: Drill hole RSC-168, in the Porphyry Target Zone, immediately south east of North Stock, hosts multiple low to moderate grade gold intercepts in diorite and porphyry intrusions, associated with stockwork veinlet and intense potassic alteration.
"The 2011 exploration drilling program has continued to intersect new gold zones and expand on the known gold mineralization at the Rattlesnake Hills Project. We are particularly excited to demonstrate high grade gold at South Stock, a new gold zone drilled for the first time in 2011", comments William Gee, CEO of Evolving Gold. "Surface work shows that South Stock represents a large new zone of essentially untested anomalous gold mineralization, close to the center of this large gold system. South Stock, Northeast Stock, and several additional new drill targets generated by extensive surface sampling in 2011 will be a focus of our 2012 exploration program."
Rattlesnake Hills Project Gold Assays
*0.24g/t Au cut-off grade is used for reporting 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
Evolving Gold joint ventured its Rattlesnake Hills gold discovery with Agnico-Eagle on June 27, 2011. Approximately 80,000m of core drilling in 180 holes has been completed on the property in 4 seasons of drilling. 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. In addition to funding the exploration at Rattlesnake Hills, Agnico-Eagle brings mining expertise and capital to the project, allowing Evolving gold to focus on its extensive portfolio of gold properties 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.
Image with caption: "Rattlesnake Hills 2011 Drilling Phase 2 (CNW Group/Evolving Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20120123_C5812_PHOTO_EN_9070.jpg
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