- 20,000 m Drill Program Planned for Late May at Rattlesnake Hills, WY
- Drilling Continues at the Carlin, Nevada Project
- Rattlesnake Hills 43-101 Technical Report Expected in May
VANCOUVER, April 15 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to provide an update on its Rattlesnake Hills, WY and Carlin, NV projects.
Rattlesnake Hills - 2010 Drill Program
- 2010 program planned to commence in late May, 2010.
- At least 20,000 meters of drilling using three track-mounted core
rigs to provide more flexibility in targeting.
- Five new exploration targets will be tested.
- The main porphyry target will be tested with additional drill holes.
- Drilling is expected to be 45% extensions of known zones and 65%
exploration of new zones.
- Approximately 40 new drill pads are planned at North Stock, Antelope
Basin and five exploration targets.
Rattlesnake Hills - Insights from Drilling to Date
- Drilling to date has defined a large volume of bulk halo
mineralization with high gold grades along structures.
- The North Stock system is open along strike to the NE and SW, and
appears to bend to the NW as it wraps around a phonolite plug and is
open at depth. High grades in several holes continue to depths in
excess of 250 m.
- North Stock was drilled as a bulk tonnage target with drill spacing
too wide to adequately define the high grade structures and veins.
However, a core area within the halo mineralization, roughly 250 m
long, 100 m wide and persisting to at least 300 m depth, is the focus
of drill intersections with grades typically in excess of 2 gpt Au.
- The higher grade zone at Antelope Basin dips shallowly to the NW and
is open along strike to the SW, NE and at depth. Numerous intercepts
of mineralized porphyry dikes, especially to the SE of North Stock,
are interpreted as indicating an exploration target of a gold
porphyry at depth in this area. There is growing information
connecting the gold porphyries to the higher grade mineralization at
North Stock. The Company interprets the mineralized porphyries as
potentially major drivers for the gold mineralization at Rattlesnake
Hills. The Company plans to test this target with 3-4 deeper core
holes in 2010.The geophysical program during summer of 2009,
especially CSAMT, coupled with surface mapping and sampling,
indicates the system may be larger and more complex than previously
believed with additional exploration targets identified that have
received no drilling to date.
- For more information about Rattlesnake Hills, please click
Rattlesnake Hills - 43-101 Technical report
The company has contracted AMEC, a major engineering consulting firm, to complete a revised technical report and a 43-101 compliant resource estimate, with expected completion in May, 2010. This will be the first resource ever reported at Rattlesnake Hills, and will quantify drilling progress to date on the project, which remains wide open for significant expansion.
Final Option Payment on Rattlesnake Hills
Evolving Gold has exercised its Rattlesnake Hills Option in full to complete the acquisition of 100% of the Rattlesnake Hills Property. The total land package controlled by Evolving Gold at Rattlesnake Hills is approximately 13,570 acres or 5,490 hectares.
Carlin Project - Drilling Program
Drilling has been initiated at the Carlin project in Nevada. Evaluation of the cost and risks of drilling wedge holes off the existing CAR-007 drill hole has led the management of Evolving Gold to focus additional drilling on new offset drill holes, using the traditional rotary pre-collar approach. Two new precollars are planned as 200 meter offsets from the CAR-007 drill hole, which intersected high grade gold in favorable Lower Plate units, as previously reported (see 2/25/10 news release), including 18.3 meters at 11.7 gpt Au (60 feet at 0.340 opt Au) starting at 928 meters (3,045 feet). For more information about Carlin, please click http://evolvinggold.com/wp-content/themes/zen-min/properties/carlin_1024.php
Quinton Hennigh, President and Chief Geologist, comments, "We are very excited about the high grades intersected in CAR-007. 200 meters is a major offset in a system such as this. Though we believe that we have identified a major new zone of gold mineralization in a previously under-explored portion of the Carlin Trend, it will take a considerable amount of work to start to understand the full size potential of this system."
As part of a program to expand its shareholder base in Europe, the Company has, subject to regulatory approval, retained AXINO AG ("AXINO") to provide investor relations services in Germany and other European countries. AXINO will be responsible for maintaining timely contact with Evolving Gold's shareholders, potential investors and investment community professionals. AXINO will receive compensation of EUR 30,000 for an initial term of twelve months starting March 15, 2010. The contract may be terminated by either party after 6 months. The Company has granted 150,000 stock options to Axino AG, exercisable at a price of CDN $0.94 per common share for the lesser of; a period of 5 years expiring on April 11, 2015, or until one month after termination of the contract between the Company and Axino. These stock options have the following vesting schedule: 1/3 after 6 months, 1/3 after 9 months, and 1/3 after 12 months.
AXINO AG (http://www.axino.com) is a privately owned full-service investor relations firm based in Stuttgart, Germany. It specializes in representing resource sector companies that wish to obtain investor exposure and develop a shareholder following in the European financial markets with a special focus on the German speaking financial communities. AXINO's clients include, among others, Agnico-Eagle Mines Ltd., Endeavour Silver Corp., Monument Mining Limited, Tiger Resources Limited and Yukon-Nevada Gold Corp.
Evolving Gold has terminated its contract with Agoracom Investor Relations Corp.
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 and on five gold properties in and adjacent to the productive Carlin district of northern Nevada. Evolving Gold has acquired 100% of the Rattlesnake Hills project.
In addition to its wholly owned properties in Nevada, the Company has a lease agreement with subsidiaries of Newmont Mining Corporation on four prospective gold properties (North Carlin District 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.
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.
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.
SOURCE EVOLVING GOLD CORPORATION
For further information: For further information: Evolving Gold Corp., Robert Bick, Executive Chairman, firstname.lastname@example.org, Direct: (604) 685-6375, Toll Free: 1-866-604-3864, www.EvolvingGold.com; Investor Relations: Leo Karabelas, Tel: (416) 543-3120, email@example.com; Shiro Rae, Senergy Communications Inc., Tel: (778) 331-2095, firstname.lastname@example.org; Investors can post questions and receive answers at the Evolving Gold Corp IR Hub at http://www.agoracom.com/IR/evolving