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
Hole
|
From
(meters)
|
To
(meters)
|
Interval
(meters)
|
Gold
grams/tonne
|
|
Interval
(ft)
|
Gold
oz/ton
|
RSC-168
|
259.0
|
266.7
|
7.6
|
2.50
|
|
24.9
|
0.073
|
|
387.1
|
406.9
|
19.8
|
0.63
|
|
64.9
|
0.018
|
|
605.0
|
615.7
|
10.7
|
0.41
|
|
35.0
|
0.012
|
RSC-169
|
198.1
|
254.5
|
56.4
|
0.27
|
|
185.0
|
0.008
|
RSC-170
|
126.5
|
228.6
|
102.1
|
0.69
|
|
334.9
|
0.019
|
including
|
164.6
|
170.7
|
6.1
|
1.06
|
|
20.0
|
0.030
|
including
|
187.4
|
192.0
|
4.6
|
1.47
|
|
15.1
|
0.043
|
including
|
202.7
|
225.6
|
22.9
|
1.09
|
|
75.1
|
0.032
|
RSC-171
|
166.1
|
228.6
|
62.5
|
1.84
|
|
205.0
|
0.054
|
including
|
187.4
|
227.0
|
39.6
|
2.63
|
|
129.9
|
0.077
|
including
|
195.1
|
208.8
|
13.7
|
6.08
|
|
44.9
|
0.177
|
RSC-172
|
246.8
|
251.4
|
4.6
|
0.24
|
|
15.1
|
0.007
|
RSC-173
|
None
|
|
|
|
|
|
|
RSC-174
|
None
|
|
|
|
|
|
|
RSC-175
|
128.0
|
170.7
|
42.7
|
1.13
|
|
140.1
|
0.033
|
including
|
161.5
|
163.1
|
1.6
|
21.50
|
|
5.2
|
0.625
|
RSC-176
|
284.9
|
294.1
|
9.2
|
0.99
|
|
30.2
|
0.029
|
RSC-177
|
170.7
|
175.3
|
4.6
|
0.32
|
|
15.1
|
0.009
|
RSC-178
|
None
|
|
|
|
|
|
|
RSC-179
|
202.7
|
204.2
|
1.5
|
0.61
|
|
4.9
|
0.017
|
RSC-180
|
199.6
|
202.7
|
3.1
|
9.30
|
|
10.2
|
0.272
|
*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.
"William Gee"
William Gee
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