Evolving Reports on Exploration Progress in SW United States Gold Projects
March
4, 2008, Vancouver, British Columbia: Evolving Gold Corp. (TSX-V:EVG) (OTCBB: EVOGF)
(FSE:EV7) (the “Company”) is pleased to report on exploration
progress at its Sheep Creeks, Malone, Boulder Valley and Siesta properties in
the SW U.S. Sheep Creeks and Boulder Valley are situated in the prolific Carlin
Gold Trend in North-Central Nevada while Siesta is a large land-holding staked
by the Company between the Sleeper gold deposit and the Sandman deposits to the
south. Malone is situated in SE New Mexico.
Malone
Drilling at the
Malone prospect in SE New Mexico has been
completed and results returned from the laboratory. Unlike the sediment and
volcanic-hosted prospects in Nevada,
Malone is hosted in much older basement crystalline rocks and exhibits
stock-work, vein-hosted, and disseminated mineralization. The property, which
measures 4 kilometers long N-S and 1.8 kilometers wide E-W is situated in Grant
County, New Mexico.
At Malone, a
highly leucocratic Pre-Cambrian granitoid basement has been the focus of historic
gold mining on a small scale, dating back to 1884. Evolving completed 10
diamond holes totaling 840 meters, mainly angle holes while two were vertical.
The total strike length drilled was approximately 1000 meters, the shallow
holes varying from approximately 30 to 181 meters depth.
Zone
|
Hole
ID
|
From
(m)
|
To (m)
|
Width
(m)
|
Au
(gpt)
|
Ag
(gpt)
|
Patanke Zone
|
MAL-01
including
|
52.73
54.86
80.16
128.92
|
55.78
55.78
81.99
130.14
|
3.05
0.91
1.83
1.22
|
1.84 *
5.19
*
0.57 *
0.66 *
|
41.27 *
109 *
2.72 *
42.65 *
|
MAL-02
|
54.86
62.48
82.29
|
56.39
66.14
83.82
|
1.52
3.66
1.52
|
0.49 *
0.79 *
0.99 *
|
45.95 *
32.86 *
0.72 *
|
MAL-03
|
68.58
102.10
|
70.10
103.63
|
1.52
1.52
|
0.57 *
0.59 *
|
0.69 *
3.42 *
|
Hilltop Target
|
MAL-04
including
|
4.57
12.80
24.38
30.48
108.20
|
41.15
13.41
25.91
31.39
110.03
|
36.57
0.61
1.52
0.91
1.83
|
0.3
1.83
2.16
0.74
0.58
|
35.65
241
214
142
25
|
Canyon Target
|
MAL-05
|
56.39
|
57.91
|
1.52
|
0.77
|
5
|
MAL-06
including
|
6.71
8.53
25.91
|
31.39
9.45
26.82
|
24.69
0.91
0.91
|
0.6
6.62
2.07
|
56.15
833
179
|
MAL-07
including
|
4.57
5.49
14.63
23.77
|
17.37
6.40
15.54
24.69
|
12.80
0.91
0.91
0.92
|
0.58
2.2
1.3
0.92
|
57.21
291
82
43
|
MAL-08
|
18.90
|
21.64
|
2.74
|
0.61
|
17.33
|
MAL-09
|
18.29
23.77
|
20.12
29.26
|
1.83
5.49
|
0.54
0.38
|
20.5
19.5
|
Middle Stockwork Zone
|
MAL-10
|
46.33
59.13
|
47.24
60.96
|
0.91
1.83
|
0.75
0.66
|
24
43
|
Holes 6 and 7 in
the “Canyon Target” returned the highest grade intervals. Hole 6
includes 24.69 meters grading 0.60 gpt gold and 56.15 gpt silver. This interval
contains higher grade mineralization grading 6.62 gpt gold and 833 gpt silver
over just under one meter width. Hole 7 contains 12.80 meters grading 0.58 gpt
gold and 57.21 gpt silver, including an interval just under one meter width
which grades 2.2 gpt gold and 291 gpt silver.
More drilling is
warranted at Malone to more clearly define the dimensions of this near surface
goldsilver mineralization and to determine the true width of the
mineralization. The Company’s “Geological Report on the Malone
Property” as prepared by Gerald E. Ray Ph.D. dated February 20, 2007, may
be viewed at www.sedar.com.
Sheep
Creeks
At Sheep Creeks,
the Company has drilled one reverse circulation and two diamond drill holes.
The second diamond drill hole (RCC-002) is nearing completion at approximately
1,700 feet total depth. A complete description of the stratigraphy of the hole
was presented in a recent press release (February 28, 2008). Once this hole is
completed, three additional diamond drill holes will be completed across an
approximately NE-SW line of holes spaced approximately 150 meters apart. Strong
alteration and sulphidization is still apparent at the bottom of the hole. The
next hole, RCC-003, will be collared approximately 120 meters E of RCC-001. Two
drill rigs have been utilized at Sheep Creeks, one to precollar the holes to
the bottom of the Miocene volcanic rocks, and a second, diamond drill for
drilling through the altered, sedimentary rocks which underlie the volcanic
sequence. Geochemical results have been returned from the first hole, a reverse
circulation hole, and can be referenced in an earlier press release.
Photographs of
drill core from the Company’s third Sheep Creeks hole can be viewed on
the Company’s web site at http://evolvinggold.com/properties2/sheep-creeks/sheep-creeks-photos/.
Boulder Valley,
Carlin, Cottonwood
These three
properties fall under the exploration lease and sub-lease agreement with
Newmont Mining Corporation as previously announced.. On Boulder Valley,
a second reverse circulation hole is in progress. The first hole reached a
total depth of 510 meters, penetrating approximately 350 meters of overburden
before entering Paleozoic sedimentary strata. The property lies adjacent to the
Goldstrike deposit, on the western side of the Tuscarora Arch. A total of six holes
are planned as a first phase, at which point the drill will be moved to two
other Carlin trend properties, named Carlin and Cottonwood Creek, where similar
reverse circulation drill programs will be carried out as an initial phase.
Assays are pending.
Siesta
Two reverse
circulation drills are currently drilling at Siesta, testing geophysical
anomalies in the largely sand-covered property. A total of approximately 30
holes have been planned during the first phase. No
geochemical
results have been received so far. Company President Lawrence Dick,
Ph.D., P.Geo. states: “ Our exploration program in the U.S. is drill intensive, with initial programs
finished at Fisher Canyon and Malone, and three additional programs
ongoing at Siesta, Bolder
Valley, and Sheep Creeks.
We expect an abundance of assay results as our drill programs progress. Once we
have finished first rounds of drilling on the Carlin trend we will be moving to
Wyoming where
we have planned an exciting diamond drilling program on the Rattlesnake project
where earlier drill results by others have returned near-surface gold
mineralization. As well, while we are awaiting assays from Sheep Creeks, the
magnitude of the alteration and sulphide mineralization there will likely
warrant a much expanded drilling program.”
Incentive
Stock Options
The Company
announces today that it will distribute 3,000,000 incentive stock options to
directors, officers, employees and consultants of the Company at a price of $1.70.
These options will have a 5 year term and are subject to regulatory approval.
Winnemucca Mountain
The Company has
advised Golden Sands Exploration Inc. and AHL Holdings Ltd. that the Company
has terminated the Winnemucca Property Amended and Restated Option and Royalty
Agreement originally dated December 3, 2004 (announced December 6, 2004),
located in Humboldt County, Nevada.
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 prospective gold
deposits in the southwestern United
States. The Company is actively exploring 9
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 northcentral
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
FOR
MORE INFORMATION, PLEASE CONTACT:
Evolving
Gold Corp.
Robert Bick, CEO
robert@evolvinggold.com
Tel: (604)
685-6375
Toll Free: 1
-866-604-3864
www.evolvinggold.com
OR
Renmark Financial Communications Inc
Christopher Wells:
cwells@renmarkfinancial.com
James Buchanan: jbuchanan@renmarkfinancial.com
Tel.: (514)
939-3989
Fax: (514)
939-3717
www.renmarkfinancial.com
OR
Excelsior
Communications Inc.
Miranda Bradley,
Managing Partner
miranda@excelsiorcommunications.com
Direct (416)
996-0238
www.excelsiorcommunications.com
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.
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