Evolving Updates Drilling Progress at its Sheep Creeks
Project near the Carlin Gold District, North-Central Nevada
February 28, 2008, Vancouver, British
Columbia: Evolving Gold Corp. (TSX-V:EVG) (OTCBB:
EVOGF) (FSE:EV7) (the “Company”) is pleased to report that core
drilling continues at the Company’s Sheep Creeks project situated between
the Carlin and the Getchell gold trends in north-central Nevada, and that
anomalous gold values have been returned from the first diamond drill hole
which was terminated approximately 200 to 300 meters above target depth due to
technical difficulties.
The third hole (SCD-3,diamond core) is
currently at a depth of 1661 feet (506 meters) and is situated approximately
120 meters to the SW of the first reverse circulation hole (SCR-1,see press
release dated January 23, 2008 for results of this partially completed RC
hole). The first diamond drill hole, a twin hole to the first reverse
circulation hole, and collared adjacent to it, was abandoned at 375 meters,
also due to technical reasons. SCD-3, a core hole, has given the Company a much
more extensive intersection of the strata underlying the Sheep Creek project
area and is planned to continue from its current depth to approximately 600 to
700 meters final depth.
In the Sheep Creeks area, Evolving
controls over 50,000 acres of land which has been acquired primarily by
staking. The Company’s concept is that beneath the unaltered Miocene
volcanic cover, Paleozoic-age sediments, of the same age and lithology to those
which host the major gold deposits of the Carlin and Getchell gold trends, may
potentially be preserved close enough to surface to be drilled and explored.
The concept, which addresses the potential for the continuation of the prolific
Carlin trend of gold deposits, has as its basis a structural analysis of the
region based to a large degree on gravity data. This entire area, which lays
between the prolific Carlin and Getchell gold trends, has seen almost no
previous drilling. The closest historic drill hole to Evolving’s
current drilling is at least 10 kilometers distant.
The first Evolving reverse circulation
hole, (SCR-1), which is vertically inclined, reached a depth of 1480 feet (463
meters) before being abandoned due to technical reasons. A twin hole, drilled
with a diamond drill, (SCD-2), was collared nearby the terminated reverse
circulation hole, and was planned to reach a target depth of approximately 650
meters. SCD-2 also encountered technical difficulties and was terminated at
1230 feet (375 meters).
Both holes penetrated approximately 350
meters of Miocene-age, unaltered volcanic rocks. At approximately 350 meters
depth they entered an approximately 20 meters thick zone of intensely pyritized
and silicified intermediate volcanic rocks, interpreted by the Company to
represent the base of the Miocene volcanic sequence in this area.
From 370 meters (approximately) both SCR-1
and SCD-2 entered a sequence of intensely silicified, fractured and brecciated
fine-grained sedimentary rocks, although specific intervals with volcanic-like
textures are also observed. Over broad areas, the degree of alteration, and sulphide-quartz
veining and replacement has rendered the protolith difficult to identify
without planned, future petrographic studies.
The bottom 235 meters of the SCR-1, (all
assays have been returned), averages 0.23 grams per ton (gpt) gold, with
individual 5 foot (1.6 meters) intervals ranging up to 1.56 gpt gold (refer to
press release dated January 23, 2008). Thus, the first hole within the
Company’s large land holdings showed the underlying strata to be
intensely hydrothermally altered and anomalously gold-bearing.
SCD-2, which terminated at 375 meters,
penetrated only a small section of what the Company interprets to be
potentially sedimentary basement strata. However, it, too, has returned
geochemically-anomalous gold and pathfinder elements from the heavily pyritized
basal section of the Miocene volcanic sequence. For example, between
321.3 and 375 meters, gold values range from less than detection to a high
value of 4.8 gpt over 1 meter intervals. Significant values include 4 meters
grading 1.69 gpt gold which includes a 2 meter interval of 3.12 grams per ton
gold. It is important to emphasize that the hole was terminated approximately
300 meters above the target depth, where the Company expects calcareous
sedimentary strata to be intersected. Multi-element geochemical analyses have
all been returned for the first reverse circulation hole and the significance
of the “pathfinder” element anomalies which accompany gold and
alteration in the hole has been discussed previously (see press release dated
January 23, 2008).
SCD-3 is located approximately 120 meters
SW of the first sites. This hole is currently at a depth of 506 meters. The
first 300 meters penetrated unaltered Miocene volcanic, becoming highly
pyritized, silicified and altered between 300 and 325 meters. At approximately
325 meters onwards, the rocks are dominated by intensely silicified rocks
including what the Company believes were of sedimentary protoliths.
Occasionally, units which resemble highly-altered volcanic rocks are also
noted. Moderate fracturing, brecciation, and pyritization accompany the
siliceous alteration. Dark-colored andesite dykes are also occasionally
present. From 457 to 483 meters (26 meters), silty sediments have undergone
silicification and brecciation while the degree of sulphidization as
cross-cutting veins and disseminations increases significantly. Barite is also
noted in this interval. At 483 meters, the hole entered brecciated,
sulphidized, and occasionally dolomitized limestone. In places the limestone is
intensely silicified, and can exhibit laminated, bioturbated textures. Drilling
will continue until a depth of 600 to 700 meters.
Photographs of drill core from
Evolving’s third hole can be viewed on the Company’s web site at http://evolvinggold.com/properties2/sheep-creeks/sheep-creeks-photos/.
Dr. Quinton Hennigh, Ph.D., Vice President
of Exploration states: “Our Sheep Creeks project consists of
approximately 80 square miles of exploration ground staked to date. It is
significant to me that a scientifically-based program, combined with a business
environment that supports imaginative exploration, has resulted in the
identification of highly-altered, mineralized strata in our first few holes,
including highly-anomalous gold values from the first two holes which were
terminated short of the target depth. Regarding our latest hole, which is still
in progress, and has yet to be assayed, I have yet more confidence that the
original premise for our program in the area - that potentially mineralized
strata lie at reasonable depth beneath relatively shallow overburden - is
correct”.
Drill core from RCD-3 is currently being
logged and sampled, and will be dispatched to ALS Chemex Labs in Elko, Nevada
for sample preparation. All previous and current geochemical analyses are
carried out ALS Chemex in North
Vancouver, B.C.
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 world class prospective gold prospects in the
southwestern United States.
The Company is actively exploring 10 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 north-central 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.
Lawrence Dick, President
and Director
lawrence@evolvinggold.com
Tel: (604) 685-6375
Toll Free: 1 -866-604-3864
www.evolvinggold.com
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Renmark
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Excelsior Communications
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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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