Evolving Gold Starts Heliborne High-Resolution Magnetic and TDEM Survey on Toro Property
VANCOUVER, British Columbia, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Evolving Gold Corp. (CSE:EVG) (FSE:EV7) (OTCB:EVOGF) (the “Company”) is pleased to announce that it has selected Prospectair Geosurveys of Gatineau to perform a high-resolution magnetic and time-domain electromagnetic (“TDEM”) survey on part of its Toro Property. The survey will cover the Pistol claim block, the Toro 7 target, the Toro 14 target and Toro targets 18 to 24, with a line spacing of 100 m and control lines every 1,000 m for a total survey of 1,684 line-km over an area of 151.57 sq km. Weather permitting, the survey program is expected to begin this week and will require 5 days of flying time.
Rush assay results (28 samples) from initial prospecting work in September allowed the Company to assess mineralization and anomalous gold content in three distinct mineralization styles: as disseminated sulphides within a basalt unit, as semi-massive sulphide mineralization in basalt, and at the contact between a basalt and a paragneiss unit. These styles of mineralization were found at the Pistol discovery and on Toro target 23 and 24 (see news release dated October 6th). The Company has not yet received the assay results for the remaining 152 samples collected during the September field work program.
The TDEM survey will provide the Company with a better understanding of both the regional and the local structural geology of the targets, and will help to determine potential bedrock sources for the gold in till samples (see July 5 press release) and the mineralized glacial float (see news releases dated September 14th and 27th), as well as identifying deeper structural features that may be associated with gold deposition. Potential orogenic gold mineralization in interpreted fault systems and shear zones will be priority targets for further field exploration. The TDEM survey will also identify conductors which may be associated with sulphide mineralization. As the early assay results already show that sulphide samples contain gold and base metals, the geophysical program should yield two distinct categories of exploration targets.
Evolving Gold’s Chief Executive Officer, Mr. R. Bruce Duncan stated, “These high-resolution magnetic and electromagnetic surveys will provide the Company with detailed geostructural information in an area of Quebec where only very limited exploration was conducted in the past. Along with data collected in the field through mapping, grab sampling, and additional till samples, the geophysical data will allow the Company to focus the upcoming 2018 exploration program on targets with a higher probability of hosting gold mineralization on the Toro Property.”
Qualified Person
Steven Lauzier, P.Geo OGQ, A Qualified Person (“QP”) as defined by National Instrument 43-101 guidelines, has reviewed and approved the technical content provided in this news release.
About Evolving Gold
Evolving Gold is exploring the 72.5 square kilometre (total area) Lithium Lakes property in Quebec, located about 10 km north of the Route du Nord and between eight and 30 km from Nemaska Lithium's Whabouchi Project. The Company’s exploration goal is to discover economic quantities of lithium mineralization, hosted in pegmatite.
Evolving Gold is also exploring the 172.82 square kilometre (total area) Toro Project, in the vicinity of the Lithium Lakes property. The Company's immediate exploration goal is to assess numerous geochemical anomalies in till samples collected down-ice from large magnetic anomalies.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
“R. Bruce Duncan”
President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
Tel: 604.685.6375
TF: 866.604.3864
Neither Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).