Evolving Gold Identifies Two Priority Exploration Targets on the Nicobi Project
VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) -- Evolving Gold Corp. (CSE:EVG) (FSE:EV7) (OTCB:EVOGF) (the “Company”) is pleased to report that it has received complete analytical results of its most recent Nicobi Project geochemical sampling program, which was conducted on the property in the summer of 2017. It included a total of 12 rock samples and 43 till samples. A small field program conducted in 2016 had revealed anomalous gold and base metals in a contiguous series of 11 till samples taken alongside a logging road. These preliminary results, along with evidence for similar geological structures associated with a number of known gold and base metal showings located west of the Property, including Metanor's producing Bachelor Mine, led to the staking of a block of 57 contiguous claims called the Nicobi Project. (Please refer to the Company's June 13, 2017 press release for further information.)
The Nicobi Project follow-up work completed in 2017 identified two target zones to be the subject of additional ground exploration work in 2018. Zone A is glacially up-ice from copper and zinc anomalies in both till and rock samples. Zone B is associated with anomalous gold in till samples from both the 2016 and 2017 surveys. The Zone B-associated results led to the staking of 7 additional claims to fully cover the probable target area, glacially up-ice from the gold-anomalous till sample locations. Both target zones are accessible from a network of logging roads which cross the Nicobi Project claims.
The Zone A till sample results are consistent with volcanic-hosted massive sulphide deposits known from numerous regional showings associated with the Doda shearing corridor, an off-shoot of the Casa Berardi Fault Zone. The local geology can be seen in the figure which accompanied the June 13 press release (https://www.evolvinggold.com/images/Figure_Geology.jpg). Zone A is superimposed on a probable fault intersection within the Doda shear zone, interpreted from regional aeromagnetic data. Zone A is depicted in Figure 1 at https://www.evolvinggold.com/images/nicobicuzn.jpg.
Zone B is glacially up-ice from anomalous gold found in the 2016 till samples, as was confirmed with the 2017 till sampling survey. The gold source is expected to be located NE (up-ice) from these till anomalies, as seen on Figure 2 at https://www.evolvinggold.com/images/nicobiau.jpg. The Zone B exploration target zone is proximal to the contact between the well-mineralized volcanic Obatogamau Formation and the later-stage intrusive Lichon Pluton, and associated with magnetic lineaments which may be related to faulting. Please refer to the previously referenced map of the local geology for further information.
Qualified Person
Steven Lauzier, P.Geo OGQ 1430, 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 recently acquired the 31.93 square kilometre (total area) Nicobi property, located next to Osisko’s Quevillon Property and about 18 km southeast of Metanor’s Bachelor gold mine. The Company’s exploration goal is to find precious and base metal deposits suitable for further development.
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).