Evolving Gold: 2012 Fully Funded $5M Nevada Exploration Program
VANCOUVER, April 3, 2012 /PRNewswire/ - Evolving Gold Corp.
(OTCQX: EVOGF) (the 'Company') is pleased to provide details of the 2012 fully-funded $5 million exploration programs at its Carlin, Humboldt and Jake Creek gold projects, in and adjacent to the productive Carlin district of northern Nevada.Carlin Project - Arch Gold Discovery
-- The upcoming field season includes drilling 6,000 m in five
drill holes as part of a $3.2 million program. RC pre-collar
drilling, followed by core drilling, will focus on the upper
high grade gold zones encountered in holes CAR-002, -007 and
-010.
o Holes will be closely spaced to CAR-002 (wedge hole, 15.7m of 5.1
g/t Au, including 1.4m of 38.1 g/t Au) reported June 20th 2011,
CAR-007 (18.3 m of 11.7 g/t Au) reported February 5th, 2010, and
CAR-010 (10.1 m of 11.1 g/t Au) reported April 14th 2011.
o Holes will be completed 30 m to 50 m from existing drilling in
order to establish continuity and geometry of the high grade (+10
g/t Au) gold zones.
o Successful holes will be followed by multiple wedge holes from the
original hole, in some cases utilizing a mud motor to maximize
separation, to provide multiple intersections from a single
'mother' drill hole.
-- Drill hole CAR-014 is complete with assays pending. CAR-015
core drilling is in progress, currently at 900m of a projected
total depth of 1,100m. An RC pre-collar is complete for
CAR-016 and a pre-collar for CAR-017 is in progress. Additional
RC pre-collars are scheduled for completion by the end of May.
Humboldt Project
-- The Company plans two drill holes, for a total of 2,000 m and
an expenditure of $900,000. One hole will test a gravity
embayment, interpreted to reflect the presence of
decalcification in underlying limestone. A second will test a
large area of hydrothermal alteration that coincides with the
intersection of a NW-striking anticline and a NE-striking fault
zone. Drilling will start in May, after the spring thaw.
Jake Creek Project
-- The Jake Creek program includes 5,000 m of RC drilling in two
target areas, with an anticipated start in June and a budget of
$900,000. In addition, a property-wide airborne magnetic survey
will start in April, and additional geological mapping,
prospecting and sampling will be completed prior to the summer
drill program.
'I'm pleased to announce the fully funded 2012 exploration program at our Nevada gold projects' states R. Bruce Duncan, CEO of the Company. 'The Arch discovery is a big, powerful gold system demonstrating thick, high grade gold intersections up to 625 metres apart. In 2012 the Company will work to demonstrate continuity of these high grade areas by tightening up step-out drilling to 30-50 metres from the known high grade. Even large gold deposits in the Carlin Trend can have relatively small footprints in area due to their thickness and high grade gold concentration, so it is important to better understand the orientation and extent of these high grade mineralized areas,' Mr. Duncan continued. 'Further, we're excited to drill two high priority targets at our 100% owned Humboldt property and to expand the drilling and exploration effort at our 100% owned Jake Creek project.'
About Evolving Gold's Carlin-Humboldt Projects
Evolving Gold's Arch discovery is part of a large 145 sq. km land package the company assembled directly on the Carlin Trend between the +30M oz Gold Quarry sub-district and the +4M oz Rain sub-district. In 2009 Evolving Gold completed its first drill test in the region. The hole tested a gravity embayment target and successfully intersected favorable lower plate carbonate host rocks and confirmed vertically-extensive Carlin-style alteration, and mineralization. Since that first hole, ten additional core holes have been completed. Select drill results from depths of 750 to 1,260 m include: 18.3 m of 11.7 g/t Au, 10.1 m of 11.1 g/t Au, and 14.7 m of 8.8 g/t Au. The Carlin and Humboldt Projects are crossed by an interstate highway and are close to the Gold Quarry processing facilities, including the largest gold ore roaster in the world. The Company is drilling grades and depths that are consistent with gold mining and development elsewhere on the Carlin Trend.
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. For more information about Evolving Gold please visit: www.evolvinggold.com. In compliance with National Instrument 43-101, Company Director, Robert Barker, Ph.D., Certified Professional Geologist, AIPG, is the Qualified Person responsible for the accuracy of this news release.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
'R. Bruce Duncan'
R. Bruce Duncan
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.
Evolving Gold Corporation
CONTACT: Investor Relations:
Rory Quinn
Tel: 604.630.0792
TF: 866.604.3864
rory@evolvinggold.com