Nov. 18, 2010 (Canada NewsWire Group) --
VANCOUVER, Nov. 18 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to announce that the first two drill holes at its 100% owned Jake Creek property in north-central Nevada have intersected gold mineralization in a previously unexplored system. Results include 28.9 meters at 1.33 gpt Au (95 ft at 0.039 opt Au) including 1.5 meters at 11.3 gpt Au (5 ft at 0.330 opt Au) in drill hole JC-005.
Summary of Results:
- Drill hole JC-005 intersected 45.7 meters at 0.97 gpt Au (150 ft at 0.028 opt Au), including 28.9 meters at 1.33 gpt Au (95 ft at 0.039 opt Au), and 1.5 meters at 11.3 gpt Au (5 ft at 0.330 opt Au). Drill hole JC-001 intersected multiple zones of anomalous gold, with grades to 0.36 gpt Au (0.011 opt Au) from 380 meters down hole to the end of the hole at 700 meters. Holes JC-002 through JC-004 remain to be drilled.
- The high grade intersection in drill hole JC-005 is at a depth similar to that mined at the nearby Ken Snyder mine in the Midas district.
- Drill holes JC-001 and JC-005 tested geophysical and mercury vapor anomalies.
- The Jake Creek property is located on the western margin of the Northern Nevada Rift in a relatively unexplored area of north-central Nevada. The Twin Creeks mine (Newmont Mining Corp.) is approximately nine kilometers west of Jake Creek, and the Clover property of Atna Resources is contiguous to the southeast.
- Volcanic hosted gold mineralization at Jake Creek is associated with silicification, adularia and clay alteration, typical of epithermal gold deposits, and has a low silver to gold ratio similar to the nearby Ken Snyder and Sleeper deposits in Nevada.
- Evolving Gold has staked an additional 11,500 acres of unpatented lode mining claims at Jake Creek enlarging its property position to approximately 18,000 acres. The Company plans additional drilling for early 2011.
"We believe that gold mineralization intersected in the first two drill holes in this unexplored area may represent a significant new gold discovery," comments Quinton Hennigh, the Company's President and Chief Geologist. "Though the main focus of our exploration program remains Rattlesnake Hills in Wyoming, and our Carlin and Humboldt projects in Nevada, we have been quietly testing our other exploration properties. We interpret the mineralization at Jake Creek as being confined to an early sequence of Miocene volcanic rocks, buried by post-mineral volcanic units, similar to the Ken Snyder deposit (Newmont Mining Corp.), which contains approximately 4.0 million ounces of gold and is about 21 km to the east of Jake Creek."
Fossil siliceous sinter with mercury values to 233 ppm Hg was intersected in JC-001 immediately below unaltered post-mineral rhyolite. Arsenic, antimony and mercury are strongly anomalous throughout the lower, older volcanic sequence. Anomalous trace elements and anomalous gold (10-300 pbb Au) persists into the underlying Paleozoic sedimentary units. "Paleozoic sedimentary units starting at 255 meters in drill hole JC-005 include intervals of limestone," continues Hennigh. "We interpret these to be part of the Lower Plate of the Roberts Mountain thrust. Considering the anomalous gold intersected in these limey rocks, we believe that exploration for Carlin style gold mineralization is equally as important as the search for high grade epithermal gold deposits in our exploration of the Jake Creek property, particularly considering the proximity of the project area to the Twin Creeks deposit."
Mineralized Intervals, Drill Hole JC-005:
All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. True widths of mineralization in these drill holes, at this stage of exploration, are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish.
Steven Koehler Joins the Evolving Gold Staff:
The Company is pleased to announce that Steven Koehler has joined the Company to take a leadership role in the Company's exploration programs in Nevada. "We are very pleased to have Steve working with us in Nevada," says Quinton Hennigh. "He brings with him a wealth of exploration experience, geological understanding, and exploration success in identifying and defining new gold deposits in the Carlin Trend and elsewhere in Nevada. He will be a great asset to Evolving Gold as we move forward with our exploration of our 100% controlled Humboldt and Jake Creek properties, along with our Carlin and Boulder Valley projects."
About Evolving Gold Corp.
Evolving Gold is focused on exploring its significant gold discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado, and on four gold properties in and adjacent to the productive Carlin district of northern Nevada, two of which are 100% controlled by Evolving Gold. In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
For more information about Evolving Gold please visit: www.evolvinggold.com. To receive regular updates or to receive a follow-up call from Investor Relations please sign up at: http://evolvinggold.com/sign-up.php.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
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. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.