New Gold Targets Identified at Rattlesnake Hills Project
Mar 26, 2012
OTC Disclosure News Service
Vancouver, BC, Canada –
March 26, 2012, Vancouver, British Columbia: Evolving Gold Corp. (TSX: EVG, OTCQX: EVOGF, FSE: EV7) (the “Company”) is pleased to report that surface exploration in 2011 identified new gold targets at its Rattlesnake Hills gold discovery in Wyoming, a joint venture with Agnico-Eagle (USA) Limited (Agnico-Eagle). Agnico-Eagle is the manager of the Rattlesnake Hills joint venture and is funding 100 percent of the exploration program.
Summary of Results:
· Surface exploration included 1,279 soil samples and 368 rock chip samples.
· The soil survey identified new gold target zones outside of the known gold occurrences at North Stock and Antelope Basin.
o Gold (Au) anomalies were identified with a similar magnitude to North Stock and Antelope Basin at South Stock, Confluence, Pronghorn, and E-W Breccia. The South Stock anomaly has a larger footprint than North Stock. See Figure 1.
o Arsenic (As) anomalies cover all targets, and demonstrate both north-south and east-west structural corridors. Arsenic concentrations show similar patterns to gold, which is expected given its correlation with gold in core samples.
· Rock chip sampling confirmed the gold target at South Stock, also identified in drill hole RSC180 (9g/t Au over 3m) reported on January 23, 2012. Rock chip samples also identified a new gold target zone to the east. See Figure 2.
o A large area of gold mineralization outcrops on top of South Stock, mainly as oxidized, disseminated and vein hosted sulfides in heterolithic breccia.
o Rock chips up to 3.1 g/t Au identify the Growler prospect, 1,300 m east of South Stock in vein breccias and potassic alteration.
o Multiple 0.5 to 1 g/t Au samples also outline the known Exhalite gold target.
“The surface exploration work completed this past field season confirms the presence of additional gold targets outside of the known targets at North Stock, Antelope Basin and Exhalite. These results are expanding the scale of the gold mineralization at Rattlesnake Hills, demonstrating that this is a district scale gold project,” said R. Bruce Duncan, CEO of the company. “These new gold targets present an exciting new set of exploration and drill targets for 2012.”
Figure 1. Gold (Au) Arsenic (As) Anomalies at Rattlesnake Hills
Figure 2. Gold (Au) in Rock Chip Samples at Rattlesnake Hills
Soil and Rock chips were processed at American Assay Labs (AAL) in Sparks, Nevada. Rock chips used fire assay for Au (FA30) and ICP-2A for 68 element suite. Soils used fire assay for Au (FA30) and ICP-2A-UT for 68 element suite.
About The Rattlesnake Hills Project
Evolving Gold joint ventured its Rattlesnake Hills gold discovery with Agnico-Eagle on June 27, 2011. Approximately 80,000m of core drilling in 180 holes has been completed on the property in 4 seasons of drilling. Agnico-Eagle has the right to earn up to 70% ownership in the project by spending $76 million over 7 years on a combination of cash payments to Evolving Gold, purchases of Evolving Gold treasury shares, and project work commitments, including the obligation to advance the project through feasibility. In addition to funding the exploration at Rattlesnake Hills, Agnico-Eagle brings considerable mining expertise to the project, allowing Evolving Gold to focus on its extensive portfolio of gold properties in Carlin, Nevada.
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. In compliance with National Instrument 43-101, the Company Chief Geologist, Steven R. Koehler, BSc Geology and CPG, is the Qualified Person responsible for the accuracy of this news release.
For more information about Evolving Gold please visit: www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
“R. Bruce Duncan”
R. Bruce Duncan
CEO and Director
FOR MORE INFORMATION, PLEASE CONTACT:
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.
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