EVOGF News Evolving Gold: 2012 Fully Funded $5M Nevada Exploration Program
2012-04-03 09:00 ET - News Release
Evolving Gold: 2012 Fully Funded $5M Nevada Exploration Program
Canada NewsWire
VANCOUVER, April 3, 2012
VANCOUVER, April 3, 2012 /CNW/ - Evolving Gold Corp. (TSX: EVG) (OTCQX: EVOGF) (FSE: EV7) (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.
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.
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.
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."
