VANCOUVER, British Columbia, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Evolving Gold Corp. (CSE:EVG) (FSE:EV7) (OTCB:EVOGF) (the “Company”) is pleased to announce it has received the first 28 sample assay results that were rush processed at the laboratory. These samples were collected in the first days of a field survey conducted between September 6th and the 15th, 2017. The Company is pleased to report that 4 of the samples contained anomalous gold, at up to 38 ppb ("parts per billion") Au. A grab sample from a block of glacial float at the Pistol target contained 38 ppb Au in a sulphide rich quartz vein. The three other anomalous gold results (12, 17 and 29 ppb) were associated with copper (0.189%, 0.030% and 0.112% respectively) and were collected on the Toro 23 and 24 targets. The latter three mineralized samples were found in three distinct mineralization styles: as disseminated sulphides within a basalt unit, as semi-massive sulphide mineralization in basalt, and at the contact between a basalt and a paragneiss unit. The anomalous gold results reported here do not adequately explain the highly anomalous gold in till samples previously reported from samples collected down-ice from targets Toro 23 and 24.
These 28 early results from among a total of 180 samples collected on the Pistol (9 samples) and Toro 23/24 targets (171 samples) provide the first evidence for multiple styles of mineralized structures which may have been the source(s) for the significant gold in till samples previously reported. The Company will now search for structural features which may have promoted the formation of mineral deposits containing gold and other metals of interest by performing an airborne Time Domain Electro-Magnetic (“TDEM”) survey over targets Toro 7, Toro 14 and Toro 18 through 24, as well as the newly staked Pistol claim group. The TDEM survey will provide the Company with a better understanding of both the regional and the local structural geology of the targets, and will help to determine potential sources of the identified mineralized glacial float (see news releases dated September 14 th and 27 th ). IOCG (iron oxide copper gold) mineralization, theorized by the Company to be associated with target Toro 7, would respond well in the survey due to its magnetite content. Potential orogenic gold mineralization in interpreted fault systems and shear zones will become priority targets for further field exploration. The TDEM survey will also identify conductors that may potentially be explained by sulphide mineralization associated with gold and base metals (reported above), yielding another category of exploration targets.
Evolving Gold’s Chief Executive Officer, Mr. R. Bruce Duncan stated, “These early results confirm anomalous gold in outcrop up-ice from significantly anomalous gold in till samples. This previously unexplored area of the La Grande sub-province has significant exploration potential. The detection of gold in the system is a milestone for our greenfield exploration program, which will now focus on identifying and assessing structural and geological features which are known to be associated with gold deposits in the James Bay area of Quebec.”
Methodology As previously reported on September 24th, 2017, the SL Exploration Inc technical team collected 483 whole rock grab samples, each approximately 1 kilogram ("kg") by weight. The 28 samples with results reported herein were bagged and tagged, and sent to AGAT Laboratories (Val d’Or QC), where they were prepared for assay. Gold (Au) was determined by pyroanalysis with an AAS finish (protocol 202-051, with a 2 ppb detection limit). The samples were also submitted for sodium peroxide fusion with a ICP-MS/OES finish (protocol 201-378), which provided a 59-element whole rock trace analysis.
The 46 C-horizon glacial till samples previously reported were screened in the field to pass a 5 cm mesh and were subsequently processed to yield concentrates by SL Exploration Inc. technicians. The concentrates are now ready to be shipped to Actlabs, (Ancaster ON) for final preparation and assay. Gold and silver (Au, Ag) will be determined by fire assay with an AA finish (protocol 1A2). Trace element content will be determined using analytical package Ultratrace 7, which involves sodium peroxide fusion with an ICP-MS finish.
Qualified Person Steven Lauzier, P.Geo OGQ, 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 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 ).
