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 14th and 27th). 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).