VANCOUVER, British Columbia, April 30, 2018 (GLOBE NEWSWIRE) -- Evolving Gold Corp. (CSE:EVG) (FSE:EV7) (OTCB:EVOGF) (the “Company”) is pleased to announce that it has received and compiled the results of its 2017 exploration programs that included high-resolution heliborne magnetic (“MAG”) and time-domain electromagnetic (“TDEM”) surveys completed in December, along with whole-rock assays returned from its rock and till field sampling and mapping program performed in September. The compilation of the results from the multiple surveys has allowed the Company to define priority exploration targets for the next exploration phase which will focus on the regional structure hosting the Toro 18 to 24 targets and on the Pistol claim group, where the Company has discovered significant indications of widespread hydrothermal processes.
Within the Toro 18-24 area, more than 60% of grab samples were anomalous in gold content, and were typically found in association with hydrothermal alteration. Multiple gold in till anomalies were also found down-ice from the zone. These sampling points were later found to be within a 10.2 km long structural feature defined by the MAG survey, and proximal to one of 4 electro-magnetic conductors identified by TDEM. The gently folded regional feature hosting targets Toro 18 to 24 is considered to be a primary exploration target for gold mineralization, and especially so near the identified TDEM conductors. This horseshoe-shaped structure, shown in Figure 1, has been named the Horseshoe Zone by the Company.
On the Pistol claims, sampling of sulphide-bearing glacial float revealed anomalous gold, found in close proximity to a regional-scale folded contact identified in the MAG survey. Observed alteration indicates that hydrothermal activity is known to exist proximal to the 12 km long contact, which is open on both extremities. The extensive contact zone, associated with hydrothermal activity, will also be a primary exploration target for the Company's 2018 field exploration program. Please refer to Figure 2, below. Detailed analysis of the MAG data is underway, which should reveal local structural features which might have trapped and concentrated hydrothermal fluids in these two priority exploration zones.
Toro 18 to 24: Horseshoe Zone
In the Horseshoe Zone, the MAG survey reveals the presence of a regional corridor that correlates with gold anomalies in grab and till samples, as well as localized conductive anomalies associated with distinct magnetic features within the folded formation. A 1.25 km thick (apparent thickness) gently folded assemblage of volcano-sedimentary rocks is bounded to the north by a basaltic volcanic unit along a contact stretching for over 10.2 km. The southern contact appears to be bounded by an intrusive body over a total length of approximately 8 km.
Within this large regional formation, four conductive TDEM anomalies, EM-1 to EM-4, were identified as part of the heliborne geophysical survey. TDEM anomalies 1 to 3 are found within exploration targets Toro 23 and 24, while another TDEM anomaly is located on Toro 20, in the hinge of the formation. The largest TDEM anomaly is 300m long and is located within target Toro 23. The conductor is consistent with sulphide-bearing mineralization and is also associated with a magnetic high anomaly, thus making it a priority target for further exploration. Albite alteration was observed proximal to the TDEM anomaly, which can indicate proximity to a hydrothermal centre, but no field samples have yet been collected directly on the conductor itself. Samples collected in the vicinity of EM-1 to EM-3 by the field exploration team prior to the airborne geophysical program contained anomalous gold. 4 km to the east, at target Toro 20, there is a less pronounced conductive zone with a strike of over 100 m, located in the hinge of the regional fold.
Exploration work done in 2017 has demonstrated that the folded formation has a distinctive carbonate alteration near the midline of the folded unit. Chloritisation and sericitization are both observed toward the contact between the northern volcanic unit and the folded structure. This suggests that the southern contact or structures along the midline area could have served as a permissive channel for extensive hydrothermal activity. From the midline of the fold up to the north side of the northern contact, rock sampling revealed broad areas containing anomalous gold values. Of 162 samples collected for analysis, 60% contained anomalous gold levels, all associated with sulphide minerals. Down-ice from targets Toro 23 and 24, the Company performed a till survey in 2016 that detected gold anomalies. The 2017 field sampling program included further till sampling, which confirmed the 2016 results, and extended the gold anomalies further up ice, closer to both the northern contact and the TDEM conductors. Figure 1 shows the Horseshoe Zone, the Toro targets within it, the geophysical conductors and the interpreted alteration zones. It can be found on Figure 1 at https://www.evolvinggold.com/images/Horseshoe_Zone.jpg
The Company believes that the entire 10.2 km length of the Horseshoe Zone may have provided a permissive environment for the emplacement of hydrothermal mineralization. During the next phase of field exploration activities, the Company will focus its efforts on locating structural controls and traps within the permissive structure which may have concentrated gold and other valuable minerals. Till sampling and geophysical modeling suggest that the area surrounding targets Toro 23 and 24 are now well enough understood to support more intensive local exploration programs.
As a result of the exploration data compilation and analysis, the Company has acquired 5 additional claims to further expend its coverage of the southern and northern flanks of the Horseshoe Zone.
Pistol Claims
The Company disclosed in a news release dated September 14th 2017 that a 2mx2mx1.5m rusty boulder has been found and gave anomalous gold content up to 38 ppb Au (see news release dated October 6th 2017). The boulder was thought to have been glacially transported only a short distance from its bedrock source due to its alteration, weathering, shape and size. This discovery led the Company to stake 80 contiguous claims, named the Pistol Block, based on structural data, regional magnetic maps and lake sediment samples available from the Quebec Ministry of Energy and Natural Resources. The Company conducted heliborne MAG and TDEM surveys over the Pistol Block in December.
The Pistol Block shows a very complex magnetic response from the heliborne MAG survey. The most prominent feature consists of a semi-circular boundary between two rock packages with very distinct magnetic signatures. The prominent semi-circular magnetic feature is located 90 m to the north of the discovery boulder and is most probably associated with the bedrock source of the boulder. Figure 2 shows the location of the discovery boulder and the semi-circular feature, found at https://www.evolvinggold.com/images/Pistol_Boulder_Mag.jpg. The semi-circular lineament has been traced over a strike of 12 km, and is thus considered to be a high priority target due to its potential to host hydrothermal gold mineralization. The Company has requested additional structural analysis to identify local targets for exploration such as faults and folding close to the circular lineament, where structures could have concentrated gold mineralization.
Evolving Gold’s Chief Executive Officer, Mr. R. Bruce Duncan, stated, “Evolving Gold has assembled an extensive claim package in a previously unexplored region of Quebec. Preliminary field exploration identified numerous gold anomalies at surface. We have subsequently identified very large geological features conducive to gold deposition, some of which do not appear on regional geological maps available from the province. We are now ready to determine localized structural controls for hydrothermal mineralization, to be verified by field exploration as targets for future geophysical surveys and drill programs.”
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 174.38 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).