Evolving Gold Reports First 2010 Assay Results from Rattlesnake Hills 128.1 meters at 1.16 gpt Au in Hole RSC-099 Includes 42.6 meters at 2.40 gpt Au

August 23, 2010, Vancouver, British Columbia: Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") announces assays for the first fourteen core holes from its 2010 drilling program at its Rattlesnake Hills project in central Wyoming. Results include 128.1 meters at 1.16 gpt Au (420 ft at 0.034 opt Au), including 42.6 meters at 2.40 gpt Au (140 ft at 0.07 opt Au) in drill hole RSC-099, and 73.2 meters at 1.39 gpt Au (240 ft at 0.041 opt Au) in drill hole RSC-100. These two drill holes are step out drill holes to the south and west of the Antelope Basin gold zone.

 

  • Hole RSC-099 intersected 128.1 meters at 1.16 gpt Au (420 ft at 0.034 opt Au), including 42.6 meters at 2.40 gpt Au (140 ft at 0.070 opt Au) approximately 30 meters beyond any previous drilling along the southern margin of the Antelope Basin zone. This confirms an extension of gold mineralization indicated in a review of 2009 results. The mineralization is largely oxidized or partially oxidized, and mineralization remains open.
  • Hole RSC-100 intersected 73.2 meters at 1.39 gpt Au (240 ft at 0.041 opt Au) west of the Antelope Basin zone in an area that also was identified as open in a review of 2009 results. The mineralization remains open.
  • Hole RSC-096 intersected 85.3 meters at 0.41 gpt Au (280 ft at 0.012 opt Au) between North Stock and Antelope Basin. Though the grade is relatively low, this intersection indicates potential for defining a new gold zone between the North Stock and Antelope Basin zones that could start to fill the gap between the two zones and improve geometry for open pit development.

"The initial results from this year's drilling continue to expand the known zones of mineralization at Rattlesnake Hills," comments Quinton Hennigh, President and Chief Geologist. "An examination of results from drilling in 2009 indicated that the known zones of gold mineralization all remained open to expansion along strike and to depth. These initial assay results demonstrate the continuity and potential for expansion of the Antelope Basin zone to the south, east and west. Though drill hole RSC-096, between North Stock and Antelope Basin intersected relatively low grade gold, the very long interval of gold mineralization in that drill hole is significant as an indication of a potential new gold zone between North Stock and Antelope Basin." To date approximately 9,000 meters (500 feet) of drilling in a planned 20,000 meter diamond drill program have been completed with three drill rigs. The Company plans to add a fourth drill rig to the program during the month of August.

Mineralized Intervals:

Antelope Basin Infill and Step-out

 

 

 

Drill Hole

From (meters)

To (meters)

Interval(meters)

Gold grams/tonne

 

Length (feet)

Gold ounces/ton

RSC-097

4.6

35.1

30.5

0.47

 

100

0.014

RSC-099

3.0

21.3

18.3

0.44

 

60

0.013

 

79.2

207.3

128.1

1.16

 

420

0.034

includes

86.9

128.5

42.6

2.40

 

140

0.070

RSC-100

196.6

269.8

73.2

1.39

 

240

0.041

includes

230.1

233.2

3.1

5.45

 

10

0.159

includes

245.4

249.9

4.5

5.95

 

15

0.174

 


East of Antelope Basin

 

 

 

 

 

Drill Hole

From (meters)

To (meters)

Interval(meters)

Gold grams/tonne

 

Length (feet)

Gold ounces/ton

RSC-102

4.6

36.6

32.0

0.65

 

105

0.019

 

50.3

62.5

12.2

0.82

 

40

0.024

RSC-103

0

53.3

53.3

0.48

 

175

0.014

RSC-104

4.5

21.3

16.8

0.50

 

55

0.015

 

41.1

102.1

61.0

0.47

 

200

0.014

 

111.3

182.9

71.6

0.86

 

235

0.025

includes

160.0

181.3

21.3

1.78

 

70

0.052

includes

169.2

178.3

9.1

2.95

 

30

0.086

RSC-106

121.9

152.4

30.5

0.76

 

100

0.022

 

187.5

228.6

41.1

0.84

 

135

0.024

includes

202.7

207.3

4.6

3.65

 

15

0.106

RSC-107

114.3

144.8

30.5

0.41

 

100

0.012

 

184.4

205.7

21.3

0.99

 

70

0.029

 


Between North Stock and Antelope Basin

 

 

 

 

 

Drill Hole

From (meters)

To (meters)

Interval(meters)

Gold grams/tonne

 

Length (feet)

Gold ounces/ton

RSC-096

175.3

260.6

85.3

0.41

 

280

0.012

 


North Stock, Halo Gold Mineralization Infill

 

 

 

 

 

Drill Hole

From (meters)

To (meters)

Interval(meters)

Gold grams/tonne

 

Length (feet)

Gold ounces/ton

RSC-094

15.2

35.1

19.9

0.32

 

65

0.009

 

42.7

118.9

76.2

0.37

 

250

0.011

 

269.8

309.4

39.6

0.51

 

130

0.015

RSC-098

172.2

214.9

42.7

0.76

 

140

0.022

 

249.9

265.2

15.3

0.31

 

50

0.009

 

277.4

289.6

12.2

0.50

 

40

0.014

 

318.5

341.4

22.9

0.63

 

75

0.018

 


North Stock, West of Main Zone

 

 

 

 

 

Drill Hole

From (meters)

To (meters)

Interval(meters)

Gold grams/tonne

 

Length (feet)

Gold ounces/ton

RSC-101

216.4

269.7

53.3

0.80

 

180

0.023

includes

249.9

256.0

6.1

2.14

 

20

0.062

 

300.2

326.1

25.9

0.53

 

85

0.015

 

364.2

381.0

16.8

0.77

 

55

0.022

 

390.1

426.7

36.6

1.62

 

120

0.047

includes

406.9

426.7

19.8

2.59

 

65

0.076

includes

410.0

414.5

4.5

6.96

 

15

0.202

RSC-105

100.6

109.7

9.1

1.22

 

30

0.036

 

170.7

201.2

30.5

0.82

 

100

0.024

 

208.8

217.9

9.1

0.62

 

30

0.018

 

236.2

249.9

13.7

0.76

 

45

0.022

 

257.6

317.0

59.4

0.64

 

195

0.019


Drill hole RSC-095, drilling in the West target, west of North Stock intersected anomalous gold, 0.1 gpt Au, over 248 meters starting at 21 meters depth.

All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. True widths of mineralization in these drill holes, at this stage of exploration, are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish.

Exploration Target Update

Two deeper drill holes, RSC-111 and RSC-113 have been completed to depths of approximately 1,000 meters in an area southeast of the North Stock gold zone, where porphyry style mineralization was previously encountered in 2009 drill hole RSC-027. Both deep holes intersected multiple zones of porphyritic intrusions, containing stockwork and disseminated sulfide mineralization within zones of intense alteration. Altered monzodiorite intrusions with strong sulfide mineralization, similar to mineralization at Antelope Basin, was also intersected in RSC-111. Drill hole RSC-117, the first hole in an exploration target approximately 400 meters southwest of Antelope Basin, intersected several zones of alteration and strong sulfide mineralization in a monzodiorite intrusion, similar in character to mineralization defined at Antelope Basin. Assays are still pending on these three drill holes.

Comments Quinton Hennigh, "Most of the early results reported here from our 2010 drilling are from drill holes that test extensions of lower grade halo gold mineralization. The initial visual results on two of our important new exploration targets are encouraging, but we are still awaiting assay results. The strong alteration patterns and strong zones of sulfide mineralization demonstrate that we are still a long way from defining the full size potential of this gold system. We continue to define new targets with surface sampling and mapping, with our geophysical surveys, and by reinterpretation of our drill results. With our permitting fully in place, and with the expected arrival of a fourth drill rig shortly, we are in a good position to test the full potential of our high priority exploration targets this summer."

NI 43-101 Report for the Rattlesnake Hills Project

AMEC E&C Services Ltd. (AMEC) has completed the NI 43-101 report to update the exploration status of the Rattlesnake Hills project. The report has been filed on SEDAR, where it will be available for review. The report states, "Potential to better define the mineralization exists within the deposit area and requires additional infill drilling," and "... exploration targets have the potential to substantially enlarge the known Rattlesnake deposit area."

The report does not include a resource estimate, and the report states in this regard, "Although the styles and details of the Rattlesnake mineralization are relatively well known at this time... more drilling is required to adequately define geological controls on mineralization." Because of the exploration status of the property, and the potential for additional discoveries, the report concludes that at this stage of exploration of the project, "... it is considered premature to undertake mineral resource estimation."

About Evolving Gold Corp.

Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado, and on gold properties in and adjacent to the productive Carlin district of northern Nevada. In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.

For more information about Evolving Gold please visit: www.evolvinggold.com. To receive regular updates or to receive a follow-up call from Investor Relations please sign up at: http://www.evolvinggold.com/.

On Behalf of the Board of Directors
EVOLVING GOLD CORP.

"Robert Barker"
Robert Barker
CEO and Director

FOR MORE INFORMATION, PLEASE CONTACT:

Evolving Gold Corp.
Investor Relations:

Graham Johnstone
Tel: 778-331-2023


Shiro Rae
Tel: 778-331-2095


Leo Karabelas
Tel: 416-543-3120

 

 

 

 

 

 

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).
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