Evolving Gold Makes New Discoveries During Field Exploration Work on its Toro Project
VANCOUVER, British Columbia, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Evolving Gold Corp. (CSE:EVG) (FSE:EV7) (OTCB:EVOGF) (the “Company”) is pleased to report that, on September 6th 2017, the Company began a helicopter-borne survey on its Toro Property in northern Quebec. The survey will include field prospecting on 14 Toro magnetic targets associated with significant elemental anomalies in till assays generated from the previously reported till sampling program (see news release dated June 28th 2017). The planned survey also includes additional till sampling glacially down-ice from those selected magnetic anomalies. The Company is also pleased to report that two new areas of interest were discovered while doing a general inspection of the Property by helicopter.
Pistol Claim Block
One of the two new areas of interest was identified following the sighting of a mineralized boulder from the air. The block was 2 metres by 2 metres by at least 1.5 metres in size, was angular to semi-angular, and showed the typical flatiron shape which indicates glacial transport. At surface, the block showed intense weathering due to the presence of sulphates and iron oxides. On semi-fresh section, the block was determined to be sediment containing between 2 and 20% of fine grained and disseminated pyrite along with trace amounts of chalcopyrite and bornite. Stringers of pyrite were found throughout the block. The boulder showed layers of sediments and mineralization styles that vary between the layers, indicating the potential for zoning inside the source rock. A smaller, 8 centimetre rounded block was found a few centimetres away from it and showed coarse automorphous pyrite in a quartz vein in the same sediment. This reinforces the theory that the bedrock source would show alteration zoning, and over a width greater than the size of the larger block. A total of 12 samples were taken from the various mineralization styles on the blocks and were sent to Actlabs (Ancaster, ON) for rush assay of gold and base metal content. Photographs of the blocks can be found on Evolving Gold’s website at: https://www.evolvinggold.com/pistol-claim-block
Dr. Remi Charbonneau, Ph.D., P.Geo #290, an expert on Quebec glacial geology, commented, "It is not uncommon to discover sulphide-rich boulders in the James Bay area of Quebec. However, the discovery of such a large oxidized boulder is very rare and may only be observed a few times over the entire career of a field geologist. Sulphide-rich oxidized boulders similar to the one discovered by EVG would be expected to break apart very quickly during transportation by the glacier. I therefore conclude that the bedrock source of the boulder is very close to its discovery location. The visible mineralization in this boulder indicates that there is much more happening in this section of the La Grande sub-province than was previously known, and warrants further investigation."
A post-discovery review of historical surveys completed by the Ministry of Energy and Natural Resources ("MERN") in 1971 revealed strong iron, molybdenium, zinc and arsenic anomalies in some lake sediments in the vicinity of these glacially transported blocks. Secondary anomalies in sulfur, zinc, copper, molybdenum, arsenic and lead were also identified in some lake sediments on the claim block. These elements are all pathfinders for gold mineralization when they are associated with sulphide mineralization. Company staff performed a statistical analysis on the MERN lake sediment data (278 assay results overall) collected from within the same geological formation as the boulder discovery. Values at or above the 95th percentile were defined as strong anomalies whereas those between the 85th and 95th percentiles were defined as weak anomalies. The sediment anomalies strongly suggest that the Company should focus its search for a sulphide rich formation located close to the discovery boulders. Known schistosities in the area run NW-SE to NNW-SSE and correlate well with the lake sediment anomalies as shown in Figure 1 available at: https://www.evolvinggold.com/pistol-claim-block
A magnetic survey performed in 2011 by MERN indicates that the discovery boulders lie on a regional semi-circular magnetic feature that would most likely correlate with a fold or a geological contact. Such folds and contacts can act as permissive structures for the transport of hydrothermal fluids. The Company has acquired 80 new contiguous claims (4,250 hectares) over this large magnetic feature that has been named the Pistol claim block.
The discovery boulders are erratic blocks transported during past glaciation. The size and form of boulders and known direction of glacial drift are factors that can be used to determine the potential source of a transported boulder. (i.e. A larger boulder that is angular will usually have a nearby source up-ice whereas a small and rounded boulder would likely have its source further away.) The presence of the discovery boulders indicates that the regional geology is much more prospective for mineral exploration than previously thought, as regional mapping shows the only lithology in the area to be a granodiorite unit. The Company’s technical team theorizes that granodiorite would be more commonly seen and identified in outcrop, whereas softer sediments and volcanic rocks would tend to be found in topographic lows or under cover due to differential erosion and till deposition during and following regional glaciation. Thus, mapping programs may have overlooked potential mineralization-hosting rock units, and over-reported the granodiorite units.
Basalt Contact Zone
During the helicopter survey, the technical team also observed a group of rust-coloured boulders in the northern portion of the Toro Property, on the Toro 24 target. The Toro 24 target was being revisited as a follow-up based on prior till survey results including 3 strong gold anomalies (1,110 ppb, 6,900 ppb and 14,500 ppb) along with anomalous copper and tantalum (see news release dated July 5th, 2017). On the ground, the investigation of the rusty boulders quickly led the team to discover a basalt unit in contact with a granodiorite body located to the south. The Company believes that the contact is a major structural feature due to the presence of veining, pegmatite intrusions and shearing associated with the contact, along with visible sulphide mineralization. Four samples were collected from the contact zone, and were sent to Actlabs (Ancaster, ON) for rush assay of their gold and base metal content.
Regional magnetic maps indicate that targets Toro 18 through 24 all lie on a semi-circular structure. The identification of a basalt unit at Toro 24 would suggest that these targets may be associated with a folded basalt contact zone. These Toro targets themselves were small magnetic highs, but they also all lie on the weaker semi-circular magnetic feature. Collectively, these Toro anomalies were selected for further exploration because there were numerous highly anomalous gold levels in their till samples, which may now be explained as being part of a larger basalt unit which could host gold mineralization. Additional till and bedrock sampling was performed on a number of these targets.
On July 5, the Company announced that an all terrain vehicle based field program would be initiated later in July. The field team was unsuccessful in their attempts to reach the exploration targets due to difficult terrain and access restrictions. The Company is in negotiations with Hydro-Québec to obtain permission to access the Toro Project by using Hydro-Québec's maintenance trails which lie within or near different sections of the Project.
Evolving Gold’s Chief Executive Officer, Mr. R. Bruce Duncan stated, “We are very pleased to continue to uncover new mineral exploration targets in this unexplored area of Quebec. These early exploration results were obtained even before the team had a chance to do additional follow-up work on the Toro 7 target, which yielded anomalous gold results over 800 metres of till sampling reported in July. We expect to have additional results from the field, after the team completes its field work later this week.”
Qualified Person
Steven Lauzier, P.Geo OGQ, A Qualified Person (“QP”) as defined by Nation 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).
