VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 5, 2016) – Evolving Gold Corp. (CSE:EVG) (FRANKFURT:EV7) (OTC PINK:EVOGF) (the “Company”) announces that it has increased its land position by staking 31 claims directly NE of the 100% owned Lithium Lakes Property recently acquired by the Company.The new claims add an area of 16.49 km2 to the Lithium Lakes Property, which now has a total area of 72.5 km2.
The new claims cover the potential bedrock sources for three lake sediment anomalies that indicate the possible presence of lithium bearing pegmatites glacially up ice from the anomalies. One lake sediment sample is anomalous in uranium, another is anomalous in tungsten, and the most interesting anomaly is anomalous in lithium, rubidium, titanium and zirconium. The potential sources for the metallic anomalies correlate well with magnetic anomalies derived from historical surveys and topographic features.
The new claims add an additional 3 high priority targets to the total of 8 high priority targets already identified on the original Lithium Lakes Property. The original 8 targets were up to 3.5km long and were selected based on a geological interpretation of historical magnetic, spectrometric and geochemical surveys and their association with topographic features. Additional information on the 8 targets can be found in the June 16th 2016 news release (http://www.evolvinggold.com/s/NewsReleases.asp?ReportID=563875).
The Company plans to send a work crew to the Property later this week to prepare for the arrival of a team of geologists during the second week of July. Existing Hydro Quebec infrastructure will allow Company personnel to access the Property, and to then easily reach the different targets by means of newly constructed ATV trails. The geological teams will conduct basic field prospecting and mapping of the targets. Any lithium mineralization encountered will be channel sampled and assayed. Bulk sampling, if warranted, will be initiated immediately, to provide metallurgical data as soon as possible. After the initial mapping phase, geophysical surveys will be used to determine specific diamond drill targets.
The Company will work closely with local First Nations organizations to protect their fishing and hunting rights on their traditional lands. The Company will also provide employment and economic opportunities to nearby First Nations communities.
Evolving Gold’s Chief Executive Officer, Mr. R. Bruce Duncan stated, “This new acquisition quickly increases the number of prospective targets at the Lithium Lakes Property. All of the high priority anomalies are going to be visited by our field crew in the next couple of weeks, and any discoveries will be sampled extensively, and interpreted quickly.”
About the Lithium Lakes Property
The Lithium Lakes Property is located about 10 km north of the “Route du Nord” and between 8 and 30 km from Nemaska Lithium’s Whabouchi Project. To view the Property location map, please click here http://www.evolvinggold.com/i/img/evg-figure1.jpg. The road originates from the town of Chibougamau, approximately 250 km to the SSE, and connects the village of Nemiscau and the Route de la Baie-James. The Lithium Lakes main claim block extends 15 km in a NE-SW direction and 6 km in a NW-SE direction.
The Property geology is similar to that found at the Whabouchi Deposit, owned by Nemaska Lithium, which is located a few kilometres to the south-west. The main basement rocks are Archean gneiss, overlain by a volcano-sedimentary belt, metamorphosed into biotite-silimanite schists to the south and adjacent to granodioritic porphyry to the north. Fragmented horizons of amphibolitized ultramafic and Archean granitic intrusions are also part of the Property. Pegmatite sills and dykes are thought to originate from the granitic intrusions.
The combination of topographic, magnetic, spectrometric and lake sediment analysis allowed the definition of 11 anomalous areas which are highly prospective for lithium mineralization hosted in pegmatite bodies. Readers should be cautioned that the mineralization hosted on Nemaska Lithium’s Whabouchi Project is not necessarily indicative of the mineralization hosted on the Company’s Lithium Lakes Property.
Remi Charbonneau, Ph.D., P. Geo #290 (an Associate of Inlandsis Consultants s.e.n.c.) is an Independent Qualified Person under National Instrument 43-101, and has reviewed and approved the technical information provided in this news release.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
“R. Bruce Duncan”
President, CEO and Director
Neither Canada Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canada Stock 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).
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