It took Evolving Gold (EVG-V) two tries to get the word out, but after releasing the same press release on the second consecutive day, the market finally got the message.
The release outlined results from definition drilling at the company’s Rattlesnake Hills bulk tonnage gold deposit in Wyoming, and on July 14th the company’s shares shot up 98% to 89¢ on 14.3 million shares traded.
The highlight intercept came from drill hole RSC-020 which returned 67.1 metres at 10.8 grams gold, including 36.6 meters at 16.8 grams gold.
The hole represents an extension of the North Stock high grade gold zone according to the company. The known strike of the zone is 210 metres and drilling is following it along strike and down dip.
Last year’s 15 hole drill program indicated North Stock’s mineralization to be 450 metres along strike, 200 metres wide with a depth of at least 550 metres.
Evolving has three drills turning at the site as it tests the extension of high grade mineralization outlined in 2008. It is also looking to expand the bulk tonnage halo gold mineralization that surrounds the high grade gold.
With roughly $16 million in the kitty, the company says it has the funds to “aggressively explore this project.”
As for bulk tonnage potential with the gold halo, the company reported assays from drill hole RSC-016 in Antelope Basin which sits roughly 725 meters south of North Stock. The highlight intersection there was 61.5 metres at 0.4 grams gold.
Evolving says it is following geophysical survey results to test whether mineralization does indeed extend from North Stock to the south through Antelope Basin and further to South Stock.
Evolving describes Rattlesnake as an alkalic diatreme gold system, with similar geology to the Cripple Creek gold deposit in Colorado.
Over 20 million ounces of gold were mined from high grade underground operations at Cripple Creek, and Anglo Ashanti (AU-N)is currently mining via an open pit there.
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