VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 16, 2015) - Evolving Gold Corp. (CSE:EVG)(EV7.F)(EVOGF) (the "Company") announces that its Board of Directors has agreed to conduct an auction process for the Company's 100%-owned Rattlesnake Hills Gold Project in Wyoming. The Company and its management feel that an auction process will be the most transparent means in which to assess third party interest in the Company's Rattlesnake Hills Property. To this end, the Company will be accepting written offers from interested parties. All interested parties should contact R. Bruce Duncan, the CEO of Evolving Gold, to receive a Confidentiality Agreement and additional information in respect to its Rattlesnake Property.
Rattlesnake Hills is located in Natrona County, Wyoming, United States. The project land package is composed of 644 lode mining claims covering approximately 5,235 hectares, and Wyoming state leases covering an additional 533 hectares. Recent drilling (since 2008) comprises 196 drill holes totaling 72,540 metres. Two gold deposits have thus far been identified: North Stock and Antelope Basin. North Stock is about 400 m by 200 m wide, trends north-northeast, and is open at depth and along strike. Mineralization has been drilled to as far as 500 m below the surface. Mineralization at Antelope Basin has been identified in an area of 200 m by 350 m to a depth of 200 m, trends northeast and is open along strike.
The property has been the subject of previous work by several operators, including, most recently, NV Gold Corp. As previously reported, NV Gold Corporation gave notice of termination of its option to purchase the Rattlesnake Hills Project, citing market conditions for its decision. Evolving Gold received approximately $1.25 million in cash, shares, and warrants under the option agreement, as well as the data arising from $580,000 in exploration activities conducted by NV Gold.
Previous work by all operators on the property is extensive, including 228 drill holes (mostly diamond core), totaling nearly 77,000 m. Core from drilling in the past six years has been retained by EVG. Additionally, various surface and airborne surveys have been completed, along with extensive surface work programs (such as mapping, soil sampling and chip sampling). To date, no National Instrument 43-101-compliant resource calculation has been completed on the property.
R. Bruce Duncan, the Company's CEO, states "The body of evidence arising from the extensive exploration activities already conducted on the Rattlesnake Hills Gold Project will give interested parties a significant advantage in assessing the potential of the project, when compared to similar projects still at the green field's stage of exploration. The two known mineralized zones remain open on strike, providing further upside potential."