Evolving Gold Corp.
CSE : EVG
OTC PINK : EVOGF
FRANKFURT : EV7

Evolving Gold Corp.

October 13, 2016 09:48 ET

Evolving Gold Conducting Fieldwork on the Toro and Lithium Lakes Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 13, 2016) - Evolving Gold Corp. (CSE:EVG) (FRANKFURT:EV7) (OTC PINK:EVOGF) (the "Company") is pleased to announce it has completed the planning for an exploration program on its 100%-owned Toro Project that will assess the potential of the 24 kimberlite targets previously announced by the Company (see news release dated September 15th, 2016). The Toro field campaign, being conducted by two geologists and two technicians, began on October 12th, 2016. The Company is simultaneously completing Phase 2 of its field exploration activities on the Lithium Lakes Property, initially announced September 8th, 2016, which are being conducted by an additional two geologists and two technicians.

Toro Property Field Program

In this first phase of field exploration of the kimberlite targets, approximately half of the circular magnetic anomalies identified on the Toro Property have been selected for geological mapping, field prospecting, and till sampling for kimberlite indicator minerals ("KIM") glacially down-ice from the targets.

Two two-man geological assessment teams are being transported in the field by helicopters supplied by Canadian Helicopters. One team is conducting geological mapping directly on the selected phase one anomalies and is also inspecting down-ice for glacial erratics that could have derived from near-by kimberlite intrusions, work which may provide quick verification of the presence of kimberlite. This same team will then conduct a helicopter borne inspection of the other kimberlite targets that are not part of the detailed mapping and till sampling in phase one of the program.

The second team is performing a till sampling survey down-ice from the circular magnetic anomalies selected for phase one assessment work. Till sampling will occur along 3 survey lines, covering the area between the anomaly and 1.5 kilometres down-ice, across the width of the anomaly. The crew is expected to collect between 20 and 25 till samples per anomaly. The coarse till samples will be screened with a 20 mesh sieve, and 10 kilograms of the finer material will be tagged, bagged and sealed on site. The samples will be transported back to the camp by helicopter and shipped to southern Quebec by truck. The samples will then be shipped to C. F. Mineral Research Ltd. (Kelowna, BC), to determine the presence of KIM by means of heavy mineral concentration, optical picking, mounting of grains for microscopic analysis, and the determination of their micro-chemistry using electron microprobe analysis ("EMPA"). The assessment process is estimated to take a minimum of 2 months.

Glacial till sampling for KIM is an effective technique for identifying potentially diamondiferous kimberlites for three reasons: 1) KIM form under the same high-temperature and high-pressure conditions in the upper mantle which favour the formation and stabilization of diamonds; 2) KIM are resistant to weathering and other erosive events at the Earth's surface; and, 3) KIM are much more commonly found in kimberlite intrusives than are the target diamonds themselves. The KIM suite of minerals include: Hurzburgitic Cr-pyrope garnets, Eclogitic pyrope-almondine garnets, Cr-diopside, Cr-spinel, chromite, magnesian ilmenite, and magnesian olivine (McCLenaghan, 2007; Nowicki, 2007). All of the KIM have densities above 3 grams per cubic centimetre, and can be concentrated from till samples by means of dense media separation. The dispersal pattern, concentration (number count per sample), and micro-chemistry (by EMPA) of the KIM in till samples can greatly assist in determining the probability that a specific target might be a diamondiferous kimberlite.

Evolving Gold's Chief Executive Officer, Mr. R. Bruce Duncan stated, "Management is very excited to so quickly be able to start work on the field assessment of the anomalies defined by an airborne survey. The Company intends to first determine whether the magnetic anomalies are of interest for diamond exploration, but the potential for other types of mineralization in these same targets has not yet been ruled out at this stage of exploration."

Lithium Lakes Property Field Program

A team of two geologists and two technicians has begun Phase 2 fieldwork at Lithium Lakes, performing geological mapping and prospecting in the area that was previously defined by the Company as having the most potential for lithium mineralization (see news release dated September 8th, 2016). This area surrounds Targets T5, T1 and T8, where minerals found during the first reconnaissance survey indicate the possible presence of fertile granites that may be associated with lithium mineralized pegmatite. Special attention will be given to the mineralogy in order to determine the presence of mineral indicators for fertile granite or lithium pegmatite. Boulder-field prospecting will also be done down-ice from the individual targets. This phase of exploration will also include field prospecting on Targets T3, T4, T9 and T12, which were not part of the earlier field work program. The Company has not yet received assay reports from samples collected during previous field work at Lithium Lakes.

About C.F. Mineral Research Ltd.

C. F. Mineral Research was founded by Charles "Chuck" Fipke, in 1977, to provide heavy mineral assessment services to companies exploring for diamonds, gold, platinum, and base metals. Shortly after its founding, Mr. Fipke and C. F. Mineral Research began searching for diamondiferous kimberlite pipes, using the newly developed understanding of KIM developed by John Gurney. In 1991, Fipke and his partners discovered what would later be developed as the Ekati Mine, and initiated what would become one of the largest staking rushes in Canadian history.

The company employs a proprietary KIM assessment method, based on a massive archival database of sample data. Using custom software, the company compares the KIM grains' shapes and chemical compositions, analyzes them against one thousand minerals that are intergrown with diamond, and compares them against ten fields of mineral groupings. If seven to ten of these analyses overlap, there is a high probability that the kimberlite is diamondiferous.

References

McClenaghan, M. B., & Kjarsgaard, B. A. (2007). Indicator mineral and surficial geochemical exploration methods for kimberlite in glaciated terrain, examples from Canada. In: Mineral Resources of Canada: A Synthesis of Major Deposit-types, District Metallogeny, the Evolution of Geological Provinces and Exploration Methods. Geological Association of Canada, Special Publication, (5), pp 983-1006.

Nowicki, T.E., Moore, R.O., Gurney, J.J., and Baumgartner, M.C., 2007. Chapter 46: Diamonds and Associated Heavy Minerals in Kimberlite: A Review of Key Concepts and Applications. In: Developments in Sedimentology, Volume 58, pp 1235-1267.

Qualified Person

Jean-Philippe Paiement, P. Geo, M.Sc., is an independent Qualified Person ("QP") as defined by National Instrument 43-101 guidelines, and has reviewed and approved the geological information 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 88.3 square kilometre (total area) Toro Project, in the vicinity of the Lithium Lakes property. The Company's exploration goal is to assess numerous circular magnetic targets for their diamond potential, as well as for other minerals of economic interest.

On Behalf of the Board of Directors

EVOLVING GOLD CORP.

R. Bruce Duncan, President, CEO & Director

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).

Contact Information

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