Evolving Gold reports high grades at Carlin project

Evolving Gold (EVG-V) says the latest drill results from its Carlin project in Nevada confirm the discovery of a significant gold bearing system.

The company says that drill hole CAR-007 intersected six zones of gold mineralization over a total core length of 438 metres.

One of the best intercepts was 4.6 metres grading 31 grams gold per tonne, including 3 metres grading 44.6 grams gold. Another strong intercept in the same hole was 3 metres grading 13.1 grams gold per tonne including 1.5 metres grading 24.9 grams gold.

These grades are similar underground mines found along the Carlin Trend, a 45-mile stretch of desert home to many gold mines.

The company plans to drill two or three wedge holes from the same pre-collar as CAR-007 to further evaluate mineralization in the immediate area.

Evolving also announced today that one of its directors, Daniel Wolfus, is suing the company in the state of California over alleged fees for a recent private placement. The company’s last financing was in late 2009 for $11.1 million.

Wolfus claims he is owed about $300,000 in fees but the company says the directors are not entitled to remuneration as a finder or broker in respect of any private placement of securities.

Evolving says the claim is meritless and says to pay Wolfus would require the company to contravene the TSX Venture Exchange policies.