Good drill results but no resource estimate for Evolving Gold

Long gold intercepts from Evolving Gold’s (EVG-V) Rattlesnake Hills project in Wyoming weren’t enough to propel the company up the market.

Evolving released assays from the first fourteen holes of its 2010 drilling program with two holes returning notable numbers of 128.1 meters grading 1.16 grams gold and 73.2 meters grading 1.39 grams gold per tonne.

Those results came from step out drill holes to the south and west of the Antelope Basin gold zone.

“These initial assay results demonstrate the continuity and potential for expansion of the Antelope Basin zone to the south, east and west” Quinton Hennigh Evolving Gold’s presidend said in a statement.

While more drilling was done on the porphyry target southeast of North Stock and on a new exploration target southwest of Antelope Basin, those assays are still pending.

A third hole hit upon 85.3 meters grading 0.41 grams gold. And while the grade is clearly low, Evolving says the hole could prove to be significant as it shows mineralization between the North Stock and Antelope Basin.

If the gap between the two zones turns out to be mineralized it would greatly improve the geometry for an open pit mine.

The company has thus far drilled 9,000 meters of the planned 20,000 metre diamond drill program.

It is currently using three rigs but plans to add a fourth drill rig this month.

The extra rig should help in its quest to file a compliant resource estimate for the project.

Evolving reported that AMEC finished it’s a NI 43-101 report on the project but concluded that additional infill drilling needed to be done before a resource estimate could be released.

In Toronto on Aug. 23 the company shares were off 2¢ to 76¢ on 280,000 shares traded.