HRA Journal 10 October 2009 Evolving Gold (EVG-V; $1.14 on V) reported more results from Rattlesnake Hills. The highlight hole was a deep hole drilled to the southeast from North Stock which returned several intersections, including 135 metres of 0.89 g/t gold at shallow depth and deeper intersections of 30.5 metres and 35.1 metres at 1.89 and 1.74 g/t gold respectively. EVG noted these deeper intersections as occurring in stockwork veined porphyry. This type of mineralization had not been seen before. The company believes this intrusive may be a heat engine for the system and provide a loci for gold deposition well away from North Stock. Holes reported from Antelope Basin also returned some good intersections, including 76.2 m of 1.7 g/t gold that included 32 metres grading 2.72 g/t gold.
EVG also reported initial results from its first hole at Carlin. Hole CAR-002 reported three separate intersections of 35.1, 10.7 and 22.8 metres respectively grading 1.21, 1.01 and 1.79 g/t gold. This included 1.5 metres grading 11.9 g/t gold.
David had a chance to visit Rattlesnake after the Denver Gold Show. The thumbnail sketch of his trip report is that, while Rattlesnake is not getting simpler its definitely getting bigger. Trends are emerging in the data and these will in turn lead to a better outlining of the specific potential as the more results come in. Most of this year’s testing is still to report from the lab, and the process of getting and reporting this data will continue well in to next year. We do not expect this year’s testing to close off the system either along trend or to depth, but we do expect it to show a significant scale, and one large enough to perk up the company’s share price in a rising gold market.
There has not yet been results delivered from the area of high-grade cut early in the season, and this is undoubtedly causing traders to be frustrated. EVG can’t do much about it until it gets results from the lab, and it couldn’t spot follow up holes until it had the initial results back. The answers will come in due course, and this testing as much as anything else will impact the share price near term. We do expect the stock to settle in soon and to trade with gold’s price for the most part until these results are available.
Results from the Carlin JV in Nevada will also be well worth noting. Step out holes are being done there to look for a thicker section of the high-grade that was cut by the initial hole there. If a thick section of high-grade material is cut by one of these holes, it should help the share price, and since no premium is in the market for this program the drilling has no down side.
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