The old, crystalline, basement of the southwestern US and northwestern Mexico is quickly becoming recognized as one of the most significant gold provinces in North America. Of the many types of deposits that occur in this region, the most significant is a type that is only now being recognized as distinct. This newly recognized type is of uncertain age and is distinctive because it is hosted almost exclusively by the granites and gneiss that make up the basement and has an unusual association of gold with elements such as tungsten, lead, molybdenum, tellurium and bismuth. Deposits of this type host in excess of 30 million ounces of gold throughout the region.

The Malone prospect in Grant County, New Mexico is one such deposit. In 2004, Newmont Mining staked the property, comprised of 80 unpatented mining claim covering about 1,500 acres, and in 2005, Evolving Gold purchased the claims, with Newmont retaining a 2% NSR royalty. The widespread and disseminated nature of gold mineralization at Malone suggests there is a strong likelihood a disseminated, bulk mineable deposit may be discovered. Also intriguing are significant silver (Ag) values, frequently in excess of 3 oz per ton, occurring with gold. A diamond drilling campaign of 10 cored holes was completed in January 2008, on selected targets, with assay results pending.