VANCOUVER, BC, Sept. 22, 2021 /CNW/ - Eminent Gold
Corp. (TSXV: EMNT) (OTCQB: EMGDF) (the "Company" or
"Eminent") is pleased to announce positive results from its
first phase surface exploration program at its Spanish Moon
District project ("Spanish Moon"), located approximately 13 km SE
of the active Round Mountain Mine with over 15 million
ounces of gold produced1,2 (Figure 1, 2). For the first
time in the history of this metal rich project, the Company has
completed an extensive rock and soil survey across the entire
property with results including: 1) a 1 g/t silver (Ag) (+/-
gold (Au)) -in-soil anomaly extending from west to east across the
property, and 2) results from bedrock, small prospect pits, and the
millsite returned values as high as 8520 g/t Ag and 10 g/t Au
(Figure 3). Results indicate the existence of three distinct
domains of zoned, precious metal mineralization at the
Barcelona-Van Ness, Antone Canyon, and Flower target areas. Based
on these results the Company plans to conduct a geophysical survey
across the entire district as well as generate specific drill
targets in the Antone Canyon target, where historic drilling
occurred.
Paul Sun, President and CEO of
the Company commented:
"The results of the geochemical surveying program have validated
our teams' original model that mineral zoning made the entire
project prospective for precious metals and exceeded even our own
expectations. Results show that precious metals occur in soil and
rocks over the entire length of the property even in areas only
previously mined and prospected for mercury and
antimony."
Summary of Targets:
Results from the Phase I sampling and mapping program suggest
that there are three distinct and strongly mineralized domains at
Spanish Moon; the western Barcelona-Van Ness, the central Antone
Canyon and the eastern Flower. The western domain appears to be an
intrusion related silver and gold system forming the Barcelona-Van
Ness target. The central domain may be a low sulfidation and
sediment-hosted gold and silver system forming the Antone Canyon
target. The newly identified eastern domain could be a low
sulfidation epithermal gold system forming the Flower target. These
three domains combined make the entire Spanish Moon District
prospective for precious metals. At each of these targets, the
strike lengths of known or newly discovered precious metal
occurrences have been extended by >1 km. The technical team
established very prospective Ag grades (<8520 g/t) in the Van
Ness target and continued to find high grade Ag (<1590 g/t) and
Au (<10 g/t) at the surface in the Barcelona mine and Antone Canyon target areas.
Additionally, the Company identified the presence of Au
mineralization in the Flower target, a mercury (Hg) and antimony
(Sb) prospect with no historic sampling for Ag or Au.
Results from an extensive soil survey suggest that silver is
anomalous (> 1 ppm Ag) across the entire length of the property
where typical Ag background values are 0.2 to 0.3 ppm. This silver
anomaly occurs within a prospective limestone unit that is capped
by a regional thrust fault. The same prospective limestone
is the primary host rock to the neighboring historic silver-gold
districts of Belmont
(>10M oz Ag produced 1868-1887)
and Manhattan (>135K oz Au and >50k oz Ag produced 1906-1921).
Barcelona – Van Ness
Target
At the historic Barcelona mine
area, soil and rock sampling results extended the area of
identified silver mineralization to over >1 km west to the Van
Ness area, creating a high-grade silver domain in the western third
of Spanish Moon (Figure 4). The highest Ag-in-rock sample, came
from a small dump at the Van Ness mercury mine, a location not
previously associated with precious metals. This sample also
contains 5.7% Cu, 3.6% lead (Pb), and 2.4% zinc (Zn). This
discovery indicates that high-grade silver mineralization could
extend over 1 km from the historic Barcelona mine to the Van Ness workings.
Additional samples from small mine dumps and prospect pits at
Barcelona delivered assays up to
1590 and 1310 g/t Ag. Rocks from the mouth of a collapsed drainage
tunnel and a former mill site at Barcelona delivered values of 884, 688, and
230 g/t Ag. Outcrops and decline rock samples in and surrounding
the historic mine portals delivered silver values up to 235 g/t Ag
over a 0.3 m width, 177 g/t over a
2.7 m width and 141 g/t Ag over a
1.2 m width.
Antone Canyon Target
Phase I results have tripled the strike length of Au
mineralization identified at Antone Canyon; extending the
occurrence by 1 km to the west of previously known mineralization
(Figure 5). In the eastern portion of Antone Canyon previous
operators drilled holes with intercepts up to 13.5 m @ 7.6 g/t Au. Rock samples from small
prospect pits and outcrops delivered assays up to 10.2, 9.9, and
8.0 g/t Au. The newly identified western two thirds of the Antone
Canyon gold anomaly has never before been drill tested and mapping
suggests mineralization is focused immediately beneath a thrust
fault that is interpreted as a major control on mineralization. The
next step at Antone Canyon includes a geophysical survey to define
new drill targets. In addition, relogging legacy core from Antone
Canyon will offer insight as to whether mineralization has a
structural or stratigraphic control.
Flower Target
At the eastern end of the district, results of the soil survey
in the Flower domain identified two large arsenic (+Sb, Thallium,
Hg, Lanthanum, +/-Pb) anomalies covering
approximately a 1 km2 in the west and ~0.5
km2 in the east. These soil anomalies are accompanied by
Au-in-rock samples of up to 1.2 g/t Au (Figure 6). These rock
samples are believed to be the first gold bearing samples in the
eastern Flower target area. Reconnaissance mapping suggests the
anomalous geochemistry may correspond with steeply dipping normal
faults associated with a regional fault that forms the eastern
margin of an adjacent caldera. The next steps at the Flower Target
will be to refine the structural framework of this apparent
volcanic associated hydrothermal system that may be younger and
overprinting than the older intrusion related mineralization
immediately to the west at Spanish Moon.
Dan McCoy, Chief Geologist and
Director commented:
"The results suggest that the Spanish Moon hydrothermal system
has delivered both high grades and significant strike length. What
were previously isolated occurrences not known for precious metals
are proving to be part of a regional scale silver-gold district
with three distinct domains each with exceptional potential. We
will continue to refine the picture through detailed mapping and
geophysics. We expect to have numerous drill ready targets selected
for the 2022 drilling season."
Description of Program
The Company's technical team soil sampled the Property at
100-meter centers except for the Barcelona area where it sampled at 50 meter
centers and the Antone Canyon area, where the Company had already
obtained soil results from previous operators. Rather than contract
the sampling program out, the Company's technical team performed
the soil sampling itself to better capture the geology (lithologic
notes were obtained at each sample site) as well as the alteration
and mineralization that occurs outside of the known mine and
prospect areas. Numerous historic prospect pits that were not
on previous maps were discovered during this process. The Company's
technical team also conducted a 2-week reconnaissance mapping
program consisting of field checking existing 1:24,000 scale
mapping and rock sampling: numerous channel, chip, and dump samples
were taken at existing outcrops near the historic mine workings for
which the Company had no or extremely limited data, especially in
the Barcelona area. Please see the
Company's website for further detail.
All scientific and technical information in this news release
has been prepared by, or approved by Justin Milliard, PGeo.
Mr. Milliard is Project Geologist for Eminent and is a qualified
person for the purposes of National Instrument 43-101 - Standards
of Disclosure for Mineral Projects. Some of the information
herein is provided by 1) historical reports that describe mining
activities, geology and potential, published by the Nevada Bureau
of Mines as well as historical field notes and reports recorded in
the Nye County records, 2) publicly available reports
from Royal Standard Minerals (annual reports and news releases)
published on SEDAR between the years of 1997 and 2000 and 3)
unpublished summary reports and news releases from Bullion River
Resources describing exploration performed between 2003 and
2004. It should be noted that the Company believes that
all of these reports are reliable; however, the Company's qualified
person has not conducted verification procedures and therefore has
not confirmed them.
Figure 1. Location map showing the Spanish Moon District is
adjacent to the Walker Lane Trend, Nevada
Figure 2. Regional Geology Map from ArcMap Online data sources
showing the Spanish Moon District that encompasses Spanish
Moon, Barcelona, and numerous historic mines. Round Mountain
gold production, proven and probable values from Patterson (2020)1 and Kinross (2021)2.
Figure 3. Project geologic map showing Ag-in-soil (orange),
Au-in-soil (red), arsenic (purple) anomalies as respective
polygons. Anomalous Ag (stars) and Au (diamonds) assays from rock
chips shown on the map are sourced from one of: mill dump, mine
tailings, prospect pit, or outcrop. Subsequent figures display more
detailed sample information for each site.
Figure 4. Small scale map of the Van Ness and Barcelona target areas forming the western
domain of Spanish Moon. The map shows high grade Ag in rock chip
samples along with their respective source location. A Ag-in-soil
anomaly greater than 1 g/t is highlighted by the orange polygon
trending from SW to NE, and a Au-in-soil anomaly greater than 0.1
g/t is represented by a red polygon. Newly added claims along the
southern boundary of the Van Ness target are shown as a light blue
polygon.
Figure 5. Small scale map of the Antone Canyon target area
forming the central domain of Spanish Moon. The map displays
anomalous high-grade Au in rock samples along with their
respective source location.
Figure 6. Small scale map of the Flower target area that forms
the eastern domain of Spanish moon. Historically this area has not
been sampled for Au, Ag, or other pathfinders. The soil results
show strong As-Sb-Tl-La-Hg anomalies, highlighted in the purple
polygons. The Ag-in-soil anomaly continues through the Flower area
and a small Au-in-soil anomaly also occurs. Several anomalous Au in
rock samples from surface outcrops indicate the potential for Au
mineralization at depth.
References
1Patterson,
M. V. a. L. (2020). Major Mines of Nevada 2019: Mineral Industries
in Nevada's Economy. Special Publication P-31. University of
Nevada, Reno, Nevada Bureau of Mines and Geology.
|
|
2Kinross
(2021). "Round Mountain Nevada, USA." Retrieved September 21, 2021,
2021, from
https://www.kinross.com/operations/#americas-roundmountain.
|
On behalf of the Board of Directors,
"Paul Sun"
CEO and Director
About Eminent Gold
Eminent Gold is a gold exploration company focused on creating
shareholder value through the exploration and discovery of
world-class gold deposits in Nevada. Its multidisciplinary team has had
multiple successes in gold discoveries and brings expertise and new
ideas to the Great Basin. The Company's exploration assets in the
Great Basin include: Hot Springs Range Project, Weepah,
Gilbert South, and Spanish Moon
District.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains certain statements that may be
deemed "forward-looking statements" with respect to the Company
within the meaning of applicable securities laws. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements made in this news release include the
Company's exploration plans for the Spanish Moon property, the
Company's expectations for the potential of the Spanish Moon
property, the Company's plans for generating drill targets based on
current information and the generation of information from the
proposed geophysical survey. Although Eminent Gold Corp. believes
the expectations expressed in such forward-looking statements are
based on reasonable assumptions, including the assumption that
records and reports of historical work on the Spanish Moon property
are accurate and correct and that the sampling results are
indicative of the target areas as a whole, such statements are not
guarantees of future performance, are subject to risks and
uncertainties, and actual results or realities may differ
materially from those in the forward-looking statements. Such
material risks and uncertainties include, but are not limited to,
the Company's ability to raise sufficient capital to fund its
obligations under its property agreements going forward, to
maintain its mineral tenures and concessions in good standing, the
Company's assumptions may prove incorrect; changes in economic
conditions or financial markets; the inherent hazards associated
with mineral exploration and mining operations, future prices of
gold, silver and other metals, changes in general economic
conditions, accuracy of mineral resource and reserve estimates, the
ability of the Company to obtain the necessary permits and consents
required to explore, drill and develop the Company's projects and
if obtained, to obtain such permits and consents in a timely
fashion relative to the Company's plans and business objectives for
the projects; the general ability of the Company to monetize its
mineral resources; adverse weather conditions may affect the
Company's ability to conduct work programs, availability of
qualified personnel, changes in environmental and other laws or
regulations that could have an impact on the Company's operations,
compliance with environmental laws and regulations, dependence on
key management personnel and general competition in the mining
industry. Forward-looking statements are based on the reasonable
beliefs, estimates and opinions of the Company's management on the
date the statements are made. Except as required by law, the
Company undertakes no obligation to update these forward looking
statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.
SOURCE Eminent Gold Corp.