VANCOUVER, BC, Jan. 20,
2022 /CNW/ - Eminent Gold Corp. (TSXV:
EMNT) (OTCQB: EMGDF) (the "Company" or "Eminent") is
excited to announce positive results of its ongoing work as well as
the doubling of its land position at its Spanish Moon District
project ("Spanish Moon"). Spanish Moon is located approximately 13
km SE of the active Round Mountain Mine with over 20 million ounces
of gold produced (Patterson, 2020; Kinross, 2021) (Figure 1 & 2). Follow up
sampling of the Antone Canyon Gold Target discovered multiple
outcrops containing up to 5 g/t gold. The target is 2 km long,
adjacent to our Barcelona Target to the southwest and remains open
to the northeast (Figure 3).
The team staked an additional 1,060 hectares based on a
developing target, called Meadow Canyon, that shares similar
geologic characteristic to Round
Mountain and other epithermal gold/silver systems in the
region. Similar geologic features include, a 1km long arsenic
anomaly >1,000ppm in the USGS geochemistry data, a structural
setting of major fault linkages and proximity to calderas and
intrusions. Additionally, Eminent's 683 sample soil survey
identified highly elevated pathfinder elements of arsenic (As),
antimony (Sb), mercury (Hg) and thallium (TI) in the NE portion of
the property adjacent to the new target (see Sep 22, 2021 News Release).
Paul Sun, President and CEO of
the Company commented:
"The opportunity at Spanish Moon is significant and developing
very well with multiple targets with some having many analogous
features to Round Mountain and its
location across the same intrusion only 13km away. Eminent is the
first company to consolidate the claims that make up the Spanish
Moon trend and applying modern targeting methods to the area.
We are very excited about the pending results from the
preliminary Meadow Canyon soils survey and future geophysics
program as we get ready to commence our inaugural drill programs
across our 4 projects in the near term and throughout the
year."
Summary:
Antone Canyon Target
The Antone Canyon Target is a gold and silver occurrence
previously defined by past drilling which includes intercepts up to
13.5 m @ 7.6 g/t Au that have never
been followed up on. Such intercepts occur within limestone and
shale stratigraphy that is continuous across the project area.
Phase 1 soil and rock sampling identified anomalous geochemistry
extending both eastward and westward from the known Antone Canyon
mineralization, increasing the target strike length to 2 km. Follow
up mapping and sampling outside known mineralization identified
multiple outcrops and prospects where the rock characteristics are
analogous to Antone Canyon mineralization, with features of both
low sulfidation epithermal (e.g., banded quartz veins) and
sediment-hosted (e.g., sulfides in sedimentary rocks) gold and
silver mineralization. The greatest density of mineralized samples
and highest gold concentrations occur where the north-south
oriented Hooper fault intersects the Barcelona thrust fault. This area of
intersecting structures is modestly drilled and represents a
primary target area for the Company.
Meadow Canyon Target
The Meadow Canyon conceptual target was developed by combining
components of regional structural interpretations, regional USGS
geochemistry (Shawe, 2003), and cohesive
arsenic-antimony-mercury-thallium anomaly from Eminent's phase 1
rock and soil geochemistry programs (Sept
22, 2021 NR). Most of the significant gold and silver
mineral occurrences in the region are epithermal in nature and are
associated with Tertiary-age volcano-magmatic activity and similar
geochemical signatures. Additionally, the mineralization occurs
where the following features are present: 1) within a >1,000 ppm
As anomaly, 2) on or immediately adjacent to an Oligocene-age
basin-bounding fault, 3) adjacent to a caldera.
The largest gold and silver system in the region is the
world-class Round Mountain deposit
(20 Moz of gold produced), which occurs on subsidiary structures
linking the main caldera bounding faults. A similar structural
setting exists at the Meadow Canyon Target where the Jefferson
Canyon fault links to the Meadow Canyon fault. Multiple known
epithermal vein systems occur along the strike of the Jefferson
Canyon fault (i.e., Kinross' Gold
Hill deposit and Gold79's Jefferson Canyon deposit) before the
fault is obscured by post mineral cover where it links to the
Meadow Canyon fault. Eminent's 2021 soil sampling identified a
large body of strongly correlated pathfinder elements indicative of
a low sulfidation epithermal system (As, Hg, Sb and Tl) that
coincides with intense silicification of basement rocks. The
anomalous pathfinder geochemistry and alteration is open to the
north where it becomes obscured by thin veneer of younger volcanic
rocks. This region north of the Flower Target area was added to the
Spanish Moon land package.
Dan McCoy, Chief Geologist and
Director commented:
"The stream of results from Spanish Moon continue to indicate
the project's exciting potential to host both silver and gold
mineralization via its numerous mineral systems. Even more, the
phase 1 work completed in 2021 has yielded a brand-new conceptual
target that mimics the geologic framework of the nearby
Round Mountain deposit. We are
anxious to build upon these developments with continued progress in
the coming field season."
Next Steps
The Company is collaborating with an industry leading permitting
consultant agency to rapidly advance the project's Plan of
Operations permit with the US Forest Service. Permitting steps are
being conducted along with planning a project wide geophysics
program for the 2022 field season. The geophysics program will be
designed to image the multiple types of mineralization in all three
target areas of Spanish Moon; 1) intrusion related silver and gold
at the Barcelona-Van Ness Target, 2) epithermal/sediment-hosted
gold and silver at the Antone Canyon Target, 3) epithermal gold and
silver at the Flower-Meadow Canyon Targets. Geophysics will enable
our technical team to refine drill targets to be tested in the Fall
of 2022.
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 the United States Geologic Survey (USGS), 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.
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.
References
Gold79 (2021). "Jefferson-Canyon" Retrieved January 16, 2022 from
https://gold79mines.com/jefferson-canyon/
Kinross (2021). "Round Mountain Nevada, USA." Retrieved
September 21, 2021, from
https://www.kinross.com/operations/#americas-roundmountain
Patterson, 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.
Western Mining (2022). "Manhattan". Retrieved January 16, 2022 from
https://westernmininghistory.com/towns/nevada/manhattan/
Shawe, Daniel R., et al. Geochemistry, geochronology,
mineralogy, and geology suggest sources of and controls on mineral
systems in the southern Toquima Range, Nye County, Nevada; with geochemistry maps of
gold, silver, mercury, arsenic, antimony, zinc, copper, lead,
molybdenum, bismuth, iron, titanium, vanadium, cobalt, beryllium,
boron, fluorine, and sulfur; and with a section on lead
associations, mineralogy and paragenesis, and isotopes. No.
2327-C. US Geological Survey, 2003.
SOURCE Eminent Gold Corp.