VANCOUVER, BC, April 27,
2022 /CNW/ - Eminent Gold
Corp. (TSXV: EMNT) (OTCQB: EMGDF) (the "Company" or
"Eminent") is pleased to announce that soil sampling results
from orientation studies confirms the existence of a Round Mountain style - epithermal target at
the Meadow Canyon area of the Company's Spanish Moon property
(Figure 1). The Meadow Canyon target area is largely covered by
post mineral volcanic cover with the soil results containing both
gold and associated pathfinder elements that are elevated several
times above background values, demonstrating the potential for a
large epithermal mineralized system under cover (Figure 2).
The Company considers these limited initial test soil lines an
important step in the development of a Round Mountain analogue and will expand the
survey in conjunction with structural mapping to develop drill
targets (Figure 3).
Paul Sun, President and CEO of
the Company commented:
"It is exciting to see a conceptual model come to fruition as a
potential target by results, which again speaks to the strength of
our technical team. These new results support the team's model of a
potential epithermal system at the Meadow Canyon target. We are
seeing the geochemical indications of a Round Mountain type mineral system at Spanish
Moon that has never been explored. This is becoming a substantial
gold exploration target and we are anxious to expand on these
results with continued soil sampling and geophysical surveys."
Mr. Sun also stated: "We are also happy to announce that we are
bringing on an investor relations manager in an effort to further
increase Eminent's opportunities and visibility to the investing
public."
Eminent's technical team did not expect to find any gold in
soils values above 10 ppb (background is 0.01 to 1 ppb) as a result
of the post mineral cover at Meadow Canyon. Given that the soil
survey returned multiple samples >10 ppb and up to 232 ppb so
far, the technical team believes that there is the potential for a
significant gold system underneath the volcanic cover. In addition,
three out of five of the samples occurred immediately adjacent to
one of the two targeted feeder faults suggesting where gold leakage
from where potential gold mineralization would occur demonstrating
the importance of structures to identifying a mineralized
system.
Meadow Canyon as a Round Mountain Analogue:
The Meadow Canyon prospect has the following features similar to
the Oligocene-age Round Mountain
deposit: 1) linking normal faults, 2) spatially located at a
caldera margin and 3) >1,000 ppm arsenic geochemical anomaly.
The spatial correlation of these features indicate the NE corner of
the Spanish Moon property may be the margin of a low sulphidation
epithermal system. Previous soil results at the Flower target, in
conjunction with <1.1 g/t Au in rocks located along north-south
oriented faults spurred staking of the Meadow Canyon area (Jan. 20,
2022 NR) and the initial soil results from Meadow Canyon validate
the lower sulphidation epithermal model the Company is
pursuing.
Dan McCoy, Chief Geologist and
Director commented:
"The strong geochemical signal present in the post-mineral cover
at Meadow Canyon is significant. The results are indicating,
through the volcanic cover, that the conceptual Meadow Canyon
target could truly be a slightly covered Round Mountain type deposit."
Surficial volcanic rocks within Meadow Canyon display little
visible alteration however, the same geochemically anomaly in soil
persists northward along a fault system that controlled the eastern
margin of the Meadow Canyon caldera (i.e., Soldier Springs fault).
This fault system has remained active as a basin-bounding normal
fault and the associated earthquakes and fault ruptures are
inferred to cause the vertical ascent of ground waters. Ascending
ground waters scavenge elements from the underlying bedrock and
associated mineralization, then transport this geochemically
anomalous groundwater to the surface where ions are deposited on
unaltered rocks proximal to permeable faults. Discovery of a suite
of pathfinder elements that correlate within Meadow Canyon, through
the post-mineral cover, is highly encouraging in this conceptual
target.
Meadow Canyon Results and Synthesis
The preliminary soil survey consisted of multiple north-south
and east-west oriented lines of soil samples spaced at 100 m, obliquely crossing the targeted structures
to test if they are pathways for ascending geochemically anomalous
groundwaters. Initial soil results within the Flower target
indicated a pathfinder geochemistry expected on the periphery of an
epithermal system (see September 22, 2021 News Release). Initial
results vectored northward to the Meadow Canyon target where
post-mineral volcanic cover up to 150
m thick obscures surface expression of the target. Volcanic
cover consists of Late-Oligocene to Early-Miocene volcanic material
that post-date or potentially overlap the timing of mineralization
at Round Mountain and adjacent
gold deposits (i.e., Gold Hill and Jefferson Canyon). The Meadow
Canyon target occurs in a geologic setting analogous to
Round Mountain, at a normal fault
linkage between two caldera bounding normal faults (i.e., Jefferson
Canyon and Meadow Canyon faults that form southern bounds to their
respective calderas) and is coincident with a >1,000 ppm arsenic
anomaly (Shawe, 2003). The correlation of normal fault linkages,
caldera margins and an arsenic anomaly, correspond to all deposits
of significance in the southern Toquima Range (i.e., Round Mountain, Manhattan, and Jefferson Canyon) but has not
been explored at Meadow Canyon.
The structural block defining the Meadow Canyon target has never
been tested. The Soldier Springs fault is the reactivated western
margin of the Meadow Canyon caldera and has regularly ruptured up
to present times. The ongoing fault ruptures are inferred to
influence the vertical ascent of groundwater carrying pathfinder
geochemistry upwards through post-mineral cover. Scavenging and
transport of pathfinder elements to the surface from mineralized
rocks at depth would have occurred along these faults, resulting in
the anomalies presented here. Positive results of the preliminary
soils demonstrate that correlative arsenic, antimony, mercury,
thallium, and gold extends from the Flower target in the south to
the northern limit of the Meadow Canyon target. Several rock
samples with <1.2 g/t gold are interpreted to represent the
distal expression of the low sulphidation epithermal target at
Meadow Canyon.
Positive results from this preliminary soil survey validate the
team's conceptual model and the need to complete a soil grid across
the entire Meadow Canyon claim block in concert with a geophysical
survey. An isometric soil grid will provide clarity as to where the
most reasonable buried target exists in the Meadow Canyon area. A
geophysical survey will define the thickness of the volcanic cover
sequence as well as the architecture of the inferred linkage
faults.
Next Steps
Immediate next steps include completing the soil grid at Meadow
Canyon and continuing the permitting process for a Plan of
Operations at Spanish Moon. The Company is collaborating with an
industry leading permitting agency to advance the Plan of
Operations permit with the US Forest Service as quickly as
possible. Permitting steps are being conducted in conjunction 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 target, 2)
epithermal/sediment-hosted gold and silver at the Antone Canyon
targets, 3) epithermal gold and silver at the Flower-Meadow Canyon
targets. Geophysics will enable our technical team to outline the
most prospective drill targets. Once the Plan of Operations and
subsequent permits are obtained, optimal targets will be well
defined and ready to move forward with drilling.
The Company welcomes Nemanja "Nemo"
Brcan as the Company's investor relations manager. Mr. Brcan
will be working in house with the Company, and will be responsible
for managing the Company's shareholder outreach and responding to
investor queries. In connection with Mr. Brcan's appointment,
the Company has granted 150,000 incentive stock options to Mr.
Brcan at $0.65 per share, exercisable
for a period of 5 years. The stock options vest quarterly over
a twelve month period, and are subject to the terms of the
Company's Stock Option Plan and any necessary regulatory
approvals.
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.