VANCOUVER, British Columbia, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Eminent Gold Corp. (TSX-V: EMNT) (OTCQB: EMGDF) (the "Company” or "Eminent”) is pleased to announce the commencement of its inaugural core drilling program at the Otis Target Area within its Hot Springs Range Project ("HSRP”), located in northern Humboldt County, Nevada (Figures 1 and 2). The initial phase of the program ("Phase 1”) is expected to consist of 1,000 meters using one drill rig targeting a potential parallel structure to the Getchell Trend which hosts the Turquoise Ridge and Twin Creeks deposits only 15 - 20 km southeast of HSRP.
Paul Sun, President and CEO of the Company commented:
"The opportunity at Hot Springs is to find the other half or a parallel trend to the world-renowned gold trend in Nevada. We have worked diligently for the past few years developing strong geological concepts and have waited patiently for the opportune time of a strong gold market prior to commencing our first drill program in an effort to maximize returns for shareholders in the event that we are successful.
Eminent is in a great position with two premier gold opportunities in Nevada that offer world class discovery potential with different levels of risk and stage of development. The Company's goal is to develop and consecutively drill a pipeline of high-quality major gold exploration projects in Nevada during the anticipated outperformance in the price of Gold.”
Drilling Strategy Objective
The discovery-based maiden core drill program will examine the structural framework interpreted in the coinciding geochemistry and CSAMT study (Figures 3 and 4) for the existence of a potential significant gold-bearing system, testing the thesis of a direct analogue to the nearby (15 KM) prolific Getchell Trend (42-million-ounce gold endowment(1)) across the Eden Valley.
Phase 1 will evaluate the Otis target which is one of three significant targets, including Sitka and Eden. The Otis target is located 15 km northwest of Nevada Gold Mines' (Newmont Barrick JV) Turquoise Ridge Deposit (7 million ounces gold produced(3)) and interpreted to be on the same cross structure intersecting Getchell and our Hot Springs Range Project, and this phase will consist of two drill holes. These holes will target the vertical Eden Valley fault zone, hypothesized to be an extension of the Getchell fault, where coinciding anomalous surface geochemistry including gold, has been identified in soil and rock sampling (Figure 4).
Drill Program Details
Hole (HSRP-C001) will be drilled into the Otis Target (Figure 2) from Pad 2 (Figure 3) at an azimuth of 270 degrees and a 45-degree angle. The hole is designed to hit the intersection of the thrust fault, penetrating the preferred limestone/andesite host rock, with the deep piercing, near vertical Eden Valley fault, which is proposed to be the conduit for deep-seated gold-bearing fluids.
Dan McCoy, Chief Geologist and Director commented:
"The HSRP project has provided encouraging results through each phase of exploration as we advanced the project to a drill ready phase. Surface exploration identified gold up to 2.8 g/t and other strong pathfinder metals on or above projected key structures identified in geophysics which represent multiple analogous features to the deposits on the Getchell trend in scale and geochemistry footprint.
The opportunity at our Hot Springs range project is to find Nevada's next major gold mine with compelling data all pointing to multiple prospective targets. We are excited to see the results."
All scientific and technical information in this news release has been prepared by, or approved by Michael Dufresne, PGeo. Mr. Dufresne is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Fig 1. Location of Eminent's Hot Springs Range Project in Nevada
Fig 2. Location of Hot Springs Range Project Otis target
Fig 3. Consolidated CSAMT cross-section looking north, showing the location of drill pads. The first hole, HSRP-001, is being drilled from Drill Pad #2 at an azimuth of 270 degrees and a dip of 45 degrees to test the intersection of the Eden Valley fault zone with the thrust fault occurring within the limestone-andesite host rock
Fig. 4 Analogous Geochemistry, Hot Springs Range vs. Getchell Trend
- Muntean, J. L. (2018). Carlin-Style Deposits in Nevada: Exploration Activity and Targeting
Criteria. Abstract. PDAC Annual Meeting.
- Lane, T., Harvey, T., Moritz, R., Samari, H., & Breckenridge, L. (2021). Preliminary Economic
Assessment NI 43-101 Technical Report: Granite Creek Mine Project, Humboldt County,
Nevada, USA. Global Resource Engineering Ltd., November 8, 2021.
- Nevada Gold Mines. (2021, May 20). Investor Day Presentation. Barrick Gold Corporation.
Paul Sun
CEO & Director
For further information, please contact:
Eminent Gold Corp.
Phone: +1 604-505-7751
Email: [email protected]
Website: www.eminentgoldcorp.com
Twitter: @eminent_gold
LinkedIn: www.linkedin.com/company/eminent-gold-corp/
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 and Gilbert South.
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 anticipated completion of the private placement and the use of proceeds from the private placement. 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 are accurate and correct, 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, to explore and develop the Company's projects or its other projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates 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; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, 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.
Figures accompanying this announcement are available at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/698031eb-6c06-4a35-ba5a-675f73a6a45e
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