Vancouver, Canada, April 27, 2022 – Eminent Gold Corp. (TSX-V: 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.
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.
Figure 1. Digital geologic map of Nevada from the Nevada Bureau of Mines and Geology showing the regional geology to include major faults, gold mineral occurrences, Spanish Moon Targets (red stars = existing, pink star = new target), and arsenic anomalies (Shaw, 2003). Round Mountain gold endowment from Kinross (2021), Jefferson Canyon inferred gold resource from Gold79 (2022). For a complete description of the conceptual target model, see Eminent’s January 22, 2022 NR.
Figure 2. Spanish Moon District geologic map highlighting the newly defined Meadow Canyon Target and the previously defined Antone Canyon, Hooper and Barcelona targets with gold bearing rock chips and gold in soils shown. The positive correlation of pathfinder geochemistry that indicates potential for an epithermal gold system is represented by the two red polygons.
Figure 3. Zoomed in area of soil sampling grid at Meadow Canyon. Green points are those sampled during the orientation survey. Black points are unsampled points remaining in the grid to cover the Meadow Canyon area. Areas of correlative geochemistry, indicative of epithermal mineralization, shown by red polygons. Potential for additional mineralized area is open to the northwest and southeast of the orientation soil lines previously sampled. Inset map shows area of figure relative to the greater Spanish Moon District property.
On behalf of the Board of Directors,
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.
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.