VANCOUVER, BC, June 22, 2021 /CNW/ - Eminent Gold Corp.
(TSXV: EMNT) (the "Company" or "Eminent") is pleased
to announce the results from its Phase 1 surface geochemistry and
mapping programs from its Weepah Project, located 30 kilometers
(km) southwest of Tonopah (Figure
1). The Company's technical team mapped previously unrecognized
multi - kilometer length faults that were coincident with gold and
arsenic geochemical anomalies and define the boundaries of the post
mineralization cover sequence. These fault zones will be the focus
of the Company's targeting efforts (Figure 2). In addition,
two occurrences of mineralization have been defined to the north
and west of the historical Weepah pit that gave rock chip values up
to 3.5 g/t gold and soil values up to 328 ppb gold (Figure 2).
Paul Sun, President and CEO of
the Company commented:
"We are pleased to announce that Phase 1 results reveal the
existence of new targets at Weepah. This opens up an entirely new
mineralizing scenario for us to test. We look forward to a steady
stream of results from the project, which we expect will provide
additional support for this model in preparation for drilling."
Weepah Project
Land Position
Weepah is located in Esmeralda County Nevada, approximately 32 km
southwest of the town of Tonopah.
Eminent's property is comprised of over 1,250 hectares of highly
prospective ground that has seen limited modern exploration.
Phase 1: Surface Field Work - Complete
The Company
took 1,665 soil samples from colluvium and 443 pediment soil
samples, at 50-meter by 200-meter spacing as well as 295 rock
samples. Through mapping and sampling the entire property the
Company's technical team identified two primary fault zones that
indicate mineralization outside of the historic Weepah pit.
Importantly these two fault zones bound an area of pediment (cover)
immediately south of the Weepah pit. Both gold and arsenic show
stronger anomalies in pediment soil samples along these fault
zones. Arsenic is one of the best pathfinder elements for gold
mineralization and is particularly effective in revealing
mineralization under post-mineral cover. It is believed by the
Company's technical team that historic drilling, which focused on a
trend subparallel to Weepah, missed the opportunity to intercept
stronger mineralization that correlates with these newly identified
faults. This is illustrated by historic drill intercepts shown in
Figure 2, which are located at the edge of the new mineralized
fault zones.
Within this new mineralizing model high grade (<20 g/t Au)
rock chip samples taken historically at Weepah East (Figure 3), are
now shown to correlate with recent soil geochemistry and support
the interpretation of basin bounding faults serving as a source of
mineralization.
Rock and soil results to the north and west of the historic
Weepah pit have also shown promising surface gold and arsenic
geochemistry suggesting potential in these areas as well which can
be further explored in the future. For a full technical explanation
of the sampling, mapping, and structural modeling, please see the
Weepah Project on the Company's website.
https://eminentgoldcorp.com/projects/weepah/
Phase II: Legacy Drilling and Geophysics Reprocessing – In
progress
The Company has logged and sampled seven historic
core holes, many portions of which were previously unsampled
(assays are pending). In addition, the Company's technical team has
re-logged rock chips from 29 RC holes as well as compiled data from
120 previously drilled holes into a 3-D database. A geophysical
contractor is processing 14 kilometers of CSAMT data that had been
obtained by a previous operator but not fully processed. When Phase
II is complete, the Company will compile all results, including the
new core assays in its 3D database to facilitate future drill
targeting.
All scientific and technical information in this news release
has been prepared by, or approved by Justin
Milliard, PGeo. Mr. Milliard is a qualified person for
the purposes of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects. Assays for soil and rock
chip samples were performed at ALS Chemex Laboratories and checked
for accuracy using both internal lab standards and standards
inserted by the Company.
On behalf of the Board of Directors,
"Paul Sun"
CEO and Director
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 Weepah property, the Company's
expectations for the potential of the Weepah property, including
the Company's theories on the mineralizing model, and the Company's
plans for further exploration and work on the Weepah
property. 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 Weepah property 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, 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, , 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, 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. Investors should not place undue reliance on forward
looking statements.
SOURCE Eminent Gold Corp.