VANCOUVER, BC, Feb. 8, 2022 /CNW/ - Eminent Gold
Corp. (TSXV: EMNT) (OTCQB: EMGDF) (the "Company" or
"Eminent") is pleased to report excellent results from its
recently completed geophysical campaign at the Gilbert South
property within the Walker Lane Trend in Nevada. (Figure 1). The Company had
previously identified target areas associated with multi-kilometer
length faults hosting gold-bearing veins that assayed from 3 g/t to
31 g/t gold (see October 21, 2021
NR). To further refine targeting along these gold bearing fault
zones, a ground based CSAMT (Controlled Source Audio-frequency
Magnetotellurics) survey was conducted over the property to better
understand their geometry. The results of the survey clearly
demonstrate that gold rich veins hosted within mapped fault zones
have a strong correlation with conductive responses within host
rocks with a high resistivity signature. The company has
identified three primary target zones based on the results of the
geophysical (CSAMT) survey, rock chip and soil assays, and an
ammonium anomaly that coincide with mapped gold bearing vein
systems (Figure 2, Table 1).
Paul Sun, President and CEO of
the Company commented:
"We are very pleased with the results from the geophysical
survey which support our technical team's target model and
strengthens our belief that Gilbert South contains a robust gold
system.
Eminent's four gold projects represent very rare new significant
discovery opportunities in Nevada,
the number one global jurisdiction for gold discoveries and mining
gold."
Exploration target areas initially identified by surface samples
and mapping have been corroborated by the geophysical data. The
geophysical conductive anomalies commonly correlate with alteration
of the host rock to clay minerals produced by the same fluids that
formed veins; a common association in bonanza gold targets and one
that Eminent geologists mapped on the surface at Gilbert South. The
depth of these anomalies, projected from surface, indicates
significant size of target zones along these deep-seated fluid
conduits (Figure 3, 4). The company plans to prioritize and permit
drill targets at Pretty Boy, Bighorn, and the East Bound areas in
preparation for a drill program planned in Q3 of this year.
Dan McCoy, Chief Geologist and
Director stated:
"Gilbert South is a premier Nevada exploration opportunity as many other
bonanza vein districts in Nevada
have been well tested, modern exploration has barely scratched the
surface at Gilbert South. We have taken numerous samples
exceeding 10 g/t over meter-plus widths and are also encouraged by
the amount of visible gold we are seeing. The geophysics
indicates that these structures could have feeder targets supplying
the gold on surface – the feeder targets extend kilometers deep and
thus provide the potential of thick bonanza zones at depth. We are
very excited to refine our targets further and to drill them this
year."
Summary of Geophysics
Nine transects of CSAMT were collected by Durango Geophysical
Operations at 25-meter or 50-meter dipoles with lines spaced
500-meter apart to provide two-dimensional resistivity models.
Computational Geosciences completed inversions of the
two-dimensional data and integrated the data into a
three-dimensional volume. Stratigraphic units are recognized by
either their conductive (i.e., volcanic) or resistive (i.e.,
silicified siltstone basement) nature. Due to the resistive nature
of the silicified basement rocks, structures serving as
hydrothermal fluid pathways to form epithermal quartz veins appear
as relative conductive anomalies due to clay alteration of the
surrounding basement rocks. Major breaks in resistive bodies
generally correspond to mapped structures (i.e., veins and faults).
A 1.5 km wide block comprised by the Bighorn, Pretty Boy, and East
Bound (EB) faults contains several features that make the target
appealing: 1) anomalous surface mineralization (see November 22, 2021 NR), 2) ammonium-bearing
alteration which suggests the presence of deep-seated structures
(see October 21, 2021 NR) and, 3) new
geophysics that indicates the existence of inferred, deep-seated
structures.
From west to east across the central portion of the Property
there are three primary structures that form the heart of outlined
exploration targets. On the western portion of the Property is the
2.5 km long Bighorn target, characterized by a subvertical,
east-dipping, conductive anomaly that cuts a 500-meter-thick
section of resistive basement. This anomaly suggests a deep-seated
structure with up to a 250-meter-wide halo of alteration. The 2.5
km long Pretty Boy target is characterized by numerous subtle
breaks in the resistive basement. These breaks in resistivity could
indicate the mapped, 0.75 km wide stockwork vein zone cuts the
basement rock at depth, and coalesces into a single feeder
structure. Farthest to the east is the 2.5 km long EB target which
is characterized as a resistivity break that is steeply
east-dipping, comparable to the Bighorn target in scale. Branching
off the EB fault is a subsidiary west-dipping fault and epithermal
vein from which a 30.6 g/t Au sample was taken. Beneath the Pretty
Boy and EB targets is a large conductive anomaly that may represent
carbonaceous basement rocks which are thought to be a potential
source of ammonium-bearing clays found at the surface.
Ammonium-bearing clay alteration is indicative of the fertile,
deep-seated nature of the target structures. All three structures
are prime targets for bonanza epithermal veins.
Next Steps
Compilation of all legacy and new data into a Leapfrog geologic
model is allowing the technical team to refine drill targets on the
Bighorn, Pretty Boy and EB structures. By integrating multiple
lines of evidence; surface geochemistry, geology, spectroscopy and
now geophysics, the technical team is identifying discrete vein
targets both along strike and down dip of our multiple 2.5 km-long
structural targets. Targets will be drill tested in Q3 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.
Vein
Targets
|
<700 ppb Au
Soil Anomaly
|
>3 g/t Au
Rock
Sample
|
Mapped
Structure
|
NH4+
Anomaly
|
Geophysical
Anomaly
|
Bighorn 1
|
X
|
X
|
X
|
|
X
|
Bighorn 2
|
X
|
|
X
|
|
X
|
Bighorn 3
|
|
|
X
|
|
X
|
Pretty Boy
1
|
X
|
X
|
X
|
X
|
X
|
Pretty Boy
2
|
X
|
X
|
X
|
X
|
X
|
East Bound
1
|
|
X
|
X
|
X
|
X
|
East Bound
2
|
|
X
|
X
|
X
|
X
|
Table 1. Compilation of key features indicative of the presence
of epithermal veins at depth considered for each target.
References
- Energyandgold.com. A Junior Mining Management Team That
Doesn't Know How To Lose Is Back With The Next Incredible
Opportunity In Nevada Gold Exploration. 2020 8/24/2020;
Available from:
http://energyandgold.com/2020/08/24/a-junior-mining-management-team-that-doesnt-know-how-to-lose-is-back-with-the-next-incredible-opportunity-in-nevada-gold-exploration/.
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 Gilbert South property, the
Company's expectations for the potential of the Gilbert South
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 Gilbert South
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.
SOURCE Eminent Gold Corp.