VANCOUVER, BC, Oct. 28, 2021 /CNW/ - Eminent Gold
Corp. (TSXV: EMNT) (OTCQB: EMGDF) (the "Company" or
"Eminent") is pleased to announce that recent results
confirm the existence of an additional possible feeder fault zone
at its Weepah Project, located 30 kilometers (km) southwest of
Tonopah (Figure 1) within the Walker Lane trend (total gold
endowment of over 80 Moz Au and 700 M
oz Ag[1]). The Company's technical team previously
identified multi-kilometer length faults that coincided with
geochemical anomalies and intersected known mineralization at the
Weepah Pit and Weepah East deposit. The newly identified Central
Pediment fault is interpreted as a possible feeder structure
linking the Weepah Main and East deposits and was identified by the
Company's regional and pit mapping and geophysical reinterpretation
(Figure 2, 3, 4).
The fault has not been historically drilled and now represents a
primary target on the property. Channel sampling where the
Central Pediment fault intersects the historic Weepah Pit gave rock
chip values up to 54.2 g/t gold across 1.2 meters and 60
g/t gold across 0.3 meters (Table 1) demonstrating the
potential for high-grade mineralization along the 1 km fault
linking the deposits. Based on these results the Company plans to
define drill targets along the strike of the Central Pediment fault
in addition to the broader drill target areas within the arsenic
anomaly at the Weepah East and Tailings Wash faults.
Paul Sun, President and CEO of
the Company commented:
"The results from our follow up sampling is an exciting proof of
concept that has yielded the best results on the project to date.
We are looking forward to refining our approach to test this
potential feeder structure that could have mineralization joining
the Weepah Pit with the Weepah East deposit, a distance of over
half a kilometer.
Our four projects continue to improve with each layer of work
completed in terms of grade and confidence in the substantial
discovery opportunities they represent. We are rapidly advancing
all of them to the drill ready stage for early 2022 in an effort to
meet our goal of having a pipeline of four drill ready high-quality
gold projects situated in the most prolific gold region in the
world."
Table 1: Summary of rock sampling results Central
Pediment Fault target
Sample
ID
|
Au
(g/t)
|
Ag
(g/t)
|
338886
|
60.00
|
32.30
|
338885
|
54.20
|
104.00
|
338851
|
24.70
|
22.70
|
338891
|
17.20
|
20.30
|
338858
|
16.85
|
24.20
|
338889
|
13.40
|
28.70
|
338866
|
5.08
|
117.00
|
338867
|
3.87
|
52.00
|
338888
|
2.04
|
9.27
|
338868
|
1.72
|
29.30
|
338887
|
1.39
|
6.08
|
338861
|
0.93
|
5.43
|
338859
|
0.85
|
5.98
|
338853
|
0.75
|
2.19
|
338852
|
0.65
|
4.24
|
338869
|
0.59
|
8.11
|
338860
|
0.40
|
3.25
|
338890
|
0.22
|
2.67
|
338883
|
0.20
|
3.23
|
338892
|
0.11
|
3.53
|
Significance of the Central Pediment Fault
The Central Pediment fault has a mapped strike length over 2
kilometers. It extends westward 1.5 kilometers from the eastern
margin of the project area to the Weepah East deposit and continues
another 0.5 kilometer to the Weepah Pit. Mapping indicates that the
fault played a significant role in forming the Weepah pull-apart
basin. Arsenic and gold soil anomalies that correspond with the
fault trace indicate it may have served as a fluid pathway for
hydrothermal fluids during fault activity. These younger,
mineralized, fluids would have served to upgrade older,
pre-existing mineralized structures when they intersect. Such
intersections include the Weepah Pit where the Central Pediment
fault and the Weepah Shear Zone intersect, and the the Weepah East
deposit which exists at the intersection of the Central Pediment
fault and the Weepah East fault zone. Future drill targeting aims
to test the 0.5 kilometer portion of the Central Pediment fault
that connects the Weepah Pit and Weepah East deposit.
Summary of Channel Sampling Results
Channel samples were taken from mineralized, high-angle
structures that cut the country rock in the footwall of the Weepah
Shear Zone. Historic underground and open pit mining focused on
extracting ore solely from the Weepah Shear Zone, a 4- to
10-meter-wide fault zone dipping 40° to the west that produced a
head grade of 5.8 g/t gold. The footwall rock is largely composed
of shallowly oriented phyllites with similarly dipping felsic
dikes. Channel samples were taken from numerous high-angle, WNW-ESE
striking, small displacement faults, occurring in a ~130 meter wide
fault zone, that composes the Central Pediment fault (Figure 5).
Mineralization appears to be focused where high-angle structures
cut brittle features such as bull quartz veins and felsic dikes. A
very similar character of mineralization was described in relogging
of core holes from Weepah East (see June 22,
2021 News Release).
Dan McCoy, Chief Geologist and
Director commented:
"The follow up channel sampling strongly supports our team's
hypothesis that there are not only multiple mineralized structures
at Weepah, but there are also (at least) two episodes of
mineralization. The long recognized, shear zone related episode and
a probable, younger epithermal, related episode. We look forward to
advancing this project to the drilling stage in 2022 to test
targets developed from our understanding of these two fabrics."
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, and unpublished summary reports
from Sunshine Mining Co., 2) Ely
Gold published 43-101. 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.
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 Weepah property, the Company's
expectations for the potential of the Weepah 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 Weepah 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.