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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). 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
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.
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,
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.
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