Eminent Gold updates Hot Springs Range Project, Nevada

Eminent Gold Corp. [TSXV: EMNT; OTCQB: EMGDF] provided an update on drilling progress at the Hot Springs Range Project in Nevada, along with key 2024 achievements marking a year of strategic advancements and substantial progress.

Eminent has completed the first core hole of the maiden drill program at the Otis target within the Hot Springs Range Project (HSRP) to an approximate depth of 500 metres. The drilling objective is to test the thesis that HSRP is a direct analogue to the prolific Getchell Trend (~50-million-ounce gold endowment) 15 km across the Eden Valley in northcentral Nevada.

Eminent is testing the hypothesis that the Eden Valley fault is an extension of the Getchell fault, which intersects the nearby Turquoise Ridge deposit where 7.4 million ounces of gold have been produced averaging 16.9 g/t gold. The host rock being tested at HSRP is the Home Ranch Terrane, consisting of similar but slightly older rocks than those at Turquoise Ridge, which consist of a strongly deformed sequence of basalt and andesite volcanics intercalated with strongly deformed limestone. Phase 1 specifically targets the intersection of the steeply dipping NE-oriented feeder faults near their convergence with both thrust faults and the Eden Valley fault within the Home Ranch Terrane.

Visual inspection of the drill core has revealed extensive alteration in the volcanic-dominated portion of the Home Ranch Terrane. Assays from the first hole are pending and expected in January. The information obtained from this core provides a clear path for the second drillhole, which will target the intersection of NE faults with the NW Eden Valley fault as well as the thrust fault bounding the lower contact of the Home Ranch Terrane.

Dan McCoy, Chief Geologist and Director, commented: “The Hot Spring Range Project has never been drilled previously and represents a great opportunity to make a world-class discovery in Nevada due to its proximity to the 50 million-ounce Getchell Trend, similar host rocks, comparable geochemistry, and similar structural architecture as revealed by CSAMT geophysics and geologic mapping.

“We are very encouraged by the amount and intensity of alteration noted in the first drillhole and look forward to starting our second hole in early to mid-January.”

Key 2024 Milestones: Successfully raised $2.4 million, advancing key strategic initiatives; acquired the Celts project within the Walker Lane Trend, a direct analogue to the nearby AngloGold Ashanti Silicon project, having a total gold resource of 4.2 million ounces; launched the maiden drill program at the Hot Springs Range Project and initiated the permitting process for the Gilbert South project within the Walker Lane Trend.

Eminent is planning to drill all three of its key projects: HSRP, Gilbert South, and Celts in 2025 subject to additional financing.

Paul Sun, President and CEO, commented: “This is an exciting time for the company and our shareholders as we await the initial results of the first hole at Hot Springs Range. The target is significant; success could range from confirming structures to finding trace gold or significant gold intercepts. Although we did not cross the main structure, which will be drilled in our next hole, we did intersect key faults feeding off the structure and observed great alteration and the presence of fluids in the rock.

“We are preparing for a very active 2025, with plans to finance and drill the other two projects in the company’s portfolio. We are also excited to start expanding our visibility to investors through our partnership with Spark Newswire.”

The company has entered a marketing consulting services agreement with Spark Newswire Inc. under which, among other things, Spark is to provide promotional services.

Spark’s engagement is for an initial term of one month with the option for another month at the same monthly budget amount and will commence in January 2024. Following the Initial Term, the Spark Agreement will automatically renew in one-month increments until cancelled with a written notice of seven days in accordance with its terms.

During the Initial Term, the Company shall provide Spark with an active monthly budget of US$100,000. Following the Initial Term, the Company may elect to continue with an active monthly budget or switch to a maintenance monthly budget of US$50,000 that provides for reduced services. The appointment of Spark is subject to the approval of the TSX Venture Exchange.

The company approved the grant of 1,350,000 incentive stock options to directors, officers, and consultants of the Company. The options vest 1/3 each six months following the grant date and are exercisable at a price of $0.45 for a period of 5 years.

Eminent Gold is focused on exploration and discovery of world-class gold deposits in Nevada. The Company’s exploration assets in the Great Basin include Hot Springs Range, Gilbert South and Celts.