Vancouver, British Columbia--(Newsfile Corp. - March 3, 2025) - Eminent Gold Corp. (TSXV: EMNT) (OTCQB: EMGDF) (FSE: 7AB) (the "Company" or "Eminent") is pleased to announce that it has begun a test geophysical program consisting of two Induced Polarization (IP) lines at its Celts ("Celts") project in Nevada (Figure 1). Eminent believes Celts is a strong exploration analogue to the recent Silicon discovery (3.40 million ounces of indicated and 800,000 ounces of inferred gold resources3). The program will consist of two test lines that will cover the high-grade historical vein on the east side of the property, as well as potential precious metal mineralization under the steam-heated alteration cap (Figure 2). If a significant chargeability-resistivity signal is obtained, additional lines will be conducted around that signal to better define a potentially significant gold-bearing structure.
The Company has contracted Zonge International out of its Reno, NV office to perform the work. Zonge is a pioneer in the use of Induced Polarization, which is used to both obtain signals indicating the presence of small amounts of sulfides as well as silicification in the form of either quartz and/or chalcedony1, both of which are typically present in low-sulfidation epithermal gold deposits. IP was used successfully by AngloGold Ashanti at Silicon to identify potential gold bearing zones under a similar barren steam cap: "During October 2018, an orientation Induced Polarization (IP) pole-dipole survey line, ~1.5 km in length, was completed over the core of the Silicon system by Planetary Geophysics that delineated a coincident chargeable-resistive anomaly where mineralization had been intersected."2
Paul Sun, President and CEO of the Company commented:
"As we wait with great anticipation for the results from Hole 2, expected in the coming weeks at our Hot Springs Range Project, we are excited to advance our Celts project towards drilling through the initiation of geophysics. Eminent is uniquely positioned with multiple premier gold exploration projects in Nevada that have yet to see significant exploration. Notably, two of the three projects have considerable untested analogues to major mines in Nevada."
Dan McCoy, Chief Geologist and Director commented:
"We are very excited about our pending results, but also about starting work at Celts using a technique that got AngloGold Ashanti into discovery mode at its 13.2 Moz expanded Silicon Project. This will put Celts in the position to experience inaugural holes in the second half of this year, supporting our goal of exploring a pipeline of new world-class gold opportunities in Nevada as gold continues to perform."
About the Celts Gold Project
The Celts property was originally identified and staked by Orogen's technical team, the same group responsible for AngloGold Ashanti's recent Silicon discovery, which boasts 3.4 million ounces of indicated gold resources and 800,000 ounces of inferred gold resources3. Following the success at Silicon, AngloGold discovered a more extensive deposit within Orogen's area of interest (AOI), known as Merlin, with an inferred resource of 12.10 million ounces of gold¹. Given the similar geology and regional setting, the Celts Project represents a significant addition to Eminent's exploration portfolio.
The Celts Project, encompassing 67 unpatented claims over 560 hectares, is in the prolific Walker Lane in southwest Nevada, approximately thirteen kilometers northeast of the historic town of Goldfields.
Orogen has identified a substantial steam cap of approximately 800 square meters at the Celts Project, featuring silica and advanced argillic alteration-characteristics it shares with Silicon. This alteration is situated within a rhyolite dome complex, which is of the same age as rhyolite samples from Silicon5 and intrudes through a thick basalt unit covering much of the property. High-grade gold veins historically mined at the periphery of the property, with grab samples up to 33 grams per tonne (g/t) Au, highlight the potential target zones beneath the rhyolite dome and basalt, which Orogen considers a potential aquiclude (Figure 3).
Similar to Silicon, the steam cap at the Celts Project is devoid of gold and other trace elements, as the alteration occurred above the water table. The low-sulfidation gold deposits that often underlie these steam caps form in boiling zones below the water table and require drilling for confirmation. The evidence for such zones at the Celts Project includes the peripheral veins mentioned earlier. Minimal drilling has occurred near these veins, and none beneath the steam cap and basalt outcroppings. To explore these promising targets, Eminent plans a comprehensive surface exploration program at the Celts Project, leveraging geophysical and geochemical techniques proven effective at Silicon and similar deposits.
The area around the Celts Project claims has also seen staking activity from Barrick, one of the world's largest gold producers.
All scientific and technical information in this news release has been prepared by, or approved by Michael Dufresne, P.Geo. Mr. Dufresne is an independent qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Fig 3A. Google Earth image showing dome and steam cap at Celts, Fig. 3B Geology, Alteration and Property Map of the Celts property showing the section trace of Fig. 3C. Fig 3C. Schematic cross-section of the Celts property showing mineralization model below the rhyolite dome and basalt. Except for the drillholes at the Gold Button shaft, there has been no drillhholes to test the model.
AngloGold Ashanti. (2024). Technical Report Summary, Merlin deposit, Expanded Silicon project, An Initial Assessment Report, p.48 of 129 pages.
Includes 3.4Moz Au of indicated resources at Silicon, 0.8Moz Au at Silicon, and 9.05 Moz Au at Merlin. AngloGold Ashanti. (2024). Technical Report Summary, Merlin deposit, Expanded Silicon project, An Initial Assessment Report, 129 pages.
John, D. A., & Henry, C. D. (2020). Magmatic-tectonic settings of Cenozoic epithermal gold-silver deposits of the Great Basin, western United States. In Geological Society of Nevada 2020 Symposium Volume.
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, Gilbert South, and Celts.
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 anticipated completion of the private placement and the use of proceeds from the private placement. 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 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 or its other projects, to repay its debt 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, 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; 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, aboriginal title claims and rights to consultation and accommodation, 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.
