Emgold Mining Corporation announces it has staked 92 additional claims, expanding the size of its recently optioned New York Canyon Property.
Emgold Mining Corporation (TSXV:EMR, OTC:EGMCF, FRA:EMLM) (“Emgold” or the “Company”) announces it has staked 92 additional claims, expanding the size of its recently optioned New York Canyon Property (the “Property”). Emgold now controls 152 unpatented and 21 patented mineral claims located in the Santa Fe Mining District, Mineral County, in west-central Nevada. The Property is located about 30 mi. southeast of Hawthorne, Nevada.
As announced by press release on July 16, 2019, Emgold signed an option agreement to acquire a 100% interest in the Property from Searchlight Resources Inc. (SCLT) (“Searchlight”). The acquisition includes a significant database of historic information. To date, 234 holes have been drilled on the Property by past operators, totalling 139,056 feet. Three main exploration targets, identified with historic drilling, include the Longshot Ridge, Champion, and Copper Queen areas. These targets host copper oxide skarn and sulfide porphyry style copper/molybdenum mineralization.
A 2010 Technical Report completed by Searchlight identified a resource for the Longshot Ridge deposit, which Emgold is treating as a historic resource.(1) A second historic resource was also identified by Conoco, a past operator, for the Copper Queen deposit, in the late 1970’s.(2) Details of these historic resources and the option agreement were disclosed by Emgold in a May 28, 2019 press release available under the Company’s filings at www.sedar.com or on the Company’s website at www.emgold.com.
Emgold is in the process of inventorying and organizing historic information on the Property that it acquired from Searchlight and other sources. Much of this data is in paper format and the Company is in the process of scanning this information and converting it to a digital format. Emgold’s geologists will subsequently organize and analyze the historic data an input it into computer databases for analysis using modern geological software programs. They will then develop a new exploration model and exploration plan for the Property. Given the volume of information, it is expected the above work will take a number of months to complete.
Robert Pease, C.P.G., a qualified person under the NI 43-101 instrument, has reviewed and approved the technical content of this press release.
Emgold is a junior gold and base metal exploration company focused on Nevada and Quebec, the #1 and #4 jurisdictions for mining investment according to the Fraser Institute’s Annual Survey of Mining Companies, 2018. The Company’s strategy is to look for quality acquisitions, add value to these assets through exploration, and monetize them through sale, joint ventures, option, royalty, and other transactions to create value for our shareholders. Our properties include the Golden Arrow, New York Canyon, Buckskin Rawhide East, Buckskin Rawhide West, and Koegel Rawhide Properties in Nevada and the Casa South Property in Quebec.
The Casa South Property is adjacent to Hecla Mining Corporation’s (HL) operating Casa Berardi Mine. Emgold has a strategic share investment in Troilus Gold Corporation (TLG) which is advancing the Troilus Gold Project in Quebec. As announced by press release on May 21, 2019, Emgold is also in the process of acquiring the Mindora Property in Nevada. For more information on the Company, investors should review the Company’s website at www.emgold.com or view the Company’s filings available at www.sedar.com.
- Technical Report on the New York Canyon Copper Project, Nevada U.S.A., Broili, Klohn, and Giroux, April 6, 2010. The authors defined an indicated resource of 16.3 million tons (14.8 million tonnes) of 0.43% Cu and an inferred resource of 2.9 million tons (2.6 million tonnes) of 0.31% Cu in the Longshot Ridge copper oxide skarn area. A cut-off grade of 0.20% Cu was used. This mineral resource estimate is considered historical as defined by NI 43-101 Standards of Disclosure and a qualified person has not audited or verified this resource as a current mineral resource. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources according to CIM standards. The Company is not treating the historical estimate as a current mineral resource estimate.
- Conoco reported a 142 million tons (129 million tonnes) inferred resource grading 0.35% copper, 0.015% molybdenum, 0.1% Zn, 4 ppm Ag, and 0.1 ppm Au for the Copper Queen deposit in the internal report dated May 10, 1979. This is historical resource estimate was prepared prior to the implementation of NI 43-101 and uses terminology not compliant with current reporting standards. A qualified person has not audited or verified this historical estimate nor made any attempt to re-classify the estimate according to current NI 43-101 Standards of Disclosure or the CIM standards.
On behalf of the Board of Directors
David G. Watkinson, P.Eng.
President & CEO
For further information, please contact:
David G. Watkinson, P.Eng.
Tel: 530-271-0679 Ext 101
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note on Forward-Looking Statements
Certain statements made and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws. The Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including any technical reports filed with respect to the Company’s mineral properties.