Strike Length Tripled Of Known Precious Metal System At Spanish Moon District

VANCOUVER - Eminent Gold Corp. reported positive results from its first phase surface exploration program at its Spanish Moon District project, located approximately 13 km SE of the active Round Mountain Mine with over 15 million ounces of gold produced. For the first time in the history of this metal rich project, the Company has completed an extensive rock and soil survey across the entire property with results including:  1) a 1 g/t silver (Ag) (+/- gold (Au)) -in-soil anomaly extending from west to east across the property, and 2) results from bedrock, small prospect pits, and the millsite returned values as high as 8520 g/t Ag and 10 g/t Au. Results indicate the existence of three distinct domains of zoned, precious metal mineralization at the Barcelona-Van Ness, Antone Canyon, and Flower target areas. Based on these results the Company plans to conduct a geophysical survey across the entire district as well as generate specific drill targets in the Antone Canyon target, where historic drilling occurred.

Paul Sun, President and CEO, said, “The results of the geochemical surveying program have validated our teams' original model that mineral zoning made the entire project prospective for precious metals and exceeded even our own expectations. Results show that precious metals occur in soil and rocks over the entire length of the property even in areas only previously mined and prospected for mercury and antimony."

Results from the Phase I sampling and mapping program suggest that there are three distinct and strongly mineralized domains at Spanish Moon; the western Barcelona-Van Ness, the central Antone Canyon and the eastern Flower. The western domain appears to be an intrusion related silver and gold system forming the Barcelona-Van Ness target. The central domain may be a low sulfidation and sediment-hosted gold and silver system forming the Antone Canyon target. The newly identified eastern domain could be a low sulfidation epithermal gold system forming the Flower target. These three domains combined make the entire Spanish Moon District prospective for precious metals. At each of these targets, the strike lengths of known or newly discovered precious metal occurrences have been extended by >1 km. The technical team established very prospective Ag grades (<8520 g/t) in the Van Ness target and continued to find high grade Ag (<1590 g/t) and Au (<10 g/t) at the surface in the Barcelona mine and Antone Canyon target areas. Additionally, the Company identified the presence of Au mineralization in the Flower target, a mercury (Hg) and antimony (Sb) prospect with no historic sampling for Ag or Au.  

Results from an extensive soil survey suggest that silver is anomalous (> 1 ppm Ag) across the entire length of the property where typical Ag background values are 0.2 to 0.3 ppm. This silver anomaly occurs within a prospective limestone unit that is capped by a regional thrust fault. The same prospective limestone is the primary host rock to the neighboring historic silver-gold districts of Belmont (>10M oz Ag produced 1868-1887) and Manhattan (>135K oz Au and >50k oz Ag produced 1906-1921).

At the historic Barcelona mine area, soil and rock sampling results extended the area of identified silver mineralization to over >1 km west to the Van Ness area, creating a high-grade silver domain in the western third of Spanish Moon. The highest Ag-in-rock sample, came from a small dump at the Van Ness mercury mine, a location not previously associated with precious metals. This sample also contains 5.7% Cu, 3.6% lead (Pb), and 2.4% zinc (Zn). This discovery indicates that high-grade silver mineralization could extend over 1 km from the historic Barcelona mine to the Van Ness workings. Additional samples from small mine dumps and prospect pits at Barcelona delivered assays up to 1590 and 1310 g/t Ag. Rocks from the mouth of a collapsed drainage tunnel and a former mill site at Barcelona delivered values of 884, 688, and 230 g/t Ag. Outcrops and decline rock samples in and surrounding the historic mine portals delivered silver values up to 235 g/t Ag over a 0.3 m width, 177 g/t over a 2.7 m width and 141 g/t Ag over a 1.2 m width.

Phase I results have tripled the strike length of Au mineralization identified at Antone Canyon; extending the occurrence by 1 km to the west of previously known mineralization. In the eastern portion of Antone Canyon previous operators drilled holes with intercepts up to 13.5 m @ 7.6 g/t Au. Rock samples from small prospect pits and outcrops delivered assays up to 10.2, 9.9, and 8.0 g/t Au. The newly identified western two thirds of the Antone Canyon gold anomaly has never before been drill tested and mapping suggests mineralization is focused immediately beneath a thrust fault that is interpreted as a major control on mineralization. The next step at Antone Canyon includes a geophysical survey to define new drill targets. In addition, relogging legacy core from Antone Canyon will offer insight as to whether mineralization has a structural or stratigraphic control.

At the eastern end of the district, results of the soil survey in the Flower domain identified two large arsenic (+Sb, Thallium, Hg, Lanthanum, +/-Pb) anomalies covering approximately a 1 km2 in the west and ~0.5 km2 in the east. These soil anomalies are accompanied by Au-in-rock samples of up to 1.2 g/t Au. These rock samples are believed to be the first gold bearing samples in the eastern Flower target area. Reconnaissance mapping suggests the anomalous geochemistry may correspond with steeply dipping normal faults associated with a regional fault that forms the eastern margin of an adjacent caldera. The next steps at the Flower Target will be to refine the structural framework of this apparent volcanic associated hydrothermal system that may be younger and overprinting than the older intrusion related mineralization immediately to the west at Spanish Moon.

Dan McCoy, Chief Geologist and Director, said, "The results suggest that the Spanish Moon hydrothermal system has delivered both high grades and significant strike length. What were previously isolated occurrences not known for precious metals are proving to be part of a regional scale silver-gold district with three distinct domains each with exceptional potential. We will continue to refine the picture through detailed mapping and geophysics. We expect to have numerous drill ready targets selected for the 2022 drilling season."