Eminent Closes Acquisition of Celts Project in Nevada
Eminent Gold Corp. (EMGDF) has completed the acquisition of the Celts Project in Nevada for US$400,000. The transaction includes an initial payment of US$30,000 in cash and 145,384 common shares valued at US$45,000. The remaining US$325,000 will be paid within six months either in cash or shares.
The company now holds 100% interest in the Celts Project through its subsidiary Hot Springs, subject to a 3% net smelter returns (NSR) royalty. The project is located approximately 100 km northwest of the Silicon multimillion-ounce mining complex. Eminent can reduce the NSR royalty by one-third (to 2%) for US$1,500,000.
The company plans to initiate a geophysical survey followed by a maiden drill program. Currently, drilling operations at Hot Springs Range have reached approximately 1,400 feet of an estimated 1,600-foot target in the second hole.
Eminent Gold Corp. (EMGDF) ha completato l'acquisizione del Celts Project in Nevada per 400.000 dollari USA. La transazione include un pagamento iniziale di 30.000 dollari in contante e 145.384 azioni ordinarie valutate 45.000 dollari. I restanti 325.000 dollari saranno pagati entro sei mesi, in contante o in azioni.
L'azienda ora detiene il 100% di interesse nel Celts Project tramite la sua controllata Hot Springs, soggetta a una royalty del 3% sui ricavi netti di fusione (NSR). Il progetto si trova a circa 100 km a nord-ovest del complesso minerario Silicon, che conta milioni di once. Eminent può ridurre la royalty NSR di un terzo (al 2%) per 1.500.000 dollari.
L'azienda prevede di avviare un'indagine geofisica seguita da un programma di perforazione iniziale. Attualmente, le operazioni di perforazione presso Hot Springs Range hanno raggiunto circa 1.400 piedi di un obiettivo stimato di 1.600 piedi nel secondo foro.
Eminent Gold Corp. (EMGDF) ha completado la adquisición del Celts Project en Nevada por 400.000 dólares estadounidenses. La transacción incluye un pago inicial de 30.000 dólares en efectivo y 145.384 acciones comunes valoradas en 45.000 dólares. Los restantes 325.000 dólares se pagarán dentro de seis meses, ya sea en efectivo o en acciones.
La empresa ahora posee el 100% de interés en el Celts Project a través de su subsidiaria Hot Springs, sujeta a un royalty del 3% sobre los ingresos netos de fundición (NSR). El proyecto está ubicado aproximadamente a 100 km al noroeste del complejo minero Silicon, que cuenta con millones de onzas. Eminent puede reducir el royalty NSR a un tercio (al 2%) por 1.500.000 dólares.
La empresa planea iniciar una encuesta geofísica seguida de un programa de perforación inicial. Actualmente, las operaciones de perforación en Hot Springs Range han alcanzado aproximadamente 1.400 pies de un objetivo estimado de 1.600 pies en el segundo pozo.
이민트 골드 코퍼레이션 (EMGDF)는 네바다에 있는 셀츠 프로젝트를 400,000달러에 인수 완료했습니다. 거래에는 30,000달러의 현금과 45,000달러로 평가된 145,384주의 보통주에 대한 초기 지급이 포함됩니다. 나머지 325,000달러는 현금 또는 주식으로 6개월 이내에 지급됩니다.
회사는 자회사인 핫 스프링스를 통해 셀츠 프로젝트에 대한 100%의 지분을 보유하고 있으며, 3%의 순광산 수익(NSR) 로열티가 부과됩니다. 이 프로젝트는 실리콘 다수의 금광 복합단지에서 북서쪽으로 약 100km 떨어진 곳에 있습니다. 이민트는 1,500,000달러를 지불함으로써 NSR 로열티를 1/3(2%)로 줄일 수 있습니다.
회사는 지구물리학적 조사를 시작한 후 최초의 드릴 프로그램을 계획하고 있습니다. 현재 핫 스프링스 레인지에서의 드릴링 작업은 두 번째 구멍에서 예상 목표인 1,600피트 중 약 1,400피트에 도달했습니다.
Eminent Gold Corp. (EMGDF) a finalisé l'acquisition du Celts Project dans le Nevada pour 400 000 dollars américains. La transaction comprend un paiement initial de 30 000 dollars en espèces et 145 384 actions ordinaires d'une valeur de 45 000 dollars. Les 325 000 dollars restants seront payés dans les six mois, soit en espèces, soit en actions.
La société détient maintenant 100 % d'intérêt dans le Celts Project par l'intermédiaire de sa filiale Hot Springs, sous réserve d'une redevance de 3 % sur les recettes nettes de fusion (NSR). Le projet est situé à environ 100 km au nord-ouest du complexe minier Silicon, qui compte des millions d'onces. Eminent peut réduire la redevance NSR d'un tiers (à 2 %) pour 1 500 000 dollars.
La société prévoit de lancer une étude géophysique suivie d'un programme de forage inaugural. Actuellement, les opérations de forage à Hot Springs Range ont atteint environ 1 400 pieds d'un objectif estimé à 1 600 pieds dans le deuxième trou.
Eminent Gold Corp. (EMGDF) hat den Erwerb des Celts Project in Nevada für 400.000 US-Dollar abgeschlossen. Die Transaktion umfasst eine anfängliche Zahlung von 30.000 US-Dollar in bar sowie 145.384 Stammaktien im Wert von 45.000 US-Dollar. Die verbleibenden 325.000 US-Dollar werden innerhalb von sechs Monaten entweder in bar oder in Aktien ausgezahlt.
Das Unternehmen hält jetzt 100% Anteil am Celts Project über seine Tochtergesellschaft Hot Springs, unterliegt jedoch einer 3%igen Nettoschmelzrendite( NSR) Lizenzgebühr. Das Projekt befindet sich etwa 100 km nordwestlich des Silicon-Minenkomplexes, der Millionen von Unzen umfasst. Eminent kann die NSR-Lizenzgebühr um ein Drittel (auf 2%) für 1.500.000 US-Dollar reduzieren.
Das Unternehmen plant, eine geophysikalische Untersuchung zu starten, gefolgt von einem ersten Bohrprogramm. Derzeit haben die Bohrarbeiten im Hot Springs Range etwa 1.400 Fuß von einem geschätzten Ziel von 1.600 Fuß im zweiten Loch erreicht.
- 100% acquisition of Celts Project completed
- Project location near Silicon multimillion-ounce mining complex
- Option to reduce NSR royalty from 3% to 2% available
- Drilling progress at Hot Springs Range reaching 1,400 feet of 1,600-foot target
- US$400,000 total acquisition cost requiring capital allocation
- 3% NSR royalty obligation on the project
- Additional US$325,000 payment due within six months
- US$1.5M required to reduce NSR royalty by one-third
VANCOUVER, British Columbia, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Eminent Gold Corp. (TSXV: EMNT) (OTCQB: EMGDF) (the “Company" or "Eminent") is pleased to announce that, pursuant to a purchase agreement (the “Purchase Agreement”) among the Company, Hot Springs Resources Corp., a wholly owned subsidiary of the Company (“Hot Springs”), Renaissance Exploration Inc., a wholly owned indirect subsidiary of Orogen Royalties Inc. (“Orogen”) and Altius Resources Inc. (“Altius” and, together with Orogen, the “Sellers”) previously announced on December 12, 2024, the Company has completed its acquisition of the Celts mineral property (the "Celts Project") in Nevada, USA, from the Sellers for an aggregate purchase price of US
Paul Sun, President and CEO of the Company commented:
"The acquisition of the Celts Project is a significant milestone for Eminent, due to its similarities to the recently discovered Silicon multimillion-ounce mining complex located approximately 100 km southeast. We are currently preparing a work program that includes a geophysical survey. Once complete, we will be ready to initiate a maiden drill program.
This timely acquisition supports our goal of building a large-scale gold exploration portfolio in Nevada, driven by new concepts and maiden drill programs, as gold prices reach record highs. Our current drilling at Hot Springs Range is advancing well, and we eagerly await the assay results from our second hole, which is crossing a key fault and has reached approximately 1,400 feet of an estimated 1,600-foot target."
Pursuant to the Purchase Agreement, the Company: (i) paid the Sellers an aggregate of US
Furthermore, in connection with the Purchase Agreement, the Company entered into royalty agreements with each of Orogen and an affiliate of Altius, in respect of the NSR Royalty (collectively, the “Royalty Agreements”). Pursuant to the Royalty Agreements, the Company granted to the respective counterparties an aggregate
The Company also paid a cash finder’s fee of C
Dan McCoy, Chief Geologist and Director commented:
“We are very enthusiastic about advancing the Celts Project as it represents a rare opportunity to explore a remarkable analogue to the recent AngloGold Ashanti Silicon discovery. As we prepare to commence exploration activities later this year, we are excited about the significant potential this project holds."
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 (Au) resources and 800,000 ounces of inferred gold resources¹. 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 9.02 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 located in southwestern Nevada, approximately thirteen kilometers northeast of the historic town of Goldfields. The Goldfields district has an endowment of approximately 5.5 million ounces of gold⁴.
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 (Figures 2 and 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.
Fig1. Celts Project Location Map
Fig 2. Geology, alteration, and vein map with alteration minerals obtained by hyperspectral imaging
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.
Fig 4. Photo of advanced argillic alteration in the rhyolite dome at Celts. Photo looking towards the northeast.
- AngloGold Ashanti. (2024). Annual report 2023.
https://reports.anglogoldashanti.com/23/wp-content/uploads/2024/04/AGA-RR23.pdf - Energyandgold.com. (2020, August 24). A junior mining management team that doesn’t know how to lose is back with the next incredible opportunity in Nevada gold exploration. Retrieved from Energy and Gold
- University of Nevada, Reno. (n.d.). Tonopah Silver District. Retrieved from https://gisweb.unr.edu/MiningDistricts/4. 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.
- 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.
- Nevada Bureau of Mines and Geology. (n.d.). Open source ArcGIS datasets: Age of the rhyolite dome in the Tonopah district. Retrieved from https://data-nbmg.opendata.arcgis.com
ON BEHALF OF THE BOARD OF DIRECTORS
Paul Sun
CEO & Director
For further information, please contact:
Eminent Gold Corp.
Phone: +1 604-505-7751
Email: michael@eminentgoldcorp.com
Website: www.eminentgoldcorp.com
Twitter: @eminent_gold
LinkedIn: www.linkedin.com/company/eminent-gold-corp/
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, 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1085c907-75ef-4eef-902e-3536cba4b361
https://www.globenewswire.com/NewsRoom/AttachmentNg/ae1a0dd2-e9de-448c-9db9-dcaf416186e8
https://www.globenewswire.com/NewsRoom/AttachmentNg/52de419d-1e05-4599-b39d-ad93b94519dc
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FAQ
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