Eminent Gold Hires Drill Contractor for Hot Springs Range Project in Nevada

Rhea-AI Summary

Eminent Gold has contracted Scout Drilling for an initial 3,000-meter diamond core drilling program at its Hot Springs Range Project's Otis target in Nevada. The drilling equipment and personnel mobilization is scheduled for November 2024. The project is strategically located, mirroring the 42-million-ounce Getchell Trend. Additionally, the company has retained Independent Trading Group (ITG) for market making services at $7,000 monthly to improve stock liquidity on the TSX Venture Exchange.

Positive

• Initiation of first drilling program at Hot Springs Range Project
• Strategic location near 42-million-ounce Getchell Trend
• Engagement of market maker to improve stock liquidity

Negative

• Additional monthly expense of $7,000 for market making services

VANCOUVER, British Columbia, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Eminent Gold Corp. (TSX-V: EMNT) (OTCQB: EMGDF) (the “Company” or “Eminent”) is pleased to announce that it has entered into an agreement with Scout Drilling LLC ("Scout"), wholly owned core drilling subsidiary of Scout Discoveries Corp., based in Coeur D’Alene, Idaho, to commence an initial drill program at the Hot Springs Range Project, Otis target. Under the agreement, the Company will initially drill up to three thousand meters using diamond core drilling. Mobilization of equipment and personnel to the drill site is scheduled to take place this month.

Paul Sun, President and CEO of the Company commented:

“This is a significant milestone for Eminent and the Company’s Hot Springs Range Project, which mirrors the 42-million-ounce Getchell Trend in Nevada. We look forward to working with Scout Drilling as their expertise and proven track record in the industry will be valuable as we embark on this inaugural discovery phase of drilling.”

Dan McCoy, Chief Geologist and Director commented:

“Scout Discoveries is a full-service drilling company that provides high quality drilling, logistics, and geological services, a model that works perfectly in today’s volatile junior market. Scout has assembled a committed team of drillers, geologists and managers who have impressive backgrounds and resumes. We look forward to working with them on the Hot Springs Range Project as well as other projects we are developing in our large-scale gold discovery-oriented portfolio.”

Further details about the initial drill targeting will be released in the coming weeks as the Company anticipates starting drilling in the near term. The drill agreement is dated November 4, 2024.

The Company is also pleased to announce it has retained Independent Trading Group Inc., ("ITG"), to provide market making services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange, CIRO and other applicable securities legislation.

ITG will trade shares of the Company on the TSX Venture Exchange for the purpose of maintaining a reasonable market and improving the liquidity of Eminent common shares. The agreement between ITG and the Company can be terminated by either party with a written notice of 30 days and the Company has agreed to pay ITG $7,000 per month, payable monthly. There are no performance factors contained in the agreement between ITG and the Company and ITG will not receive any shares or options from the Company as compensation for the services.

ITG was established in 1992 and is an independent CIRO dealer-member based in Toronto providing market making and other client solutions. ITG is independent of the Company and does not currently hold any securities of the Company. The appointment of ITG is subject to the approval of the TSX Venture Exchange.

On behalf of the Board of Directors,

“Paul Sun”
CEO and Director

For further information on Eminent Gold Corp., please visit www.eminentgoldcorp.com or contact Michael Bebek, Head of Communications at (604)-505-7751 or email: Michael@eminentgoldcorp.com

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 and Gilbert South.

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.

FAQ

What is the size of Eminent Gold's (EMGDF) initial drilling program at Hot Springs Range?

Eminent Gold's initial drilling program at Hot Springs Range Project consists of up to 3,000 meters using diamond core drilling.

When will Eminent Gold (EMGDF) begin drilling at Hot Springs Range Project?

Equipment and personnel mobilization is scheduled for November 2024, with drilling expected to commence shortly after.

How much is Eminent Gold (EMGDF) paying for market making services?

Eminent Gold is paying Independent Trading Group (ITG) $7,000 per month for market making services.

Where is Eminent Gold's (EMGDF) Hot Springs Range Project located?

The Hot Springs Range Project is located in Nevada, near the 42-million-ounce Getchell Trend.