Vancouver, British Columbia, January 19, 2021 – Emgold Mining Corporation (TSX-V: EMR) (“Emgold” or the “Company“) announces that it has contracted with Rangefront Geological to perform a soil sampling program at its Golden Arrow Property, NV (the “Property”). Plans are to collect approximately 1,109 soil samples from two areas located in the southern part of the Property. The goal of the program is to identify additional exploration targets on the Property. Sampling will follow structural trends associated with Walker Lane faulting near the western margin of the Kawich volcanic caldera.
The first area to be sampled will explore an area south of the known resource zones of Hidden Hill and Gold Coin, including part of the Page Fault. The survey grid will consist of 657 soil samples taken on a 50 by 100 meter spacing. The program will also sample a second area located on a portion of the 137 mining claims recently staked by Emgold (see January 12, 2021 press release). This sampling layout will explore an area located between two sets of historic mine shafts and workings. The survey grid will consist of 452 samples taken on a 50 by 50 meter spacing.
Work began on January 13th, with results expected in first quarter 2021. Completion of the work is dependent on weather conditions. Results will be reviewed in conjunction with geophysics work being completed on the Property.
About the Golden Arrow Property
The Property is located approximately 40 miles east of Tonopah in Nye County, Nevada. It is an advanced-stage exploration property with a comprehensive exploration database including geochemical sampling, geophysics, and over 201,000 feet of reverse circulation and diamond core drilling.
To date, two main resource areas have been drilled on the Property focusing on bulk disseminated mineralization – the Gold Coin and Hidden Hill deposits. Numerous other exploration targets have been identified for exploration (see the Amended 2018 Updated Technical Report on the Golden Arrow Project, Nye County Nevada, USA, Report Date September 24, 2018, Effective Date August 28, 2018, available under Emgold’s corporate filings at www.sedar.com).
Emgold’s management believes there is potential to expand both the Hidden Hill and Gold Coin resource zones with drilling under an approved Plan of Operations and for discovery of other bulk disseminated mineralization on the Property. In addition, historic underground mine workings lie along the Page Fault and other structures on the Property indicating potential for vein style mineralization that has been subject to limited modern exploration to evaluate its potential.
Robert Pease, C.P.G., a qualified person under the NI 43-101 instrument, has reviewed and approved the content of this press release.
Emgold is a gold and base metal exploration company focused on Nevada and Quebec. 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 (acquisition and divestiture (A&D) business model).
In Nevada, Emgold’s Golden Arrow Property, the core asset of the Company, is an advanced stage gold and silver property with a well-defined measured and indicated resource. New York Canyon is a base metal property subject to an Earn-in with Option to Joint Venture Agreement with Kennecott Exploration, a subsidiary of Rio Tinto Plc (NYSE:RIO). The Mindora Property is a gold and base metal property located 12 miles from New York Canyon. Buckskin Rawhide East is a gold and silver property leased to Rawhide Mining LLC, who operate the adjacent Rawhide Mine and represents a royalty opportunity for the Company.
In Quebec, the Casa South Property, is an early-stage gold property adjacent to Hecla Mining Corporation’s (NYSE:HL) operating Casa Berardi Mine. The East-West Property is a gold property adjacent to and on strike with Wesdome Gold Mine Ltd.’s (TSX:WDO) Kiena Complex and O3 Mining Corporation’s (TSX:OIII) Malarctic Property (Marban Project). Emgold also has a 1% NSR in the Troilus North Property, part of the Troilus Mine Property being explored by Troilus Gold Corporation (TSX:TLG).
Note that the location of Emgold’s properties adjacent to producing or past producing mines does not guarantee exploration success at Emgold’s properties or that mineral resources or reserves will be delineated. 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.
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.