Probe Gold drills new high-grade zone at Novador project in Quebec
The drilling is aimed at resource conversion as the company works to complete a prefeasibility study for Novador in early 2026.
VANCOUVER, British Columbia, May 17, 2023 (GLOBE NEWSWIRE) -- Emergent Metals (TSXV:EMR) (OTCQB:EGMCF) (FSE:EML) (BSE:EML) has signed a binding term sheet to option its Mindora Property to Lahontan Gold Corp. Mindora, a gold, silver, and base metal exploration property located approximately 20 mile southeast of Hawthorne, Nevada and 10 miles southwest of Lahontan's Santa Fe Property, consists of 147 unpatented mining claims.
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Lahontan Gold, subject to certain terms and conditions, will have the option to acquire a 100% interest in the Mindora Property, Nevada, by completing US$1.8 million in cash payments and US$1.4 million in work expenditures on the property over a seven-year period. Lahontan has 45 days to conduct due diligence prior to completing the Option to Purchase Agreement between Emergent's subsidiary Golden Arrow Mining Corporation and Lahontan's subsidiary Lahontan Gold (US) Corp. The agreement is subject to the usual regulatory approvals.
Upon completion of the exercise of the option, Emergent’s subsidiary will be granted NSR royalties of 1% and 1.5%, on two different claim blocks, whereby Lahontan or its designee will have the right to purchase 50% of the 1.5% royalty for US$200,000 for 5 years after which the price will increase to US$500,000.
At the company’s 2,360-hectare Trecesson Property, located 13 km west of the town of Amos, in the Abitibi Region of Quebec, the company recently reported results from its Phase 1 drill program. The most significant intercept was found in hole TR-23-03 where grades averaged 19.96 g/t Au and 5.13 g/t Ag over 1.1 metres in length.
Also in Quebec, the Casa South Property, is an early-stage gold property adjacent to Hecla Mining Corporation's operating Casa Berardi Mine. Emergent has a 1% NSR in the Troilus North Property, part of the Troilus Mine Property being explored by Troilus Gold Corporation. Emergent also has a 1% NSR in the East-West Property, owned by O3 Mining Corporation and adjacent to their Marban Property.
In Nevada, Emergent'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. Buckskin Rawhide East is a gold and silver property leased to Rawhide Mining LLC, operators of the adjacent Rawhide Mine.
The shares are trading at $0.135. For more information about the company and its other projects, please visit the company’s website, www.EmergentMetals.com, contact David G. Watkinson, P.Eng., President and CEO, at 530-271-0679 ext 101, or email [email protected].
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