VANCOUVER, British Columbia, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Emgold Mining Corporation (TSXV:EMR) (OTCQB:EGMCF) (FSE:EMLM) (BSE:EMLM) has released assay results from three exploration diamond core holes and re-assay results from one historic diamond core hole drilled at its New York Canyon Property, Nevada, which is located in the Santa Fe Mining District, Mineral County about 30 miles east of the town of Hawthorne, covers approximately 8,700 acres.
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Total historic drilling on the property, prior to the current drill program, was 234 holes totaling about 43,000 meters or 139,000 feet.
Exploration activities on the property are being carried out by Kennecott Exploration Company, a subsidiary of Rio Tinto plc, who has an earn-in option and can earn up to a 75% interest in the property by completing up to US$22.5 million in exploration expenditures, of which US$4.2 million has been spent to date. Kennecott drilled ten core holes at the south claim block in 2021, of which assays have now been received for seven holes.
The property is an advanced stage exploration project consisting of three main copper targets which were first explored in the mid-1960s, with the last historic drilling completed in 2006.
From the Copper Queen Target on the west to the Longshot Ridge Target on the east is a length of 4 miles or 6.4 kilometers. The average width of the known mineralization is 2 miles or 3.2 kilometers with both skarn and porphyry copper mineralization found in all three deposits.
Highlights from the current 3 drill holes with intervals greater than 0.1% CuEq with lengths greater than 10 meters include Hole NYCN0005 with 42.23 meters of 0.228% CuEq, and Hole NYCN0008 with 10.69 meters of 0.358% CuEq, 101.89 meters of 0.350% CuEq, including 17.14 meters of 0.743% CuEq.
Assay results and favorable rock alteration in hole NYCN0008 expands the Copper Queen Target, one of the 3 main exploration targets on the property, where it remains open for further expansion. Both NYCN0005 and NYCN0008 showed intercepts greater than or equal to 0.1% copper equivalent with lengths greater than 10 meters. Hole NYCN0006 had intercepts greater or equal to 0.1% copper equivalent but lengths were all less than 10 meters.
Kennecott re-assayed 7 selected holes from historic drill core from past drilling programs which was stored on the property. Results from 6 of these holes were summarized in October, with hole MN-27, originally drilled in 1972 and located approximately 300 meters to the west of NYCN0008 reporting 30.48 meters of 0.300% CuEq, 30.48 meters of 0.124% CuEq, and 11.28 meters of 0.148% CuEq. Please refer to the attached video for maps, tables, etc.
David Watkinson, President and CEO, stated: "KEX has wrapped up its 2021 exploration field work at New York Canyon and we are now awaiting assay results from three diamond drill holes. Results to date are encouraging with hole NYCN0008 showing higher grade CuEq intercepts as well as expanding the Copper Queen Target to the southeast. After obtaining the remaining exploration data from its 2021 exploration program, analyzing the results, and completion of a 3-D exploration model in the first half of 2022, KEX plans to continue its exploration efforts at New York Canyon.”
Emgold has several other gold and base metal properties in Nevada and Quebec including its core asset, the Golden Arrow Property, an advanced stage gold and silver property in Nevada with a well-defined measured and indicated resource.
The shares are trading at $0.04. For more information about the company and its other projects, please visit the company’s website, www.emgold.com, contact David G. Watkinson, P.Eng., President and CEO, at 530-271-0679 ext 101, or email info@emgold.com.
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