VANCOUVER, British Columbia, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Emergent Metals (TSXV:EMR) (OTCQB:EGMCF) (FSE:EML) (BSE:EML) has discovered a new copper porphyry and skarn exploration target at its New York Canyon Property in Nevada. The property, located in the Santa Fe Mining District, Mineral County about 30 miles east of the town of Hawthorne, covers approximately 8,700 acres. Exploration activities on the property are being carried out by Kennecott Exploration Company, which has three options to earn up to a 75% interest by completing exploration activities of US$22.5 million on the North and South Blocks, having completed approximately US$5.24 million to date.
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The new discovery at the Emma exploration target, in the North Block, is about 1,650 meters long and 1,400 wide and is open in all directions, and is one mile south of the historic Santa Fe Mine. Emma was identified by a combination of rock chip, soil sampling, a UAV orthophoto survey, and a UAV magnetic geophysical survey done by Kennecott as part of its annual exploration work completed at NYC in 2022.
This is in addition to three known copper porphyry and skarn exploration targets located on the South Block, four miles to the south. The geology at the Emma exploration target is similar to the Copper Queen, Longshot Ridge and Champion exploration targets, where copper skarn mineralization is present in Mesozoic limestone, including Luning Formation.
Twenty of 41 rock chip samples taken had grades of 1.00% copper or greater. Three samples had grades of 1.00 g/t gold or greater. Fifteen samples had grades of 10 g/t silver or greater. Note that 1.0 ppm equals 1.0 g/t of Au or Ag.
Seventeen of the 41 soil samples had grades of 500 ppm Cu or greater, with five samples at 1,000 ppm Cu or greater. Four samples had grades of 1.0 g/t Ag or greater. Note that 10,000 ppm Cu equals 1.0% Cu.
As part of their work in 2022, Kennecott permitted upgrading of existing access roads, new road construction where needed, and construction of nine drill pads under a Notice of Intent, which allows for drilling in 2023 on the North Block, with a focus on the Emma exploration target. Kennecott plans to initially test a target to the southeast of the Copper Queen area, where in January 2022, hole NYCN008 reported an intersection of 101.89 m of 0.35% CuEq, including 17.14 m of 0.734% CuEq, 4.76 m of 0.783 CuEq, and 3.00 m of 1.062% CuEq. It is believed the Copper Queen deposit may be extending to the southeast, with increasing grade, and drilling is planned to test this theory.
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. The Mindora Property is a gold, silver, and base metal property located twelve miles from New York Canyon. Buckskin Rawhide East is a gold and silver property leased to Rawhide Mining LLC, operators of the adjacent Rawhide Mine.
In Quebec, the Casa South Property, is an early-stage gold property adjacent to Hecla Mining Corporation's operating Casa Berardi Mine. The Trecesson Property is located about 50 km north of the Val d'Or mining camp. 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.
Note that the location of Emergent's properties adjacent to producing or past producing mines does not guarantee exploration success at Emergent's properties or that mineral resources or reserves will be delineated.
The shares are trading at $0.335. 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 info@EmergentMetals.com.
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