Advancement At Celts Project In Preparation For Third Hole Drilling At Hot Springs Range

VANCOUVER - Eminent Gold Corp. has received resistivity results from two Induced Polarization (IP) lines at its Celts project in Nevada. Eminent believes Celts is an exploration analogue to the recent Silicon discovery (3.40 million ounces of indicated and 800,000 ounces of inferred gold resources. The program consisted of two test lines over the width of the property traversing the top of the steam-heated alteration cap.

Paul Sun, President and CEO, said, “This marks an important advancement in our exciting Celts project, as the company is preparing to drill its third hole at Hot Springs Range, where early indications of a discovery are underway, and the second hole is pending assays. The structural confirmation of the Celts target through the IP survey supports analogous features to the world-class Silicon deposit and our model, which has guided our first planned drill holes. Further exploration and drilling plans will follow this announcement in the coming weeks."

The results show that there is a large fault residing in a small topographic divide on top of the rhyolite dome, which is picked up in both IP lines. The way the fault shows up in geophysics is by the offset in low-resistivity rocks. This offset appears to have a west dip. The fact that the low-resistivity rocks are down to the west suggests that the fault has normal displacement. The fault occurs below the steam-heated cap rocks, which show up as having high resistivity because of abundant silica.

This fault is of technical interest as it is analogous to the Silicon deposit where a west dipping fault with apparent normal movement also occurs beneath a steam-heated cap with pervasive silica alteration. It is likely that, in both cases, fluids moved up these faults and, once above the paleo water table, created the silica rich, high resistivity steam cap. This creates compelling drill targets for Eminent, where the next steps will involve permitting drill roads and pads to test this model in the near future.