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Emergent Metals Corp. Provides Exploration and Corporate Update
VANCOUVER, BC / ACCESSWIRE / June 15, 2023 / Emergent Metals Corp. (TSXV:EMR), (OTCQB:EGMCF), (...
About this update from Emergent Metals Corp
[{"type":"text","content":"Emergent Metals Corp. Provides Exploration and Corporate UpdateVANCOUVER, BC / ACCESSWIRE / June 15, 2023 / Emergent Metals Corp. (TSXV:EMR), (OTCQB:EGMCF), (FRA:EML), (BSE:EML) (\"Emergent\" or the \"Company\") is pleased to provide an update on activities related to several of the Company's exploration properties and the results of its Annual General Meeting held on June 14, 2023. Details are summarized below:Mindora (West Santa Fe) Property, NVAs announced on May 15, 2023, Emergent has signed a binding Term Sheet (\"Term Sheet\") and plans to complete an Option to Purchase Agreement (\"Agreement\") with Lahontan Gold Corp. (TSXV: LG) (\"Lahontan\"). Lahontan, subject to certain terms and conditions, will have the option (\"Option\") to acquire a 100% interest in Emergent's Mindora Property, NV by completing US$1.8 million in cash payments and US$1.4 million in work expenditures on the property (total US$3.2 million) over a seven-year period. Lahontan is renaming the property \"West Santa Fe\" due to its synergy with their flagship asset, the Santa Fe Mine, located just 10 mi (15 km) to the east. Lahontan and Emergent plan to complete the Agreement within 45 days of the signing of the Term Sheet.On May 31, 2023, Lahontan announced the company had staked an additional 95 unpatented mineral claims to the northeast and abutting the existing Mindora/West Santa Fe claims. This brings the total size of the Mindora/West Santa Fe property to 242 unpatented claims totaling approximately 4,800 ac (2,000 ha). The property, located 20 mi (30 km) southeast of Hawthorne, hosts oxide gold-silver mineralization in a geologic setting similar to the nearby Santa Fe Mine. Historic exploration drilling on the property totals approximately 43,000 ft (13,000 m).On June 13, 2023, Lahontan announced results from rock-chip sampling at Mindora/West Santa Fe as part of their due diligence. Six rock chip samples were taken with results ranging from 0.13 g/t to 13.54 g/t Au Eq. Four rock-chip samples from outcrop in the main Au and Ag mineralized zone ranged from 2.71 to 13.54 g/t Au Eq and averaged 7.30 g/t Au Eq. Lahontan geologists also completed detailed statistical analysis of historic soil geochemical data from Mindora/West Santa Fe, the results show a remarkable correlation with known mineralized areas and outline multiple targets for further explo...