Emgold Announces Drilling Permit Obtained for New York Canyon Property, NV

About this update from Emergent Metals Corp

[{"type":"text","content":"Emgold Announces Drilling Permit Obtained for New York Canyon Property, NVVANCOUVER, BC / ACCESSWIRE / November 6, 2020 / Emgold Mining Corporation (TSXV:EMR)(OTC PINK:EGMCF)(FRA:EMLM) (BSE:EMLM) (\"Emgold\" or the \"Company\") is pleased to announce that Kennecott Exploration Company (\"KEX\"), a subsidiary of Rio Tinto plc (NYSE:RIO), has obtained approval (the \"Permit\") to conduct drilling activities at the New York Canyon Property, Nevada (the \"Property\"). The Property is subject to an Earn-In with Option to Joint Venture Agreement (the \"Agreement\") between Emgold and KEX. Kennecott can earn up to a 75% interest in the Property by completing up to US$22.5 million in exploration expenditures (see Emgold's February 11, 2020 press release available at www.emgold.com or under Emgold's corporate filings at www.sedar.com for more details). Under the terms of the Agreement, KEX has a First Option to acquire a 55% undivided interest in the Property by incurring US$5.0 million in expenditures over a 5 year period, of which US$1.0 million is a committed expenditure that must be completed prior to the 18 month anniversary of the Agreement.The Permit allows for drilling and other exploration activities to be conducted on the Property under a Notice of Intent (the \"NOI\"). Any surface disturbance on Bureau of Land Management (\"BLM\") lands, subject to the NOI, is limited to less than five acres. The Permit allows drilling to occur after October 1, 2020 with an anticipated project duration of two years. KEX has also completed reclamation bonding for the planned drilling program.About the New York Canyon PropertyThe Property consists of 417 unpatented claims and 21 patented claims totaling approximately 8,700 acres. It is in the Santa Fe Mining District, Mineral County, in west-central Nevada, about 30 mi. (48 km) from the town of Hawthorne. The claims are divided into two groups - the North and South Groups.The North Group of claims comprising the Property covers historic past producing copper operations and gold occurrences and is adjacent to the past producing Santa Fe Gold Mine owned by Victoria Gold Corporation (TSXV:VIT) (\"Victoria Gold\") The Santa Fe deposit was discovered in the late 1970's and mined by Corona Gold in the late 1980's and early 1990's. Historic production estimated from Santa Fe Mine is 345,499 ounces of g...

More updates from Emergent Metals Corp