Emgold's Partner Kennecott Exploration Expands Diamond Drill Program at the New York Canyon Copper Property, NV

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[{"type":"text","content":"Emgold’s Partner Kennecott Exploration Expands Diamond Drill Program at the New York Canyon Copper Property, NVVANCOUVER, BC / ACCESSWIRE / June 1, 2021 / 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), plans to expand its diamond drilling program at the New York Canyon Copper Property, Nevada (the \"Property\"). The Property is subject to an Earn-In with Option to Joint Venture Agreement (the \"Agreement\") between Emgold and KEX.Emgold Mining CEO, David Watkinson, commented, \"We are extremely pleased with the progress of the New York Canyon's drill program thus far. Expansion of the drill program and acceleration and expansion of other exploration work on the Property is an indication that the initial results have been promising. We are looking forward to receiving complete set of data following the completion of the expanded program.\"The 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 Property hosts copper oxide and sulfide skarn and porphyry mineralization. Total historic drilling on the Property, prior to the current drill program, is 234 holes totaling about 139,000 ft. (43,000 m).KEX can earn up to a 75% interest in the Property by completing up to US$22.5 million in exploration expenditures (see Emgold's News Release dated February 11,2020). 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 Property is an advanced stage exploration project consisting of four copper targets, three of which were first explored in the mid-1960s to late-1970s. The three main prospects, situated west to east respectively, were named Copper Queen, Champion, and Longshot Ridge. The fourth target, named Ideal and situated south of Copper Queen, is a geophysical target that was first identified in the late 1990s. Much of the Ideal and Copper...

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