Eminent Gold Corp. has acquired an option to purchase the Gilbert South Project located approximately 26 miles west of Tonopah, according to the press release.
The property lies within the Gilbert District, which has a long history of both production and recent resource drilling, the release said.
Multiple small shafts and adits on the property are developed along free gold-bearing epithermal quartz veins and vein stockworks.
The company considers this project to be one of the best epithermal prospects in the Walker Lane, which has a total gold endowment of over 53 Moz Au and 350 Moz Ag, all produced from similar epithermal occurrences.
Eminent has entered into an option agreement with Orogen Royalties Inc., whereby the company acquired the option to purchase 100 percent of Gilbert South. The company has up to five years to acquire a 100 percent interest in the 110 unpatented claims, by making cumulative cash payments of $875,000, cumulative share payments of 500,000 common shares in the capital of the company, and a total of $100,000 in expenditures during the option period.
“The Gilbert South Property represents an exceptional opportunity to explore a well-known historic gold district. This acquisition marks our fourth project in Nevada that supports our goal of developing a high-quality exploration company that is pursuing major discoveries using new geological concepts within the Great Basin. Gilbert South is an excellent complement to our Weepah and Spanish Moon projects given stage of exploration and logistics around the portfolio. Eminent has created an exciting pipeline of premier exploration opportunities in Nevada which we are rapidly advancing to consecutively drill all four projects in the coming months,” Paul Sun, president and CEO of the company said in a press release.
The property is an hour’s drive from the mining town of Tonopah, accessed by a U.S. highway and five miles of county-maintained dirt roads. A well-developed network of historic dirt roads covers most of the property, according to the press release.