Emergent Metals (TSXV: EMR) has made a new discovery at its New York Canyon Property, found in Nevada. The company this morning is reporting that recent exploration conducted on the property has identified a new copper target, referred to as the Emma Target.
The new target is found on the north block of claims for the New York Canyon property, and covers an area measuring 1,650 metres by 1,400 metres, while remaining open in all directions. The target was discovered via several exploration methods, including rock chip sampling, soil sampling, and magnetic surveys.
A total of 41 rock chip samples were collected from the target, 20 of which had grades higher than 1.00% copper, with one sample returning a value of 14.75% copper, 5.78 g/t gold and 589 g/t silver. Three samples meanwhile saw gold grades higher than 1.00 g/t, and fifteen samples reported silver grades above 1.00 g/t.
Soil sampling meanwhile saw 41 samples collected as well, of which 17 had copper content in excess of 500 ppm. Four soil samples meanwhile had silver grades beyond 1.0 g/t silver.
Geology at the target is said to be similar to three other copper targets on the property, which contain copper skarn mineralization as well as copper porphyry mineralization.
The discovery was made by Kennecott Exploration, a subsidiary of Rio Tinto, whom is currently conducting exploration on the property. An earn-in option agreement currently exists, whereby Kennecott can earn up to a 75% stake in the property by spending US$22.5 million in exploration on the North and South blocks of the property. To date, an estimated US$5.24 million has been spent, with the company having until February 2025 to exercise the first option under the arrangement.
“Emergent is extremely excited by KEX’s discovery of the Emma target at NYC. The rock chip and soil sampling results, along with alteration mapping and geophysics, indicate potential for a porphyry and skarn deposits to be found on the North Block, which has previously been unexplored by either Emergent or KEX. KEX has already completed permitting to test this target, with diamond core drilling planned in the first quarter of 2023,” commented Emergent CEO David Watkinson on discovery.
Emergent Metals last traded at $0.365 on the TSX Venture.
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