Frankfurt and Berlin Exchanges : EML EMERGENT METALS DISCOVERS NEW COPPER TARGET AT ITS NEW YORK CANYON PROPERTY, NV
EMERGENT METALS CORP.
Suite 1010 – 789 West Pender Street
Vancouver, B.C. V6C 1H2
www.emergentmetals.com
January 26, 2023 TSX Venture Exchange : EMR
OTCQB : EGMCF
Frankfurt and Berlin Exchanges : EML
EMERGENT METALS DISCOVERS NEW COPPER TARGET
AT ITS NEW YORK CANYON PROPERTY, NV
Vancouver, British Columbia, January 26, 202 3 – E mergent Metals Corp. (TSXV:EMR, OTC:EGMCF,
FRA:EML, BSE:EML) (“Emergent” or the “Company ”) announces the discovery (the “ Discovery”) of a new
porphyry and skarn exploration target at its New York Canyon Property, Nevada (“ NYC” or the “Property”). The
Discovery, made by Kennecott Exploration Company (“KEX”), a subsidiary of Rio Tinto plc (NYSE:RIO), is located
on Emergent’s n orth block (“North Block”) of claims. Named the Emma (“Emma”) exploration target, it is a bout
1,650 m (5,400 ft) long (north-south) by 1,400 m (4,600 ft) wide (east-west) and is open in all directions.
Emma represents an addition to three known copper porphyry and skarn exploration targets located on Emergent’s
south block (“South Block”) of claims at NYC. The South Block, located four miles south of the North Block, hosts
the Copper Queen, Longshot Ridge, and Champion exploration targets. Emergent has an Earn-in with Option to Joint
Venture Agreement (the “ Agreement”) with KEX whereby KEX has three options to earn up to a 75% interest in
NYC by completing exploration expenditures of US$22.5 million on the North and South Block.
Emma was identified by a combination of rock chip, soil sampling, a UAV orthophoto survey, and a UAV magnetic
geophysical survey done by KEX as part of its annual exploration work completed at NYC in 2022 (the “ 2022
Exploration Program”). Significant rock chip samples (greater or equal to 1.00% Cu) from this field work are shown
in Table 1 below:
Table 1
North Block
Significant Rock Chip Samples
(>= 1.00% Cu)
Sample Cu Au Ag
ID (%) (ppb) (ppm)
40485057 1.785 70 19.95
40485064 3.230 32 15.10
40485069 1.555 110 20.80
40485071 4.830 138 20.00
40485072 1.125 61 7.47
40485089 1.705 28 4.12
40485092 3.670 1,590 154.00
40485094 1.475 180 92.80
40485096 14.750 5,780 589.00
40485097 3.390 705 67.70
40485098 3.390 671 96.30
40485099 6.600 1,130 287.00
40485111 1.525 143 12.90
40485113 3.200 207 17.95
40492518 2.090 157 2.79
40492519 2.250 12 4.24
40437634 1.305 79 9.80
40492552 3.330 268 48.70
40492556 1.755 206 42.10
40485063 4.860 469 97.00
- 2 -
Twenty of 41 rock chip samples taken had grades greater than or equal to 1.00% Cu. Three samples had gold grades
greater than or equal to 1.00 g/t Au. Fifteen samples had silver grades greater than or equal to 10 g/t Ag. Note that
1.0 ppm Au or Ag equals 1.0 g/t Au or Ag respectively.
Significant soil samples (greater or equal to 500 ppm Cu) from this field work are shown in Table 2 below. Seventeen
of the 41 soil samples taken had grades greater than equal to 500 ppm Cu. Five samples had grades greater than or
equal to 1,000.0 ppm Cu. Four samples had Ag grades greater than or equal to 1.0 g/t silver. Note that 10,000 ppm
Cu equals 1.0% Cu.
Table 2
North Block
Significant Soil Samples
(>= 500 ppm Cu)
Details of the rock chip and soil sampling programs are outlined below, including QA/QC procedures.
The geology at the Emma exploration target is similar to the Copper Queen, Longshot Ridge and Champion
exploration targets, where copper skarn mineralization is present in Mesozoic limestone, including Luning Formation.
Porphyry copper mineralization is also present in igneous intrusive rocks of Cretaceous age. At Emma q uartz
monzonite, porphyritic quartz monzonite, and quartz eye porphyry have been identified.
David Watkinson, President and CEO of Emergent, states, “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. They also plan to further test the extension of the Copper Queen deposit to the southeast
on the South Block, with diamond core drilling also planned in the first quarter of 2023.”
About the Emergent-Kennecott Earn-in with Option to Joint Venture Agreement
As announced on February 11, 2020 , Emergent signed an Earn- in with Option to Joint Venture Agreement (the
“Agreement”) with KEX at NYC. Key points of the Agreement include:
• KEX has an option (the “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.
Sample Cu Au Ag
ID (ppm) (ppm) (ppm)
40432826 564.0 0.003 0.452
40432827 517.0 0.003 0.402
40432828 2,040.0 0.010 0.873
40432829 564.0 0.004 0.711
40432831 532.0 0.004 0.304
40432832 1,575.0 0.016 1.610
40432836 528.0 0.008 0.597
40432841 567.0 0.067 0.698
40432857 509.0 0.008 0.346
40432859 794.0 0.009 0.653
40432871 613.0 0.008 0.522
40432875 1,130.0 0.064 1.395
40436227 2,040.0 0.022 2.340
40436230 864.0 0.004 0.783
40436243 1,285.0 0.050 1.780
40436244 551.0 0.013 0.750
40436246 513.0 0.010 0.526
- 3 -
• KEX has a second option (the “Second Option”) to earn an additional 10% undivided interest in the Property
(for a total of 65%) by incurring an additional US$7.5 million in expenditures over a 3-year period.
• KEX has a third option (the “Third Option”) to earn an additional 10% undivided interest in the Property (for a
total of 75%) by incurring an additional US$10 million in expenditures over a 3-year period.
• For clarity, KEX can earn up to a 75% interest in the Property by completing up to US$22.5 million in total
exploration expenditures under the First, Second, and Third Options.
• Any expenditure in excess of an option expenditure requirement in a given time period will be credited against
subsequent option expenditure requirements. KEX may, at any time or from time to time, accelerate its
satisfaction of the First, Second, or Third Option by paying Emergent money in lieu of incurring expenditures.
• While earning in, KEX has the right to make exploration and development decisions.
• KEX must maintain the Property in good standing during the option period(s), including payment of BLM and
County maintenance fees.
• KEX will have the right to elect to form a joint venture (the “Joint Venture”) with Emergent upon completion of
either the First, Second, or Third Option. Upon establishing a Joint Venture each participant will fund the joint
venture according to its participating interest, with KEX acting as the Manager of the joint venture. If a party’s
participating interest falls below 10%, then such parties participating interest will be converted to a 1% Net
Smelter Royalty, capped at US$25 million.
To date, KEX has spent an estimated US$5.24M as exploration expenditures on the Property to year-end 2022. Based
on the Agreement, they have until February 7, 2025, to exercise the First Option under the Agreement.
About the NYC Property
NYC is located 30 miles east of Hawthorne, Nevada. The Property, subject to the Agreement, consists of 21 patented
claims and 152 unpatented claims owned by Emergent and 265 unpatented claims owned by KEX., for a total of 21
patented claims and 417 unpatented claims ( 3,520 ha or 8,700 acres in size). The claims are located in two blocks,
North and South. The North Block, subject to the Agreement , consists of 27 unpatented claims . The South Block ,
subject to the Agreement, consists of 21 patented claims and 390 unpatented claims. To date, all the exploration
targets at NYC have been found on claims subject to the Agreement.
KEX has staked an additional 257 unpatented claims around the North Block (the “ North Buffer Claims”) and 110
unpatented claims around the South Block (the “ South Buffer Claims ”), for an additional 367 unpatented claims.
These additional claims do not fall under the Agreement and are outside the Area of Influence that is part of the
Agreement. This brings the total number of claims that make up the New York Canyon Property to 21 patented claims
and 784 unpatented claims, or approximately 6,350 ha (15,700 acres).
About the 2022 Exploration Program at NYC
North Block (Emma Target)
The Emma exploration target, located on the North Block, is one mile south of the historic Santa Fe Mine. The Santa
Fe gold- silver 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 gold and 710,629 ounces of silver
between 1989 and 1995 (source: The Nevada Mineral Industry, Special Publication MI -2017, Nevada Bureau of
Mines and Geology). Santa Fe Mine is controlled and being explored by Lahontan Gold Corp. (TSXV:LG). Note
that the vicinity of the Property to a past producing mine is not necessarily indicative of the mineralization that may
be hosted at NYC, and does not mean that a similar deposit will be found However, the rock chip sampling completed
to date at Emma appears to indic ate higher gold and silver grades may be found in the North Block as compared to
the South Block at NYC, which might be related to mineralization associated with the nearby Santa Fe Mine.
Exploration on the North Block in 2022 consisted of soil sampling, rock chip sampling, a UAV magnetics geophysics
survey, and a UAV orthophoto survey. Table 3 itemizes results from 43 rock chip samples taken on the North Block.
Rock samples were taken in monzonite, quartz monzonite, granite, limestone, marble, and s karn bedrock. Results
show elevated copper and other indicator minerals as listed. Copper grades ranged from 0.012% Cu to 14.750% Cu.
Average grade of the 41 samples was 1.735% Cu, 300 ppb Au, 39.74 g/t Ag, 49.9 ppm Mo, 24.7 ppm Pb, and 1,007.1
ppm Zn. Twenty of the 41 rock chip samples taken had grades greater than or equal to 1.00% Cu. Three samples had
gold grades greater than or equal to 1.00 g/t Au. Fifteen samples had silver grades greater than or equal to 10 g/t Ag.
- 4 -
Table 3
Rock Chip Sampling Results – Key Indicator Minerals
North Claim Block Sampling
Sample ID
Easting
(m)
Northing
(m)
Elev.
(m)
Cu
(pct)
Au
(ppb)
Ag
(ppm)
Mo
(ppm)
Pb
(ppm)
Zn
(ppm)
40485057 -118.10 38.57 2,210.38 1.785 70 19.95 25.0 7.6 163.5
40485058 -118.10 38.57 2,203.23 0.056 4 0.38 2.5 8.3 60.3
40485059 -118.10 38.57 2,155.04 0.200 6 1.93 65.3 2.8 109.0
40485062 -118.10 38.57 2,107.57 0.198 3 0.58 18.8 5.6 235.0
40485064 -118.10 38.57 1,992.58 3.230 32 15.10 60.7 4.7 1,405.0
40485065 -118.10 38.58 2,120.51 0.028 3 0.16 2.9 1.0 6.0
40485066 -118.10 38.58 2,108.17 0.059 4 0.41 11.9 7.6 46.7
40485069 -118.10 38.57 2,022.98 1.555 110 20.80 101.0 3.3 1,155.0
40485071 -118.10 38.58 2,144.57 4.830 138 20.00 242.0 111.0 13,900.0
40485072 -118.10 38.58 2,158.22 1.125 61 7.47 35.5 5.5 668.0
40485073 -118.10 38.58 2,179.98 0.914 53 4.78 9.3 1.5 15,050.0
40485088 -118.09 38.57 2,257.66 0.012 4 0.20 1.2 10.9 34.6
40485089 -118.09 38.57 2,257.22 1.705 28 4.12 20.8 36.9 173.0
40485090 -118.09 38.57 2,260.99 0.631 5 0.93 14.4 9.5 70.3
40485092 -118.09 38.57 2,262.65 3.670 1,590 154.00 77.6 44.5 237.0
40485093 -118.09 38.57 2,290.67 0.092 12 0.52 14.8 2.6 73.1
40485094 -118.09 38.57 2,312.69 1.475 180 92.80 69.9 135.0 98.5
40485095 -118.09 38.57 2,241.52 0.026 4 0.59 176.0 14.6 68.6
40485096 -118.09 38.57 2,246.36 14.750 5,780 589.00 116.5 97.1 168.0
40485097 -118.10 38.57 2,211.73 3.390 705 67.70 82.2 34.1 936.0
40485098 -118.10 38.57 2,231.51 3.390 671 96.30 16.9 64.9 262.0
40485099 -118.10 38.57 2,220.40 6.600 1,130 287.00 25.8 53.9 237.0
40485110 -118.11 38.58 1,954.47 0.505 121 3.89 48.4 1.2 249.0
40485111 -118.11 38.58 2,013.03 1.525 143 12.90 13.0 1.6 368.0
40485112 -118.10 38.58 2,017.33 0.013 5 0.13 0.3 1.2 190.5
40485113 -118.10 38.58 2,016.75 3.200 207 17.95 38.8 2.7 1,705.0
40492504 -118.09 38.58 2,179.58 0.015 2 0.11 4.0 9.0 42.7
40492505 -118.09 38.58 2,182.46 0.359 30 2.69 17.0 9.1 77.4
40492512 -118.09 38.58 2,170.25 0.024 4 0.55 8.0 14.9 33.1
40492513 -118.10 38.58 2,133.46 0.031 3 0.30 43.4 5.6 24.1
40492514 -118.10 38.58 2,126.86 0.047 5 0.45 212.0 7.7 34.1
40492515 -118.10 38.58 2,105.24 0.030 2 0.16 16.3 7.7 33.7
40492516 -118.10 38.57 2,021.50 0.013 2 0.05 4.0 9.7 49.4
40492517 -118.10 38.57 1,976.71 0.022 3 0.13 11.8 7.9 41.0
40492518 -118.10 38.57 1,990.30 2.090 157 2.79 5.2 1.2 1,295.0
40492519 -118.10 38.57 2,048.42 2.250 12 4.24 23.2 4.1 1,085.0
40437634 -118.10 38.56 2150.58 1.305 79 9.80 301.0 2.3 298.0
40492552 -118.10 38.57 2158.02 3.330 268 48.70 13.4 174.5 201.0
40492553 -118.09 38.57 2301.17 0.034 1 0.57 3.0 12.4 35.2
40492556 -118.10 38.57 2142.95 1.755 206 42.10 58.0 27.7 122.0
40485063 -118.10 38.57 2052.57 4.860 469 97.00 34.1 48.9 249.0
Average 1.735 300 39.74 49.9 24.7 1,007.1
*Northing, Easting, and Elevation in WGS84 coordinate system
Table 4 itemizes results from 42 soil samples taken on the North Block. Results show elevated copper and other
indicator minerals as listed. Cu grades ranged from 61 ppm to 2,040 ppm (0.204% Cu). Average Cu grade of the 41
samples was 519.5 ppm, with five samples greater than or equal to 1,000 ppm Cu. Average Au and Ag grades were
0.012 ppm and 0.540 ppm respectively. The soil samples were taken over monzonite, granite, limestone, marble, and
skarn bedrock.
- 5 -
Table 4
Soil Sampling Results – Key Indicator Minerals
North Claim Block Sampling
Sample ID
Easting
(m)
Northing
(m)
Elev.
(m)
Cu
(ppm)
Au
(ppm)
Ag
(ppm)
Mo
(ppm)
Pb
(ppm)
Zn
(ppm)
40432814 -118.10 38.58 2,208.21 347.0 0.004 0.161 4.2 17.2 105.0
40432825 -118.09 38.57 2,221.53 403.0 0.014 0.311 19.1 16.8 89.5
40432826 -118.10 38.57 2,143.97 564.0 0.003 0.452 18.8 23.1 85.5
40432827 -118.10 38.57 2,046.16 517.0 0.003 0.402 10.5 16.4 71.9
40432828 -118.10 38.57 2,027.86 2,040.0 0.010 0.873 116.5 20.1 92.9
40432829 -118.10 38.58 2,108.96 564.0 0.004 0.711 19.9 17.3 62.1
40432831 -118.10 38.58 2,179.35 532.0 0.004 0.304 11.3 19.0 80.9
40432832 -118.10 38.58 2,127.03 1,575.0 0.016 1.610 44.5 9.6 65.4
40432834 -118.10 38.57 2,034.30 194.5 0.004 0.257 3.2 10.7 167.5
40432835 -118.10 38.57 2,011.57 285.0 0.009 0.374 2.6 11.7 65.2
40432836 -118.11 38.57 1,981.65 528.0 0.008 0.597 2.8 5.3 102.5
40432839 -118.10 38.56 2,144.74 441.0 0.045 1.195 65.9 53.4 215.0
40432841 -118.10 38.57 2,065.93 567.0 0.067 0.698 7.2 27.9 122.5
40432842 -118.10 38.57 1,966.10 134.0 0.006 0.203 2.4 22.2 106.5
40432857 -118.11 38.57 1,915.67 509.0 0.008 0.346 12.0 18.8 97.6
40432859 -118.09 38.57 2,230.51 794.0 0.009 0.653 19.4 21.1 95.3
40432871 -118.09 38.57 2,201.17 613.0 0.008 0.522 15.5 20.5 96.9
40432873 -118.09 38.57 2,253.87 129.5 0.007 0.178 2.3 14.1 88.0
40432874 -118.09 38.57 2,255.24 128.0 0.003 0.172 2.8 21.9 95.3
40432875 -118.09 38.57 2,250.83 1,130.0 0.064 1.395 235.0 17.1 124.5
40432876 -118.10 38.57 2,212.72 482.0 0.008 0.521 18.6 18.4 137.5
40432877 -118.10 38.57 2,132.53 421.0 0.013 0.515 3.9 15.8 94.6
40432878 -118.10 38.57 1,995.99 139.5 0.003 0.210 1.8 17.3 168.5
40432879 -118.10 38.57 1,987.72 61.0 0.004 0.172 1.8 18.9 82.8
40432882 -118.10 38.57 2,146.55 294.0 0.006 0.334 2.3 22.9 106.5
40432883 -118.10 38.57 2,071.29 154.5 0.007 0.210 3.7 16.4 84.0
40432884 -118.10 38.57 2,006.46 170.5 0.003 0.196 2.2 22.2 116.5
40432887 -118.09 38.57 2,200.51 115.5 0.003 0.123 3.5 20.9 87.0
40432888 -118.10 38.57 2,170.87 356.0 0.007 0.320 2.6 23.2 109.5
40432889 -118.10 38.56 2,152.46 127.5 0.007 0.240 2.4 18.6 81.4
40436227 -118.09 38.58 2,206.06 2,040.0 0.022 2.340 5.5 20.4 450.0
40436228 -118.09 38.58 2,196.40 350.0 0.012 0.236 18.1 20.0 89.8
40436229 -118.10 38.58 2,239.94 445.0 0.005 0.417 7.3 18.5 127.5
40436230 -118.09 38.58 2,190.76 864.0 0.004 0.783 48.1 16.8 70.6
40436231 -118.09 38.58 2,175.85 368.0 0.002 0.424 12.1 20.2 79.5
40436242 -118.09 38.57 2,259.07 72.4 0.002 0.117 6.0 23.7 73.3
40436243 -118.09 38.57 2,292.99 1,285.0 0.050 1.780 118.0 51.4 139.0
40436244 -118.09 38.57 2,249.72 551.0 0.013 0.750 42.1 25.0 112.5
40436245 -118.10 38.57 2,145.50 433.0 0.014 0.376 316.0 30.5 91.6
40436246 -118.10 38.57 2,049.38 513.0 0.010 0.526 10.0 36.8 629.0
40436247 -118.09 38.57 2,303.96 61.5 0.004 0.120 3.2 25.9 76.6
Average 519.5 0.012 0.540 30.4 21.2 122.9
*Northing, Easting, and Elevation in WGS84 coordinate system
The locations of the rock chip and soil samples for Cu are shown in Figures 1 and 2 below, respectively.
- 6 -
Figure 1
Copper in Rock Chips - Sample Locations
North Block, NYC
- 7 -
Figure 2
Copper in Soils – Sample Locations
North Block, NYC
- 8 -
Results from the soil and rock chip sampling indicate that both skarn and porphyry copper exploration target s exist
on the North Block that may have significant byproduct metals including gold and silver.
The UAV orthophoto was used to map alteration on the North Block. The UAV magnetic survey was used to compare
resistivity/conductivity of the rock and has been reviewed in combination with geological mapping, alteration
mapping, soil sampling, and rock chip sampling. There ap pears to be a magnetic low associated with an area in an
area mapped with mineralized porphyry dykes that has been named the Emma exploration target.
As part of their work in 2022, KEX permitted upgrading of existing access roads, new road construction where needed,
and construction of nine drill pads under a Notice of Intent (“NOI”) with the Bureau of Land Management (“BLM”)
on the North Block of claims. This will allow drilling to commence on the North Block, focussed on the Emma
exploration target in 2023.
Soil samples were taken by KEX’s geologists in September 2022. Samples were taken to depths of 10-30 cm and had
weights ranging from one to two pounds. Samples were sieved in the field to collect the less than 2 mm size fraction.
A standard was inserted at every 20 samples.
Rock chip samples were taken by KEX’s geologist s in July and September 2022. Sample weights ranged from three
to eight pounds . All rock samples were taken as outcrop grab samples. S tandards were inserted at every 30 -40
samples.
Rock chip and soil s amples were assayed by ALS Geochemistry in Elko and Reno Nevada. The analysis methods
included ALS-ME-MS61L multielement ICP method plus gold by 30g fire assay (Au-ICP21).
South Block (New York Canyon, Longshot Ridge, Champion Targets)
In 2021, KEX completed the following work on the South Block at NYC:
• Geological and alteration mapping;
• Re-assaying of selected intervals of 10 historic core holes;
• Surface rock chip sampling;
• UAV magnetic geophysics survey and DEM survey;
• Passive seismic geophysics survey;
• Carbon-oxygen isotope analysis for historic holes MN-202 and MN-222; and
• 4,481 m of diamond core drilling in 10 holes.
Results from this work can be found in press releases dated October 4, 2021, January 26, 2022, and March 7, 2022 ,
press releases. In 2022, KEX worked on analyzing this data and completing a 3- D geological/geophysical models of
the exploration targets on the South Block from historic and 2021 drilling and other data collected.
In 2022, after completing of modelling and analysis of data from 2021 exploration, KEX amended its existing NOI ,
originally obtained in 2021, to allow the company to do additional drilling on the South Block in 2023.
Plans for the 2023 Exploration Program at NYC
North Block
KEX plans to continue geologic, structural, and alteration mapping on the North Block in 2023 as well as take
additional soil and rock chip samples. Plans are to install the access roads and pads needed 2023 Exploration Program.
KEX then plans to drill an initial core test hole of 700 m (2,300 ft) (subject to adjustment in the field) to test the Emma
exploration porphyry-skarn target, with drilling expected to take place in the first quarter of 2023. Based on results
from this core hole, KEX will assess the results and potentially drill additional holes to further test the Emma target
during the remainder of the year.