Vancouver, British Columbia, June 15, 2023 – Emergent Metals Corp. (TSXV:EMR, OTC:EGMCF, FRA:EML, BSE:EML) (“Emergent” or the “Company”) is pleased to provide an update on activities related to several of the Company’s exploration properties and the results of its Annual General Meeting held on June 14, 2023. Details are summarized below:

Mindora (West Santa Fe) Property, NV

As announced on May 15, 2023, Emergent has signed a binding Term Sheet (“Term Sheet”) and plans to complete an Option to Purchase Agreement (“Agreement”) with Lahontan Gold Corp. (TSXV: LG) (“Lahontan”). Lahontan, subject to certain terms and conditions, will have the option (“Option”) to acquire a 100% interest in Emergent’s Mindora Property, NV by completing US$1.8 million in cash payments and US$1.4 million in work expenditures on the property (total US$3.2 million) over a seven-year period. Lahontan is renaming the property “West Santa Fe” due to its synergy with their flagship asset, the Santa Fe Mine, located just 10 mi (15 km) to the east. Lahontan and Emergent plan to complete the Agreement within 45 days of the signing of the Term Sheet.

On May 31, 2023, Lahontan announced the company had staked an additional 95 unpatented mineral claims to the northeast and abutting the existing Mindora/West Santa Fe claims. This brings the total size of the Mindora/West Santa Fe property to 242 unpatented claims totaling approximately 4,800 ac (2,000 ha). The property, located 20 mi (30 km) southeast of Hawthorne, hosts oxide gold-silver mineralization in a geologic setting similar to the nearby Santa Fe Mine. Historic exploration drilling on the property totals approximately 43,000 ft (13,000 m).

On June 13, 2023, Lahontan announced results from rock-chip sampling at Mindora/West Santa Fe as part of their due diligence. Six rock chip samples were taken with results ranging from 0.13 g/t to 13.54 g/t Au Eq. Four rock-chip samples from outcrop in the main Au and Ag mineralized zone ranged from 2.71 to 13.54 g/t Au Eq and averaged 7.30 g/t Au Eq. Lahontan geologists also completed detailed statistical analysis of historic soil geochemical data from Mindora/West Santa Fe, the results show a remarkable correlation with known mineralized areas and outline multiple targets for further exploration. Details of the sampling can be found under Lahontan’s corporate filings under www.sedar.com. Emergent’s geologists have not verified these results.

New York Canyon, NV

As announced on April 3, 2023, Kennecott Exploration Company (“KEX”), a subsidiary of Rio Tinto Group (LSE: RIO), mobilized and commenced drilling activities on the New York Canyon Property, NV. New York Canyon is subject to an Earn-In with Option to Joint Venture Agreement (the “Agreement”) between Emergent and KEX. KEX has options to earn up to a 75% interest in the property by completing up to US$22.5 million in exploration expenditures and has spent over US$5.24 million on the property as of year-end 2022.

New York Canyon is located 30 mi (48 km) east of Hawthorne, Nevada and directly south of and abutting Lahontan’s Santa Fe Mine. 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 (8,700 ac or 3,500 ha in size). The claims are located in two blocks, North and South (the “North Block “ and “South Block”). 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.

The South Block hosts the Longshot Ridge, Copper Queen, and Champion copper porphyry and skarn exploration targets. The North Block hosts the newly discovered Emma copper porphyry and skarn exploration target (see January 26, 2023, news release for additional details).

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 15,700 acres (6,350 ha).

As part of its 2023 exploration program, KEX planned to drill two diamond drill holes. One is located on the South Block of claims testing a potential extension of the Copper Queen prospect based on a geophysical anomaly identified in 2022. KEX also planned to drill a second diamond drill hole in the North Block of claims, targeting the Emma prospect, based on soil and rock chip sampling completed in 2022.

KEX completed a total of four diamond drill holes totaling 4,359.02 ft (1,238.63 m). In the South Block of claims, Hole NYCN0011 was drilled to a depth of 772.01 ft (235.31 m) and Hole NYCN0012 was drilled to a depth of 1,404.00 ft (427.94 m). In the North Block of claims, Hole EMMA0001 was drilled to a depth of 171.00 ft (52.12 m) and Hole EMMA0002 was drilled to a depth of 2,012.01 ft (613.26 m). Note EMMA0001, planned at a dip of 77 degrees was terminated by geologists in the field and replaced by EMMA0002, which as drilled at a shallower dip of 60 degrees to better intercept the Emma target.

Drill core was quick-logged in the field and sent to KEX’s core logging facility in Salt Lake City. Core is now being logged in detail and processed, after which samples will be sent to an independent laboratory for assaying. Additional details on the drill program, assay results, and QA/QC procedures will be provided in future press releases, likely within 60-90 days.

Golden Arrow Property, NV

Golden Arrow is located approximately 40 mi (64 km) east of Tonopah in Nye County, Nevada. The property consists of 494 unpatented and 17 patented lode mineral claims covering an area of approximately 10,000 ac acres (4,000 hectares). It is an advanced-stage exploration property with a comprehensive exploration database including geochemical sampling, geophysics, and over 201,000 feet of reverse circulation and diamond core drilling.

To date, two main exploration targets have been drilled on the property focusing on bulk disseminated mineralization which resulted in the delineation of the Gold Coin and Hidden Hill resource zones. Numerous other targets have been identified for exploration. Emergent’s management believes there is potential to expand both the Hidden Hill and Gold Coin resources and for discovery of other bulk disseminated mineralization on the property. In addition, historic underground mine workings lie along the Page Fault and other structures on the property indicating potential for vein style mineralization that has been subject to limited modern exploration to evaluate its potential.

A Technical Report, entitled “Amended 2018 Updated Technical Report on the Golden Arrow Project, Nye County, Nevada, U.S.A.” (the “Technical Report”) was prepared for Emergent by Mine Development Associates in Reno, Nevada, and has an effective date of August 28, 2018, and a report date of September 24, 2018. The Technical Report was prepared by qualified persons Steven Ristorcelli, CPG, Odin D. Christensen, PhD, CPG, and Jack S. McPartland, MMSA (collectively, the “Authors”), in support Emergent’s acquisition of the property. The Authors are independent of Emergent.

The Technical Report discloses a mineral resource, which particulars are set out in Table 1 below. The mineral resource was modeled for the Property and estimated by evaluating the drill data statistically and utilizing a three?dimensional geological solid model. Mineral domains were interpreted on northeast?southwest geological cross sections spaced at approximately 100-foot intervals throughout the extent of the Property mineralization. The mineral domain interpretations were then rectified to east?west cross sections spaced at 20-foot intervals. Estimation was done by inverse?distance. The Authors were certified to make their own independent investigations based on what they deemed necessary, in their professional judgment, to be able to reasonably rely on the provided information to make the conclusions and recommendations presented in the Technical Report.

Table 1

Golden Arrow Property Mineral Resource. see & read more on
https://emergentmetals.com/emergent-metals-corp-provides-exploration-and-corporate-update/