On October 5, 2018, Emergent announced it had acquired a 100% interest in the Golden Arrow Property, NV (“Golden Arrow” or the “Property”) from Nevada Sunrise Gold Corporation (TSXV: NEV)("Nevada Sunrise").  The Property is an advanced-stage gold and silver exploration property located about 40 miles east of Tonopah, NV. At that time, It consisted of 357 contiguous unpatented lode mineral claims and 17 patented lode mineral claims covering about 7,000 acres, including the historic Golden Arrow Mining District.

 

The deposit has similar geologic characteristics to the Rawhide Mine located in Nevada with epithermal hot springs style mineralization and epithermal veins and shear zones associated with Walker Lane and Basin and Range faulting. The Golden Arrow property is a volcanic field, situated on the western margin of the Kawich Caldera.  Within this volcanic field are two gold-silver resources, named Gold Coin and Hidden Hill.  At the Gold Coin deposit, hydrothermal fluids were injected into a segment of the Walker Lane Fault and the Page Fault, resulting in oxidation, silicification, and mineralization of volcanic units.  A latite intrusive was the primary mineralizer of the Hidden Hill resource, being a conduit of mineralizing fluids that deposited gold and silver in volcaniclastics and other rocks above and around it.  The image titled Golden Arrow Deposit Styles of Gold Mineralization below illustrates this.

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​​Golden Arrow currently has a measured and indicated resource of 12.2 million tons with an average gold grade of 0.028 ounces per ton (opt) totaling 296,500 ounces and an average silver grade of 0.33 opt totaling 4.0 million ounces (see details below). Two main resource areas have been delineated to date – Gold Coin and Hidden Hill.  The potential exists for the expansion of these resource areas and for the discovery of new resource areas on the Property, subject to exploration success.

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Historic work on the Property consists of geologic mapping, soil and rock chip sampling, multiple geophysical studies, and historic drilling.  Historic drilling to date exceeds 201,000 feet from 361 reverse circulation and diamond core holes. The Property has an extensive exploration database. Potential exists for both bulk disseminated mineralization and high-grade vein mineralization. 

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​On May 11, 2016, Nevada Sunrise obtained approval of a Plan of Operations (the “Plan”) and an Environmental Assessment (the “EA”) for the Golden Arrow Property from the U.S. Bureau of Land Management (the “BLM”). The Plan and EA contemplate approximately 240,000 feet of drilling of an estimated 240 holes to explore for new areas of gold mineralization on 1,500 acres of the Property and to potentially expand the known gold and silver resources, subject to exploration success.  After completing the acquisition of the Property, these approvals were transferred into Emergent's name. 

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​On September 27, 2018, Emergent filed the “Amended 2018 Updated Technical Report on the Golden Arrow Project, Nye, County, Nevada, USA, prepared for Emgold Mining Corporation and Nevada Sunrise Gold Corporation by Mine Development Associates, Reno, Nevada (“MDA”). The Authors or the report recommend a two-phased approach to advance the Property, with the goal of completing a Preliminary Economic Assessment (“PEA”) by the end of Phase 2. 

 

MDA recommended Phase 1 exploration include a comprehensive review of presently available technical data to define potential drilling targets for the discovery of new mineral centers and identify locations for drilling within the current resource areas to upgrade mineral resources from Inferred to Indicated classifications.  Following a review of the technical data, preparation of a new geological map for the project area was recommended for clarification of district volcanic stratigraphy, as well as preparation of several geological cross sections based upon the mapping and drilling information. Rock-chip and soil geochemistry would complement the geological mapping. 

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In 2020, Emergent staked 137 unpatented claims, extending the Property to the South to cover several exploration targets it had identified.  This increased the property size to 494 unpatented claims and 17 patented claims with a size of about 10,000 acres. 

 

In 2021, the Company completed a helicopter magnetic and radiometric survey and ground IP-resistivity survey over the new claim area and took 1,109 soil samples over two target areas, identifying two new exploration targets called Big Hope and Kawich. 

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Condor Geophysics was retained in 2021 to review historic and new geophysics data.   This included review and re-interpretation of:

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• Aerodat EM, magnetic, and radiometric survey (1992)

• Kennecott ground magnetics survey (1996)

• Kennecott ground gravity survey (1996)

• Quantec Orion DC resistivity, IP, and MT survey (2011)

• Precision Geophysics magnetic and radiometric survey (2021)

• Zonge gradient DC resistivity and IP survey (2021)

• 3D model and data provided by Emergent (2021)

• Soil geochemistry data provided by Emergent (2021)

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Condor's data review identified 34 prospective geophysical exploration targets for follow-up, including six high-priority targets, 10 medium-priority targets, and 18 low-priority targets.  Two high-priority targets are in the vicinity of known resources (Gold Coin and Hidden Hill areas) and four priority targets are in the vicinity of the Big Hope and Kawich soil sampling targets.​

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​​​Emergent plans to complete geologic mapping over the new claim block to complete Phase 1.  Following the completion of Phase 1, a decision will made on whether or how to proceed with Phase 2. Phase 2 will include drilling and metallurgical test work followed by a scoping study and potentially a PEA, depending on the scoping study results.   Future work is subject to financing.