Eminent Gold Corp. has restarted core drilling at its Hot Springs Range Project in Humboldt County, Nevada.

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Eminent Gold Corp. has restarted core drilling at its Hot Springs Range Project in Humboldt County, Nevada, following the success of its initial program earlier this year. Located approximately 15 kilometers northwest of the Getchell Trend, the project lies within a region known for hosting several high-grade Carlin-style gold deposits, including Turquoise Ridge and Twin Creeks.

The resumed program targets the Otis fault zone, one of five high-priority areas at the property. The company reported that its maiden drill campaign intersected gold mineralization in all initial holes. According to Eminent, recent gravity geophysical data outlined a multi-kilometer strike length along the Otis fault, emphasizing the potential scale of the system.

Eminent’s new campaign will consist of two core drill holes. The first, HSC005, is designed to test the intersection of the northeast-trending Otis fault and the northwest-trending Little Humboldt fault. The second hole, HSC006, will be drilled from a new pad and oriented northwest to intersect the Otis fault and other potentially mineralized structures. These follow up on Phase I holes HSC002 through HSC004, which confirmed gold at depth but left much of the structure untested.

“These two holes are excellent follow-ups to HSC002–004, helping us define the nature and extent of mineralization along the Otis fault and its intersection with the NW-trending Little Humboldt fault,” said Dan McCoy, Eminent’s Chief Geologist in the company's news release. He added that such intersections are considered a highly prospective setting for Carlin-type systems.

The program has been approved by the joint technical committee formed by Eminent and Kinross Gold, which acquired a 9.9% equity stake in the company earlier this year. Paul Sun, CEO of Eminent Gold, stated, “We are expanding the initial drill program that returned gold mineralization in each of the first three holes. HSRP now hosts five targets across a district-scale footprint, offering the analogous scale, structure, and chemistry of a major Carlin-style discovery.”

According to the company, all scientific and technical information has been prepared or approved by Michael Dufresne, PGeo, an independent qualified person under National Instrument 43-101. Eminent holds 100% ownership of the Hot Springs Range Project, as well as two other early-stage gold projects in Nevada: Celts and Gilbert South. The company had approximately CA$1.9 million in cash as of June 30 and a market capitalization of roughly US$27 million as of September 2025.

Sector Snapshot: Gold Market Activity and Capital Flows

According to Rocks Daily on October 1, gold miners reached a new milestone in capital markets by securing record-breaking proceeds from share issuances. The publication stated, “Gold miners have just raised their highest ever quarterly proceeds from share sales, with a prolonged rally in bullion prices attracting a range of investors seeking extra profit by betting on the companies that produce the metal.”

This capital influx coincided with strong gold price performance in 2025. Bloomberg reported on September 30 that “gold has rallied more than 10% this month and took a breather after reaching another record early Tuesday, as the prospect of an imminent government shutdown added to the metal’s appeal as a safe haven investment.” The article linked recent price gains to rising geopolitical and fiscal uncertainty, including concerns over U.S. government operations.

On the same day, Goldman Sachs Research released an outlook projecting that gold could reach US$4,000 per troy ounce by mid-2026. The report, authored by Lina Thomas, attributed the price strength to what she called “strong structural demand from central banks and easing from the US Federal Reserve.” She explained that central banks, particularly in emerging markets, had significantly accelerated gold purchases since 2022 and were expected to maintain that pace. “Our base case assumes that the current trend in official sector accumulation continues for another three years,” Thomas wrote. Survey data also showed that 95% of central banks expected global gold holdings to rise over the following 12 months.

From a technical standpoint, Stewart Thomson offered a cautionary view in his Galactic Updates newsletter on September 30. He noted that gold had recently met a target price of US$3,800 and described the market as entering a more volatile phase. He advised conservative investors to limit profit-taking to 30% of their positions and wrote that “any price over US$3,000 is a great one for most miners.” Thomson also referenced potential headwinds and short-term corrections, particularly in the context of shifting global events such as the situation in Gaza and possible U.S. government shutdowns.

Analyst Cites Strategic Value and Discovery Potential at Eminent Gold’s Celts Project

Julian Cruz of RiskHedge released a report on August 25 spotlighting the exploration potential of Eminent Gold Corp.'s Celts Project in Nevada’s Walker Lane Trend. In her analysis, Cruz described the project as a key component of the company’s growing portfolio and noted its positioning near the Silicon-Merlin system—one of the most closely watched gold discoveries in the region.

According to Cruz, the Celts Project is underpinned by a combination of favorable structural geology, historical results, and modern exploration techniques. She highlighted legacy data from a 1987 Chevron program, including an intercept of 1.5 meters grading 4.1 grams per tonne gold. More recent surface sampling has returned assays of up to 33.2 grams per tonne gold and 219 grams per tonne silver, suggesting strong mineralization near the surface. “These results,” she wrote, “underscore the project’s potential for bulk-mineable open-pit oxide ore.”

The report also focused on Eminent’s technical methodology, emphasizing the use of geophysics and grid-based sampling to delineate targets beyond previously known mineralized zones. Cruz noted that data released in June 2025 confirmed the continuation of gold-bearing structures, reinforcing the company’s geologic model. She stated this update “further validates the project’s upside.”

Cruz pointed to the project’s proximity to the Silicon-Merlin discovery as a meaningful comparison, citing both structural and geologic similarities. She argued that the tectonic setting—part of a region responsible for over 100 million ounces of gold—supports the potential for a significant new find. “Celts has the potential to rival some of the most productive trends in Nevada,” Cruz wrote.

The analysis also mentioned Eminent’s CA$4.2 million private placement, calling it both a capital infusion and a signal of confidence in the company’s strategy. In her conclusion, Cruz described Eminent as having “a compelling risk-reward profile” based on its early-stage discovery potential, project positioning, and backing from institutional partners.

Targeting the Structure Behind the Early Hits

Eminent’s current drill campaign builds on the discovery of gold mineralization in each of the first three holes at Hot Springs Range. According to the company, these initial intercepts may have missed the main structure, which the new drilling is now designed to test. The Otis fault system, informed by recent gravity surveys and controlled-source audio-frequency magnetotellurics (CSAMT), remains largely untested and is believed to be the source of the previously encountered mineralization.

Additional updates are expected in the coming months. The company anticipates releasing results from this phase of drilling in the fourth quarter of 2025. Meanwhile, work is underway at its Celts and Gilbert South projects, both of which are located on major Nevada gold trends. Eminent has secured drill permits for Celts, where it plans a two-hole program targeting structures analogous to the Silicon deposit owned by AngloGold Ashanti. Gilbert South will follow with a maiden drill program focused on a feeder structure that spans more than 2.5 kilometers on surface and has returned multiple high-grade rock samples.

Eminent states that all three projects are being advanced using a discovery-first strategy with a focus on deeper, blind targets identified through modern geophysics. The company also noted that recent drilling has encountered iron oxide alteration, rather than sulfides, suggesting potential compatibility with cyanide leaching methods, which could influence future development options.

With three active gold exploration projects in Nevada and support from a major producer, Eminent plans to continue advancing multiple drill programs into 2026.

Ownership and Share Structure

According to company filings, 10.0% of Eminent Gold Corp. is held by management and insiders. Strategic entities hold 9.9%, all of which is attributed to Kinross Gold Corp. An additional 32.0% is held by technical personnel and close associates.

The rest is retail.

Eminent Gold has a market cap of approximately US$27 million. The company has 77.87 million shares outstanding and a fully diluted share count of 103.54 million.