en.Wedoany.com Reported - Eminent Gold Corporation announced plans to mobilize its reverse circulation (RC) drill rig to the company's wholly-owned Hot Springs Range Project (HSRP) in Nevada on July 6, 2026, with drilling expected to commence immediately thereafter. This program is part of the company's previously announced HSRP drilling campaign of up to 10,000 meters. Drill platforms, access roads, and permits have been in place since early April, and the site is ready to begin drilling. The revised start date reflects the drilling contractor's schedule for completing prior commitments.
The drilling plan will first follow up on the results from the Otis target, where hole HSC005 returned 9.2 meters at 3.2 grams per tonne gold. It will also include the first drill test of the Eden target. Located at the opposite end of a 10-kilometer structural corridor, Eden features a 3-kilometer-long soil gold anomaly extending along a major structure. The company has refined this structure through recent seismic surveys to prioritize drill locations. President and CEO Dan McCoy stated that the company experienced some delays due to increased demand for drill rigs in Nevada and tighter equipment availability resulting from an improving gold market. He added that the company plans to follow up on the Otis results and test other structural corridors within the project.
At the Otis target, the company will use reverse circulation drilling to follow up on the high-grade intersection. At Eden, the plan is to first use RC drilling to penetrate the overburden, then switch to diamond core drilling. The company will use PhotonAssay analysis, with initial results expected approximately one week per hole. RC holes are expected to take about 48 hours to complete. The Eden target has received drilling permits and will be drilled after work at Otis is finished.
Regarding the gold market backdrop, comments from Matthew Piepenburg on June 15 noted that central banks have been net buyers of physical gold since early 2014, with purchases increasing fivefold. Central banks now hold more physical gold than U.S. Treasuries. On the same day, Couloir Capital reported that gold prices fell 2.5% for the week, as geopolitical easing—including progress on the U.S.-Iran nuclear deal—reduced safe-haven demand, while stronger-than-expected U.S. economic data and rising Treasury yields weighed on investment demand. Silver edged up 0.2% for the week, with industrial demand conditions attracting investors amid improving global growth sentiment.
Bloomberg reported on June 13 that investors are reassessing the role of gold and gold stocks during periods of heightened market volatility. The report noted that the NYSE Arca Gold Miners Index has fallen 31% since late February, while the broader stock market has risen. Chris Mancini, deputy portfolio manager of the Gabelli Gold Fund, stated that gold is currently being used more as a tool for speculators betting on short-term interest rate fluctuations. However, Bloomberg also noted that central bank demand remains part of the gold narrative, with gold prices in 2025 supported by a weaker U.S. dollar and increased global central bank demand.
The Hot Springs Range Project remains the focus of the company's 2026 exploration activities. At the Otis target, the company plans to conduct infill drilling, test other structures, and carry out follow-up seismic work and VTEM (Time Domain Electromagnetic) surveys. At Eden, seismic surveys aim to improve drill target precision, followed by RC and core drilling to test the 3-kilometer anomalous structural trend. The entire HSRP features approximately 10 kilometers of potential corridors, including 6 kilometers at Otis and 4 kilometers at Eden. The company also outlined additional work at the Celts Project, planning geophysical surveys and the initiation of first-pass drilling, for which permits have been obtained. Drilling at Hot Springs Range will commence first, with the Celts Project planned to follow later in 2026.
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