The Drill Stopped. The Gold Didn't. Now This Nevada Explorer Is Going Deeper

Before the latest assays arrived, Eminent Gold had already answered the first question at Otis: whether the structures beneath the Hot Springs Range Project carried gold. Its initial four-hole core program encountered gold in every hole, led by HSC-005 with 9.2 meters grading 3.2 g/t Au on the Little Humboldt Fault.

The next question was considerably larger. Eminent needed to determine whether those initial intercepts represented isolated mineralization or evidence of something that continued beyond the first drill holes.

Vice President of Exploration Justin Milliard described that challenge to Streetwise Reports before the latest assays were known using an ice-cube-tray analogy. He compared the structures beneath Hot Springs Range to compartments filled to different depths, with the exploration team attempting to identify where hydrothermal fluids had found the largest pathways.

“What we’re trying to do is find where in that ice cube tray you had filled the water, and it’s the deepest,” Milliard said.

At the time, Milliard characterized the initial drilling as reaching only the edge of one of those compartments.

“We’ve just hit the tiny edge of that tray, and there’s gold there,” he said. “The next step, we’re going into a bigger tray.”

The latest drilling provides the first results from that next stage. HSR2601 encountered 57.9 meters grading 0.3 g/t Au, including 6.1 meters at 0.9 g/t Au, before ending in 3.0 meters at 2.1 g/t Au at the limit of the RC rig’s capabilities. Eminent plans to re-enter the hole with core.

Just as importantly, the RC program provided Eminent with new information about where to look next. The company reported that mineralization trends northeast along the Otis corridor and strengthens in that direction and at depth. Clay alteration and pathfinder elements, particularly arsenic, also strengthened northeast and deeper.

That adds another layer to the geological thesis Milliard described before the assays arrived. When he originally conceived Hot Springs Range as a graduate student, the premise was that its structural setting mattered more than the age of the rocks exposed at surface. Subsequent soil sampling, geophysics, geological mapping and rock-chip sampling progressively added evidence to that interpretation before drilling finally provided a subsurface test.

The first four core holes then established that the targeted structures carried gold. The latest RC drilling has expanded the mineralized width encountered at Otis and, according to Eminent’s interpretation of the drilling, alteration and pathfinder data, provided a direction in which that mineralization appears to strengthen.

The question has therefore become more specific. Rather than simply asking whether Eminent can repeat its initial gold intercepts, the next core drilling can test what lies northeast and deeper along the vector the company has now identified.

Where the Vector Leads

The northeast and deeper vector identified in the latest drilling matters because Eminent’s interpretation does not end at the limits of HSR2601. The company’s updated conceptual model places the drilling completed to date within a relatively small portion of a substantially larger area that remains untested.

In Figure 5 of the latest results, Eminent showed the current Otis drilling window on the western side of its conceptual model, with alteration strengthening toward the east and northeast. The company interpreted the deeper target in that direction as a large conceptual Turquoise Ridge-analogue volume. That target has not yet been drill tested, and Eminent cautioned that the analogy is exploratory and does not represent a mineral resource.

That provides new context for something Vice President of Exploration Justin Milliard told Streetwise Reports before these assays were available.

The latest results have begun to put a direction on that analogy. Rather than simply drilling farther away from the original discovery, Eminent now says its drilling, clay alteration and pathfinder data point northeast and deeper from the area tested to date. HSR2601 terminating in 3.0 meters at 2.1 g/t Au leaves the company with an existing hole from which to begin testing that interpretation with core.

The potential exploration area extends beyond Otis. Hot Springs Range covers 4,311 hectares across an approximately 10-kilometer structural corridor, with Otis, Eden and Sitka identified as its principal targets. The project sits approximately 15 kilometers northwest of Nevada’s Getchell Trend, home to the Turquoise Ridge and Twin Creeks deposits. Eminent has treated HSRP as a conceptual Turquoise Ridge-analogue opportunity based on its regional structural setting, while cautioning that mineralization at adjacent properties is not necessarily indicative of mineralization at HSRP.

Eden could provide another test of how broadly the geological thesis applies. Approximately 10 kilometers north of Otis, the target contains a roughly 3-kilometer gold-in-soil anomaly and had not yet received a proper drill test when Streetwise Reports last examined the project. Milliard described Eden as going “way out in the tray,” saying drilling there could provide information about the scale of the structures beneath the property.

The project has also attracted outside interest. Kinross Gold Corp. (K:TSX; KGC:NYSE) owns approximately 13.8% of Eminent, having increased its position in March 2026, and subsequently staked ground along the HSRP fence line following Eminent’s initial drilling at Otis. Those actions do not establish what lies beneath Hot Springs Range, but they place a major gold producer both on Eminent’s shareholder register and immediately adjacent to the project as exploration continues.

¹Technical Analyst Stewart Thomson gave Eminent Gold a Speculative Buy rating on September 8, 2026, outlining a short-term price target of CA$0.63, a medium-term target of CA$0.76, and a long-term target of CA$0.87.

The Next Test of the Otis Thesis

The next phase should begin by going back into a hole Eminent has already drilled.

The company plans to re-enter HSR2601 with core after the RC hole stopped at the rig’s depth capability while still in mineralization. That gives Eminent an immediate opportunity to test what lies beyond the 3.0 meters grading 2.1 g/t Au at the current bottom of the hole.

From there, Eminent plans deeper core testing along the northeast-trending Otis structural corridor. Milliard said the company would follow the newly identified vector, beginning with HSR2601 because it “terminated in plus-gram mineralization.”

The exploration program is also intended to move beyond Otis. President and CEO Dan McCoy said Eminent was actively drilling at Otis and was preparing to drill Eden at the eastern portion of Hot Springs Range, as well as the company’s Celts property, with both anticipated in the fall.

That leaves the company with several distinct questions for its next drilling. At HSR2601, core can determine whether mineralization continues beyond the point where the RC rig stopped. Along the Otis corridor, deeper drilling can test whether the northeast and depth vector identified from the latest program persists. And at Eden, drilling can begin testing whether the broader geological model extends to another part of the Hot Springs Range corridor.

For Milliard, that brings the project back to the principle he described to Streetwise Reports before the latest results arrived. His original interpretation of Hot Springs Range progressed from surface sampling to geophysics, mapping and eventually drilling because, ultimately, the geological idea had to be tested. [OWNERSHIP_CHART-11233]

The latest assays have provided Eminent with another set of answers. The deeper drilling will test where those answers lead.

Ownership and Share Structure²

18.35% of Eminent Gold is held by management and insiders. Among them, Justin Milliard, VP of Exploration, holds the largest position at 9.59%, and Michael Kosowan holds 6.5%. Kinross Gold Corp. (K:TSX; KGC:NYSE) is a strategic investor with a 13.8% position. The remainder is held by retail shareholders.

Eminent Gold has approximately 83.7 million outstanding shares and a market capitalization of approximately CA$40.6 million. Its 52-week range is CA$0.28 to CA$0.87.

Frequently Asked Questions

What did Eminent Gold find at the Otis target in Nevada?
Eminent Gold Corp. reported 57.9 meters grading 0.3 g/t gold in HSR2601, the thickest mineralized width encountered at Otis to date. The hole included 6.1 meters at 0.9 g/t gold and ended with 3.0 meters grading 2.1 g/t gold.

Where is Eminent Gold’s Hot Springs Range Project?
The 100%-owned Hot Springs Range Project is in Humboldt County, Nevada. It covers 4,311 hectares along an approximately 10-kilometer structural corridor and sits about 15 kilometers northwest of the Getchell Trend, home to the Turquoise Ridge and Twin Creeks deposits.

What do Eminent Gold’s latest Otis drill results mean for exploration?
Eminent said the results identified a northeast and deeper exploration vector at Otis. Mineralization, clay alteration and pathfinder elements, particularly arsenic, strengthened in that direction, giving the company a defined area for deeper core testing.

What is Eminent Gold planning to drill next?
Eminent plans to re-enter HSR2601 with core and test deeper along the northeast-trending Otis structural corridor. The company is also preparing drilling at the Eden target at Hot Springs Range and at its Celts property.

Does Kinross Gold own shares of Eminent Gold?
Kinross Gold owns approximately 13.8% of Eminent Gold. Kinross also staked ground along the Hot Springs Range Project fence line following Eminent’s initial drilling at Otis.

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