The historic mining area of Hosanger is located outside of Bergen Norway. The Hosanger district comprises several nickel-copper deposits hosted within the Hosanger Intrusion (a metamorphosed norite) that were exploited by underground mining operations from 1883 through the mid-1940’s. Historical production is reported to have totalled 462,000 tonnes averaging 1.05% Ni, 0.35% Cu, and 0.05% Co, with grades up to 3% Ni reported from some phases of production1,2.
Mineralization at Hosanger is reported to consist of zones of disseminated and “net” textured sulfides that are cut by, and juxtaposed with, tectonically remobilized higher grade sulfide lenses. These zones include masses of sulfide mineralization that appear to have been injected into surrounding country rocks during deformational episodes. Multiple historic drill defined zones of sulfide mineralization have not been followed up with modern exploration, and remain open for potential new discoveries.
The Projects occur amongst a cluster of nickel deposits and mafic intrusive complexes in southern Norway that is considered to be the eastern extension of the same trend that hosts the Voisey’s Bay nickel deposits in Labrador, Canada (the regions of modern day Fennoscandia and Canada were once adjoined in the middle Proterozoic period).3
In 2020 the Hosanger project entered into an option agreement with Pursuit Minerals Limited (ASX: PUR) (“Pursuit”). Pursuit is a publicly traded company listed on the Australian Stock Exchange that is focused on battery metal assets in Fennoscandia. The Agreement provides EMX with an equity interest in Pursuit, a 3% net smelter return (“NSR”) royalty on the project, and other considerations including annual advance royalty (“AAR”) and milestone payments. Pursuit may also issue up to 9.9% of its issued and outstanding share capital to EMX as certain conditions are satisfied.
1Bjørlykke H., 1949. Hosanger Nikkelgruve, NGU publication Nr. 172, pp.10.
2Eilu, P. (ed.) 2012. Mineral deposits and metallogeny of Fennoscandia. Geological Survey of Finland, Special Paper 53.
3Reference to other mines and mineral deposits in similar geologic settings provides geologic context for EMX’s Projects, but this is not necessarily indicative that the Projects host similar tonnage or grades of mineralization.
Note: EMX has not performed sufficient work to verify the published assay data reported on this slide, and these data cannot be verified as being compliant with NI43-101 standards. These historically reported data should not be relied upon until they can be confirmed. However, the mineralization as reported in various public documents available online and from the NGU (Norwegian Geological Survey) and geological Survey of Finland are considered reliable and relevant.