EMX’s Sigdal project is a magmatic nickel-copper (cobalt) system located near the town of Prestfoss in Bukerud in southern Norway within a historic nickel mining area. Nickel sulfide mineralization at Sigdal is hosted within an extensive metamorphosed gabbro complex, with multiple zones of historic mining and nickel occurrences (e.g., Ramstad, Grågalten, and Holmensætra prospects). Following up on an electromagnetic survey, the joint venture between Falconbridge Ltd and Blackstone Ventures drilled two shallow inclined holes in 2006 (both less than 80 meters in length), which intersected “mineralized gabbro” at depths of less than 50 meters. Blackstone described sulfide mineralization with “net” textures, veins and disseminations concentrated in fold-hinge structures and in breccias within the metagrabboic intrusions, including a 6.95 meter intercept (true width unknown) of pyrrhotite-rich sulfide mineralization with subordinate chalcopyrite1. Outcrop is sparse, but observations indicate significant folding and sulfide remobilization as evidenced by thickened intervals of sulfide within fold hinges up to eight meters wide. EMX recognizes compelling drill targets beneath as well as along strike of the historic workings, and as follow-up the Blackstone drill holes. Further discovery potential lies within additional structurally complex fold-hinge style targets within the license.
In 2020 the Sigdal 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.
1From descriptions in drill hole logs submitted to the Norwegian Geological Survey by Blackstone Minerals and Falconbridge. Available for download on the Norwegian Geological Survey webpage.
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) is considered reliable and relevant.