Asset Portfolio

Gediktepe

The Gediktepe VMS Deposit, located in Western Turkey was discovered by a Joint Venture (“JV”) initiative between Alacer Gold Corp. (“Alacer”) and Lidya in 2012-2013 and was quickly advanced to PEA (2014) and Prefeasibility stages (2016). The deposit is comprised of a polymetallic VMS system with precious metal, copper, and zinc rich domains. The upper portion of the deposit is oxidized, forming a precious metal-enriched gossanous cap that will be mined first, followed by production from the underlying polymetallic sulfide deposit. Operator Lidya has commenced development and construction of the project and is anticipating initial production in late 2021.

Alacer, the previous owner of the Gediktepe royalties, completed a merger with SSR Mining in September of 2020. The Gediktepe Royalties consist of: (i) a perpetual 10% NSR royalty over metals produced from the oxide zone (predominantly gold and silver) after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone (predominantly copper, zinc, lead, silver and gold), payable after cumulative production of 25,000 gold-equivalent sulfide ounces.

The Gediktepe property is the subject of an NI 43-101 Prefeasibility study entitled “Gediktepe 2019 Prefeasibility Study” prepared by OreWin Pty Ltd. on behalf of Alacer with an effective date of Mar. 26, 2019 (the “Gediktepe Report”).  The 2019 Gediktepe Report is filed on SEDAR and contains historical mining reserve and resource estimates (summarized in Tables 2.1 and 2.2).

Table 2.1 Historical mineral resources reported in the 2019 Gediktepe Prefeasibility Study

MEASURED

Tonnes
(kt)

Grade

Metal

Au
(g/t)

Ag
(g/t)

Cu
(%)

Zn
(%)

Pb
(%)

Au
(koz)

Ag
(koz)

Cu
(kt)

Zn
(kt)

Total Oxide

Total Sulphide

3,999

0.67

25.1

1.01

1.83

0.34

86

3,221

40

73

Total Measured

3,999

0.67

25.1

1.01

1.83

0.34

86

3,221

40

73

INDICATED

Total Oxide

2,674

2.71

66.3

0.10

0.10

0.47

233

5,703

3

3

Total Sulphide

23,544

0.74

27.6

0.85

1.69

0.33

560

20,865

200

399

Total Indicated

26,217

0.94

31.5

0.78

1.53

0.34

792

26,568

203

402

MEASURED + INDICATED

Total Oxide

2,674

2.71

66.3

0.10

0.10

0.47

233

5,703

3

3

Total Sulphide

27,542

0.73

27.2

0.87

1.71

0.33

645

24,086

241

472

Total Measured + Indicated

30,216

0.90

30.7

0.81

1.57

0.34

878

29,790

243

475

INFERRED

Total Oxide

23

0.95

21.8

0.23

0.14

0.12

1

16

0

0

Total Sulphide

2,958

0.53

20.2

0.76

1.16

0.27

51

1,926

22

34

Total Inferred

2,981

0.54

20.3

0.76

1.16

0.27

51

1,941

23

34

Notes:                                                                                                                                                                                                               

  1. Mineral Resources were reported according to CIM guidelines and definitions.                                                                                                  
  2. The Effective Date for the Mineral Resource estimates is March 5, 2019.                                                                                                             
  3. Mineral Resources were estimated within geologic domains by either ordinary kriging or inverse distance.                                                 
  4. Mineral Resources were reported at NSR cut-offs of U.S. $20.72/t for oxide and U.S. $17.79/t for sulphide using the mineral reserve metal prices (see Table 2.2) x 1.14 (+14%) and variable metal recoveries according to material and mineralization type (refer to Gediktepe 2019 Prefeasibility Study for details).                                                                                                                                             
  5. The Mineral Resources have been constrained using an optimised pit shell to reflect reasonable prospects of economic extraction. 
  6. Mineral Resources that are not classified as Mineral Reserves do not have demonstrated economic viability.                                             
  7. Mineral Resources are inclusive of Mineral Reserves, except for mining losses and grade dilution, which were determined through re-blocking of the resource model after calculation of the Mineral Resources.
  8. The Mineral Resources are quoted on a 100% project basis

The foregoing are “Historical Estimates” within the meaning of NI 43-101. Source: Section 14 of the NI 43-101 pre-feasibility study technical report titled “Gediktepe 2019 Prefeasibility Study” prepared by OreWin Pty Ltd. and filed on SEDAR by Alacer with an effective date of March 26, 2019.

A qualified person has not performed sufficient work to classify the historical resource estimates as current mineral resources, and EMX is not treating the historical estimates as current. Significant data compilation, confirmation drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current mineral resources. The historical resource estimates are considered to be reliable and relevant and are presented for the purpose of describing the extent and nature of mineralization as presently understood. The historical resource estimates should not be relied upon until verified.

Table 2.2 Historical mineral reserves reported in the 2019 Gediktepe Prefeasibility Study

Category

Tonnage (kt)

Grade

Contained Metal

Au
(g/t)

Ag
(g/t)

Cu
(%)

Zn
(%)

Au
(koz)

Ag
(koz)

Cu
(kt)

Zn
(kt)

Oxide

Proven

Probable

2,755

2.34

56.7

207

5,020

Proven + Probable

2,755

2.34

56.7

207

5,020

Sulfide

Proven

3,620

0.68

26.7

1.03

1.93

79

3,105

37

70

Probable

14,960

0.89

33.1

0.89

1.99

429

15,903

133

298

Proven + Probable

18,580

0.85

31.8

0.92

1.98

509

19,008

170

368

Notes:                                                                                                                                                                       

  1. Mineral Reserves were reported according to CIM guidelines and definitions.                                                                                                     
  2. The Effective Date for the Mineral Reserve estimates is March 5, 2019.                                                                                                               
  3. Mineral Reserves were reported using a NSR cut-off based on metal prices of $1,300/oz Au, $18.5/oz Ag, $3.30/lb Cu, and $1.28/lb Zn, smelter terms for treatment and refining charges and transport including ocean freight for sulphide ore concentrates.           
  4. The recovery factors used to calculate the Mineral Reserves vary according to material and mineralization type (refer to section 15 of the Gediktepe 2019 Prefeasibility Study for further details).                                
  5. Cut-offs applied: oxide ore $20.67/t and sulphide ore $17.74/t. Additionally, enriched mineralisation with a Cu/Zn grade ratio < 0.75 is considered to be waste.                                                                                                                                                                                    
  6. Metal prices used for economic analysis to demonstrate the Mineral Reserve are Au $1,315/oz, Ag $18.0/oz, Cu $3.20/lb and Zn $1.10/lb.                                                                                                                                                                             
  7. Reported Mineral Reserves incorporate and include designed open pit mining losses and grade dilution that are not reported in the Mineral Resource.                                                                                                                                                                                 
  8. Only Measured Mineral Resources (and dilution) were used to report Proven Mineral Reserves and only Indicated Mineral Resources (and dilution) were used to report Probable Mineral Reserves.                                                                                                                                    
  9. Mineral Reserves are a subset of, not additive to, the Mineral Resources and are quoted on a 100% project basis.
  10. All monetary figures are in USD.                                                                                                      

The foregoing are “Historical Estimates” within the meaning of NI 43-101. Source: Section 15 of the NI 43-101 pre-feasibility study technical report titled “Gediktepe 2019 Prefeasibility Study” prepared by OreWin Pty Ltd. and filed on SEDAR by Alacer with an effective date of Mar. 26, 2019. For further details on other parameters utilized in the estimates, the reader is referred to Section 15 of the Gediktepe Report.

A qualified person has not performed sufficient work to classify the historical reserve estimates as current mineral reserves, and EMX is not treating the historical estimates as current mineral reserves. Significant data compilation, confirmation drilling, re-sampling, data verification and updating of metal prices, engineering assumptions, and economic parameters may be required by a qualified person before the historical estimates can be classified as current. The historical reserve estimates are considered to be reliable and relevant, and are presented for informational purposes to describe the extent and nature of mineralization on the project as presently understood. The historical reserve estimates should not be relied upon until verified.

 

Maps

View of Gediktepe mineralized bodies Click to Enlarge

Photos