The Antelope Project is located in the Illipah mining district of western White Pine county, Nevada. The Project is adjacent to the past producing Illipah open pit gold mine. Although the mineralization on the adjacent Illipah mine property provides geologic context for the Antelope Project, this is not necessarily indicative of mineralization hosted on the Company’s property. The Illipah deposit was discovered by Tenneco Minerals in 1981, and put into production by an Alta Gold-Echo Bay joint venture from 1987-1989 producing 54,198 ounces of gold . The open pit is situated in the west-southwest dipping limb of the north plunging Illipah anticline that is cored by Mississippian age Joanna Limestone, and flanked by the overlying and younger Chainman and Diamond Peak Formations. Gold mineralization in the district is hosted in silty carbonate rocks within the lower Chainman, at or near the contact with the underlying Joanna Limestone, and is associated with decalcification and jasperoid alteration within carbonate-rich horizons and along northeast oriented structures. Jasperoids are continuously exposed along the west flank of the Illipah anticline from Nevada Highway 50 northward to the Illipah mine, and have been the focus of multiple historic exploration campaigns.
The Antelope Project covers both limbs of the Illipah anticline, as well as the northern and southern anticline crests along trend. The primary exploration target is the northern extension of the shallowly plunging anticline crest to the north of the Illipah mine. Southward from the mine, prospective host rocks have been removed by erosion, but are preserved within the EMX land position. Secondary targets remain along extensions of northeast oriented normal faults that are poorly exposed throughout the property, but control alteration away from the main anticline where these structures cut host lithologies and secondary folds. In addition, reconnaissance mapping by EMX has revealed a number of secondary fold axes west of the main anticline that may bring host rocks near to the surface. These folds, coupled with crossing northeast oriented structures, represent a series of priority targets for follow-up.
In 2020 EMX entered into an optiona agreement with Hochschild Mining PLC (LSE: HOCM) (“Hochschild”). This Agreement provides EMX with work commitments and cash payments during Hochschild’s earn-in period, and upon earn-in, a 4% NSR royalty, annual advanced royalty payments, and milestone payments. EMX and Hochschild have commenced an initial field program consisting of reconnaissance and detailed target mapping, rock chip and select soil geochemical sampling programs, and an induced polarization (“IP”) geophysical survey. EMX looks forward to the advancement of the project under the option agreement with Hochschild.
Note: The nearby mines provide geologic context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar tonnages or grades of mineralization.