The Kuusamo battery metals project is located in north-central Finland, 60km west of the town of Kuusamo and is a PGE-nickel-copper-gold project. The project is comprised of two exploration “reservation” properties located adjacent to and near EMX’s Kaukua PGE royalty property, which is being advanced by Palladium One Mining Inc. (see EMX News Release dated February 25, 2020). The highly prospective Kuusamo project hosts similar styles of mineralization located within the same mafic intrusive complex and along trend of the mineralization at Kaukua. Both the Kuusamo and Kaukua properties show Ni-Cu-Co-PGE enriched sulfide horizons near the base of a mafic intrusive complex. Geologic maps of the area depicting this horizon show that it extends for nearly 30 kilometers along strike within the EMX reservation areas.
Ni-Cu-Co-PGE mineralization on the Kuusamo property is hosted by the Koillismaa Layered Igneous Complex (“KLIC”), a 2.4-2.5 billion year old layered mafic intrusive complex located in north-central Finland. The KLIC forms part of an east-west trending belt of similar intrusions and nickel, copper and PGE deposits that cross through Finland and into Russia.
Ni-Cu-Co-PGE-enriched magmatic sulfide mineralization occurs near the base of the KLIC and has been mapped and drilled throughout the area. The Kuusamo Project covers substantial parts of the base of the KLIC and records show that at least five target areas have been drilled historically within the Kuusamo Project over the past 50 years, with most activity taking place in 1973, followed by drilling in 1997 and again from 2000-2005. However, almost all of the historic drilling was shallow, with most holes having reached depths of only 50-75 meters. Multiple phases of airborne and ground geophysical surveys have also been run across portions of the Project, with the data having been compiled by and acquired from the Geological Survey of Finland (GTK).
In 2020 Sienna Resources Inc. (“Sienna”) (TSX Venture: SIE) entered into a two year option period to acquire EMX’s Kuusamo Ni-Cu-Co-PGE project in Finland in exchange for a royalty, satisfying work commitments, and making payments of cash and equity to EMX. For more details, please see the company news release dated May 25, 2020.