The Espedalen license contains multiple historic mines, prospects and exploration targets hosted in a metamorphosed mafic-ultramafic complex. The license contains the Stormyra Ni-Cu-Co deposit, and 26 other known Ni-Cu-Co occurrences that form a broad ring within the ultramafic magmatic complex. Nickel mining in the area was intermittently active during the period 1848 to 1918 with approximately 100,000 tonnes of nickel ore produced, averaging 1.0% Ni, 0.4% Cu and 0.6% Co according to published sources1. Several historic Ni-Cu-Co resources have also been described on the property. The area was also explored and drilled by a Falconbridge Ltd and Blackstone Ventures Inc. joint venture in the early 2000’s. Blackstone filed an NI43-101 Technical Report for the project in 2009. This document is available on www.Sedar.com.
In 2020 the Espedalen 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.
It is notable that many zones of mineralization contain higher grade masses of sulfide mineralization that were remobilized during deformation and folding in the area. Multiple historic target areas have not yet been drill tested on the property.
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)2
1 Reddick Consulting, 2009, Prepared for Blackstone Ventures Inc., NI 43-101 Technical Report on Resource Estimates for the Ertelien, Stormya and Dalen Deposits, Southern Norway dated Jan 13, 2009.
2 Reference 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.