The historic mining area of Hosanger is located outside of Bergen and is characterized by ortho-magmatic Ni-Cu-Co mineralized systems. The precious metal endowment is noted but unassessed, representing considerable upside to the project. The mineralization is hosted in metamorphosed norite, which is part of a pre-Cambrian anorthositic suite which is considered to be part of the same units as the Voisey’s Bay deposit in Labrador, Canada.
Several parts of the same gabbroic intrusion are untested and remain promising targets. Additional intrusions are underexplored in the area and represent further upside.
An option agreement with Pursuit Minerals Limited (ASX: PUR) was executed in February 2020. 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. See EMX news release dated February 18, 2020 for more details.
Notes: The nearby mines and deposits mentioned above provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar tonnages or grades of mineralization.
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.