EMX’s Modum project is located ~75 kilometers west of Oslo and surrounds southern Norway’s historic Skuterud Mine (Modum Mine), which was Europe’s largest and highest grade producer of cobalt though the 19th century*. In January of 2018 EMX sold the Modum Project to Boreal Metals Corp. (“Boreal”) for additional share equity in Boreal and a 3% NSR royalty on the project (see Company news release Dated January 16, 2018).
Multiple styles of cobalt mineralization (i.e., vein and shear-hosted disseminated) have been identified on the property, and there are numerous underexplored targets with a high potential for extensions along trend and to depth.
The cobalt occurrences at Modum are related to discrete zones of sulfide and quartz-rich schistose zones within a 12 x 5 kilometer corridor. Mineralization is focused in fold hinges and along structural lineaments. EMX believes that application of modern and updated mineral deposit models and new exploration technologies will likely result in new discoveries at the Modum project.
Note: The nearby mines and deposits in the region 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.
*Hornemann, H. H., 1936, Report on the cobalt mines at Modum, collected from different sources. Norges geologiske undersøkelse Bergarkivet, report BA 596. 17 p.