The Sagvoll project is located northeast of the Norwegian city of Trondheim. The Sagvoll licenses contain multiple areas of historic mining, where copper and other metals were mined in the 19th and early 20th centuries. VMS style mineralization is developed throughout the areas of historic mine workings, and along extensive geophysical anomalies that extend for over 25 kilometers along strike of the mine workings. Also present in the southeastern portion of the license area are historic nickel-copper sulfide mines and prospects.
The Sagvoll project was sold in December 2018 to OK2 Minerals Ltd. (TSX Venture: OK) for an equity interest equity in OK2, annual advance royalty (“AAR”) payments, and a retained 3% royalty interest. OK2 has the right within six years of the closing date to buy down up to 1% of the royalty retained by EMX (leaving EMX with a 2% NSR royalty) by paying EMX $2,500,000 (see Company news release dated December 13, 2018). OK2 Minerals Ltd has changed its name to Norra Metals Corp, TSX-V: NORA, in February 2019.
Note: The nearby mines and deposits in the region provide context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar mineralization.