Buckhorn Creek is a porphyry copper project located in north-central Arizona’s Castle Creek Mining District, approximately 70 kilometers north of Phoenix. EMX has entered into an agreement, through its wholly owned subsidiary Bronco Creek Exploration, Inc. (“BCE”), to option the Buckhorn Creek project to Kennecott Exploration Company, part of the Rio Tinto Group (see EMX news release dated February 8, 2018). The agreement provides for work commitments, as well as cash payments to EMX during Kennecott’s earn-in period, and upon earn-in, a 2% NSR royalty interest in addition to pre-production and milestone payments to EMX’s benefit.
The Project is located within a highly extended belt of rocks that includes the Sheep Mountain porphyry copper-molybdenum deposit located ~9.5 kilometers to the northeast. The target at Buckhorn Creek is an untested porphyry copper system concealed beneath post-mineral cover. Deeper and peripheral structural levels of the system are exposed in basement windows between post-mineral extensional faults. Porphyry-style alteration and mineralization expressed in the basement windows vectors toward the area of post-mineral cover on the property.
The presence of leached-cap and mineralized and altered porphyry clasts with local copper oxide in basal post-mineral conglomerates suggests a proximal source concealed beneath volcanic cover rocks on the property. Felsic porphyry dikes containing quartz-chalcopyrite veins cut the basement rocks adjacent to the post-mineral cover. During a previous partnership on the project, an IP survey yielded a 600m long chargeability anomaly concealed beneath the post-mineral cover rocks, at a depth of approximately 200m. Drill sites have been permitted to test the chargeability anomaly, and project is ready for exploration follow-up.
Note: Deposits of the Castle Creek District provide geologic context for EMX’s Buckhorn Creek project, but this is not necessarily indicative that the project hosts similar mineralization.