The most recent work conducted in the district took place in 2006, when Xstrata PLC ("Xstrata") flew airborne geophysical surveys and identified five prioritized nickel-copper targets and 11 VMS targets for further exploration and drill testing 3. Many prospects and mining areas remain untested. Although multiple historic mines are present in the area, only limited historical drilling has taken place, most of which were drilled over 100 years ago. As such, this represents one of the more prolific VMS belts in the world in terms of total production from its various mining districts, albeit now tectonically displaced and occurring along opposite sides of the Atlantic Ocean.Īt Sagvoll, mineralization and historic mining areas are positioned along a 13 kilometer trend. This metallogenic region represents a tectonically displaced continuation of the Cambrian-Ordovician VMS belts in northeastern North America, which includes the Buchans and Bathurst VMS camps in eastern Canada, and also the Avoca VMS district in Ireland. Sagvoll Project, Caledonian VMS Belt, Southern Norway: The Sagvoll project in southern Norway consists of both VMS and magmatic nickel-copper sulfide mineralization developed along the Caledonian orogenic trend. The Sagvoll and Sulitjelma polymetallic projects in Norway are located in the early Paleozoic VMS belt in Norway, which saw numerous districts and mines in operation from the 1600's through the 1990's. Minco can also purchase 0.5% of any NSR royalty for $1 million by the sixth anniversary of the agreements. These milestone payments can be made in cash or in shares of Minco. Upon the 6 th month anniversary of exercise of an option for each retained project, issue additional shares equal to 0.5% of the issued and outstanding shares of Minco and expend an additional $200,000 per project,īy the third anniversary of the execution of the agreements, expend an additional $700,000 per project retained,īeginning on the third anniversary of the execution of the agreements, make annual advance royalty payments to EMX, which will start at $25,000 per project per year and increase by 15% each year thereafter (but capped at an annual payment of $75,000 per project) 2,īy the fifth anniversary of the execution of the agreement, expend a cumulative total of $4 million on the projects.ĮMX will also receive milestone payments of $250,000 on each retained project upon completion of a preliminary economic assessment (or "PEA") and upon completion of a positive feasibility study ("PFS"). Issue to EMX the amount of shares equal to 2% of the issued and outstanding shares of Minco, Pay EMX $35,000 in cash, and issue to EMX a 2.5% NSR royalty interest in each project retained 1,
Upon exercise of an option on either project, Minco will: Pursuant to the agreement, Minco can acquire a 100% interest in either of the projects by a) making a $60,000 cash payment to EMX upon execution, and b) spending a minimum of $100,000 on each of the projects during a 12 month option period. Minco is a well-capitalized, Canadian publicly traded company that will work closely with EMX to advance the projects through the option period.Īll terms in Canadian Dollars. The combination of base, battery and precious metals make this an especially compelling portfolio of projects. The Sagvoll project hosts both volcanogenic massive sulfide ("VMS") styles of mineralization and magmatic sulfide nickel-copper mineralization, and the Sulitjelma project is past producer of VMS polymetallic mineralization. The two projects optioned to Minco are the Sagvoll and Sulitjelma polymetallic projects in Norway (See Figure 1). The agreement provides EMX with cash payments and work commitments during a one-year option period, and upon exercise of an option on either project, EMX will receive equity stakes in Minco, additional work commitments, advance royalty payments, milestone payments and a 2.5% NSR royalty.
July 20, 2022) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the "Company" or "EMX") is pleased to announce the execution of an exploration and option agreement for two projects in Norway with Minco Silver Corporation (TSX: MSV) ("Minco"). Vancouver, British Columbia-(Newsfile Corp.
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