Elliot Lake North is located 20 miles (35 km) north of Elliot Lake, the ELN property comprises 107 single cell mining claims, covering 9.3 square miles (24 sq km) and is owned 100% by EMX. There is excellent infrastructure given proximity to trans-national road and rail routes, and the nearby city of Sudbury, a world-class mining center. There has been virtually no uranium exploration work carried out in the area for over sixty years.
Discovered during the mid-1950s at the height of the Cold War, Elliot Lake went on to become one of the world’s premier uranium producing districts, with nearly 400 million pounds of uranium produced between 1955 and 1997. Whereas historical exploration was focused on the known host formation, better understanding of sediment-hosted uranium deposits indicates potential higher in the stratigraphy, as well.
All historical production was from detrital (paleoplacer) deposits in the lowermost formation of the Huronian Supergroup, which was likewise the focus of most historical exploration. Upper Huronian units were known to have formed in an oxygenated atmosphere within which detrital deposits could not have formed. Thus, they were largely ignored notwithstanding numerous sediment-hosted uranium and thorium occurrences found within, along with other key indicators such as both red and green sandstone intervals indicative of REDOX fronts associated with sediment-hosted uranium deposits.
Weathered Archean granitic terrane is the interpreted source for uranium. Mature quartz pebble conglomerate containing what is interpreted to be detrital uraniferous pyrite could only have been deposited in a reducing atmosphere. Uranium derived from the same source transported in an oxygenated atmosphere must be accounted for in the younger stratigraphy, governed by the same controls as seen in Phanerozoic sediment-hosted deposits (e.g., Niger, Lisbon Valley etc.).
The nearby mines provide geologic context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar tonnages or grades of mineralization.