The Fenelon West royalty asset is a 7,500 hectare property located in the prolific Abitibi Subprovice. The asset is currently operated as the Fernet Project by QcX Gold Corp. QcX Gold Corp. (TSX-V:QCX, “QcX”). The project is prospective for both VMS and orogenic styles of mineralization.
QcX flew an airborne magnetic survey in January 2021 and combined the data with historical drilling results, outcrop mapping, and the locations of known mineral occurrences to identify targets at Fenelon West. Identified target styles include intersections of northwest and northeast-trending faults, sheared stratigraphic contacts, folds, and equivalent structural positions as known occurrences or projections along strike.
The Fenelon West property is near several world-class gold deposits. The Project sits 4 km north of the Martiniere gold deposit and 15 km northwest of the Fenelon Mine, both owned by Wallbridge. The combined projects Indicated Resources total 43.6 Mtonnes at an average grade of 1.91 g/t Au and a combined total Inferred resource of 31.8 Mtonnes at an average grade of 1.69 g/t Au. The Project is also 55 km east of Detour Lake Mine, which also lies along the Sunday Lake Deformation Zone. The reported Measured and Indicated Reserves at Detour Lake Mine total 572.0 Mtonnes at an average grade of 0.80 g/t Au. QcX has an option agreement to earn-in 100% on the Fenelon West asset. This agreement provides EMX with work commitments and cash payments during QcX’s earn-in period, and upon earn-in, a 1% NSR royalty. EMX acquired the royalty asset from Perry English in 2020 (see EMX Press Release dated July 7, 2020).
EMX has additional properties available for partnership along the Sunday Lake Deformation Zone.
*Note: The nearby mines and deposits in the region provide context for EMX’s royalty asset, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar mineralization.
** The above resource data are from the NI 43-101 Technical Report for the Detour-Fenelon Gold Trend Property, Quebec Canada. Prepared for Wallbridge Mining Company Ltd. Effective date: November 9, 2021. QPs: Mr. Carl Pelletier, P. Geo. and Mr. Vincent Nadeau-Benoit, P.Geo. and from the Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report. Prepared for Kirkland Lake Gold Ltd. Effective date: July 26, 2021. QPs: Eric Kallio, P.Geo. and Andre Leite, P.Eng. EMX has not done sufficient work to classify the resources as compliant with NI 43-101 regulation. However, EMX believes these results to be reliable and relevant.