El Mogote

EMX holds a 2.5 NSR on the Mogotes property. El Mogote is a 3,000-hectare property located in Durango, Mexico, seven kilometers southeast of the town Velardeña. The property hosts prospective fault and hydrothermal breccias that show an association with intense structurally controlled silicification. The altered area exposed at surface extends for 1.5 km along strike and measures 500 m in width. Samples from the altered area have anomalously high arsenic and antimony, with erratic gold concentrations. Previous operators completed an eight-hole (~2.6 km) drill program in 2017 and noted low-grade gold mineralization in two holes (source Golden Minerals 2017 Year End Report). Industrias Peñoles purchased the property in 2019. Industrias Peñoles owns the nearby Reina del Cobre polymetallic skarn exploration property and the nearby producing Velardeña zinc-rich polymetallic skarn deposit.

These nearby projects provide context for the El Mogote Project, which occurs in a similar geologic setting. However, this is not necessarily indicative that the Project hosts similar mineralization.