The Flåt project contains ortho-magmatic Ni-Cu-Co targets and has received little modern exploration.
The project was formed on the mid-Proterozoic North Atlantic Shield at a similar time as Voisey’s Bay in Labrador. The mineralization on the Flåt project has analogous geology, system style, and age as Voisey’s Bay. This project was a priority target of Blackstone Ventures, a joint venture between Sulfidemalm A/S and Falconbridge, in the late 2000’s. Blackstone received promising results and had further exploration plans that were cut short when the company ceased exploration due to the global financial crisis.
The Flåt mine was mined from 1872 – 1946 and at one point was one of Europe’s largest mines with historical production of 2.6 Mt @ 0.75% Ni, 0.47% Cu, 0.06% Co*. The Flåt deposit is hosted in plagioclase–rich diorite and hosts both disseminated mineralization and massive sulfide mineralization.
EMX believes that the historic mining and exploration have not adequately tested the deposits extensions and that greenfield potential remains at prospects east of the historic Flåt mine.
In July 2023, an option agreement was executed with Londo Nickel Limited, a private Australian company for the Flat and Bamble projects. The agreement provides EMX with equity interest in Londo Nickel, a 2.5% NSR on each project, and other considerations including annual advanced royalty payments and milestone payments. See EMX News Release dated July 24, 2023.
NOTE: Historic production values quoted above are from NGU, from (Ore Database, 2013). EMX has not performed sufficient work to verify the published data reported above, but EMX believes this information is considered reliable and relevant.