EMX’s Meråker project is located north of the historic Røros mining district along the same tectono-stratigraphic trend, in central Norway and consists of two historic mining areas in a consolidated land position. Portions of the Meråker project saw production through the 1920’s. Mineralized rocks consists of metamorphosed VMS bodies.
Mineralization is thought to be thickened along fold hinges and occurs in seafloor sequences consisting of basaltic coherent rocks and felsic volcanoclastic rocks as well as other metamorphosed seafloor sediments. There are several historic Cu mines and prospects on EMX land position. Large Zn-rich dumps indicate additional potential for Zn mineralization.
There has been no modern exploration on the Meråker license which contains a 25km strike length of prospective ground. Historic mineralization has never been explored at depth. This provides an opportunity for EMX to apply modern exploration techniques and updated deposit models to search for discoveries at Meråker.
A share purchase agreement to sell the project to Norra Metals Corp. (formerly OK2 Minerals) (TSX-V: NORA) was executed in December 2018 for an equity interest equity in Norra, annual advance royalty (“AAR”) payments, and a retained 3% royalty interest. (See Company news releases dated December 13, 2018 and February 19, 2019).
Note: The nearby mines and deposits in the region provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar tonnages or grades of mineralization.