The Riddarhyttan project is located in central Sweden 150 km northwest of Stockholm. The Riddarhyttan project is available for partnership. EMX acquired the Riddarhyttan license in 2016 while following up on historic iron mines with associated copper, cobalt and gold mineralization. These mines occur along a ~15 km belt of IOCG deposits with cobalt, molybdenum, REE's and other metals. Past production was focused on iron, with some copper as well as cobalt and REE's. Production from Riddarhyttan started in medieval times and has produced intermittently and recently produced iron until 1979. REE, cobalt, molybdenum and zinc mineralization is also developed in vicinity of iron oxide deposits. In 2018 EMX entered into an option agreement with the diversified global miner South32 (ASX, LSE, JSE: S32; ADR: SOUHY) for the Riddarhyttan project. The agreement provides for option payments and work commitments during a five year earn-in period, and upon earn-in, EMX's interest will be converted to a 3% net smelter return ("NSR") royalty. EMX will also receive certain milestone payments and annual advance royalty payments, and will initially be the operator of the Riddarhyttan project (see Company news release dated April 19, 2018).
The host rock consists of Paleoproterozoic (1.8-1.9 Ga) metavolcanic and metasedimentary rocks, dominated by rhyolite and interbedded carbonates with extensive sodic-calcic alteration: actinolite-albite (local scapolite) altered metavolcanic rocks (expected source rocks). Calc-silicate (skarn) alteration hosted in carbonate-bearing host rocks, and Mg-rich alteration (anthophyllite–cordierite) associated with massive sulfides.
There has been limited to no modern exploration on the trend. EMX is exploring for copper and gold mineralization along strike and down dip of existing iron oxide mine trends (previous focus was iron mining). The massive sulfide horizons have also undergone only limited exploration in district.