The Balya North royalty property is located in the historical Balya lead-zinc-silver mining district in northwestern Turkey. EMX holds an uncapped 4% NSR royalty on Balya North, which is operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (Esan), a private Turkish company. Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX’s Balya North royalty property.
Esan proceeded with underground development of the Balya North Deposit and on-site infrastructure with mining commencing in late 2021 (see EMX news release dated December 20, 2021). Zinc-lead-silver mineralized material has been stockpiled on site in preparation for processing at the Esan mill. Esan has advised EMX that it will likely begin processing the material in mid-2022.
Mineralization at Balya North consists of Zn-Pb-Ag rich skarn and carbonate replacement zones hosted in limestones and dacites at depths ranging from 10-20 meters to 200-300 meters. Esan has generated in-house resource, reserve, and engineering reports for Balya North, but these reports do not meet NI 43-101 reporting requirements.
EMX has a royalty interest in the Aktutan polymetallic project sold to Dedeman in 2007 for considerations that also include a 4% uncapped NSR. (see Company news release dated August 30, 2007 for more information).