The Golcuk copper-silver royalty property is located in the Eastern Pontides metallogenic belt of northeastern Turkey. EMX entered into an option agreement in 2012 with Pasinex Resources Ltd. (“Pasinex”), and Pasinex subsequently acquired a 100% interest in Golcuk for a combination of work commitments, shares and cash payments. EMX retains a 2.9% NSR royalty, of which 0.9% can be purchased for US $1 million.
EMX originally staked the 40 square kilometer Golcuk license in 2002 after identifying the property’s potential from historic drilling conducted in the 1970s. Mineralization occurs as stacked, stratabound horizons of disseminated copper-silver hosted in andesites and basalts, as well as in cross-cutting, fault-controlled veins and stockworks of bornite and chalcopyrite.
Pasinex continues to advance the project through drilling, geologic mapping, rock and channel sampling, and ground magnetics surveys. Pasinex has also filed on SEDAR an NI 43-101 Technical Report. Pasinex’s work programs have identified a number of additional mineralized targets on the property. Pasinex completed five holes totaling 994.4 m at Golcuk in 2014 and is reviewing the results in context of its recently received report on the structural geology of the targeted area.