EMX's Leeville royalty property is located on Nevada's prolific Northern Carlin Trend, and covers portions of Newmont's Leeville, Turf, and other underground gold mining operations. EMX's 1% gross smelter return ("GSR") royalty was added to the Company's portfolio through the 2012 merger with Bullion Monarch (see Company news release dated August 21, 2012). The Leeville royalty is a key Company asset, and has provided a significant and ongoing revenue stream to EMX since its acquisition.
A major milestone to "increase production", "unlock" additional resources, and impact "greater Leeville", which includes portions of EMX's royalty property, was achieved by Newmont with the commissioning of the Turf Vent Shaft project. This ~$330 million investment in development added significant value to EMX's Leeville royalty, at no cost to the Company.
In addition to royalty income from gold production, Leeville also provides EMX with upside exposure to ongoing exploration advancements on the property. Newmont has delineated a prospective trend of sediment-hosted gold mineralization that extends southeast from the Leeville underground mining complex towards the Pete Bajo mine. Segments of this trend are covered by EMX's Leeville royalty property, which include portions of the Rita K and Full House gold projects.