The Independence project is located 50 km west of Challis, Idaho and is a low-sulfidation epithermal Au-Ag project hosted in Eocene intermediate volcanics exhibiting 5 km2 of intense quartz-clay-Fe oxide alteration. Over 600 m of vertically continuous alteration on the property is exposed through erosion indicating a robust low-sulfidation epithermal system.
Host rocks are Eocene andesite-dacite lava flows with NE-trending qtz veins and breccia bodies and a crustal scale post-mineral normal fault juxtaposing Cretaceous basement and Eocene volcanics. Alteration consists of quartz-FeOx after sulfide veining, breccia, and disseminations in silicified and adularia-clay altered volcanics. There is a strong Au-Ag-As-Sb geochemical association consistent with low-sulfidation epithermal systems.
Targets include bulk tonnage, surface-mineable gold-silver and high Au grades also suggest underground potential. There is 5 km2 of intense quartz-clay-Fe oxide alteration hosted within Eocene volcanics near the historic Yankee Fork epithermal Au-Ag district and multiple large gossanous breccia zones returning rock chips up to 17.5 g/t Au (n=33, avg. 1.73 g/t Au) and 454 g/t Ag across the property. Independence also has the potential for undiscovered near-surface mineralization under shallow glacial till, as well as concealed high-grade feeder zones.
In March 2023 EMX sold the project to Scout Discoveries Corporation (“Scout”) for a 19.9% stake in Scout, plus a 3.25% net smelter return (“NSR”) on the property, annual advanced royalty payments (“AAR”), and milestone payments. See Company news release dated March 8, 2023 for more details. Scout is a U.S. private corporation headquartered in Coeur d’Alene, Idaho.