EMX’s Sigdal project is located near the town of Prestfoss in Bukerud in southern Norway within a historic nickel mining area. The area is underexplored with little modern exploration.
Mineralization is associated with mafic to ultra-mafic rocks intruded by granites then complexly folded. Coarse-grained sulfide recrystallization occurred due to a high-grade metamorphic overprint during the Svecogegnian Orogeny (1600-1450 Ma). Structures are located along a regional scale fault and focus fluid flow that are related to fold events.
Mineralization includes accumulations of nickel and copper sulfides, remobilized mineralization into pods and elongate bodies of semi-massive and massive sulfides, and structurally controlled mineralization along shear zones and within tight centimeter to meter scale folds.
EMX has defined several targets. These include the exploration around the historic Grågalten mine which is undefined at depth and areas located along a regional shear zone. As well as, further testing of EM anomalies drilled by Blackstone Ventures (Falconbridge) and clear structural targets such as fold hinges.
EMX believes that application of modern and updated mineral deposit models and new exploration technologies will likely result in new discoveries at Sigdal.
An option agreement with Pursuit Minerals Limited (ASX: PUR) was executed in February 2020. The Agreement provides EMX with an equity interest in Pursuit, a 3% net smelter return (“NSR”) royalty on the project, and other considerations including annual advance royalty (“AAR”) and milestone payments. Pursuit may also issue up to 9.9% of its issued and outstanding share capital to EMX as certain conditions are satisfied. See EMX news release dated February 18, 2020 for more details.
Note: The nearby mines and deposits in the region provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar tonnages or grades of mineralization.
**EMX has not performed sufficient work to verify the published geochemical, drill and resource data. However, the values in various documents available from the NGU (Norwegian Geological Survey) are considered reliable and relevant.