EMX’s Adak project is located in the world-class Skellefte Mining district, 20 kilometers northwest of Malå. EMX acquired the Adak license because of significant past production from four small scale mines on the property, limited exploration of untested targets, and precedent for high-grade mineralization.
Mineralization at Adak is characterized by stratiform to stratabound chalcopyrite-rich layers of VMS hosted by altered felsic volcanic rocks. VMS layers occur at the upper contact with andesite within a two kilometer wide felsic volcanic dome. The key targets at Adak include extension of mineralization from the end of historic mining, high-grade remobilized VMS mineralization along structural zones, and a deep porphyry style Cu-Au target which has never been tested.
In Q1 2023 EMX sold the project to Copperhead Mineral AB (“Copperhead”), an unlisted public company in Sweden for a 9.9% equity interest in Copperhead, annual advance royalty payments, 2.5% Net Smelter Return (“NSR”) royalty interests, work commitments, and other considerations.
Note: Historic drilling was cited from Avalon Minerals’ Information Memorandum (2009). EMX has not performed sufficient work to verify the published drill assay information, and these data cannot be verified as being compliant with NI43-101 standards, but EMX believes this information is considered reliable and relevant.