Viscaria

Location
Sweden

Operator
Copperstone Resources

Commodity
Copper-Iron

Royalty
0.5-1% NSR

EMX acquired the Viscaria copper-iron royalty, as well as other assets, from Freeport-McMoRan Exploration Corporation in 2010. EMX has a 1% NSR royalty on Viscaria production and initially will pay half of the royalties, up to a maximum of US$12 million, to Outokumpu Oyj. This yields an effective 0.5% NSR royalty until the payment cap is reached, at which point EMX will retain a full 1% NSR royalty payment.

The Viscaria copper-iron project occurs in the world-class Kiruna IOCG mining district, and is situated within two kilometers of LKAB’s Kirunvaara iron mine. Mineralization occurs as three north-northeast trending stacked subvertical horizons containing copper (the A and B zones) and iron (D zone) that are hosted in Precambrian rocks of the Kiruna Greenstone Group.

Historic production from the deposit includes 12.5 Mt at 2.3% Cu from 1983 until 1997. 

Viscaria is currently being advanced by Gruvaktiebolaget Viscaria (formerly Copperstone Resources AB) (NASDAQ: VISC). Copperstone released an updated resource estimate for Viscaria in November 2022, shown in the table below. They plan to reopen the mine in 2026 (see Copperstone news release dated January 29, 2024).

Zone

Category

Mton

Cu %

Cu (kton)

Fe MAG %

Fe MAG (Mton)

Zn %

Zn (kton)

Au (g/t)

Au (t)

Ag (g/t)

Ag (t)

Co (ppm)

Co (Kton)

A Zone

0.25% Cu cut off

Measured

15.8

1.52

239.0

 

 

 

 

 

 

 

 

 

 

Indicated

5.6

1.09

60.4

 

 

 

 

 

 

 

 

 

 

Inferred

3.6

0.8

30.3

 

 

 

 

 

 

 

 

 

 

Total

24.9

1.32

329.7

 

 

 

 

 

 

 

 

 

 

B Zone

0.25% Cu cut off

Measured

0.1

1.17

1.5

 

 

 

 

 

 

 

 

 

 

Indicated

19.7

0.65

128.1

 

 

 

 

 

 

 

 

 

 

Inferred

11.4

0.77

87.9

 

 

 

 

 

 

 

 

 

 

Total

31.2

0.70

217.4

 

 

 

 

 

 

 

 

 

 

D Zone

Copper Domain

0.4% Cu cut off

Measured

7.8

1.15

89.7

25.0

2.0

 

 

 

 

 

 

 

 

Indicated

8.1

1.13

92.1

23.7

1.9

 

 

 

 

 

 

 

 

Inferred

4.8

1.15

55.8

21.2

1.0

 

 

 

 

 

 

 

 

Total

20.8

1.14

237.7

23.6

4.9

 

 

 

 

 

 

 

 

D Zone

Iron Ore Domain

0.4% Cu cut off

Measured

7.7

0.21

16.2

25.6

2.0

 

 

 

 

 

 

 

 

Indicated

5.5

0.21

11.6

25.4

1.4

 

 

 

 

 

 

 

 

Inferred

2.8

0.18

5.1

25.4

0.7

 

 

 

 

 

 

 

 

Total

16.0

0.21

32.9

25.5

4.1

 

 

 

 

 

 

 

 

Total A, B, D zones

93.0

 

817.7

 

9.0

 

 

 

 

 

 

 

 

Tailings Dam

0.06% Cu cut off

Measured

12.5

0.27

34.0

 

 

0.2

30.3

0.06

0.8

0.9

11.0

145.0

1.8

Indicated

0.2

0.17

0.3

 

 

0.2

0.3

0.05

0.0

0.5

0.1

146.0

0.0

Total

12.7

0.27

34.2

 

 

 

30.7

 

0.8

 

11.1

 

1.8

Total Viscaria

105.7

 

851.9

 

9.0

 

30.7

 

0.8

 

11.1

 

1.8

The mineral resource estimates for Viscaria (A, B and D Zones), which was prepared in accordance with the PERC Code, an acceptable foreign code under NI 43-101, is referenced from Copperstone Resources AB news release titled “Successful mineral resource upgrade at Copperstone’s Viscaria Mine” dated November 18, 2022.

The mineral resource estimate for Viscaria (tailings facility), which was prepared in accordance with the PERC Code, an acceptable foreign code under NI 43-101, is referenced from Copperstone Resources AB report titled “Mineral Resource Estimate, Viscaria Tailings Facility” and dated February 3, 2022. Accessed March 1, 2024 from https://copperstone.se/app/uploads/2022/10/Viscaria-Tailings-PERC-2017-Feb-3-2022.pdf.

EMX’s royalty does not cover all estimated mineral resources for the Viscaria tailings facility. EMX’s Qualified Person under NI 43-101 has made an estimate that the royalty covers approximately 33% of the mineral resource footprint for the tailings facility.

*Nearby mines and deposits provide context for the project, but do not necessarily indicate similar size, styles or grade of mineralization within the project.


Maps

Viscaria Cu-Fe zones (from Avalon Minerals Fall, 2013) Click to Enlarge
Mineralized zones of Viscaria Click to Enlarge
3D inclined perspective view looking north showing drill holes at D Zone and the mineralized magnetite skam unit. Click to Enlarge

Photos

Landscape view of Viscaria. Click to Enlarge