The Cartwright Canyon project is located 10 km SE of Horseshoe Bend, Idaho and is an oxidized low-sulfidation epithermal Au-Ag project on BLM and private land. Cartwright Canyon is hosted in argillized and silicified Miocene sandstone and basalt, and Cretaceous granite; analogous to the geologic setting and age of Grassy Mountain (Measured + Indicated 30.9 Mt @ 1.17 g/t Au, 1.06 Moz Au1) and Almaden, (Indicated 43.5 Mt @ 0.65 g/t Au, 910 koz Au; Inferred 9.15 Mt @ 0.56 g/t Au, 160 koz Au2).
The project has historic shallow RC intercepts of 16.8m @ 2.2 g/t Au and 13.7m @0.65 g/t Au (true widths unknown) in two separate mineralized zones with high grade vein-type and disseminated/breccia-hosted mineralization3. EMX rock chips returned up to 7.8 g/t Au (n=9, avg. 1.57 g/t Au) and 294 g/t Ag (n=9, avg. 37.0 g/t Ag) within an area of outcropping mineralization. Most of the property is covered by shallow soil and grass.
Host rocks include Miocene Payette Formation sandstone, Miocene basalt, and Cretaceous granite. The structure consists of mineralized ENE-WSW striking normal fault zones along Miocene sedimentary basin boundary with widespread silicification and argillic alteration.
Oxide low-sulfidation epithermal gold-silver targets include 1) areas with outcropping mineralization with up to 7.8 g/t Au (n=9, avg. 1.57 g/t Au) and 294 g/t Ag (n=9, avg. 37.0 g/t Ag) in EMX rock chips, 2) two separate mineralized zones with high grade vein-type and disseminated/breccia-hosted mineralization3 with historic shallow RC intercepts of 16.8m @ 2.2 g/t Au and 13.7m @0.65 g/t Au (true widths unknown), and 3) widespread additional prospects across property position that have seen no historic exploration work. Cartwright Canyon also has analogous host unit and mineralization style to +1 Moz gold deposits at Grassy Mountain1 and Almaden2
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.
1Ausenco, 2020. NI-43-101 Technical Report on Feasibility Study, Grassy Mountain Project, Oregon for Paramount Gold Corporation. Effective date: 15 September 2020. QP: Dr. Michael Gustin
2Global Mineral Resource Services, 2020. NI-43-101 Technical Report on the Almaden Gold Property, Idaho for GoldMining Inc. Effective date: 01 April 2020. QP: Greg Mosher
3Sunshine Mining Company, 1993. Cartwright Canyon Project Summary, Boise County, Idaho.
EMX has not done sufficient work to classify the intercepts as compliant with NI 43-101 regulation, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.
*The nearby mines provide geologic context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar tonnages or grades of mineralization.