Gold Bar South - Afgan, Nevada

Nevada, USA

McEwan Mining Inc.


1% NSR

EMX holds a 1% NSR royalty on the Gold Bar South area at McEwen Mining’s Gold Bar Project. The Gold Bar South (previously Afgan) royalty property contains a gold resource which is in production and provides EMX with near-term upside exploration potential in an important north-central Nevada mining district. The Gold Bar South royalty property lies along the prolific Battle Mountain - Eureka Trend, which includes the nearby Cortez district.

The Gold Bar South royalty property includes a semi-continuous, 1,050 by 450-meter north-northwest oriented zone of oxide gold mineralization that has been delineated by historic and recent drilling. The mineralization occurs along the contact of thinly bedded siltstones of the Webb Formation with the underlying Devils Gate Limestone, which is a classic geologic environment for hosting Carlin-type deposits in Nevada. The mineralization is controlled by a complex set of northeast- and northwest-trending structures and shows a spatial association with brecciated zones. Silicification is the dominant alteration type, although argillization is observed in the matrix of breccia zones.

McEwen provided an update for the Gold Bar operation in a feasibility study that included open pit resource and reserve contributions from GBS in a Technical Report filed on SEDAR titled “Gold Bar Project Form 43-101F1 Technical Report Feasibility Study Eureka County, Nevada” with an effective date of January 7, 2021 and a report date of February 22, 2021.*

 Gold Bar South Mineral Resource Estimate



Au (oz/ton)

Au (ppm)

Contained Au (koz)












 Gold Bar South Mineral Reserve Estimate



Au (oz/ton)

Au (ppm)

Contained Au (koz)







 The Gold Bar South property began production in Q4 2022.


  1. NPV is discounted to December 1, 2020.
  2. Mine Past Production (58,600 oz Au) + Current Reserves (302,000 oz Au) = 360,600 oz Au is 16.1% lower than 430,000 oz Au
  3. 2020 FS assumes 78% for crushed oxide, 50% for crushed mid-carb., 72% for Pick/Ridge ROM, and 61% for GBS ROM.
  4. Upside Case gold price used in the 2020 FS is $1,800/oz. NPV at $1,900/oz gold is provided for comparison to the Jan. 7th, 2021 disclosure only.
  5. Mineral Resources were estimated at a price of $1,725/ounce Au and are inclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate. Mineral Resources were estimated using the guidelines set out in the CIM Definition Standards for Mineral Resources. Mineral Resources as stated are contained within an optimised pit shell that demonstrates reasonable prospects for eventual economic extraction.
  6. Numbers in the tables have been rounded to reflect the accuracy of the estimates and may not sum due to rounding.
  7. The Inferred Mineral Resource in these estimates has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. Quantity and grade of reported Inferred resources are uncertain in nature and there has been insufficient exploration to classify these Inferred resources as Measured or Indicated.
  8. Reserves were estimated at a price of $1,500/ounce Au and are contained within an engineered pit design based on a Lerch Grossman Algorithm.

*The above resource data was taken from “Gold Bar Project: Form 43-101F1 Technical Report Feasibility Study, Eureka County, Nevada”. Effective date: January 7, 2021. QP: Kelly Lippoth, C.P.G. of McEwen Mining Inc, Elko, Nevada, who is not independent of McEwen for purposes of NI 43-101.

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


Location of Nevada Royalties (Gold Bar South is marked as Afgan) Click to Enlarge