Greenwood Peak is a copper porphyry project (the 'Project") located ~25 kilometers southwest of the Bagdad mine, in western Arizona. The Greenwood Peak Project is under an option agreement with a wholly owned subsidiary of Antofagasta plc (“Antofagasta”). The Agreement provides for work commitments as well as cash payments to EMX during Antofagasta's earn-in period, and upon earn-in, a 2% NSR royalty interest in addition to milestone and pre-production payments to EMX's benefit (see EMX news release dated December 18, 2017).
EMX originally identified the Project's prospectivity by the recognition of copper porphyry-style quartz-sericite-pyrite veining and alteration in outcrops adjacent to a covered target area. These outcrops are interpreted as the western, distal edge of a porphyry system that has been down-dropped eastward and covered by onlapping post-mineral sediments. EMX and Antofagasta are targeting supergene and hypogene copper mineralization related to a porphyry system interpreted to be concealed beneath unconsolidated sediments and shallow cover rocks.
Note: The nearby mines and deposits in the region provide context for EMX's Project, but this is not necessarily indicative that the Project hosts similar mineralization, tonnages or grades.