Superior West is a porphyry copper project located approximately 100 kilometers east of Phoenix and about two kilometers west of the Resolution deposit in the Superior District of southern Arizona. The project is being advanced by Kennecott Exploration Company, part of the Rio Tinto Group through an Exploration and Option to Purchase Agreement with EMX. The Agreement includes a) cash, annual advance royalty, and milestone payments, b) work commitments, and a retained 2% NSR royalty upon earn-in, all to EMX’s benefit (see Company News release dated May 4, 2015).
The target is the faulted and displaced western extension of the Magma Vein and its undiscovered source porphyry system. The rocks in the area are moderately east-tilted and dismembered by post-mineral extensional faults. Recognition of the crustal tilting and mineral and metal zoning patterns of the historic Magma Mine, together with advanced argillic alteration, suggests a porphyry source under post-mineral cover rocks on EMX’s property. Scattered outcrops in areas of post-mineral cover host high-temperature chalcopyrite-bearing biotite and K-feldspar assemblages.
Note: The nearby mines and deposits in the region provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the project hosts similar mineralization.