EMX Royalty Corporation (TSX-V: EMX) (NYSE American: EMX) is pleased to announce the execution of a purchase agreement for the Kimberley Copper Project in Western Australia with Enfield Exploration Corporation, a reporting issuer in Canada. The Agreement provides EMX with 500,000 shares of Enfield, and a commitment from Enfield to raise US $1,000,000 for an initial drill test of the project. EMX will also receive a graduated net smelter return royalty on the project, annual advance royalty payments, and an additional 1,750,000 shares of Enfield upon the achievement of certain milestones.
The Kimberley Copper Project consists of two groups of mineral exploration licenses, and contains sediment-hosted copper mineralization developed in geologic dome structures in the Kimberley region of Western Australia. Please see www.EMXroyalty.com for more information.
Commercial Terms Overview. Pursuant to the Agreement, EMX — NSW 1 Pty Ltd, an Australian corporation, will be transferred to Enfield. EMX — NSW 1 Pty Ltd is a wholly owned subsidiary of EMX and controls the mineral exploration licenses that comprise the Project. EMX’s obligation to transfer is subject to Enfield raising US $1,000,000 by a date no later than October 15, 2018. Additional terms are as follows:
Project Overview. The Kimberley Copper Project consists of two groups of exploration licenses, the Menuairs Dome group and Campbellmerry group, together comprising 22,370 hectares. Each license group contains a prominent geologic dome structure (doubly plunging anticlines) developed in Proterozoic sedimentary units which exhibit widespread occurrences of copper mineralization in surface exposures. The area underwent limited exploration for copper in the late 1960s and early 1970s, when models for “Zambian type” copper deposits were applied. This led to shallow drill tests of mineralization associated with black shale units around the periphery of Menuairs Dome.
More recent deposit models suggest the anticlinal dome structures are themselves the targets, and that the prospective cores of the anticlines have never been drill tested. The anticlines are cored by thick sequences of sandstones, which could serve as favorable host rocks for copper mineralization, overlying mafic volcanic units. Clear evidence is seen of relicts from the earlier presence of hydrocarbons in the anticlinal structures, which could have provided the chemical reductants needed to trigger copper precipitation within the domes. The underlying mafic volcanic units are also known to exhibit copper mineralization and copper enrichment throughout the region.
The Agreement for the Kimberley Copper Project is another example of the execution of EMX’s royalty generation business model. In addition to EMX’s direct ownership in Enfield, EMX will receive advance royalty and production royalty payments in the case of discovery. These interests provide EMX and its shareholders immediate exposure to pre-production revenue and equity upside, while the royalty interests provide longer term exposure to mineral production revenues and the optionality of continued exploration success and discovery.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.
Evergold Corp. (TSX-V: EVER) (WKN: A2PTHZ) is pleased to announc... READ MORE
Lavras Gold Corp. (TSX-V: LGC) (OTCQB: LGCFF) has raised gross pr... READ MORE
First Phosphate Corp. (CSE: PHOS) (OTC Pink: FRSPF) (FSE: KD0) is... READ MORE
New Pacific Metals Corp. (TSX: NUAG) (NYSE American: NEWP) announ... READ MORE
Laramide Resources Ltd. (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF) is p... READ MORE