EMX recently closed its acquisition of the Yarrol and Mt Steadman projects in the New England Orogenic Belt of northeastern Australia.
The 17,500 hectare Yarrol project is located between EMX’s Queensland Gold project and Evolution Mining’s Mt Rawdon gold mine, and is positioned along the regional scale Yarrol Fault .
Further exploration and assessments conducted in the 1980’s and 1990’s led to the definition of two historical gold resources2, which EMX is working to update to meet the current requirements of international mineral resource reporting codes.
Gold mineralization at Yarrol has several geological expressions, including IRGS-type vein swarms developed in and around Permian-aged dioritic intrusions, as well as sediment-hosted gold mineralization.
EMX re-processed the historical geophysical data from the project area, which has highlighted additional targets along strike of, and below, the historically defined zones of mineralization.
Examples of historical reverse circulation drill intercepts at Mt Steadman’s Fitzroy prospect include 23 meters averaging 1.04 g/t gold in RC95MS7, 24 meters averaging 1.13 g/t gold in RC85MS10, and 21 meters averaging 1.15 g/t gold in RC95MS115 and remain open in multiple directions.
Gold mineralization at the Fitzroy prospect is developed in the near surface environment as sheeted quartz veins hosted within a granitic intrusion and is associated with broad zones of sericitic alteration.
The 135,000 hectare Koonenberry gold project is positioned along the regional-scale Koonenberry fault zone in southern Australia , where notable amounts of eluvial/alluvial gold have been recovered in recent years by surface prospectors.
Although there are no records of previous hardrock mining at Koonenberry, much of the gold recovered by surface prospectors occurs as coarse specimens with attached “reef” quartz, suggesting derivation from nearby bedrock sources.
KNB has now conducted thorough assessments of the alluvial gold potential on the project, including the collection of hundreds of trench and bulk samples from surficial materials.
EMX’s 47,600 hectare Queensland Gold royalty property is located in southern Queensland and represents one of EMX’s largest royalty properties by area, covering multiple exploration targets with styles of mineralization that IRGS, skarn, reef-type veins, and sediment hosted copper-silver mineralization.
The project last saw intensive exploration in the mid-1990’s, when CRA Exploration and North Ltd drilled the Boggy Creek prospect, intersecting long intervals (i.e., >25 meters) of near surface gold mineralization associated with quartz vein stockworks in rhyolitic-dacitic intrusions, which is typical of IRGS systems .
EMX optioned the Queensland Gold property in September of 2020 to Many Peaks Gold Pty Ltd .
Gold was analyzed by 50g fire assay with AA finish and completed in the ALS Townsville laboratory, multi-element analysis was determined by four acid digestion and ICP-MS in the ALS Brisbane laboratory.
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’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies.
When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2020 for the year ended December 31, 2020, actual events may differ materially from current expectations.
The historical drilling was completed by Probe Resources in 1995 and 1996 and reported to, and archived by, the Queensland Geologic Survey.
EMX has not performed sufficient work to verify the historical sample results and production figures, however, from EMX’s field reviews of the Yarrol property, these data are considered to be reliable and relevant.
EMX has not done sufficient work to classify the historical estimates as current mineral resources, and additional drilling and sampling would be required to verify the resources.
EMX has not done sufficient work to classify the historical estimate as a current mineral resource, and additional drilling and sampling will be required to verify the resource.
5 The historical drilling was completed by Probe Resources in 1995 and 1996 and reported to, and archived by, the Queensland Geologic Survey .