EMX options Trench gold project in Nevada to Ridgeline Minerals
Royalty generator EMX Royalty has signed an exploration and option agreement with Ridgeline Minerals for the Trench oxide gold project in Eureka County, Nevada.
Under the agreement, Ridgeline can earn a 100% interest in the project over a five-year term by issuing 250 000 shares to EMX, making option payments totaling $650 000, and completing $500 000 in exploration expenditures. EMX will retain a 3% net smelter return (NSR) royalty upon exercise of the option.
Ridgeline has the right to buy back up to 1% of the NSR royalty, first by acquiring 0.5% for $1.5-million before the third anniversary of the option exercise, and later the remaining 0.5% for $2-million. The company will also make annual advance royalty (AAR) payments of $50 000 until commercial production begins.
In addition to the royalty and AAR payments, Ridgeline will make milestone payments of $250 000 upon the announcement of an initial resource, $500 000 upon completion of a preliminary economic assessment, prefeasibility, or feasibility study, and $1-million upon a positive development decision.
The Trench project, located about 30 km south-west of Carlin, is described as an oxide gold, Carlin-type system. Historical exploration in the 1990s focused on dike-hosted mineralisation, but recent fieldwork by EMX has identified additional potential in the silicified Ordovician stratigraphy.
“EMX identified the Trench project through a regional geochemical sampling programme and follow-up mapping and sampling that highlighted anomalous areas beyond the historical trenching,” the company stated. “The project serves as another example of growing EMX’s royalty portfolio at a nominal cost while providing near-term cash flow, as well as a royalty interest that covers future exploration and development upside optionality.”
This marks the fourth agreement between EMX and Ridgeline, which continues to assemble and advance a portfolio of prospective projects in Nevada.
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