The combination of EMX and historic drilling delineates a 900 by 850 meter area of copper-molybdenum mineralization open in all directions, and situated within a broader area of porphyry alteration and mineralization. EMX is currently planning to follow-up on the encouraging 2013 drill results with a second phase program of additional drilling and surface exploration. In particular, the source(s) for higher grade hydrothermal and igneous breccia zones and porphyry dikes, partially concealed beneath less altered surface exposures, are among the priority targets.
Vale can earn up to a 75% interest in the Copper Basin Designated Project by fulfilling work commitments, making cash payments, and completing a feasibility study (see Company news release dated September 28, 2011). At present, Vale is funding 100% of exploration expenditures at Copper Basin, and to date has invested more than US $2 million in the project. EMX is the project operator through its wholly-owned subsidiary Bronco Creek Exploration.
Copper Basin Overview. The Copper Basin project is located in central Arizona, and was last explored during the porphyry copper exploration boom of the 1960's and 1970's. This work included surface sampling, geophysics, and drill testing (see Company news release dated September 28, 2011). The property was identified as a prospective porphyry copper-molybdenum target from EMX's regional exploration work, and staked in 2010 on open ground. The Company's 2013 program represents the first drill testing of the property since the early-1970s.
The property contains Proterozoic granites cut by younger Laramide-age quartz diorite stocks and dikes. These rocks are cut by zones of quartz-pyrite-chalcopyrite-molybdenite veins, stockworks, and mineralized breccias. In addition, numerous surface shows of mineralization are exposed along Copper Basin Creek and its tributaries as copper seeps, ferricretes, and manganocretes. Many of these occurrences lie outside of the drill tested area.
EMX's structural geologic interpretations suggest that the Copper Basin porphyry system is tilted on its side, topping to the east. Alteration and mineralization zoning patterns from drilling and surface mapping, as well as a pronounced overlapping magnetic low, corroborate this interpretation. The resulting geologic model was a basis for the successful 2013 drill program, as well as surface exploration programs that identified additional copper-molybdenum multi-phase, mineralized breccias outside of the drilled area. The Copper Basin system consists of multiple nested pulses of porphyry-style alteration and mineralization with at least one kilometer of vertical extent and exposed over a 1.5 square kilometer target area. Further, the structural reconstructions, zoning relationships, and extension of the magnetic low to the north-northeast suggest additional upside exploration targets lie beneath less altered cover rocks peripheral to the exposed portion of the porphyry system.
Comments on Sampling, Assaying, and QA/QC. EMX's drill samples were collected and analyzed in accordance with industry best practice standards. The samples were submitted to ALS Chemex laboratories in Elko and Reno, Nevada for sample preparation, and Vancouver, Canada (ISO 9001:2000 and 17025:2005 accredited) for analysis. Samples were analyzed utilizing four-acid digestion and ICP-MS/AES techniques. Over limit analyses for copper were conducted by reanalysis using ICP methods. As standard procedure, the Company conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks and duplicates.
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