EMX Royalty Corporation (TSXV: EMX) has received promising results from recently completed geochemical surveys at EMX’s 100% owned Mt Steadman and Yarrol gold projects in central Queensland, Australia.
Numerous gold-in-soil anomalies have been identified by surveys conducted on both projects, with several anomalies extending to the edges of the survey grids, meaning that they remain open for expansion.
A total of 895 samples were collected, with results including 2.17 ppm gold in a new target area at Mt Steadman. Results from the Yarrol project also delineated several robust gold-in-soil anomalies, as well as a new target area with high levels of cobalt and nickel in rock chip samples. These results highlight the additional exploration potential of both projects.
EMX will continue executing exploration programmes on both projects in the coming year, and both projects are currently available for partnership.
Mt Steadman Project
The 5,700 hectare Mt Steadman project is an intrusion-related gold system (IRGS) in the New England Orogenic Belt in Queensland, a province that hosts IRGS-type gold, porphyry and epithermal deposits. Mt Steadman is located along the Perry Fault system, a major structural feature in the area.
The Mt Steadman project was the focus of exploration in the 1990’s when shallow reconnaissance drilling programs led to the recognition and definition of historical gold resources. However little exploration has taken place since.
In Q3 and Q4 2021, EMX conducted a broad soil geochemical survey to the north of the Fitzroy historical resource. A total of 351 samples were collected on 200m and 400m spaced traverses with samples collected every 50m along each line. This programme resulted in the delineation of multiple anomalous gold-in-soil trends. The most prominent anomaly extends for 400m along trend and reaches a maximum width of 200m at its northern extent. The anomaly remains open to the north and includes a sample of 2.17 ppm gold.
This new soil anomaly is similar in scale and tenor to those around the historic Fitzroy prospect located 1km to the southeast. This anomaly also exhibits coincident anomalous molybdenum and tellurium geochemistry, similar to geochemical signatures seen at Fitzroy, and closely correlates with the mapped extent of a zone of hydrothermal breccias, quartz veining and alteration.
The 17,500 hectare Yarrol project is located between EMX’s Queensland Gold royalty property and Evolution Mining’s Mt Rawdon gold mine, and is positioned along the regional scale Yarrol Fault. Several other historical mines and active exploration projects lie along the Yarrol Fault structural trend. EMX’s Yarrol Project was the site of historical mining activities from the late 1800’s through the 1930’s. Further exploration carried out in the 1980’s and 1990’s led to the definition of two historical gold resources on the Yarrol Project, but little exploration activity has taken place since that time.
EMX’s 2021 programs at Yarrol included the collection of 544 soil samples, which identified two new gold-in-soil anomalies. The northern anomaly, known as the Limestone Creek area, lies approximately five km northwest of the historical Yarrol gold resources. This new anomaly has dimensions of 200 by 600m, with the strongest results along the southernmost line. The area was identified as a target by EMX on the basis of magnetic inversion geophysical models, previous geochemical results and the presence of numerous historical prospecting pits.
The Limestone Creek anomaly also coincides with a zone of albite-silica-goethite alteration developed adjacent to a monzonite porphyry and remains open to the south. The anomaly has a scale and tenor that resembles those over the historical gold resources on the Yarrol Project.
Other gold-in-soil anomalies have been delineated immediately northwest of the historical Yarrol resources, along a contact zone between geological formations within folded and faulted sediments, which also merit follow-up exploration.
In the process of carrying out the sampling programmes at the Yarrol Project, EMX geologists also noted boulders of dark manganiferous material in several drainages in the northern part of the exploration license. The boulders were traced back to an outcropping stratigraphic horizon of dark, manganiferous material that has the appearance of a conglomeratic unit.
Nine rock chip samples collected from various boulders, float materials and outcrop exposures averaged 1.1% cobalt, 0.15 % nickel and 10.0% manganese, with a high of 1.6% cobalt with 0.25% nickel. EMX considers this to be a significant discovery of additional mineral potential on the Yarrol Project, as previous efforts had strictly focused on Yarrol’s intrusion-related gold mineralisation.
Additional sampling programm4s are underway to better quantify the extent of this unit and its degrees of enrichment in cobalt, nickel and manganese. Barium is also enriched in this material, with eight of the nine samples submitted for analysis exceeding the upper analytical limit of 1% barium.
Upcoming Exploration Plans
Additional geochemical sampling programmes will be carried out at both the Mt Steadman and Yarrol projects in the coming months with the goal of extending the soil anomalies and identifying additional drill targets. Drill programmes are being planned for mid-2022.
EMX’s Australian Royalty Generation Programme
EMX maintains an active royalty generation program and continues to review new project opportunities throughout Australia. The company currently holds two royalty projects in Australia (Koonenberry and Queensland Gold) and has three exploration projects in Queensland that are available for partnership.
For further information please visit: https://www.emxroyalty.com/