Projects in HaitiThe geology of Haiti is prospective for epithermal gold-silver, as well as copper-gold porphyry deposits, and consists of the preserved remnants of a Cretaceous island arc assemblage situated along the northern margin of the Caribbean Plate. This geologic environment hosts numerous gold and copper occurrences in Haiti, as well as the Pueblo Viejo deposit in the adjacent Dominican Republic. However, even though Haiti's mineral potential is similar to that found in the Dominican Republic, it has remained relatively underexplored.
The recognition of Haiti's mineral potential, coupled with an improving business climate, resulted in EMX's establishment of an exploration program in early 2006. EMX's initial exploration successes at the La Miel and La Mine projects led to the establishment in 2008 of a Joint Venture and Regional Strategic Alliance (the "Agreement") with Newmont Ventures Limited ("Newmont") for exploration in the Republic of Haiti. The Agreement initially included a private placement, a joint venture on the La Miel gold project, and a regional strategic exploration alliance that covered northern Haiti (see Company news release dated April 28, 2008). In 2011, Newmont selected the remaining EMX properties in Haiti as Designated Projects, with on-going exploration funded and managed by Newmont (see EMX news release dated January 18, 2011).
Subsequently, in April, 2012 Newmont relinquished their rights in the 50 square kilometer Grand Bois Research Permit that covers an oxide gold deposit, and as a result, EMX regained 100% control of the Grand Bois project. However, Newmont did elect to retain its interests in the exploration permits that surround the Grand Bois Research Permit. Newmont will continue to fund and manage the exploration work on these surrounding properties as a Designated Project.
To assist in concluding the Mining Convention and accelerate the advancement of drill-ready prospects, the EMX-Newmont joint venture signed a Memorandum of Understanding ("MOU") with the government of Haiti as announced in 2012 (see Company news release dated April 23, 2012). The MOU establishes procedures under which the parties agree to use good faith efforts to conclude the Mining Convention. The MOU also allows exploration drilling on certain projects while ratification of the Mining Convention is finalized. Once ratified, the Mining Convention will set the financial and related conditions for project exploration, development, exploitation and closure.
EMX's portfolio covers over 130 kilometers of strike length along northern Haiti's Massif du Nord mineral belt, and includes properties with historic resources in addition to multiple early-stage gold and copper discoveries. EMX controls 100% of the Grand Bois Research Permit. The rest of EMX's exploration properties in Haiti are covered as six Designated Projects with Newmont. EMX and Newmont are exploring an extensive property package in what is gaining recognition as one of the world's premier, early stage gold-copper exploration terranes. Summaries of the Designated Projects with Newmont are given below (also see Company news releases dated July 20, 2010 and November 1, 2011 for more information).
Northwest Haiti (including Vert de Gris prospect). The Vert de Gris prospect is a porphyry copper-gold-molybdenum target defined within a 1.0 by 1.5 kilometer copper-in-soil anomaly of greater than 0.1% copper. The dimensions and tenor of the Vert de Gris anomaly compare favorably with copper-in-soil footprints of several porphyry copper deposits from around the world. Mapped geology and alteration show clear evidence of a laterally extensive porphyry copper-type system. Of special note is a central zone of breccia, measuring approximately 200 by 300 meters, that hosts abundant evidence of copper oxide mineralization as green, copper-stained outcroppings in streambed and hill slope exposures. Moreover, both chalcopyrite and bornite-rich copper sulfide mineralization has been observed in addition to the oxide mineralization. The JV has conducted a systematic evaluation of the project, including detailed geologic and alteration mapping, airborne and ground geophysical surveys, and geochemical sampling programs that have outlined several drill-ready targets.
Exploration work approximately 45 kilometers southeast of Vert de Gris has identified multiple copper-gold prospects within a 14 kilometer long, northwest trending corridor of skarn-related alteration and mineralization. Elsewhere within the Northwest Haiti DP, regional BLEG and stream sediment geochemical sampling has yielded multiple gold, copper, and molybdenum anomalies for follow-up.
La Mine Designated Project. EMX discovered three higher-grade copper-silver-gold prospects within the La Mine Designated Project's Treuil license area in western Haiti, named Champagne, Chardonnay, and Bordeaux. These three prospects outline an 18 square kilometer district-scale exploration target with rock sample copper grades consistently over 1%, and associated gold grades increasing towards the south and east.
La Miel Designated Project. The joint venture has outlined strong epithermal alteration and anomalous gold mineralization at the Savane La Place prospect. Over 950 meters of trenching and mapping at Grande Savane defined an alteration zone of 2000 by 700 meters, including a smaller 400 by 500 meter area of silica-clay alteration with barite and iron oxides that correlates with gold mineralization.
Grand Bois Designated Project (Surrounding Properties). Newmont has conducted reconnaissance exploration on the properties surrounding EMX's Grand Bois Research Permit. This work has identified a number of gold and copper mineralized prospects and targets for follow-up.
Northeast and North Central Haiti Designated Projects. The North Central and Northeast Designated Projects were initially assessed though reconnaissance BLEG sampling programs. This work resulted in the delineation of one of the largest gold BLEG anomalies found to date in Haiti, and outlines an area of over 20 square kilometers. Field follow-up consisting of geological mapping and geochemical sampling have identified a number of targets within the region.