The Sisorta project is located in north-central Turkey's Eastern Pontides metallogenic belt. Gold mineralization is developed in the upper portions of a prominent lithocap of high sulfidation-style alteration, with copper (molybdenum) showing enrichment at lower elevations. These broad zoning patterns are suggestive of an extensive magmatic-hydrothermal system.
In August of 2016 the Sisorta project was sold to Bahar Madencilik Sinayi ve Ticaret Ltd Sti ("Bahar"), a privately owned Turkish company for an upfront cash payment and annual cash payments to EMX until commencement of commercial production (see EMX News Release dated August 3, 2016). Bahar will make 3.5% NSR Payments to EMX from material processed on-site, and 5% NSR payments for material processed off-site. The NSR payments are uncapped and cannot be bought out or reduced. Bahar intends to immediately commence advanced exploration and development work on the Sisorta project.
EMX acquired the Sisorta via government auction in 2004, and conducted early stage surface exploration and drilling programs. The Property was joint ventured from 2007-2015. The exploration programs at Sisorta, principally funded by partners, have included 123 diamond drill holes totaling over 16,000 meters, geologic and alteration mapping, geochemical sampling, and geophysical surveys. This work has outlined a 1000 by 600 meter zone of shallow oxide gold mineralization with underlying copper and gold porphyry potential at depth.
The Sisorta project is another example of EMX's execution of the prospect and royalty generation business model. Partner funded exploration expenditures advanced the project through drill delineation of a resource in 2009. EMX regained 100% control of the project in March, 2015. This set the stage for the agreement with Bahar, a Turkish mining company that recently put the Altintepe gold mine into production with joint venture partner Stratex International PLC.
See EMX news releases dated January 26, 2004, May 24, 2005, February 16, 2006, August 27, 2007, October 31, 2007, December 7, 2007, November 24, 2008, June 16, 2009, August 27, 2009, April 3, 2012, and August 3, 2016 for more information.