The Trab-23 property is located in Turkey's Eastern Pontides metallogenic belt, and hosts both porphyry gold (copper-molybdenum) mineralization and epithermal quartz-barite-gold veins. The property was acquired by EMX at minimal cost through open auction in 2007.
Historic work at Trab-23 was conducted by Western Mining Corporation, BHP, and Odyssey Resources starting in the 1990s. This work outlined a northwest trending, 2.5 kilometer long zone of variably altered intrusive and volcanic rocks coincident with anomalous gold and copper geochemistry. Reconnaissance drilling completed in 2002 by an Odyssey Resources/BHP joint venture totaled 264 meters in two core holes. Both holes intersected gold, copper, and molybdenum mineralization associated with quartz stockwork veining. EMX's geological reconnaissance and verification sampling confirmed the grades and styles of porphyry mineralization originally identified by the historic exploration programs.
EMX entered into an option agreement in 2013 to sell Trab-23 to Tumad Madencilik Sanayi ve Ticaret A.S. ("Tumad"), a private Turkish company. The agreement with Tumad consists of in-ground spending requirements, a revenue stream of annual earn-in and pre-production payments, and a 3% NSR royalty from production. See EMX's news release dated February 27, 2013 for more information.