Nov 26 2015
Eurasian Minerals Inc. (the "Company" or "EMX") is pleased to announce the signing of an Exploration and Option Agreement (the "Agreement"), through its wholly owned subsidiary Bronco Creek Exploration, Inc. ("BCE"), for the Hardshell Skarn project (the "Project") with Arizona Minerals Inc. ("AZ Minerals"), a subsidiary of Arizona Mining Inc. The Project is located approximately 75 kilometers southeast of Tucson, Arizona within the Patagonia Mountains and adjacent to AZ Minerals' advancing Hermosa project.
Please see www.eurasianminerals.com for more information.
Commercial Terms Overview. Pursuant to the Agreement, AZ Minerals can earn a 100% interest in the Project by making cash payments totaling $85,000 (all amounts are USD). Upon exercise of the option EMX will retain a 2% NSR royalty on the Project and receive annual advanced royalty ("AAR") payments of $5,000 commencing on the first anniversary of the exercise of the option. The EMX royalty is not capped and not subject to buy-down.
Property Overview. The Hardshell Skarn project is comprised of 16 unpatented federal lode mining claims totaling approximately 279 acres. The Project lies between the Sunnyside porphyry copper system (Regal Resources Inc.) to the west, the Hermosa project (AZ Minerals) to the east, and the historic Trench mine to the north. EMX has targeted base and precious metals mineralization hosted in skarn and replacement bodies within a series of Paleozoic limestones. These carbonate rocks, as well as skarn mineralization, were intersected by Asarco in deep historic drilling (depths from 1,256-1,491 m) adjacent to the Sunnyside porphyry center and to the northwest of the Project boundary. From west to east, the target rocks step to shallower levels across the EMX land position by a series of north trending faults and are less than 100 meters below the surface immediately east of the Project. It is anticipated that AZ Minerals will incorporate the Hardshell Skarn property into their ongoing Hermosa project exploration programs.
Comments on Adjacent Properties. The adjacent properties provide context for the Hardshell Skarn project, which occurs in a similar geologic setting. However, this is not necessarily indicative that the Project hosts similar mineralization.
About EMX. Eurasian Minerals leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX retaining royalty interests. EMX complements its generative business with strategic investment and third party royalty acquisition.
EMX executed its royalty generator business model by converting another project into cash flow and a potential downstream royalty. The Hardshell Skarn project came to EMX as part of the 2010 merger with BCE and was acquired through the staking of open ground within a historic mining district.
Mr. Dean D. Turner, CPG, a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.