Overview
The Viscaria copper-iron royalty was acquired from Freeport-McMoRan Exploration Corporation in 2010. Elemental has a 1% NSR royalty on Viscaria production and initially will pay half of the royalties, up to a maximum of US$12M, to Outokumpu Oyj. This yields an effective 0.5% NSR royalty until the payment cap is reached, at which point Elemental will retain a full 1% NSR royalty payment.
The Viscaria copper-iron project occurs in the world-class Kiruna IOCG mining district, and is situated within 2km of LKAB’s Kirunvaara iron mine. Mineralization occurs as three north-northeast trending stacked subvertical horizons containing copper (the A and B zones) and iron (D zone) that are hosted in Precambrian rocks of the Kiruna Greenstone Group.
Historic production from the deposit includes 12.5 Mt at 2.3% Cu from 1983 until 1997.
Viscaria is currently being advanced by Gruvaktiebolaget Viscaria. 2024 drilling resulted in the discovery of a new zone of copper mineralization, the ‘ABBA’ zone, at depth between the A- and B-zones. Drilling results also show the continuation of mineralization at further depths, some with higher copper grades than the current resource.
Nearby mines and deposits provide context for the project, but do not necessarily indicate similar size, styles or grade of mineralization within the project.
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