Eurasian Minerals Reports Expansion of the Fula Tepe Oxide Gold-Silver Zone at the Akarca Project, Northwest Turkey
July 17 2014 - 7:00AM
Marketwired Canada
Eurasian Minerals Inc. (the "Company" or "EMX") (TSX VENTURE:EMX)(NYSE MKT:EMXX)
is pleased to announce exploration drilling and trenching results that have
expanded the Fula Tepe zone at the Akarca gold-silver project in northwest
Turkey. The Akarca exploration work is funded and managed by Colakoglu Ticari
Yatirim A.S. ("Colakoglu"), a privately owned Turkish company that signed an
option agreement in June 2013 to acquire the property from EMX for a combination
of cash payments, gold bullion, work commitments, and a retained royalty
interest to EMX's benefit (see Company news release dated June 20, 2013).
Colakoglu's recent Fula Tepe drill results include high-grade oxide intercepts
of 1.0 meter assaying 155.50 g/t gold with 1060 g/t silver, and 1.1 meters
assaying 112.50 g/t gold with 397 g/t silver. The Fula Tepe zone remains open
for further expansion in all directions. New surface trench results indicate the
zone may extend 100 meters further to the northeast. Colakoglu is now conducting
follow-up drilling at the Kucukhugla, Sarikaya, and Percem Tepe prospects.
Please see attached maps and www.eurasianminerals.com for more information.
Drill Results. Colakoglu recently reported exploration results to EMX that
include 26 diamond drill holes totaling approximately 2,220 meters. Colakoglu's
2014 program has initially focused on better defining the near-surface, oxide
gold-silver zone at Fula Tepe. New drilling was conducted at a nominal 50 meter
spacing along strike of the mineralized zone, with offset drill fences both
extending and broadening the zone. As a result of the current program, new zones
of mineralization were discovered that run parallel to the main mineralized
system. All of the recent drilling intersected gold-silver mineralization, with
highlight drill intercepts summarized below.
----------------------------------------------------------------------------
Drill From To Length Au Ag AuEq
Hole (m) (m) (m) (g/t) (g/t) (g/t) Comments
----------------------------------------------------------------------------
AKC-106 59.0 60.2 1.2 15.60 28.8 16.10 TD = 100m, oxidized,
95m offset to the SE of
the central FT vein
targeting a sub-
parallel resistivity
anomaly.
----------------------------------------------------------------------------
AKC-107 40.6 49.0 8.4 8.80 57.5 9.85 TD = 88m, oxidized, 95m
offset to the SE of the
central FT vein
targeting a sub-
parallel resistivity
anomaly.
----------------------------------------------------
including 42.1 43.9 1.8 40.10 249.0 44.60
----------------------------------------------------------------------------
AKC-108 0.0 9.1 9.1 1.31 7.7 1.45 TD = 78.1m, oxidized,
100m offset to SE of
the central FT vein
targeting a sub-
parallel resistivity
anomaly. Note: 8.5 -
9.1m, 0.6m @ 11.45 g/t
Au, 58.1 g/t Ag.
----------------------------------------------------------------------------
AKC-109 87.9 106.0 18.1 1.42 2.6 1.46 TD = 110m, oxidized,
140m offset to SE of
the central FT vein
targeting a sub-
parallel resistivity
anomaly.
----------------------------------------------------------------------------
AKC-110 21.0 33.6 12.6 0.32 13.1 0.55 TD = 100m, oxidized,
drilled 250 m SW of the
central FT vein on a
resistivity target.
---------------------------------------------------- -----------------------
AKC-111 47.3 60.6 13.3 0.71 7.4 0.85 TD = 106.5m, oxidized,
drilled 140m SW of the
central FT vein on a
resistivity target.
----------------------------------------------------------------------------
AKC-112 37.8 50.3 12.5 10.22 37.7 10.91 TD = 113.1m, oxidized,
true width 57%, 50m NW
offset of hole AKC-111.
Note: 23.3 - 24.1m,
0.8m @ 22.9 g/t Au,
38.9 g/t Ag.
----------------------------------------------------
including 37.8 38.9 1.1 112.50 397.0 119.70
----------------------------------------------------------------------------
AKC-114 9.5 17.6 8.1 1.06 9.0 1.22 TD = 110m, oxidized,
extension of the
central FT vein to the
west.
----------------------------------------------------------------------------
AKC-116 0.0 11.6 11.6 0.35 7.0 0.48 TD = 84m, oxidized,
100m offset to the NW
of the central FT vein
zone Note: 77.5 -
78.4m, 0.9m @ 14.45 g/t
Au, 23.6 g/t Ag.
----------------------------------------------------
35.4 53.7 18.3 1.83 13.1 2.07
----------------------------------------------------
including 40.1 41.4 1.3 7.54 39.0 8.20
----------------------------------------------------
including 42.4 43.4 1.0 16.60 44.1 17.40
----------------------------------------------------------------------------
AKC-119 8.6 14.5 5.9 1.29 8.0 1.44 TD = 75m, oxidized, a
150m step-out to the
north.
----------------------------------------------------
39.6 40.9 1.3 9.85 111.0 11.90
----------------------------------------------------------------------------
AKC-120 0.0 7.9 7.9 0.71 16.5 1.01 TD = 97.8m, oxidized,
true width 64%, 40m to
the north of the
central FT vein
targeting a sub-
parallel resistivity
anomaly.
----------------------------------------------------
28.9 48.7 19.8 8.49 60.3 9.58
----------------------------------------------------
including 45.2 46.2 1.0 155.50 1060.0 174.80
----------------------------------------------------------------------------
AKC-122 80.3 103.9 23.6 0.44 4.7 0.53 TD = 125m, oxidized,
drilled on the far east
of the central FT vein.
---------------------------------------------------- -----------------------
AKC-123 43.7 51.6 7.9 0.67 5.4 0.77 TD = 79.6m, oxidized,
100m offset to the west
of the central FT vein
zone targeting a
resistivity anomaly.
----------------------------------------------------------------------------
AKC-125 0.0 17.3 17.3 0.72 9.2 0.89 TD = 80m, oxidized,
drilled 120m NW of the
central FT vein.
----------------------------------------------------------------------------
AKC-126 0.0 7.2 7.2 0.37 3.0 0.42 TD = 82m, oxidized, a
50m offset to the NW of
AKC-125.
----------------------------------------------------------------------------
AKC-129 1.4 13.0 11.6 0.51 4.9 0.60 TD = 45m, oxidized, a
300m SE step-out
targeting a resistivity
anomaly &
mineralization from
trenching.
----------------------------------------------------------------------------
AKC-130 39.5 47.1 7.6 0.52 6.4 0.64 TD = 71m, oxidized,
drilled 50m to the
north of the central FT
vein.
----------------------------------------------------
61.8 68.3 6.5 2.20 48.9 3.09
----------------------------------------------------
including 62.9 64.2 1.3 6.54 122.0 8.80
----------------------------------------------------------------------------
Notes: Intervals reported at a nominal 0.2 g/t Au cutoff, minimum length of
7m, and internal dilution allowance of up to 3.5m, or at a 5 g/t Au cutoff
and minimum length of 1m. Au equivalent calculated as 55:1 Ag:Au ratio, and
assumes that metallurgical recoveries and net smelter returns are 100%. True
widths vary for each drill intercept and are estimated at 50-75% of reported
interval.
Drilling at Fula Tepe has outlined a 700 by 300 meter, northeast striking
corridor of quartz veining, silicification, and mineralization hosted in
conglomerates and sandstones. Two northeast-southwest fences of step-out holes
were drilled 50-75 meters to the southeast and northwest of the previously
defined zone of veining and mineralization. These drill fences extended the
strike length of the mineralized zone and also intersected sub-parallel vein
systems that expanded the overall width of the zone. Notably, the recent
drilling intersected two of the three highest grades from the property to date
(AKC-112 with 1.1m @ 112.5 g/t Au and 397 g/t Ag and AKC-120 with 1.0m @ 155.5
g/t Au and 1060 g/t Ag). In addition to the step-out drill holes, reconnaissance
drilling also intersected new gold-silver veins a further 100 meters to the
northwest (AKC-119), and 200 meters to the southeast (AKC-128A, AKC-129).
Trench Results. Colakoglu also reported the recent completion of approximately
2,400 meters of surface trenching at Fula Tepe. The trenches were excavated
along drill roads that generally cross the northeast trend of the zone at a
nearly perpendicular angle. Results from trench mapping and sampling indicate
additional extension and broadening of the zone's alteration and mineralization.
Notably, trench TAK-60 appears to extend the zone a further 100 meters to the
northeast. Final review of the trench results is currently underway.
Ongoing Exploration. Colakoglu is now focusing on additional drilling and
sampling in the Kucukhugla, Sarikaya, and Percem Tepe prospect areas. Kucukhugla
Tepe is defined as a 100 meter wide, northwest trending corridor of oxide
gold-silver mineralization characterized by two sub-parallel systems of veining
and quartz vein stockworks. The Sarikaya Tepe prospect is a 500 by 100 meter
zone of quartz veining, silicification, and gold-silver mineralization with a
previously reported oxide drill intercept of 36.4 meters averaging 5.67 g/t gold
and 53.3 g/t silver, with a sub-interval of 2.15 meters averaging 89.34 g/t gold
and 835.2 g/t silver (true widths interpreted as 60-75% of reported interval
length) (see Company news release dated January 18, 2013). At the under-explored
Percem Tepe prospect, in 2013 EMX drilled an oxide intercept starting at 18.2
meters of 101.0 meters averaging 1.25 g/t gold and 7.95 g/t silver (true width
interpreted as 65-75% of reported interval length) (see Company news release
dated March 1, 2013).
Akarca Property Overview. The Akarca project consists of six epithermal,
gold-silver zones occurring within a district-scale area of mineralization.
EMX's grassroots discovery and subsequent exploration successes at Akarca have
led to in-the-ground investments of over US $8 million by partner companies.
Comments on Sampling, Assaying, and QA/QC. Colakoglu's exploration samples are
collected in accordance with industry best practice standards and guidelines.
These procedures and protocols were originally established by EMX for the Akarca
project. The samples were submitted to ALS Chemex laboratories in Izmir, Turkey
(ISO 9001:2000) and Vancouver, Canada (ISO 9001:2000 and 17025:2005 accredited)
for sample preparation and analysis. Gold was analyzed by fire assay with an AAS
finish, and silver underwent aqua regia digestion and analysis with MS/AES
techniques. Over limit assays for gold (greater than 10 g/t Au) were conducted
with fire assay and a gravimetric finish, and over limit analyses for silver
(greater than 100 g/t Ag) were performed with aqua regia digestion and ICP/AES
techniques. As standard procedure, Colakoglu carries out routine QA/QC analysis
on all assay results, including the systematic utilization of certified
reference materials, blanks, and duplicate samples.
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.
The Akarca project exemplifies the execution of EMX's prospect and royalty
generation business model. Akarca was discovered by EMX with minimal cost, and
its value enhanced with partner-funded exploration work. This ultimately led to
the agreement with Colakoglu and further value enhancement through exploration,
an organically generated revenue stream, and a retained royalty interest.
Mr. Michael P. Sheehan, CPG, a Qualified Person as defined by National
Instrument 43-101 and employee of the Company, has reviewed, verified and
approved the disclosure of the technical information contained in this news
release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain "forward-looking statements" that reflect the
Company's current expectations and projections about its future results. When
used in this news release, words such as "estimate," "intend," "expect,"
"anticipate," "will" and similar expressions are intended to identify
forward-looking statements, which, by their very nature, are not guarantees of
the Company's future operational or financial performance, and are subject to
risks and uncertainties and other factors that could cause Eurasian's actual
results, performance, prospects or opportunities to differ materially from those
expressed in, or implied by, these forward-looking statements. These risks,
uncertainties and factors may include, but are not limited to: unavailability of
financing, failure to identify commercially viable mineral reserves,
fluctuations in the market valuation for commodities, difficulties in obtaining
required approvals for the development of a mineral project, increased
regulatory compliance costs, expectations of project funding by joint venture
partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this news release or as of the
date otherwise specifically indicated herein. Due to risks and uncertainties,
including the risks and uncertainties identified in this news release, and other
risk factors and forward-looking statements listed in the Company's MD&A for the
three-month period ended March 31, 2014 (the "MD&A") and most recently filed
Annual Information Form for the year ended period ended December 31, 2013 (the
"AIF"), actual events may differ materially from current expectations. More
information about the Company, including the MD&A, the AIF and financial
statements of the Company, is available on SEDAR at www.sedar.com and on the
SEC's EDGAR website at www.sec.gov.
To view the maps accompanying this press release, click on the following link:
http://media3.marketwire.com/docs/957929.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Eurasian Minerals Inc.
David M. Cole
President and Chief Executive Officer
(303) 979-6666
Dave@EurasianMinerals.com
Eurasian Minerals Inc.
Scott Close
Director of Investor Relations
(303) 973-8585
SClose@EurasianMinerals.com
www.EurasianMinerals.com
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