- Published: 06 January 2009
- Written by Editor
Eurasian Minerals Inc. Signs Agreement for the Akarca, Elmali and Samli Projects in Turkey
Eurasian Minerals Inc. (the "Company" or "EMX") (TSX VENTURE:EMX) is pleased to announce it has signed an option and joint venture agreement (the "Agreement") on the Akarca, Samli, and Elmali properties in Turkey (the "Properties"), with a subsidiary of Centerra Gold Inc. ("Centerra"), a Canadian gold mining and exploration company (TSX:CG).
Centerra Agreement: The two companies have entered into an Agreement in which Centerra has exclusive rights to earn up to a 70% interest in the subject Properties in two phases, as given by the following terms and conditions (all amounts are US dollars unless noted otherwise).
- Phase One: Centerra shall have the right to earn a 50% interest by making $5,000,000 in exploration expenditures over 4 years as follows:
-- $750,000 by the second anniversary of the Agreement,
-- $1,500,000 by the third anniversary of the Agreement,
-- $2,750,000 by the fourth anniversary of the Agreement.
As part of the Agreement, Centerra will reimburse EMX for expenditures incurred on the Properties from August 2008 up to the signing date of the Agreement. In addition, upon completion of the Phase One earn-in requirements, Centerra will also be required to pay EMX $1,000,000 within 30 days.
- Phase Two: Centerra may earn an additional 20%, bringing the total to 70%, in the Properties by spending a further $5,000,000 over two years.
Once ownership is vested in the projects, each partner must contribute or dilute. Should a partner dilute to 10%, its ownership is converted to a 4% NSR, which may be reduced to a 2% NSR by the payment of $4,000,000 by the non-diluting party.
Akarca Property Update: EMX has completed the 2008 drill program on the Akarca gold-silver project located in northwestern Turkey. The 2007 Akarca drill program intersected broad zones of gold-silver mineralization, including 63.7 meters averaging 1.54 g/t gold and 14.5 g/t silver, with higher grade subintervals of two meters at 13.8 g/t gold and 117 g/t silver and one meter at 19.95 g/t gold and 241 g/t silver (see Company news release dated November 19, 2007). EMX's 2008 program was designed to follow-up on these encouraging results with eleven reverse circulation holes totaling 1,392 meters.
Holes ARC-101 through 105 were drilled in the Hugla Tepe vein zone. ARC-101 and 102 added approximately 230 meters of strike length to the southwest, and ARC-103 through 105 confirmed the strike continuity of the zone between core holes drilled in 2007. Holes ARC-106 and 109 tested extensions along the Kucuk Hugla Tepe vein zone, which is now defined by 300 meters of strike length. Holes ARC-109 to 111 tested geophysical targets beneath cover and intersected anomalous gold-silver mineralization. The significant intervals from the 2008 drilling are summarized below.
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Interval
Drill No From (m) To (m) (m) Au (g/t) Ag (g/t)
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ARC-101 105.0 121.0 16.0 0.66 1.61
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ARC-102 102.0 108.0 6.0 2.16 3.27
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including 102.0 103.0 1.0 10.95 13.90
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ARC-103 4.0 23.0 19.0 0.88 11.48
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including 5.0 10.0 5.0 1.17 18.22
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including 12.0 18.0 6.0 1.24 14.55
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ARC-104 78.0 99.0 21.0 1.34 2.02
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125.0 133.0 8.0 0.50 0.48
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ARC-105 15.0 31.0 16.0 0.55 6.96
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34.0 40.0 6.0 0.43 0.93
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ARC-106 20.0 28.0 8.0 0.85 5.73
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ARC-107 43.0 51.0 8.0 1.57 5.90
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55.0 65.0 10.0 2.00 4.46
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including 55.0 57.0 2.0 6.52 12.30
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ARC-108 21.0 41.0 20.0 0.57 5.40
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ARC-109 to 111 No significant intercepts
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Intervals reported at a nominal 0.3 g/t Au cutoff and minimum
length of 7 meters, with a maximum of 3.5 meters internal
dilution. True thickness estimated at 80% to 100% of reported
interval length.
EMX has filed a 43-101 report titled "Akarca Gold-Silver Project Technical Report" on SEDAR concurrent with this news release.
Elmali Property: The Elmali property is located in the Biga Peninsula region of western Turkey. EMX controls three exploration licenses covering 4,044.5 hectares. The geology consists of Permian schists and marbles that are overlain by Neogene rhyolitic tuffs and volcanic breccias. Gold-silver mineralization occurs in low sulfidation quartz veins developed along cross-cutting structures, at the contact zone between the rhyolite and marble units, and in a chalcedonic silica cap breccia. Previous work at the Elmali property by Eurogold/Normandy in the 1990's consisted of surface stream, soil and rock sampling. The highest rock sample result was 20 g/t gold and 10.55 g/t silver. EMX also conducted surface rock sampling on the property, with the best sample returning 7.8 g/t gold and 25.8 g/t silver from a low sulfidation vein. EMX completed four core holes totaling 300.8 meters in 2008; results are pending.
Samli Property: The Samli property is located in Turkey's West Anatolia region. EMX's five exploration licenses cover 9,388.8 hectares. The property's geology is dominated by Permian schists and marbles that are intruded by lower Tertiary granitic stocks. Neogene intermediate to acidic volcanic rocks cross-cut and overlie these older units. Base metal skarn mineralization has developed along the granite-marble contacts, with EMX rock samples returning up to 6.28% lead and 2.94% zinc. EMX's work has also identified large silica and clay altered zones within the volcanics that have returned rock samples assaying up to 5.83 g/t gold and 31 g/t silver.
Comments on Sampling, Assaying, and QA/QC: EMX samples were collected in accordance with accepted industry standards and procedures. Samples were submitted to ISO 9001:2000 and 17025:2005 accredited ALS Chemex laboratories in Vancouver, Canada for analysis. Gold was analyzed by fire assay with an AAS finish, and silver and base metal analyses were determined by ICP MS/AES techniques. EMX performs routine QA/QC analysis on the assay results, including the systematic utilization of certified reference materials, blanks, and field duplicates.
EMX is exploring and investing in a first class mineral property and royalty portfolio in some of the most prospective, but under-explored mineral belts of the world.
Dr. Mesut Soylu, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed and verified the technical information contained in this news release.
Forward-Looking Statement
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eurasian Minerals Inc.
Eurasian Minerals Inc. David M. Cole President and Chief Executive Officer (303) 979-6666 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Eurasian Minerals Inc. Kim C. Casswell Corporate Secretary (604) 688-6390 (604) 688-1157 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.eurasianminerals.com
