Eurasian Minerals Inc. (the “Company”) is pleased to announce the successful acquisition of the Sisorta project in northeastern Turkey through competitive auction. Sisorta is an excellent addition to the Company’s growing portfolio of mineral properties in Turkey and fits well into the Company’s plan to acquire highly prospective projects with district scale gold and copper potential.
The Sisorta project, located in Sivas province, northeastern Turkey, is covered by a 2670 hectare exploration license held by the Company. The property geology is dominated by intensely altered volcanic and intrusive rocks with multiple zones of hydrothermal brecciation and silicification. These altered volcanic rocks and breccias are associated with significant levels of gold and copper mineralization. The central breccia zone forms a northwest-southeast trending topographic high with dimensions of 2500 by 800 meters and caps the mineralized system. The alteration and geochemistry of the system is consistent with the high sulfidation gold enriched deposit model. Maden Tetkik ve Arama (“MTA”), Turkey’s General Directorate of Mineral Research and Exploration, conducted surface and drill exploration programs on the Sisorta property from 1995 through 1998. Their work is documented in MTA Report Number 10217 by M. Cakir and O. Kesgin, 1999. From the Company’s review of MTA’s results, rock chip sampling covered approximately 25% of the central breccia body along sample lines spaced at twenty meters. This geochemical survey resulted in a total of 511 samples, many with anomalous gold values:
47 rock samples (9.2%) assayed 1.0 g/t Au or greater, with a maximum of 8.7 g/t Au,
28 rock samples (5.4%) assayed between 0.5 and 1.0 g/t Au,
172 rock samples (33.7%) assayed between 0.1 and less than 0.5 g/t Au, and
264 rock samples (51.7%) assayed less that 0.1 g/t Au.
The remaining 75% of the central breccia zone, as well as additional breccia bodies on the property, remain un-sampled to the Company’s knowledge.
The Company’s independent evaluation of the property included field mapping and ten rockchip samples, with the two highest assays reported as 3.22 and 1.75 g/t gold. The Company samples were taken according to industry standards and assayed by fire/AAS techniques at ISO 9002 certified ALS Chemex Labs in Vancouver, Canada. Since the property has very recently been acquired by the Company, the MTA samples have not been systematically verified, but the Company reasonably assumes that the MTA results are representative of the extent and tenor of gold mineralization for the areas sampled.
As a follow-up of their surface sampling, MTA completed ten diamond drill holes totaling 1,459.95 meters of sampling during 1996-1998. The holes tested less than ten percent of the central breccia zone’s surface extent, with the best gold assays occurring at or near the surface (Table 1).
Table 1. Significant drill intervals at a nominal 0.3 g/t Au cutoff and minimum length of 7 meters*.
|Drill Hole||From (m)||To (m)||Interval (m)||Avg. Au (g/t)||Au Max (g/t)||Au Min (g/t)|
|ES-1||No significant intervals|
|ES-2||No significant intervals|
|ES-7/1||No significant intervals|
|ES-7/2||No significant intervals|
*The Company has reviewed and is reporting the published MTA drilling results, but has not independently confirmed their accuracy. The Company believes that the MTA drill results are representative of the tenor and depth extent of mineralization, and that these results conform to industry-accepted standards in the 1996-1998 time frame in which they were generated (see Cakir and Kesgin, 1999).
Sample preparation and assaying were performed by MTA’s Ankara labs using atomic absorption analysis of the gold content. For assays greater than 0.60 g/t Au, the samples were re-analyzed by MTA for confirmation. The MTA drill logs also report occurrences of enargite, chalcopyrite and chalcocite mineralization, suggesting that the system has prospective exploration potential as a goldcopper porphyry target below a gold enriched high sulfidation silica-cap zone.
Eurasian’s Exploration Program in Turkey
The Company’s focus in Turkey is on the epithermal gold and copper -gold porphyry deposit types. The positive results of the program have resulted in the Company acquiring twenty prospects, all of which are characterized by some combination of known mineral occurrences, anomalous geochemistry, or favorable exploration drill results from previous property holders. The most recent six acquisitions, including Sisorta, are the result of successfully bidding at competitive government auctions during the month of January. The Company is currently reviewing the data for these properties and designing follow-up exploration programs for 2004.
The Company’s program in Turkey has progressed from a conceptual idea to the establishment of a Turkish subsidiary, Eurasia Madencilik Ltd., and the acquisition of over 80,000 hectares (i.e., 800 square kilometers) of prospective ground in less than nine months. This rapid rate of progress is in large part due to the excellent leadership provided by the Company’s Exploration Manager Dr. Mesut Soylu. Dr. Soylu holds a Ph.D. in Geology from the Middle East Technical University, Ankara, and has over twelve years of industry experience focused on base and precious metals exploration in southeastern Europe and Turkey. He worked for groups such as Rio Tinto and BHP Billiton before joining the Company’s exploration team.
Mr. Dean Turner, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed and verified the technical mining information contained in this news release.
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Kim C. Casswell
Phone: (604) 689-1428
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.