Vancouver, British Columbia, February 16, 2006 (TSX Venture: EMX) – Eurasian Minerals Inc. (the “Company” or “EMX”) is pleased to provide an update for the Sisorta high-sulfidation, volcanic hosted gold project located in north-central Turkey. Sisorta is characterized by drilled oxide and sulphide gold mineralization with anomalous grades over intervals ranging from 0.34 g/t to over 5 g/t gold. In addition, drill holes targeting the deeper extents of the system intersected porphyry-style alteration and anomalous copper mineralization. The planned 2005 program was cut short to address water supply and quality issues at a nearby village, and will continue to be suspended until these issues are resolved. Also, EMX was notified by Barrick Gold Corp. (“Barrick”) it has terminated the joint venture at the Sisorta Designated Project in Turkey, effective immediately.
Sisorta Drill Program Update
The latest round of drilling consisted of four core holes totaling 520 meters. These holes were the initial phase of a planned 10-hole program, and were testing the Sisorta gold trend along strike and down-dip. All four holes were drilled to the northwest of previously drill-defined gold mineralization, and were collared in Quaternary colluvium that conceals the underlying alteration system. The holes were oriented at azimuths of 230 degrees and inclinations ranging from -43 to -55 degrees to yield approximate true thickness mineralized intercepts.
All four of the holes encountered anomalous gold or copper intercepts. Two of the holes, Sis-10 and Sis- 11, are step-outs to the northwest that intersected extensive hydrothermal brecciation, silicification, vuggy silica and oxide gold mineralization. The other two holes, Sis-9 and Sis-12, targeted the deeper “roots” of the system. These holes were collared up to 140 meters topographically below Sis-10 and Sis-11, and intersected advanced argillic alteration transitioning to phyllic alteration with anomalous copper. The alteration and mineralization intersected in Sis 9 and Sis12 is typical of the transition from upper level gold mineralization to a deeper copper zone. A summary of drill results is given in the table below.
The drill program was put on hold by the Company to allow assessment of ground water related to the naturally occurring mineral system at Sisorta, as well as impacts from drilling. The Company’s predrilling baseline environmental documentation, conducted in cooperation with the responsible Turkish governmental agencies, established that the water supply of Guzelyurt village, approximately three kilometers from the project, did not meet potable water environmental standards. Even though this condition existed before the drill program commenced, the Company voluntarily ceased drilling to allow careful assessment of the situation.
The Company anticipates that work will resume at Sisorta once the snows clear and the Guzelyurt water issue is resolved. As further drilling at Sisorta has now been officially suspended by the Directorate of Mining Affairs, the Company has expedited the process by gaining government approval of an alternative potable water source for Guzelyurt village. This water will be provided to the village via a pipeline planned for installation this spring. Meanwhile, the Company continues to compile geologic, geochemical, and alteration data for integration into a three-dimensional drill targeting model. This work continues to confirm Sisorta’s excellent exploration potential as a high sulfidation gold system.
Sisorta Project Reverts Back as 100% EMX Asset
The Sisorta Project is governed under a Letter Agreement signed by EMX and Barrick September 22, 2004. Barrick’s election to relinquish its earn-in participation in the Sisorta Designated Project results in EMX continuing to retain a 100 percent interest in the project. The Company looks forward to reinitiating its exploration program in 2006 on this 100 percent owned asset.
Comments on Sampling, Assaying, and QA/QC
The Company’s drill samples were collected in accordance with accepted industry standards. The samples were submitted to the ISO 9001:2000 certified ALS Chemex laboratories in Izmir, Turkey for sample preparation and Vancouver, Canada for assay analysis: gold was analyzed by fire assay with an AAS or ICP finish. Copper and molybdenum were analyzed by a combination of ICP-MS and ICP-AES techniques. As standard procedure, the Company conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays.
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.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Kim C. Casswell
Phone: (604) 688-6390
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.