Vancouver, British Columbia, June 16, 2009 (TSX Venture: EMX) - Eurasian Minerals Inc. (the “Company” or “EMX”) is pleased to announce the initial NI 43-101 mineral resource estimate for the Sisorta joint venture project totaling 91,000 indicated and 212,000 inferred gold ounces (see summary tables below). Near-surface, oxide mineralization represents 76% of the indicated gold ounces, and 73% of the inferred gold ounces. Preliminary metallurgical test work suggests that the oxide material is amenable to heap leach extraction. The East Zone hosts 83,000 indicated gold ounces (2.81 million tonnes averaging 0.92 g/t Au at a 0.4 g/t cutoff), where mineralization starts directly at the surface. Scoping is to be carried out on the amenability of this zone for a small scale heap leach operation. The Sisorta property has additional drill ready targets that are scheduled for follow-up during the 2009 field season. Please see map accompanying this news release.
Indicated mineral resources at 0.4 g/t gold cutoff.*
Class | Metallurgy | Tonnes | Au g/t | Au ounces |
Indicated | Oxide | 2,280,000 | 0.94 | 69,000 |
Indicated | Mixed/sulfide | 890,000 | 0.76 | 22,000 |
Total | Ox/Mix/Sulf | 3,170,000 | 0.89 | 91,000 |
Inferred mineral resources at 0.4 g/t gold cutoff.*
Class | Metallurgy | Tonnes | Au g/t | Au ounces |
Inferred | Oxide | 7,750,000 | 0.62 | 154,000 |
Inferred | Mixed/sulfide | 3,630,000 | 0.49 | 58,000 |
Total | Ox/Mix/Sulf | 11,380,000 | 0.58 | 212,000 |
Overview.
The Sisorta property is covered by a 2,670 hectare exploration license. Sisorta, located in northeastern Turkey’s Pontides mineral belt, is a bulk tonnage, volcanic-hosted, epithermal gold project. Drilling and surface exploration has identified a northwest trending structural zone of mineralization and alteration, with oxide gold mineralization generally occurring at the surface to depths ranging from 23 to over 100 meters. In addition, drill holes targeting the deeper extents of the system have intersected porphyry-style alteration and anomalous copper mineralization.
EMX has entered into a Sisorta project joint venture with Chesser Resources Limited (ASX: CHZ) (“Chesser”). Under the terms of this agreement, Chesser may earn up to a 51% interest by spending US $4 million over three years, paying EMX a total of US $400,000, and issuing 3 million shares to EMX. Chesser can increase its interest to 70% by sole funding exploration to delivery of a bankable feasibility study over the subsequent five years, with yearly cash payments of US $100,000 (see EMX news release dated October 31, 2007). Chesser is the Sisorta joint venture project manager, and to date has spent approximately US $3.9 million on the project.
Sisorta NI 43-101 Resource.
The NI 43-101 and JORC compliant mineral resource was estimated by independent Qualified Person, Gary Giroux, of Giroux Consultants Ltd., Vancouver, Canada. The drill delineated resource area measures 1.0 by 1.1 kilometers, and includes five separate gold mineralized zones. The Sisorta resource estimate is reported at a 0.4 g/t gold cutoff. Key resource modeling assumptions and parameters include:
- A total of 72 diamond holes were drilled into the Sisorta project area, for a combined length of 10,039 meters. Of these, 69 diamond holes penetrated the area of the present resource model.
- All 69 resource holes were surveyed by DGPS, and downhole surveys were measured at approximately 40 meter intervals, by single shot camera.
- Wireframed domains were used to define gold mineralization envelopes at a nominal cutoff of 0.2 g/t gold. A total of five separate domains (East, West, North, South, and Deep) were modeled and formed the basis for constraining grade estimation. A wireframed surface representing the bottom of complete oxidation (BOCO) was modeled. Material below this surface is predominantly mixed oxide-sulfide material as determined from visual core logging.
- A block model was constructed using wireframed mineralized and oxide/mixed-sulfide domains for each deposit. A block size of 10m (X) x 10m (Y) x 10m (Z) was constructed, and the percentages of mineralization and oxide domains within individual blocks calculated.
- All drill samples were composited to five meter lengths, honoring domain boundaries.
- Each domain was estimated separately for gold by ordinary kriging using only composites from within that domain. Kriging was completed in a series of passes with expanding search ellipse dimensions.
- Cap grades were based on the identification of erratic high values within each individual domain.
- Within the East and West Domains, pairwise relative semivariograms were produced in the directions along strike, down dip and across dip. Nested spherical models were fit to each direction with a geometric anisotropy demonstrated. Within the waste between the modeled solids isotropic nested spherical models were fit to the data. For the remaining domains there was insufficient data to develop semivariograms.
- Bulk densities were assigned on the basis of 1618 specific gravity determinations on drill core from oxide, transitional, and sulfide material. Based on this information, oxide material was assigned a bulk density of 2.38 t/m3, and all transitional and sulfide material was assigned a bulk density of 2.69 t/m3.
- The reported resource has been classified as a combination of indicated and inferred. The indicated portion of the resource is supported by at least 4 composites from two separate drillholes within ½ of the semivariogram range for each individual domain. Resource blocks with a minimum of 4 composites beyond the ½ variogram range were classified as inferred.
- The classification is supported by a sound level of QAQC checks on assay data, and verified drill hole collar positions and down hole surveys.
2009 Program.
The Sisorta joint venture is planning to recommence drilling on the property in June. The emphasis of the program will be on the drill-testing of extensions to the existing resource area, where geology, geochemistry and IP geophysics indicate zones with similar characteristics to currently drill defined gold mineralization.
Comments on Sampling, Assaying, and QA/QC.
EMX’s drill samples were collected in accordance with accepted industry standards and best practices. The samples were submitted to ALS Chemex laboratories in Izmir, Turkey for sample preparation and Vancouver, Canada (ISO 9001:2000 and 17025:2005 accredited) for analysis. Gold was analyzed by fire assay with an AAS finish. 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.
EMX is exploring and investing in a mineral property and royalty portfolio located 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. Mr. Gary Giroux, P.Eng., is the independent qualified person as defined by NI 43-101 responsible for the Sisorta mineral resource estimate.
For further information contact:
| David M. Cole | Kim C. Casswell |
| President and Chief Executive Officer | Corporate Secretary |
| Phone: (303) 979-6666 | Phone: (604) 688-6390 |
| Email: dave@eurasianminerals.com | Email: kcasswell@eurasianminerals.com |
| Website: www.eurasianminerals.com |
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this 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.
