Vancouver, British Columbia, December 3, 2009 (TSX Venture: EMX) – Eurasian Minerals Inc. (the “Company” or “EMX”) is pleased to announce initial drill results from the Grand Bois property in Haiti. These results include uncapped, oxide intercepts starting from surface of 28.4 meters averaging 20.45 g/t gold and 21.4 meters averaging 10.19 g/t gold. In addition, the drilling returned significant copper intercepts below the oxide gold zone, including 54.5 meters averaging 0.44 percent copper, with additional assays from underlying intervals still pending. The current drill program was designed to confirm historic drill results and a historic, non-NI 43-101 compliant gold resource, as well as test for additional zones of gold and copper mineralization. Grand Bois is a Designated Project with joint venture partner Newmont Ventures Limited (“Newmont” or “NEM”), a wholly owned subsidiary of Newmont Mining Corporation. Please see attached map for more information.
Initial Grand Bois Drill Results. The seventeen hole Grand Bois diamond drill campaign has been completed, and assays received for 884.2 meters of the 2,231 total meters drilled. The program was designed to confirm previous drill results, test geochemical anomalies peripheral to the historic resource area, and assess the Rivage Ridge zone located approximately 750 meters southwest of the resource area. The initial drill results are summarized and discussed by target area below.
Rivage Ridge: (89% recovery)
anomalous gold & copper
Rivage Ridge: 10.7 m @ 0.21 g/t
Resource periphery: 30.4 m of Cu
Resource periphery: 48% of the
Resource area: Assays pending
Resource periphery: Assays pending
Resource area: (58% recovery)*
Note: includes 2 high grade intervals of
Resource area: (57% recovery)*
Note: includes three high grade intervals of 0.8m
Significant intervals are reported for gold at a 0.3 g/t cutoff and for copper at a 0.1% cutoff. The minimum length for a significant interval is seven meters. *Average core recoveries are given for the reported intervals.
- Historic resource area: Assay results have been reported for three out of seven holes.
- GBDH-009 and -011 were short, twinned vertical holes that tested a northwest trending gold zone originally defined by historic UN drilling. GBDH-009 returned 21.4 meters averaging 10.19 g/t gold and 64.89 g/t silver, including a sub-interval of 10.9 meters averaging 18.08 g/t gold and 101.8 g/t silver. GBDH-011 reported 28.4 m averaging 20.45 g/t gold and 63.2 g/t silver, including a subinterval of 11.4 meters averaging 47.63 g/t gold and 127.1 g/t silver. These twin hole results are reasonably consistent for both the grade and thickness of the gold zone. Historic UN drill results from two vertical drill holes within ten meters of the EMX-NEM holes include DDH-01 with 24.3 meters averaging 2.55 g/t gold and GBS-A11 with 25.0 meters averaging 5.06 g/t gold.
- GBDH-004 tested the eastern limit of the historic resource zone, returning 21 meters from the surface averaging 1.15 g/t gold. Historic UN drilling collared within four meters of GBDH-004 intersected 29.0 meters averaging 0.96 g/t gold. In addition, copper intercepts below the gold zone include 54.5 meters averaging 0.44% copper. Assays are pending for intervals from 91-181.4 meters. The copper assays confirm results from a limited number of historic drill holes that also intersected copper mineralization below the oxide gold zone, including 0.62% copper over 53.5 meters (64.9-118.4 m, hole DDH-1).
- Zones peripheral to the resource area: A series of four holes were drilled at distances of 145 to 220 meters peripheral to the historic resource area. Assays have been received for three of these holes (GBDH-002,-003,-006), all having either anomalous or significant copper intervals to the northwest, west, and southwest of the historic resource area.
- Rivage Ridge zone. Five holes were drilled to test northwest trending gold-in-soil anomalies (i.e., > 0.1 g/t Au) over the Rivage Ridge target zone. Final assay results are in for two holes (GBDH-001 and shallow re-drill GBDH-001.1). GBDH-001 intersected a copper zone underlying a strongly anomalous gold-copper oxide zone at surface intersected by GBDH-001.1.
Grand Bois Property Overview. The Grand Bois property covers an area of 50 square kilometers of mineral rights in northern Haiti. Grand Bois is entirely surrounded by EMX exploration licenses. Newmont can earn 65% interest in the property by funding 100% of the initial USD$10 million expenditures on the project, or b) completing a positive feasibility study on the property within the first six years, whichever comes first. Newmont is responsible for exploration expenditures on the project as governed by a Designated Projects Joint Venture Agreement, until such time as it earns its interest.
The Grand Bois gold deposit as currently defined is roughly circular in outline, with dimensions of 300 by 350 meters, and consists of a poorly consolidated tabular body of mineralized and oxidized volcanic rock. The mineralized zone is located on the top and flank of a hill (elevations range from 580-720 m), that would have a favorable stripping ratio for a potential open-pit operation.
The property has undergone four historic drill campaigns totaling more than 7500 meters. The United Nations Development Program (“UNDP”) produced a non-NI 43-101 compliant historical resource estimate, termed a “geological reserve”, of 4.3 million tonnes averaging 2.24 g/t gold (Focsa, et al., 1986, Le Gisement d’or de Grand Bois/Limbe. Project HAI/84/016-02-P01 UNDP/BME). The UNDP historical “geological reserve” does not use the resource and reserve categories as defined in NI 43-101 and a Qualified Person has not performed sufficient work to classify the historical estimate as current mineral resources. EMX is not treating the estimate as current mineral resources, and it should not be relied upon until it can be confirmed by the Company. However, the drill-delineated Grand Bois gold mineralized deposit described by the UNDP report is considered relevant.
Comments on Sampling, Assaying, and QA/QC. The 2009 EMX-NEM core drilling program averaged 89% recovery. The reported significant intervals averaged 70%, and ranged from 36% to 93% recovery. Holes GBDH-009 and GBDH-011 both averaged approximately 58% recovery for the reported high grade intervals. The reported intercepts are interpreted to be approximately true thickness, except for GBDH-009 and GBDH-011, where current understanding of possible high-angle structural control is unclear.
The EMX-NEM drill samples were collected in accordance with accepted industry standards and procedures. The samples were submitted to the ACME Labs (ISO 9001:2000 accredited) in Santiago Chile for analysis. Gold was analyzed by fire assay with an AAS finish, and multi-element analyses were determined by ICP MS/AAS techniques. Over limit gold assays (> 10 g/t) were re-analyzed by fire assay with a gravimetric finish. Over limit silver (> 100 g/t) and copper (> 1%) were re-analyzed by ICP AAS finish. EMX conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks and field duplicates.
Mr. Michael P. Sheehan, 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.
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.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Kim C. Casswell
Phone: (604) 688-6390
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.
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