Akarca Drill Results. EMX’s recent core drilling program was designed to extend the gold-silver mineralized zones initially defined from surface mapping, gold-silver geochemistry, and previous diamond and reverse circulation drilling campaigns (see Company news releases dated 11/19/2007 and 1/6/2009). The 2009 drill campaign consisted of 16 core holes totaling 2,400 meters, and was focused on the Fula Tepe, Kucukhugla Tepe and Hugla Tepe vein zones that are located in a broad 1.2 by 1 kilometer area of multiple gold-in-soil anomalies (> 0.1 g/t Au). Significant drill intercepts (i.e., > 0.3 g/t Au over minimum 7 meters) are summarized and discussed below.
Fula Tepe. Multiple zones of Au-Ag mineralization.
Fula Tepe. Also 5.4m (24.7-30.1m) @ 0.77 g/t Au & 7.28 g/t Ag.
Fula Tepe. Also 3.5m (18.5-22m) @ 1.03 g/t Au & 12.93 g/t Ag;
Hugla Tepe. Also 1.5m (55.5-57m) @ 2.26 g/t Au & 45.4 g/t Ag.
Hugla Tepe parallel zone.
Kucukhugla Tepe. Also 3.35m (43.15-46.5m) @ 1.18 g/t Au
IP target concealed beneath soil cover. Also 3.5m (60.5-64m)
Intervals > 0.1 g/t Au total 30.8m
Kucukhugla Tepe. AKC-17A re-drill to 41.9m.
4.8 m (19-23.8m) @ 0.3 g/t Au
Hugla Tepe parallel zone.
No significant intercepts
No significant intercepts
Intervals > 0.1 g/t Au total 18.2m
*True thickness estimated at 80% to 100% of reported interval length.
- Fula Tepe. All five holes drilled in the Fula Tepe zone returned significant gold intercepts. AKC-7 intersected two gold-silver zones of 7.0 meters averaging 2.67 g/t gold with 11.72 g/t silver, and 7.25 meters at 3.22 g/t gold with 7.49 g/t silver. The Fula Tepe zone has 350 meters of northeast trending strike length defined by drilling, surface mapped veins, and rock samples assaying greater than 1 g/t gold. Concealed vein targets identified from geophysics (IP resistivity) define a broad 900 by 200 meter corridor coincident with the Fula Tepe zone.
- Hugla Tepe. Five new holes were drilled in the Hugla Tepe vein zone, with three returning significant gold intercepts. The Hugla Tepe zone has 650 meters of northeast trending strike length defined by recent and previous drilling, surface mapped veins, and rock samples assaying greater than 1 g/t gold. Two holes (AKC-14, -18) drilled in the Hugla Tepe footwall, and collared approximately 90 meters northwest of the surface mapped vein, intersected gold mineralization in an area coincident with rock sample geochemistry greater than 1 g/t gold.
- Kucukhugla Tepe. Three new holes were drilled in the Kuckhugla Tepe zone, with one returning significant gold intercepts. Kucukhugla is a broad, 750 meter long, northwest trending gold-silver zone defined by drilling, geochemistry, and coincident IP resistivity anomalies.
Arap Tepe and Baglarbasi Tepe Zones. EMX has completed rock sampling and geologic mapping at the Arap Tepe and Baglarbasi Tepe zones, which are approximately 3.5 kilometers east of the main target area that has been the focus of EMX’s drill campaigns. New rock samples collected from Arap Tepe vein outcrops assayed up to 54.80 g/t Au and 24.70 g/t silver. EMX is planning a follow-up exploration program of geochemical sampling, geologic mapping, and IP geophysical surveys for these two zones during the 2010 field season.
Akarca JV Overview. Akarca is covered along with the Elmali property by a JV agreement between EMX and Centerra Exploration B.V. (‘Centerra’), a wholly owned subsidiary of Centerra Gold Inc. Centerra can earn a 50% interest in Akarca and Elmali by making US$5,000,000 in exploration expenditures over four years. Upon completion of the earn-in requirements, Centerra will also be required to pay EMX US$1,000,000 within 30 days. Centerra may earn an additional 20% in the properties, bringing the total to 70%, by spending a further US$5,000,000 over two years.
The Akarca gold-silver deposit, located in Turkey’s western Anatolia region, is an EMX 2006 grassroots exploration discovery. Successful drill testing of vein outcrops as well as concealed geophysical targets beneath extensive, but shallow soil cover, indicates that Akarca hosts a gold-silver mineralized system with substantial exploration potential.
Comments on Sampling, Assaying, and QA/QC. EMX’s drill and geochemical samples were collected in accordance with accepted industry standards. 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, and silver underwent aqua regia digestion and was analyzed with MS/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.
EMX is exploring and investing in a first class 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.
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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