The Akarca project is located in northwestern Turkey and is an EMX grassroots district scale discovery highlighted by six separate gold-silver mineralized centers occurring within a district-scale area. The Akarca project has been sold to to Çiftay İnşaat Taahhüt ve Ticaret A.Ş. ("Çiftay "), a privately owned Turkish company, for US $2M cash, stage gold bullion payments (or the cash equivalent), work commitments and a sliding scale 1% - 3% royalty on production that is uncapped and cannot be reduced (see Company news release dated August 8, 2016).
The geology at Akarca is dominated by conglomerates and sandstones that unconformably overlie schists, limestones and granitic basement. The gold-silver zones occur as structurally focused vein-style mineralization, as well as disseminated-style mineralization in silicified hanging and footwall zones. The quartz veins typically host higher-grade mineralization, while the silicified halos in the wall-rocks host lower-grade disseminated mineralization.
Successive drill campaigns at Akarca have consistently expanded the known extent of the property's prospects, while identifying new gold-silver mineralization concealed beneath a shallow cover of soil and vegetation. Exploration completed to date includes 251 core and reverse circulation holes totaling about 26,800 meters of drilling and property-wide geologic mapping, geochemical sampling, and geophysical surveys. This work has been conducted primarily through partner-funded programs totaling over US $13 million that has considerably advanced the project. An overview map of the Akarca geology and gold-silver drill results is presented below.
A summary of exploration results from the six known prospect areas is given as:
- Kucukhugla Tepe is a 700 meter long, northwest trending zone of parallel vein systems that locally host higher grade oxide mineralization. Drilling has intersected high-grade zones within broader intercepts of gold-silver mineralization, including sub-intervals from AKC-131 of 2.6 meters (39.0-41.6 m) averaging 35.31 g/t Au and 226.6 g/t Ag, and AKC-132 with 0.9 meters (27.3-28.2 m) averaging 111.50 g/t Au and 906.0 g/t Ag (true widths interpreted as 45-55% of reported interval lengths).
- Fula Tepe is a broad corridor of veining and silicification with a strike length of 950 meters and width of over 400 meters. Drilling has delineated oxide gold-silver mineralization in the main Fula Tepe zone and also identified sub-parallel mineralized zones with reconnaissance step-out holes. Drill results include an intercept of 19.8 meters (28.9-48.7 m) averaging 8.49 g/t Au and 60.3 g/t Ag which includes a 1.0 meter sub-interval (45.2-46.2 m) of 155.5 g/t Au and 1060.0 g/t Ag from AKC-120 (true width interpreted as 64% of reported interval length).
- The Hugla Tepe prospect is a 650 meter long zone of oxide gold-silver mineralization, quartz veining and IP-resistivity anomalies. The zone is oriented along a northeast strike direction that is parallel to, and approximately 400 meters southeast of, Fula Tepe. Drill results include an intercept of 17.4 meters (35.6-53.0 m) averaging 3.71 g/t Au and 6.8 g/t in AKC-193 (true width interpreted as 85% of reported interval length.
- Sarikaya Tepe is the furthest west of the known zones, and forms a distinctive north-south trending topographic high held up by multiple vein sets and silicified wall rocks. Sarikaya is notable for hosting higher grade mineralization, including an oxide intercept reported from AKC-70 of 36.4 meters (0-36.4 m) averaging 5.67 g/t Au and 53.31 g/t Ag, with a sub-interval of 2.15 meters (23.6-25.75 m) averaging 89.34 g/t Au and 835.16 Ag g/t (true width interpreted as 60-75% of reported interval length).
- Drilling at the Percem Tepe prospect on the east side of the Property has outlined oxide gold-silver mineralization hosted in two bodies of brecciated and veined material that appear to be gently dipping to the northeast. This style of mineralization is a distinctive feature of Percem Tepe, in which extensive zones of mineralized breccias and replacement bodies have been encountered, such as 101.0 meters averaging 1.25 g/t Au and 7.95 g/t Ag from 18.2 to 119.2 meters from AKC-74 (true width interpreted as 65-75% of reported interval length).
- Arap Tepe hosts oxide gold-silver mineralization developed in a series of east-west zones of veining and silicification. Drill results include an intercept of 50.4 meters (5.0-55.4 m) averaging 3.39 g/t Au and 5.28 g/t Ag which includes a 3.0 meter intercept (31.0-34.0 m) of 33.53 g/t Au and 28.92 g/t Ag from AKC-37 (true width interpreted as 65-85% of reported interval length, see EMX news release dated December 21, 2010). Only one of the zones at Arap Tepe has been systematically drilled (Zone A), with the other zones presenting upside exploration opportunities.
MX's most recent NI 43-101 report on the property titled "Akarca Gold-Silver Project Technical Report" and dated January 20, 2012, may be found at www.sedar.com. See EMX news releases dated December 21, 2010, July 19, 2012, October 30, 2012, January 18, 2013, March 1, 2013, June 20, 2013, August 22, 2013, January 27, 2014, July 17, 2014, March 2, 2015, and August 8, 2016 for further details on the Akarca exploration results, and a description of the QA/QC measures used by or the project.