Balya Royalty Property - The Balya property covers an important segment of the historic Balya lead-zinc-silver mining district located in northwestern Turkey. EMX acquired the Balya property in 2005, and confirmed the potential for a high-grade, lead-zinc-silver target in dacite and limestone host rocks. Subsequently, EMX concluded an exchange of properties (see Company news release dated November 14, 2006) that included the transfer of the Balya license to Dedeman. The terms of the agreement include a 4 % net smelter royalty on production, advance royalty payments, and work commitments.
Dedeman continues to increase the drill delineated extent of lead-zinc-silver mineralization as initially reported in August 2007 (see Company news release dated August 24, 2007). The latest round of drill results consists of 16 vertical and 4 inclined core holes totaling 3,896 meters. Hole DB-15 reported an interval of 11.5 meters averaging 4.2% lead, 3.4% zinc and 36.5 g/t silver, including a subinterval of 1.5 meters averaging 15.6% lead, 10.5% zinc, and 145 g/t silver. Drill hole DB-20 returned 8 meters averaging 6.6% lead, 6.5% zinc, and 97.2 g/t silver. In addition, new step-out drill holes 650 meters to the south of the main zone have intersected additional lead-zinc-silver mineralization, including hole DB27 that reported 2.0 meters averaging 2.68% lead, 3.46% zinc, and 69.8 g/t silver. Additional results from this zone are pending. A summary table highlighting notable intercepts is given below (please see www.eurasianminerals.com for more information).
Drill Hole | From (m) | To (m) | Interval (m) | True Thickness (m) | Pb % | Zn % | Ag g/t |
DB-13 | 43.0 | 51.0 | 8.0 | 7.0 | 5.1 | 1.5 | 69.7 |
including | 48.0 | 49.0 | 1.0 | 0.9 | 18.2 | 4.1 | 219.0 |
DB-15 | 66.0 | 77.5 | 11.5 | 10.0 | 4.2 | 3.4 | 36.5 |
including | 76.0 | 77.5 | 1.5 | 1.3 | 15.6 | 10.5 | 145.0 |
DB-16 | 54.7 | 60.0 | 5.3 | 4.6 | 4.1 | 4.0 | 45.0 |
including | 54.7 | 56.0 | 1.3 | 1.1 | 9.8 | 9.0 | 100.0 |
| 93.0 | 106.0 | 13.0 | 11.3 | 3.7 | 3.0 | 41.6 |
including | 93.0 | 94.0 | 1.0 | 0.9 | 9.1 | 7.6 | 95.0 |
| 135.0 | 139.0 | 4.0 | 3.5 | 6.2 | 4.7 | 130.3 |
including | 137 | 139 | 2.0 | 1.7 | 9.1 | 8.7 | 194.0 |
DB-18 | 52.5 | 55.5 | 3.0 | 2.6 | 12.2 | 13.1 | 411.7 |
| 90.0 | 101.0 | 11.0 | 9.6 | 3.0 | 4.5 | 55.7 |
including | 99.0 | 101.0 | 2.0 | 1.7 | 10.4 | 13.1 | 196.0 |
DB-20 | 201.0 | 209.0 | 8.0 | 7.0 | 6.6 | 6.5 | 97.2 |
DB-22 | 103.0 | 106.0 | 3.0 | 2.6 | 8.0 | 6.7 | 125.7 |
DB-28 | 12.0 | 30.0 | 18.0 | 15.7 | 2.7 | 1.8 | 20.6 |
| 162.0 | 174.0 | 12.0 | 10.4 | 3.2 | 1.2 | 41.3 |
DB-27 | 119.0 | 121.0 | 2.0 | 1.7 | 2.7 | 3.5 | 69.8 |
DB-28B | 83.0 | 94.5 | 11.5 | 10.0 | 3.4 | 2.7 | 53.1 |
including | 93.3 | 94.5 | 1.2 | 1.0 | 17.5 | 9.1 | 295.0 |
All 29 Dedeman holes (5509 m) drilled to date have intersected lead-zinc-silver mineralization, and many holes have multiple intercepts from stacked horizons of mineralization. The main Hastanetepe zone is interpreted to dip shallowly to the southwest, and has now been drilled for over 200 meters along strike and 300 meters down dip. The mineralization remains open for extension in all directions. Dedeman is continuing with their aggressive drill program at Balya with three diamond drill rigs currently on site.
Golcuk Property -The Golcuk property is located in northeastern Turkey, with mineralization occurring as disseminated, stratabound copper-silver horizons hosted in volcanic rocks. Historic exploration drill results, EMX mapping and sampling identified a moderately dipping, tabular, copper-silver enriched zone. EMX leased the Golcuk property to Turmenka Madencilik Sanayi ve Ticaret A.S. (Turmenka”) in 2007. EMX continues to retain 100% control of Golcuk after Turmenka elected to return the property.
Turmenka exceeded its initial work commitments, completing thirteen core holes totaling 1,863 meters. Eight holes intersected mineralization greater than 1% copper and 11 g/t silver, including an intercept in hole TGSJ-18 of 13.5 meters averaging 2.6% copper and 41.9 g/t silver. Turmenka’s drill results confirmed 100 meters of southeast down-dip continuity of the copper-silver mineralized horizon. Hole TGSJ-19 extended the zone to the northeast an additional 75 meters, with an intercept of 12 meters averaging 1.9% copper and 25.1 g/t silver. The zone remains open for extension down-dip and along strike. The summary table below highlights notable intercepts (please see www.eurasianminerals.com for more information).
Drill Hole | From (m) | To (m) | Interval (m) | True Thickness (m) | Cu % | Ag g/t |
TGSJ-8 | 87.0 | 100.5 | 13.5 | 13.1 | 1.6 | 20.9 |
TGSJ-9 | 91.5 | 100.5 | 9.0 | 8.7 | 1.2 | 14.0 |
TGSJ-10 | 97.5 | 105.0 | 7.5 | 7.2 | 2.1 | 22.6 |
TGSJ-11 | 79.5 | 85.5 | 6.0 | 6.0 | 1.8 | 16.2 |
TGSJ-17 | 120.0 | 124.5 | 4.5 | 4.5 | 2.2 | 30.6 |
TGSJ-18 | 87.0 | 100.5 | 13.5 | 11.7 | 2.6 | 41.9 |
TGSJ-19 | 120.0 | 133.5 | 13.5 | 11.7 | 1.8 | 23.9 |
The Company is encouraged by the Turmenka drill results, and is actively pursuing options to further advance the property.
Aktutan Royalty Property
Aktutan is a base and precious metal vein target located in northeastern Turkey. EMX delineated a one kilometer long mineralized zone at surface, and drilled a fence of four inclined core holes that intersected silver-enriched, base metal vein mineralization along approximately 750 meters of strike length. EMX hole AK-4 intersected two veins with high grade mineralization, including 1.85 meters (from 78.20 to 80.05 m) averaging 4.20% copper, 472 g/t silver, 0.10% molybdenum, 3.16% lead, 1.45% zinc, and 0.98 g/t gold (see Company news release dated August 30, 2007).
EMX sold the Aktutan property to Dedeman in 2007 for a combination of advance royalty payments, work commitments, and a 4% net smelter royalty (see Company news release dated August 30, 2007). Dedeman’s work to date consists of 279 meters of core drilling in angle holes AK-5 and AK-5A. These two holes were collared from the same location, and drilled approximately 40 meters southeast of EMX hole AK-2. AK-5 intersected anomalous intervals of base metals mineralization along the projected strike of the vein. Dedeman is planning to continue the work program this year with a minimum of 720 meters of core drilling.
Sisorta Drill Program
EMX in conjunction with joint venture partner Chesser Resources Limited (ASX:CHZ) has initiated an 8000 meter drilling program at the Sisorta joint venture project located in northeastern Turkey’s Pontides mineral belt. One core rig is currently on site, with plans for three additional core rigs in the near future. Sisorta is a bulk tonnage, epithermal gold target with copper porphyry potential at depth. Previous EMX drill results have yielded multiple, near surface, oxide gold intercepts averaging from 0.47 g/t to over 5 g/t gold. This year’s program is designed to delineate the shallow, oxide gold resource potential, and will be funded by JV partner Chesser as part of their earn-in commitment.
Akarca Drill Program
The Company has also initiated a follow-up drill program at the Akarca gold-silver project in northwestern Turkey. EMX’s 2007 drill program intersected broad zones of gold-silver mineralization, including 63.7 meters averaging 1.54 g/t gold and 14.5 g/t silver, with higher grade subintervals of two meters at 13.8 g/t gold and 117 g/t silver and one meter at 19.95 g/t gold and 241 g/t silver (see company news release dated November 19, 2007). This year’s program is designed to further delineate the property’s gold-silver bulk tonnage and high-grade vein exploration potential.
Comments on Sampling, Assaying, and QA/QC
Dedeman and Turmenka drill samples were collected in accordance with accepted industry standards and procedures, and their programs adhere to EMX’s own internal sampling and QA/QC procedures. The samples were submitted to ISO 9001:2000 and 17025:2005 accredited ALS Chemex laboratories in Vancouver, Canada for analysis: gold was analyzed by fire assay with an AAS finish, and silver and base metal analyses were determined by ICP MS/AAS techniques. Dedeman and Turmenka performed routine QA/QC analysis on the assay results, including the systematic utilization of certified reference materials, blanks, and field duplicates.
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.
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.
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For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: dave@eurasianminerals.com
Website: www.eurasianminerals.com
Kim C. Casswell
Corporate Secretary
Phone: (604) 688-6390
Email: kcasswell@eurasianminerals.com
The TSX Venture Exchange does not accept 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.