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Eurasian Minerals Regain 100% Control of Turkey Project

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Eurasian Minerals Regain 100% Control of Turkey Project

 
 
 
 
 
 
Eurasian Minerals Inc. (TSX VENTURE:EMX)(NYSE MKT:EMXX)(NYSE Amex:EMXX)  announce that it has signed an agreement to regain 100% ownership of the Akarca gold-silver property in Turkey (the “Property”). Previously, EMX had signed an agreement with a subsidiary of Centerra Gold Inc. (“Centerra”), pursuant to which Centerra could earn up to a 70% interest in the Property under a joint venture arrangement. Earlier this year, Centerra earned an initial 50% interest in the Property as a result of investing over US $5 million in drilling, geological mapping, geochemical sampling, and geophysical surveys. In June, EMX entered into discussions with Centerra to regain control of the Property in return for relieving Centerra of certain exploration and payment obligations. Centerra and EMX have now signed an agreement pursuant to which EMX will again control 100% of the Akarca property.
 

The Akarca project is an EMX grassroots discovery highlighted by six separate gold-silver mineralized centers occurring within a district-scale area (please see attached map, available at the following link: http://media3.marketwire.com/docs/emx1030.pdf). To date, 81 drill holes totaling over 10,000 meters, 2,900 rock and 2,400 soil geochemical samples, 74 line-kilometers of IP-resistivity surveys, and a property-wide gravity survey have been completed, primarily through Centerra-funded work programs that considerably advanced the discovery.

 

Akarca Overview. Gold and silver mineralization at Akarca occurs as both structurally focused vein-style, as well as disseminated-style mineralization in silicified zones. The quartz veins typically host higher-grade mineralization, while the silicified halos in the wall-rocks host lower-grade disseminated mineralization. In addition, earlier this year EMX discovered gold-silver mineralization hosted at the intersection of vein structures and the basement schist contact, significantly increasing the project’s exploration potential. Exploration results from the six known prospect areas are summarized below.

 

 

--  The Sarikaya Tepe prospect is a 500 by 100 meter zone of quartz veining,
    silicification, and gold-silver mineralization exposed on the surface.
    This year's drill results include an intercept of 26.1 meters averaging
    4.47 g/t gold and 16.39 g/t silver, with a higher-grade sub-interval of
    5.8 meters averaging 13.59 g/t gold and 49.65 g/t silver (true widths
    interpreted as 59% of reported interval) that confirmed the new basement
    contact target-type. Surface mapping, geochemical sampling, and a 2012
    IP-resistivity survey further extended the mineralized trend to Sarikaya
    North. The 1.8 kilometer trend from Sarikaya Tepe to Sarikaya North has
    undergone limited drill testing. 

--  The Arap Tepe prospect is a 2.5 by 2 kilometer, northwest trending
    corridor of multiple, sub-parallel zones of oxide gold-silver
    mineralization, quartz veining, and IP-resistivity anomalies located
    approximately three kilometers east of the Central Target area. Previous
    drill results include 55.4 meters averaging 3.10 g/t gold and 4.89 g/t
    silver (true width interpreted as 65-85% of the reported interval).

--  The Kucukhugla Tepe, Fula Tepe, and Hugla Tepe prospects constitute the
    initial EMX discovery zones, and occur in the 2.1 by 2.2 kilometer
    Central Target area. Kucukhugla Tepe is defined as a 100 meter wide,
    northwest trending corridor of oxide gold-silver mineralization
    characterized by two sub-parallel systems of veining and stockworking.
    Fula Tepe is a 900 by 200 meter, northeast trending corridor of oxide
    gold-silver mineralization, quartz veining, wall-rock silicification,
    and IP-resistivity anomalies. Hugla Tepe is a 650 by 350 meter area of
    oxide gold-silver mineralization, quartz veining and IP-resistivity
    anomalies.

--  The Percem Tepe prospect is an 800 meter long trend of multiple zones of
    oxide gold-silver mineralization. Previous drill results include 102.2
    meters averaging 0.57 g/t gold and 5.50 g/t silver, with a higher-grade
    sub-interval of 28.2 meters averaging 1.17 g/t gold and 11.44 g/t silver
    (true widths interpreted as 75-85% of the reported interval).
 
 
 
Drilling has only tested approximately 20% of the 14,000 meter strike length of vein targets currently defined by mapping and IP-resistivity anomalies, highlighting the upside exploration potential of the Akarca project. EMX is preparing for a drill program to step out from discovery holes on the known prospects, as well as to test new targets identified from ongoing surface exploration programs.
 

Additional EMX Properties in Turkey Available for Partnership. EMX’s Alankoy high-sulfidation/porphyry copper-gold project is available for partnership. The property is located in the vicinity of the recently discovered Halilaga porphyry copper-gold deposit and the Kirazli project in northwest Turkey. Shallow historic drilling at Alankoy was focused on epithermal gold targets, and one hole drilled in the center of the system ended in copper mineralization.

Posted October 30, 2012

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