Eurasian Minerals Drills 50.4 Meters
of 3.39 g/t Oxide Gold Mineralization at the Akarca JV Project, Turkey
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Vancouver, British Columbia, December 21, 2010 (TSX Venture: EMX) -
Eurasian Minerals Inc. (the "Company" or "EMX") is
pleased to announce additional Akarca project
drill results from the Arap Tepe
prospect, including a near-surface oxide intercept of 50.4 meters
averaging 3.39 g/t gold from hole AKC-37. In addition, final assay
results for the last 76.2 meters of AKC-36 have broadened the partial
intercept reported earlier to 62.1 meters averaging 2.26 g/t gold. The Akarca project is being explored as part of a joint
venture agreement (JV) with a wholly owned subsidiary of Centerra Gold Inc. Please see
www.eurasianminerals.com for more information.
Arap Tepe
Prospect. Arap Tepe
is a recent EMX discovery located approximately three kilometers east of
what has been the primary target area at Akarca,
and recent results represent the initial drill testing of the zone. EMX
has identified a broad 1500 by 800 meter northwest trending corridor of
gold-silver mineralization at Arap Tepe,including the Baglarbasi prospect to the south. Arap
Tepe is characterized by surface mapped vein
outcrops, anomalous soil geochemistry, high grade gold-silver surface
rock sample assays including 54.8 g/t gold and 24.7 g/t silver, and
geophysical IP-resistivity anomalies that identify multiple concealed
targets beneath shallow cover. There are multiple vein zones within this
corridor, including those termed the A, B, and C zones.
The drill program at Arap Tepe's
'Zone A' continues to return encouraging results. Hole
AKC-37 intersected 50.4 meters of near-surface, oxide mineralization
averaging 3.39 g/t gold, with a higher grade subinterval of 24.65 meters
averaging 5.99 g/t gold. This broad zone of mineralization also hosts
high grade vein mineralization of 3 meters averaging 33.53 g/t gold and
28.92 g/t silver. The previously reported AKC-36 interval based upon
partial assay results (see Company news release date 12/1/2010) has now
been broadened to 62.1 meters averaging 2.26 g/t gold, including a higher
grade subinterval of 26.2 meters averaging 4.69 g/t gold with a
vein-hosted high grade intercept of 3.6 meters (25.2-28.8 m) at 21.23 g/t
gold and 22.71 g/t silver. The up to date Arap Tepe drill results are summarized below; all reported
intervals are oxide.
Drill Hole
|
>From (m)
|
To (m)
|
Interval (m)
|
Au (g/t)
|
Ag (g/t)
|
Au-Equiv (g/t)
|
Comments
|
AKC-36
|
4
|
66.1
|
62.1
|
2.26
|
4.49
|
2.34
|
Arap Tepe A
Zone. True thickness interpreted as 45-65% of the reported interval.
|
including
|
18
|
44.2
|
26.2
|
4.69
|
7.99
|
4.84
|
also
|
25.2
|
28.8
|
3.60
|
21.23
|
22.71
|
21.64
|
AKC-37
|
5
|
55.4
|
50.4
|
3.39
|
5.28
|
3.48
|
Arap Tepe A
Zone. True thickness interpreted as 65-85% of the reported interval.
|
including
|
13.70
|
38.35
|
24.65
|
5.99
|
6.18
|
6.10
|
also
|
31
|
34
|
3
|
33.53
|
28.92
|
34.06
|
Notes:
Intervals reported at a nominal 0.2 g/t Au cutoff and minimum length of 7
m. Au equivalent calculated as 55:1 Ag:Au
ratio, and assumes metallurgical recoveries and net smelter returns are
100%.
EMX is systematically drilling Zone A at Arap Tepe with step-outs that now define 30 meters of
strike length within a 400 meter long trend defined by vein outcrops and
IP-resistivity anomalies. EMX is drilling closely spaced holes to provide
the three-dimensional data necessary for defining the structural and stratigraphic controls on mineralization, as well as
to take maximum advantage of permitted drill pads. The last two holes
(AKC-38,-39) for the 2010 program have now been completed, with assay
results pending. As winter sets in and additional drill locations are
permitted, EMX will be compiling, integrating and interpreting the 2010 Akarca exploration results in anticipation of an
aggressive follow-up program for 2011.
Akarca Overview. The Akarca gold-silver deposit, located in Turkey's
western Anatolia region, is an EMX 2006 grassroots exploration discovery.
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
completing US$5,000,000 in exploration expenditures over four years.
Within 30 days of completing the earn-in requirements, Centerra will also be required to pay EMX US$1,000,000.
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 JV agreement is entering into its second year.
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 analysis 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, and field duplicates.
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.
Grant of Bonus Shares
The Company also announces that it has agreed to issue an aggregate of
460,000 common shares as a bonus to an officer and three key country
managers. The shares will be issued over a period of four years, with the
initial tranche of 92,000 shares being issued upon receipt of final
approval of the TSX Venture Exchange, and a further 92,000 on each of the
first, second, third and fourth anniversaries. As required by the
policies of the TSX Venture Exchange, the issuance of bonus shares to the
officer of the Company received the approval of disinterested shareholders
of the Company at its annual general meeting held on August 18, 2009.
Additionally, further to the acquisition of the Company's wholly-owned
subsidiary Bronco Creek Exploration Inc. ("BCE") on January 20,
2010, the Company announces that it has agreed to issue an aggregate of
270,000 common shares to one officer and two employees of BCE subject to
approval of the TSX Venture Exchange. The shares will be issued in three
tranches with the initial tranche of 90,000 shares being issued on
January 20, 2011 and a further 90,000 on January 20, 2012 and January 20,
2013. The shares will be subject to restrictions on transfer for a period
of four months from issuance.
-30-
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
Neither
TSX Venture Exchange nor the Investment Industry Regulatory Organization
of Canada accepts 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.