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Thursday, August 27, 2009
EMX Update for Akarca, Elmali and Sisorta JV
Properties in Turkey
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Vancouver, British Columbia, August 27, 2009 (TSX Venture: EMX) --
Eurasian Minerals Inc. (the "Company" or "EMX") is
pleased to announce the discovery of additional gold-silver veins at the
Akarca property and new drill targets identified from surface gold
geochemistry at the Elmali property. The Akarca and Elmali properties are
under joint venture agreement (JV) with a subsidiary of Centerra Gold
Inc. EMX is also pleased to announce that the Sisorta 2009 diamond drill
program, designed to expand on the recently announced NI 43-101 gold
resource, is currently underway. The Sisorta property is under an option
joint venture agreement with Chesser Resources Limited.
EMX-Centerra JV
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.
Akarca EMX-Centerra JV Property
The Akarca gold-silver vein deposit, located in Turkey's western Anatolia
region, is an EMX 2006 grassroots exploration discovery. Exploration in
2006 and 2007 delineated three vein systems within a 1.2 by 1 kilometer area
of gold-silver mineralization. EMX core and reverse circulation (RC)
drilling intersected broad zones of significant gold-silver
mineralization, including 63.7 meters averaging 1.54 g/t gold and
14.52 g/t silver, with a high grade vein subinterval of two meters
averaging 13.8 g/t gold and 117.0 g/t silver (see Company news release
dated November 19, 2007).
During the current field season, the EMX-Centerra JV identified a
significant gold-silver vein in the Fula Tepe zone in the main target
area. Recent work has also identified two new gold-silver mineralized
zones (Arap Tepe and Baglarbasi Tepe) located three kilometers east of
the main target area.
The Fula Tepe vein has a 260 meter strike length and an average
width of 10 meters
(maximum 18 meters).
The vein displays classic low-sulfidation epithermal textures similar to
those observed in other gold-silver veins identified on the property. Over
fifty rock samples were collected from the Fula Tepe vein and averaged
1.78 g/t gold, with a maximum value of 12.15 g/t gold. The samples
averaged 15.25 g/t silver, with a maximum of 66.10 g/t silver.
The new discovery at Arap Tepe consists of two zones of gold-silver vein
mineralization that are one to two meters wide, and that have been mapped
along strike for approximately 100 meters. In addition, the JV has
mapped and sampled a 10 by 11 meter outcrop of quartz veining
located 250 meters
south of Arap Tepe. Reconnaissance rock sampling returned values that
average 0.86 g/t gold, with a maximum value of 18.70 g/t gold. Float
material in the vicinity of the vein indicates that the zone may extend
beneath cover.
The new discovery at Baglarbasi Tepe is located 400 meters west of
Arap Tepe. This vein zone is 200 meters long and one to five meters
wide. Initial results from surface sampling have returned up to 2.1 g/t
gold. Additional sample results are pending.
This year's Akarca JV program continues to build on previous exploration
success, with the discovery of new vein zones outside of what had been
the main target area. EMX and Centerra are encouraged by the results, and
are planning a follow-up drill program.
Elmali EMX-Centerra JV Property
The Elmali property, located in the Biga Peninsula region of western
Turkey, was drill tested last year with four core holes targeting two
zones of vein gold mineralization. One of these holes intersected 6.1 meters
averaging 6.0 g/t gold, including a subinterval of 2.6 meters
averaging 13.2 g/t gold (see Company news release dated February 17,
2009). The EMX-Centerra JV has collected 203 rock and float samples of
vein and wallrock material during this year's field program, yielding
average values of 1.13 g/t gold and a maximum of 28.8 g/t gold. Of the
203 total samples, a subset of 27 vein outcrop samples yielded an average
value of 4.75 g/t gold. EMX and JV partner Centerra are planning a
follow-up drill program for later this year based upon these encouraging
results.
Sisorta EMX-Chesser JV Property
The Sisorta JV project, located in the Eastern
Pontides mineral belt, is an oxide, bulk tonnage, epithermal
gold deposit. This property has an NI 43-101 mineral resource estimate at
a 0.4 g/t cutoff of 91,000 indicated gold ounces from 3,170,000 tonnes
averaging 0.89 g/t, and 212,000 inferred gold ounces from 11,380,000
tonnes averaging 0.58 g/t. The 2009 drill program is designed to test
extensions to the East and North gold zones (see Company news release
June 16, 2009), as well as porphyry copper-gold targets identified from
last year's field program.
EMX is also pleased to announce that Sisorta JV partner Chesser Resources
has recently fulfilled its commitments to earn a 51% interest in the
Sisorta property by spending US $4 million, paying a total of US
$400,000, and issuing to EMX 3 million shares (ASX: CHZ). As of the 6th
of August, Chesser has 90 days in which to decide whether to increase its
interest to 70% by sole funding exploration to delivery of a bankable
feasibility study over the next five years, with yearly cash payments of
US $100,000, or to move to a co-funded joint venture arrangement with
Chesser contributing 51% of expenditures and EMX contributing 49% of
expenditures.
Comments on Sampling, Assaying, and QA/QC. EMX's samples were
collected in accordance with accepted industry standards and best
practices. 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. 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.
The Centerra and Chesser joint ventures are examples of the Company's
successful execution of the prospect generation business model. 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.
For further
information contact:
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.
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