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Eurasian Minerals Inc. (the
"Company" or "EMX") (TSX VENTURE:EMX - News) is pleased to announce recent
Akarca project drill results, including partial
results from hole AKC-36 in the Arap Tepe zone that returned an oxide intercept of 30.8 meters
averaging 3.42 g/t gold. This interval includes two higher grade subintervals
of 16.8 meters averaging 5.71 g/t gold and 3.6 meters averaging 21.23 g/t
gold and 22.71 g/t silver. The partial AKC-36 interval ends in
mineralization, and it is expected that this intercept will be extended by
the assay results that are currently pending. Arap Tepe is a recent EMX discovery located approximately
three kilometers east of what has been the primary target area, and these new
results represent the first drill testing of the zone. Akarca
is under joint venture agreement (JV) with a wholly owned subsidiary of Centerra Gold Inc. Please see www.eurasianminerals.com
for more information.
Arap Tepe
Prospect. EMX has identified three northwest trending zones (Zones A-C) of
gold-silver mineralized epithermal quartz veins at the Arap
Tepe prospect. The zones range from 145 to 170
meters in strike length, and from 1 to 16 meters in width. Surface rock
sampling from 2009 returned high grade assays including 54.8 g/t gold and
24.7 g/t silver, and 2010 channel sampling returned values up to 3.78 g/t
gold and 13.8 g/t silver within the vein zones. The zones are coincident with
IP resistivity geophysical anomalies that identify concealed targets beneath
a shallow cover of soil.
The first two holes completed at Arap Tepe focused on Zone A,
and returned the best results to date from the 2010 core drilling program.
Both holes (AKC-35 and AKC-36) contained broad intercepts of gold- silver
mineralization along approximately 40 meters of strike length, with higher
grade vein-hosted subintervals. Partial results are reported for the first
34.8 meters of AKC-36, with assay results pending for samples to the total
depth of 111 meters. These initial drill results are highly encouraging, and
the joint venture is conducting accelerated follow-up drilling to be
completed before the end of the current field season. The Arap
Tepe drill results are summarized below; all
reported intervals are oxide.
--------------------------------------------------------------------------
Drill From To Interval Au Ag Au-Equiv
Hole (m) (m) (m) (g/t) (g/t) (g/t) Comments
--------------------------------------------------------------------------
AKC-35 8.3 34.8 26.5 0.94 1.21 0.96 Arap Tepe A Zone.
True thickness
interpreted
--------------------------------------------- as 72% of
including 15.1 20.2 5.1 3.77 1.61 3.80 reported
interval.
--------------------------------------------------------------------------
AKC-36 4.0 34.8 30.8 3.42 5.62 3.52 Arap Tepe A Zone.
Partial results -
assays for
--------------------------------------------- 34.8-111 m
including 18.0 34.8 16.8 5.71 8.18 5.86 pending. True
thickness
interpreted
--------------------------------------------- as 60% of
including 25.2 28.8 3.6 21.23 22.71 21.64 reported
interval.
--------------------------------------------------------------------------
Notes: Intervals reported at a nominal 0.2 g/t Au equivalent 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%.
Main Target Area. EMX continued drilling
in the main target area at Akarca, with results back from five additional holes in the Hugla Tepe and Kucukhugla Tepe zones (please
see EMX news release dated October 29, 2010 for previously reported drill
results). AKC-30 and -31 were drilled in the Hugla Tepe zone, with both holes returning significant gold
intercepts. Holes AKC-32, -33 and -34 were drilled at Kucukhugla
Tepe, further delineating the zone along strike and
to depth. Hole AKC-34 targeted an IP resistivity
anomaly located 50 meters north of the main vein, and intersected three
different gold and silver bearing vein zones. A summary of the drill results
from the main target area are summarized below; all reported intervals are
oxide.
----------------------------------------------------------------------------
Drill From To Interval Au Ag Au-Equiv
Hole (m) (m) (m) (g/t) (g/t) (g/t) Comments
----------------------------------------------------------------------------
AKC-30 1.2 9.1 7.9 0.30 2.19 0.34 Hugla Tepe.
Fills in along
strike & to
depth.
-----------------------------------------------------
117.5 123.6 6.1 0.43 1.35 0.45
----------------------------------------------------------------------------
AKC-31 4.2 27.1 22.9 0.75 6.99 0.88 Hugla Tepe.
Fills in along
strike.
----------------------------------------------------
including 12.0 18.7 6.7 1.24 11.35 1.45
----------------------------------------------------------------------------
AKC-32 20.85 48.8 27.95 0.21 1.18 0.23 Kucukhugla
Tepe. Extends
along strike &
to depth.
----------------------------------------------------------------------------
AKC-33 20.2 81.35 61.15 0.42 1.72 0.45 Kucukhugla
--------------------------------------------------- Tepe. IP
anomaly target
that extends
including 51.75 53.9 2.15 3.11 11.6 3.32 sub-parallel
vein zone
along strike.
----------------------------------------------------------------------------
AKC-34 21.3 33.05 11.75 0.30 3.16 0.36 Kucukhugla
---------------------------------------------------- Tepe. IP
54.8 67.3 12.5 2.54 3.86 2.61 anomaly 50 m
north of main
including 64.4 65.7 1.3 18.5 26.1 18.97 vein zone
-----------------------------------------------------
75.8 105.1 29.3 0.59 2.03 0.63
-----------------------------------------------------
including 82.6 83.2 0.6 7.94 19.75 8.30
----------------------------------------------------------------------------
Notes: Intervals reported at a nominal 0.2 g/t Au equivalent 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%. True thickness estimated at 77-89% of reported interval length.
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.
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.
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.
Neither TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility
for the adequacy or accuracy of this release.
Contact:
David M. Cole
Eurasian Minerals Inc.
President and Chief Executive Officer
(303) 979-6666
dave@eurasianminerals.com |