Eurasian Minerals Reports Oxide Drill Results of 7.0 Meters Averaging 10.12 g/t Gold and 87.78 g/t Silver for the Akarca Proj...
22 Agosto 2013 - 6:00AM
Marketwired Canada
Eurasian Minerals Inc. (TSX VENTURE:EMX)(NYSE MKT:EMXX) (the "Company" or "EMX")
is pleased to announce initial drill results from the Akarca gold-silver project
that include an oxide intercept of 62.7 meters averaging 2.11 g/t gold and 25.78
g/t silver, with a higher grade sub-interval of 7.0 meters averaging 10.12 g/t
gold and 87.78 g/t silver. These results were reported to EMX by Colakoglu
Ticari Yatirim A.S. ("Colakoglu"), a privately owned Turkish company that signed
an option agreement in June to buy the property for a combination of cash
payments, gold bullion, work commitments, and a royalty interest. Colakoglu is
aggressively advancing Akarca towards resource delineation while exploring for
new discoveries on the property, and currently has three drill rigs on site.
Akarca Drill Results. Colakoglu recently provided results to EMX from five core
holes totaling approximately 560 meters. The current program is systematically
stepping-out along strike and down-dip from the known gold-silver zones to drill
define the grade and tonnage characteristics of the mineralization. At this
early stage, Colakoglu is successfully confirming the near-surface, oxide
mineralized zones at the Arap Tepe and Kucukhugla Tepe prospects. Drill hole
AKC-78 returned the best intercept to date at Kucukhugla Tepe, and intersected
higher grade vein-style, as well as disseminated-style mineralization in
silicified wall rocks. The drill program is ongoing, with initial results
summarized in the table below (also see attached map, visit the following link:
http://media3.marketwire.com/docs/Eurasian_Minerals_Drill_Program.jpg).
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Drill Hole From To Interval Au Ag AuEq Comments
(m) (m) (m) (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
AKC-75 1.0 72.5 71.5 0.34 0.79 0.35 Arap Tepe, TD = 119.4 m.
Oxide intercept that
extended the zone down-
dip. True width
interpreted as 45-60% of
reported interval.
----------------------------------------------------------------------------
AKC-76 2.5 43.6 41.1 0.39 1.61 0.42 Arap Tepe, TD = 130.2 m.
Oxide intercept drilled
sub-parallel to the zone
footwall. True width
unknown.
--------------------------------------------------
including 32.2 36.6 4.4 1.40 2.60 1.45
--------------------------------------------------
103.7 113.6 9.9 0.38 0.44 0.38
----------------------------------------------------------------------------
AKC-77 13.3 52.2 38.9 0.91 6.69 1.03 Arap Tepe, TD = 96.2 m.
Oxide intercept that
broadened the zone to the
north. True width
interpreted as 45-55% of
reported interval.
--------------------------------------------------
including 43.0 52.2 9.2 2.76 5.49 2.86
--------------------------------------------------
63.45 70.1 6.65 0.28 3.17 0.34
----------------------------------------------------------------------------
AKC-78 4.6 67.3 62.7 2.11 25.78 2.58 Kucukhugla Tepe, TD =
111.7 m. Oxide intercept
that tested the vein cut
by AKC-1. Best intercept
to date at Kucukhugla
(4.6-67.3m). True width
65-70% of reported
interval.
--------------------------------------------------
including 12.3 14.1 1.8 10.93 241.78 15.32
--------------------------------------------------
including 19.5 26.5 7.0 10.12 87.78 11.72
--------------------------------------------------
83.4 95.9 12.5 0.44 8.89 0.61
----------------------------------------------------------------------------
AKC-79 6.6 68.8 62.2 1.46 3.54 1.53 Arap Tepe, TD = 104.0 m.
Oxide intercept that
tested vein intersected
in AKC-37. True width 70%
of reported interval.
--------------------------------------------------
including 9.8 12.6 2.8 13.38 6.72 13.50
--------------------------------------------------
including 16.8 21.85 5.05 2.69 5.45 2.79
----------------------------------------------------------------------------
Notes: Intervals reported at a nominal 0.2 g/t Au cutoff. Au equivalent
calculated as 55:1 Ag:Au ratio, and assumes that metallurgical recoveries
and net smelter returns are 100%.
Commercial Terms Overview. On June 10, 2013 (the "Agreement Date"), the Company
entered into an option agreement (the "Agreement") to sell the Akarca property
for a combination of cash payments, gold bullion, work commitments, and a
royalty interest. The Agreement gives Colakoglu the option to acquire EMX's 100%
owned subsidiary, AES Madencilik A.S. ("AES Turkey"), a Turkish corporation that
controls the Akarca property.
The Agreement requires Colakoglu to make an up-front payment of US$250,000
(received). The option cannot be exercised until 18 months after the Agreement
Date. In order to exercise the option, Colakoglu must drill at least 5,000
meters within one year of the Agreement Date, and pay US$500,000. After exercise
of the option, subject to a right to terminate the Agreement and return the
shares of AES Turkey to the Company, Colakoglu must make additional cash
payments of US$4,250,000 over a period of three years and drill a cumulative
20,000 meters over a period of four years after the Agreement Date, must deliver
up to 18,000 troy ounces of gold under certain terms and conditions and, within
180 days after request by EMX after the sixth anniversary of the Agreement Date,
if commercial production has not already commenced, deliver a feasibility study.
The Company will retain a 3.5% Net Smelter Return (NSR) royalty on any
production from the property. This royalty is uncapped, cannot be bought down,
and none of the pre-production cash or bullion payments count as advanced
royalty payments.
Akarca Property Overview. The Akarca project consists of six epithermal
gold-silver mineralized zones occurring within a district-scale area. EMX's
initial grassroots discovery and exploration successes led to a joint venture
with a subsidiary of Centerra Gold Inc. ("Centerra") in 2009, with Centerra
subsequently earning an initial 50% interest in Akarca as a result of investing
over US$5 million in drilling, geological mapping, geochemical sampling, and
geophysical surveys. EMX negotiated to regain 100% control of the property later
in 2012 (see Company news release dated October 30, 2012). Less than 20% of the
14,000 meters of vein target strike length as currently defined by mapping and
IP-resistivity anomalies have been drill tested to date.
Comments on Sampling, Assaying, and QA/QC. The Akarca exploration programs are
conducted under the supervision of Dr. Mesut Solyu, CPG, Head of Exploration for
Colakoglu. Colakoglu's drill samples were collected in accordance with accepted
industry best practice guidelines, and follow the procedures and protocols
originally established by EMX for the Akarca project. The samples were submitted
to ALS Chemex laboratories in Izmir, Turkey (ISO 9001:2000) and Vancouver,
Canada (ISO 9001:2000 and 17025:2005 accredited) for sample preparation and
analysis. Gold was analyzed by fire assay with an AAS finish, and silver
underwent aqua regia digestion and analysis with MS/AES techniques. Over limit
assays for gold (greater than 10 g/t Au) were conducted with fire assay and a
gravimetric finish, and over limit analyses for silver (greater than 100 g/t Ag)
were performed with aqua regia digestion and ICP/AES techniques. As standard
procedure, Colakoglu carries out routine QA/QC analysis on all assay results,
including the systematic utilization of certified reference materials, blanks,
and duplicate samples.
About EMX. Eurasian is a global gold and copper exploration company utilizing a
partnership business model to explore the world's most promising and
underexplored mineral belts. Eurasian generates wealth via grassroots prospect
generation, strategic acquisition and royalty growth.
Mr. Michael P. Sheehan, CPG, a Qualified Person as defined by National
Instrument 43-101 and employee of the Company, has reviewed, verified and
approved the disclosure of the technical information contained in this news
release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain "forward looking statements" that reflect the
Company's current expectations and projections about its future results. When
used in this news release, words such as "estimate," "intend," "expect,"
"anticipate," "will" and similar expressions are intended to identify
forward-looking statements, which, by their very nature, are not guarantees of
the Company's future operational or financial performance, and are subject to
risks and uncertainties and other factors that could cause Eurasian's actual
results, performance, prospects or opportunities to differ materially from those
expressed in, or implied by, these forward-looking statements. These risks,
uncertainties and factors may include, but are not limited to: unavailability of
financing, failure to identify commercially viable mineral reserves,
fluctuations in the market valuation for commodities, difficulties in obtaining
required approvals for the development of a mineral project, increased
regulatory compliance costs, expectations of project funding by joint venture
partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this news release or as of the
date otherwise specifically indicated herein. Due to risks and uncertainties,
including the risks and uncertainties identified in this news release, and other
risk factors and forward-looking statements listed in the Company's MD&A for the
six-month period ended June 30, 2013 (the "MD&A") and most recently filed Annual
Information Form for the year ended period ended December 31, 2012 (the "AIF"),
actual events may differ materially from current expectations. More information
about the Company, including the MD&A, the AIF and financial statements of the
Company, is available on SEDAR at www.sedar.com and on the SEC's EDGAR website
at www.sec.gov.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eurasian Minerals Inc.
David M. Cole
President and Chief Executive Officer
(303) 979-6666
Dave@EurasianMinerals.com
Eurasian Minerals Inc.
Scott Close
Director of Investor Relations
(303) 973-8585
SClose@EurasianMinerals.com
www.EurasianMinerals.com
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