Vancouver, British Columbia, 7. January 2014 (TSX Venture: EMX; NYSE MKT: EMXX) - Eurasian Minerals Inc. (the "Company" or "EMX") announces that it has entered into partnership with Australian private company Ferrite Resources Ltd. ("The Ferrites") entered into an exploration and option agreement (the "Agreement") for the Alankoy copper-gold property in northwestern Turkey. Ferrites will have the option to acquire all rights to the Project through exploration activities, payments and annual upfront fees ("AARs"). EMX will receive an unsecured 3% grant that can not be purchased in advance or otherwise reduced. The agreement represents the latest addition to a partnership in EMX's growing investment portfolio. All projects in Turkey are currently being expanded by partner companies; The portfolio consists of four fee-based projects, three projects that have been option-awarded, and one joint venture project.
Economic conditions of the agreement
By agreement, Ferrite has the option of acquiring EMX subsidiaries that own the Alankoy project. EMX receives a 3% participation in the project. Ferrite commits to pay 35.000 $ after signing the agreement and to invest at least 200.000 $ in exploration activities annually for the first three years. The prerequisite is the fulfillment of the conditions described below. In addition, Ferrite is required to pay annually in advance in the form of gold bars to EMX (AAR). To this end, during the first three years of each year, 75 fine ounces of gold (or equivalent cash) and AARs in the form of 100 troy ounces of gold (or an equivalent cash amount) will be payable in all subsequent years until commencement of commercial production. In addition, after completing an NI 43-101 compliant or JORC-compliant feasibility study, Ferrite will be required to deliver 500 troy ounces of gold (or equivalent cash).
Under the terms of the transaction, the Director General of Mining Affairs of the Ministry of Energy and Resources of the Republic of Turkey ("MIGEM") will grant the license for the Alankoy project to the Turkish subsidiary of EMX, which will acquire Ferrite. If MIGEM does not grant the license until the date of the first signing of the contract, either EMX or Ferrite may terminate the agreement.
Overview of the project
Alankoy is located on the Turkish peninsula of Biga amidst a group of new discoveries and projects in the advanced exploration stage. These include the nearby Halilaga porphyry copper-gold deposit and the epitome TV Tower and Kirazli gold-silver deposits. As in other systems in the area, the Alankoy project includes epithermal alterations with high grade alunite mineralization and the formation of facies of druse rich quartz.
In the late 1980s, the Turkish General Directorate for Mineral Research and Exploration (MTA) carried out historical work focusing on gold mineralization in the near-surface area of the rock cover layer. Among other things, twelve core holes were drilled to a specified depth of 151 meters. Of particular note is hole MJTC-10 drilled by the MTA, which was drilled in the central area of the system and ended in copper mineralization. The copper and gold content increased towards the bottom of hole MJTC-10. At the end of the hole there were overlapping sections 22 meters (129-151 m) averaging 0,25% copper and 55,5 meters (95,5-151 m) averaging 0,14 g / t gold (true Thickness is not known). There was no drilling below 151 meters and hole MJTC-10 was subsequently not explored further. As part of its independent work, the company has classified the historical results of the MTA as representative, reliable and relevant.
Zones of hydrothermal alteration have been shown to exist in the Alankoy project. EMX was able to identify several exploration targets in the concession area through geological mapping, the taking of rock and soil samples, spectral analysis and magnetic field measurements on the ground. In the course of the work, a six square kilometer area with rock cover layers and quartz-alunite or clay alterations as well as a number of different types of mineralization was delineated. On the basis of the soil samples taken, zones were discovered in which gold (> 50 ppb Au), copper (> 50 ppm Cu) and silver anomalies (> 0,25 ppm Ag) meet and, outside the gold-copper-silver mineralization, also anomalous molybdenum values ( > 3-5 ppm Mo) can be found. In addition, as part of its magnetic field measurements on the ground below the copper-rich intersection in hole MJTC-10, EMX was also able to identify a hidden intrusion zone in which a porphyry copper-gold mineralization is likely to be found.
Notes on sampling, analysis and quality control
EMX performed sampling for geochemical analysis in accordance with industry-standard standards and guidelines (CIM). The samples were processed in the laboratory of ALS Chemex in Izmir / Turkey and analyzed in the laboratory of ALS Chemex in Vancouver, Canada (the laboratories are ISO 9001: 2000 and 17025: 2005 certified). Gold was analyzed by fire assay followed by AAS analysis, multiple element samples were digested with aqua regia and analyzed by MS / AES methods. The company performs routine quality controls on all sample results. This includes the systematic use of certified reference material, blanks and duplicate samples.
Outlook and business model with fee sharing
EMX owes the expansion of a project portfolio in Turkey to the early implementation of its project generation model, which began as early as 2003. The projects were acquired at a low cost with the help of local geologists and increased in value over time through partner-funded exploration programs. The fact that the exploration of all eight projects in Turkey can be done together with partners is a milestone for the company. It is particularly notable that seven of these projects have grown organically and that EMX now derives its revenues from these through fee sharing. The Company looks forward to working with its partners to further expand this diversified portfolio of copper, gold and base metal projects.
About EMX. Eurasian is a global gold and copper exploration company dedicated to exploring the world's most promising and underdeveloped mineral belts through a partnership model based business model. Eurasian generates its income from the acquisition of basic projects, strategic acquisitions and the expansion of its holdings.
Michael P. Sheehan, CPG, as a Qualified Person under the National Instrument 43-101 and as an employee of the Company, has reviewed, verified and approved the technical information in this news release.
-30-
For more information, please contact:
David M. Cole Scott Close
President & Chief Executive Officer Director of Investor Relations
Tel: (303) 979-6666 Tel: (303) 973-8585
Email: ppgad@pucrs.br Email: ppgad@pucrs.br
Website: www.EurasianMinerals.com
The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement.
Forward-looking statements
This press release may contain forward-looking statements based on the current expectations and estimates of the company regarding future results. In connection with this press release, words such as "estimate," "intend," "expect," "will," and similar expressions are intended to identify forward-looking statements that by their nature are not guarantees of the future operations and financial condition of the company. You are subject to risks, uncertainties and other factors that could cause Eurasian's actual results, performance, projections or opportunities to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors may include unavailability of funds, failure to find economically viable mineral reserves, fluctuations in the market value of goods, difficulties in obtaining permits to mine mineral resources, increasing the cost of meeting regulatory requirements , Expectations regarding project financing through joint venture partners and other factors.
Readers are cautioned not to place undue reliance on forward-looking statements that are made with reference to the date this press release was prepared or a date specified in the release. Due to risks and uncertainties, including the risks and uncertainties discussed in this news release, as well as other risk factors and forward-looking statements contained in management's comments and analyzes for the six months ended September 30, 2013 (“MD&A”) and in the most recent annual report for the year ended December 31, 2012 (“AIF”), actual events may differ materially from current expectations. Additional information about the company, including the MD&A, the AIF and the company's financial statements, is available on SEDAR (www.sedar.com) and on the SEC's EDGAR website (www.sec.gov).
No liability is assumed for the accuracy of the translation! Please note english original message!
Source: IRW-Press.com.
