South Deposit Drill Results
The Company’s nine hole, 414.9 meter HQ core drilling program targeted the oxide portion of the South Deposit mineralized exoskarn zone (see company press release dated November 10, 2004). The Company’s drill holes were all vertical and ranged in depth from 32.6 to 59.7 meters. The program results independently verify the historical drill results used to report the NI 43-101 compliant South Deposit oxide measured and indicated resources of 9.2 million tonnes with average grades of 1.53 grams/tonne gold and 0.53 percent copper, yielding 460 thousand ounces of gold and 108 million pounds of copper (see Company technical report filed on SEDAR). A summary of significant mineralized intervals is given below.
On average each drill hole intersected 25.3 meters of significant mineralization, with overall weighted average grades of 2.52 g/t gold and 0.70 % copper. These new holes are being used to update the South Deposit geologic model and resource estimate.
Red Zone Drilling Underway
As part of the Company’s ongoing exploration program at Kuru Tegerek, a surface core drilling program is now underway at the Northeast Deposit’s Red Zone underground target. The Red Zone was discovered during Soviet era underground exploration in crosscut #7a on the 2720 meter level. Soviet underground maps and reports describe the Red Zone as a northwest striking lense of massive hematite and limonite with relatively high-grade gold-silver-copper mineralization. The Company’s program will test the continuity of mineralization along strike and dip, with approximately 1000 meters of drilling in holes ranging from 150 to 240 meters deep. Precision collar and down-hole surveying will be employed to allow directional drilling to enhance the odds of intersecting the target at depth
Kuru Tegerek Scoping Study Update
The Company is currently focused on enhancing Kuru Tegerek project economics under the direction of Mr. Patrick Gorman. Mr. Gorman has B.Sc. and M.Sc. degrees in mining engineering from the Royal School of Mines and the Colorado School of Mines, respectively, thirty years of industry experience in technical and management positions, and is a qualified person for stock exchange reporting requirements. Mr. Gorman is currently overseeing the metallurgical test work underway at Wardell Armstrong International, refinement of capital and operating cost estimates, update to the South Deposit resource estimate and mine plan, and environmental base line studies. The results of this work will be used as input to an updated scoping study, and subsequently for advancement to the pre-feasibility level. The Company is optimistic that improved metallurgical processing, accurate costing and current prevailing metal prices will have substantial positive impact on project profitability.
Comments on Sampling, Assaying, and QA/QC
The Company’s drill core samples were collected in accordance with accepted industry standards. Drill sample chain of custody was ensured by secure shipment from site and storage in the Company’s Bishkek warehouse. The core was geologically logged and sawn in half, with one half of the core securely shipped to ISO 9002 certified Alex Stewart (Assayers) Limited laboratory in Karabalta, Kyrgyz Republic for sample preparation and analysis. Gold was analyzed by one assay ton fire assay with an AAS finish. Total copper underwent aqua regia digestion and ICP assay analysis. 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.
Mr. Dean Turner, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed and verified the technical mining information contained in this news release.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Kim C. Casswell
Phone: (604) 688-6390
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.