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.
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:
|David M. Cole||Kim C. Casswell|
|President and Chief Executive Officer||Corporate Secretary|
|Phone: (303) 979-6666||Phone: (604) 688-6390|
|Email: firstname.lastname@example.org||Email: email@example.com|
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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.