Alankoy is located in Turkey’s Biga Peninsula, amidst a cluster of recent discoveries and advanced exploration projects, including the nearby Halilaga porphyry copper-gold, TV Tower epithermal gold-silver, and Kirazli epithermal gold-silver deposits*. Like other systems in the area, Alankoy is characterized by alunite-rich epithermal alteration and the development of vuggy silica lithocaps. The Alankoy project has entered into a purchase agreement for the sale of the EMX subsidiary that owns the Alanköy exploration project in Turkey to Kar Mineral Madencilik İnşaat Turizm Sanayi ve Ticaret A.Ş. (“Kar”), a privately owned Turkish Company. See Company news release dated September 25, 2019.
Historic work by MTA (Turkey’s Directorate General of Mineral Research and Exploration) in the late 1980s focused on the near-surface gold mineralization in the lithocap, and included a campaign of twelve core holes, all drilled to a pre-determined depth of 151 meters. Most notable is MTA drill hole MJTC-10, which was drilled toward the center of the system and ended in copper mineralization. Copper and gold grades increased toward the bottom of MJTC-10, with overlapping end-of-hole intercepts of 22 meters (129-151m) averaging 0.25% copper and 55.5 meters (95.5-151m) averaging 0.14 g/t gold (true thickness unknown). No drilling below 151 meters was conducted, and drill hole MJTC-10 was never followed up. From the Company’s independent work, MTA’s historic results are considered to be representative, reliable and relevant.
Broad zones of hydrothermal alteration are obvious at Alankoy, and EMX has identified multiple exploration targets on the property via geologic mapping, rock and soil sampling, spectral analyses and a ground magnetic survey. This work outlined a six square kilometer area of lithocaps and quartz–alunite and argillic alteration with multiple styles of mineralization. Soil sampling has delineated coincident and zoned gold (> 50 ppb Au), copper (> 50 ppm Cu), and silver (> 0.25 ppm Ag) anomalies, with anomalous molybdenum (> 10 ppm Mo) outboard to the gold-copper-silver mineralization. EMX has also recently recognized extensive zones of carbonate replacement style and skarn type mineralization on the property, as well as breccia pipes with coincident gold-in-soil anomalies (> 200 ppb Au) in the southern portion of the license. Together, these represent a number of targets that range from distal, low temperature environments (epithermal and breccia pipe hosted mineralization) to proximal, higher temperature environments (replacement, skarn and porphyry style mineralization).
* The nearby deposits and advanced projects in the region provide context for Alankoy, which occurs in a similar geologic setting. However, this is not necessarily indicative that Alankoy hosts similar mineralization.