The Golcuk copper-silver royalty property is located in the Eastern Pontides metallogenic belt of northeastern Turkey. EMX staked the 40 square kilometer Golcuk license in 2002 after identifying the property’s potential from historic drilling conducted in the 1970s. Mineralization occurs as stacked, stratabound horizons of disseminated copper-silver hosted in andesites and basalts, as well as in cross-cutting, fault-controlled veins and stockworks of bornite and chalcopyrite.
EMX leased Golcuk to Turmenka Madencilik Sanayi ve Ticaret A.S. (“Turmenka”) in 2007, and they conducted a thirteen hole, 1,863 meter core program to follow-up on the historic results (see Company news release dated April 13, 2011). Eight Turmenka holes intersected mineralization greater than 1% copper and 11 g/t silver, including an intercept in hole TGSJ-18 of 13.5 meters averaging 2.57% copper and 41.9 g/t silver (true thickness assumed to be 100%).
Golcuk reverted back to 100% EMX control in 2008. EMX re-assessed the property’s exploration potential during 2009-2010, and extended the size of the principal target area by 300 meters up-slope. EMX also identified three additional targets for follow-up. See EMX news release dated April 13, 2011 for more information.
EMX entered into an option agreement in 2012 with Pasinex Resources Ltd. (“Pasinex”), and Pasinex subsequently acquired a 100% interest in Golcuk for a combination of work commitments, shares and cash payments. EMX retains a 2.9% NSR royalty, of which 0.9% can be purchased for US $1 million.
Pasinex’s Golcuk exploration work includes drilling, geologic mapping, rock and channel sampling, and a ground magnetics survey. It has also filed on SEDAR an NI 43-101 Technical Report. Pasinex’s work programs have identified a number of additional mineralized targets on the property. Pasinex completed five holes totaling 994.4 m at Golcuk in 2014 and is reviewing the results in context of its recently received report on the structural geology of the targeted area.