Exploration

The Golcuk property is located in Sivas province in the Eastern Pontides Metallogenic Belt of northeast Turkey. The project consists of one exploration license covering 4,000 hectares.

The project geology consists of Eocene basalts and agglomerates adjacent to a large (i.e., 100 square kilometers) feldspar porphyry intrusive. There are also minor tuffaceous horizons in the volcanic sequence. The volcanics are overlain by flysch-like sedimentary rocks consisting of sandstones, siltstones, conglomerates and limestones.

Two types of mineralization with distinct alteration assemblages occur at Golcuk. The first and most common is disseminated stratabound copper mineralization, including native copper, chalcocite, bornite and chalcopyrite. Second, is highly localized crosscutting fault-controlled veins and stockworks of bornite and chalcopyrite are accompanied by epidote, minor quartz, white clay and hematite. Stratabound mineralization occur in multiple stacked horizons, which show zoning from higher grade native copper and chalcocite cores outward through bornite and chalcopyrite into unmineralized basalt. Disseminated copper-silver mineralization is also found in stratabound mineralized units and is accompanied by chloritization and minor hematization of mafic phenocrysts and matrix, and weak matrix silicification. This disseminated mineralization was often overlooked and not assayed by some early drilling programs.

Golcuk was exploited for copper during Roman times, as evidenced by several small pits, adits, and nearby slag piles. In the 1970's Etibank (Turkish State mining company) conducted an exploration program including soil sampling and core drilling. Etibank drilled 7 locations around the historic pits and showings totaling 1,113 meters. The best hole assayed 34 meters at 1.36% Cu between 85 and 119 meters depth. Two other drill holes assayed over 10 meters above 1% Cu. In the early 1990's, RTZ drilled one hole with 17 meters at 1.17% Cu. However, the Etibank and RTZ drilling tested only one particular area of the property.

EMX's exploration identified outcropping copper mineralization on the property. Eurasian's rockchip sampling from copper oxide rich zones have yielded 4.28% copper and 38.1 g/t silver.





EMX leased the Golcuk property to Turmenka Madencilik Sanayi ve Ticaret A.S. (Turmenka") in 2007. EMX regained 100% control of Golcuk in 2009. While under the lease agreement, Turmenka completed thirteen core holes totaling 1,863 meters. Eight holes intersected mineralization greater than 1% copper and 11 g/t silver, including an intercept in hole TGSJ-18 of 13.5 meters averaging 2.6% copper and 41.9 g/t silver. Turmenka's drill results confirmed 100 meters of southeast down-dip continuity of the copper-silver mineralized horizon.

EMX reviewed the Turmenka core in 2010 and identified additional mineralized intervals that were not previously assayed. A handheld XRF (x-ray fluorescence) analyzer was used to generate fast, inexpensive, semi-quantitative copper assays over the entire length of the drill core for each hole. Additional mineralized intervals recognized from this assessment were then sent in for standard assay analysis, resulting in the identification of new mineralized horizons, as well as the expansion of zones already known (see table below).The summary table below highlights notable intercepts with updated intercepts noted (*).

Drill No	From (m)	To (m)	Interval	True Thickness	Cu %	Ag (g/t)
TGSJ-8*	72	103.5	31.5	30.54	1.22	15.1
including	76.5	81.0	4.50	4.37	1.90	23.2
including	87.0	94.5	7.5	7.27	1.9	28.3
TGSJ-9	91.50	100.50	9.00	8.7	1.18	14.04
including	91.50	96.00	4.50	4.5	1.70	14.60
TGSJ-10	23.00	26.00	3.00	3.0	1.52	11.60
including	97.50	105.00	7.50	7.2	2.12	22.57
	102.00	103.50	1.50	1.5	2.74	23.60
TGSJ-11*	78.0	87.0	9.0	9.0	1.43	11.1
TGSJ-12	no significant intervals
TGSJ-13	108.00	111.00	3.00	3.0	0.37	2.42
TGSJ-14	no significant intervals
TGSJ-15	no significant intervals
TGSJ-16	82.50	84.00	1.50	1.5	1.29	17.20
TGSJ-17	120.00	124.50	4.50	4.5	2.15	30.63
TGSJ-18*	12.0	21.0	9.00	7.79	2.04	18.9
	63.0	64.5	1.50	1.30	1.71	15.8
	87.0	100.5	13.5	11.69	2.57	41.9
including	87.0	91.5	4.5	3.89	3.57	60.5
TGSJ-19	120.00	133.50	13.50	11.7	1.84	23.91
including	121.50	127.50	6.00	5.2	2.53	34.45
TGSJ-20	no significant intervals

The expanded mineralized zones remain open for extension down-dip and along strike.

As a broader component of EMX's re-assessment of the property's exploration potential, a soil sampling survey covering an area of approximately 4.5 by 2.0 kilometers on a 50 by 50 meter grid was completed. Over 2000 samples were analyzed for copper with the handheld XRF. This rapid field-based assessment extended the size of the central target area a further 300 meters up-slope, and also identified three additional target areas of anomalous copper geochemistry (i.e., greater than 100 ppm Cu) for follow-up (see map below):

• Target A, a 225 by 275 meter area just 150 meters east of the central zone mapped as basalts and andesites with copper oxides, disseminated chalcocite, and historic pits.

• Target B, a 550 by 375 meter area 800 meters north of the central zone mapped as altered basalts with disseminated chalcocite, and characterized by two rock grab samples that returned 3.03% copper with 14.2 g/t silver and 3.49% copper with 12.8 g/t silver.

• Target C, a 470 by 650 meter area 1.7 kilometers west of the central zone with altered basalts, copper oxides, numerous historic pits, and four rock grab samples that averaged 2.71% copper and 10.6 g/t silver.

In addition to the basalt-andesite hosted targets outlined above, there is also a 1,900 by 650 meter open-ended copper anomaly to the southeast hosted by agglomerates and sedimentary units. General similarities have been noted with basalt/sediment-hosted deposits from elsewhere in the world (i.e., Keweenaw Michigan copper deposits), and EMX is currently evaluating this target model.