Golcuk ProjectThe Golcuk copper-silver property is located in the Eastern Pontides metallogenic belt of northeastern Turkey, and consists of one exploitation license covering 4,000 hectares. EMX entered into an option agreement in 2012 with Pasinex Resources Ltd. ("Pasinex"), whereas Pasinex can acquire 100% interest in the Golcuk property for a combination of work commitments, shares and cash payments. EMX will retain a 2.9% royalty of which 0.9% can be purchased for US $1 million.
The mineralization at Golcuk primarily occurs as stacked, stratabound horizons of disseminated copper-silver hosted in Eocene volcanic rocks. In addition, mineralization occurs in localized cross-cutting fault-controlled veins and stockworks of bornite and chalcopyrite. Historic exploration at Golcuk by Etibank consisted of seven core holes totaling 1,113 meters, with the best hole intersecting 34 meters (85-119 m) averaging 1.36% copper. Subsequently RTZ Corporation drilled a single core hole that yielded 17 meters (80-97 m) averaging 1.17% copper and 11.7 g/t silver (estimated true width 94% of actual intercept). The Company has reviewed the historic results, and considers them to be reliable and relevant.
EMX leased the Golcuk property 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 Etibank 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%). The property reverted back to 100% EMX control in 2008. EMX reviewed the Turmenka core and identified additional mineralized intervals that were not previously assayed. These intervals 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.
As a broader component of EMX's re-assessment of the property's exploration potential during 2009-2010, a soil sampling survey covering an area of approximately 4.5 by 2.0 kilometers on a 50 by 50 meter grid was completed. A total of 2,856 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 :
- 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).
Pasinex has announced follow-up work programs that include drilling, soil sampling, and geological mapping.