Exploration

The Golcuk property is located 100 km northeast of Sivas province in the Eastern Pontides Metallogenic Belt of northeast Turkey. The property consists of two exploration licenses covering 7,200 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 is highly localized crosscutting fault-controlled veins and stockworks of bornite and chalcopyrite are accompanied by epidote, minor quartz, white clay and hematite. Second, disseminated stratabound copper minerals, including native copper, chalcocite, bornite and chalcopyrite are found at Golcuk and are more widespread. 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.

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, Rio Tinto 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 early work identified two areas of Roman workings and five additional copper occurrences on the property. Eurasian's initial rockchip sampling from copper oxide rich zones have yielded up to 4% copper. The company's sampling within the feldspar porphyry unit resulted in values as high as 1% copper and 200 ppm molybdenum.





EMX leased the Golcuk property to Turmenka Madencilik Sanayi ve Ticaret A.S. (Turmenka") in 2007. EMX continues to retain 100% control of Golcuk after Turmenka elected to return the property. 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. The summary table below highlights notable intercepts.

Drill No	From (m)	To (m)	Interval	True Thickness	Cu %	Ag (g/t)
TGSJ-8	87.00	100.50	13.50	13.1	1.60	20.88
including	87.00	94.50	7.50	7.2	1.90	28.34
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	79.50	85.50	6.00	6.0	1.80	16.25
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	12.00	16.50	4.50	4.5	2.05	16.91
	87.00	100.50	13.50	11.7	2.57	41.88
including	87.00	91.50	4.50	3.9	3.57	60.47
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

Hole TGSJ-19 extended the zone to the northeast an additional 75 meters, with an intercept of 12 meters averaging 1.9% copper and 25.1 g/t silver. The zone remains open for extension down-dip and along strike.


The Company is encouraged by the Turmenka drill results, and is actively pursuing options to further advance the property.