Exploration

Eurasian Minerals has a growing portfolio of royalty properties in Turkey with the potential to provide a solid revenue stream from future production. Other benefits realized by EMX through the sale or lease of the properties typically includes cash, advance royalty payments and commitments to further advance the property.

Turkey - Balya Project

Located in one of the most famous historic mining districts in the country, the Balya district has produced minerals for over one thousand years.


Mineralization at Balya is found in a base and precious metals-rich skarn and carbonate replacement zones. The Turkish government drilled eight holes totaling 1,935 meters here during the 1970s and reported a non National Instrument 43-101 compliant lead and zinc resource.

The Balya license, covering the Hastanetepe zone, was acquired by EMX in a 2005 government auction. Eurasian's early work consisted of surface geological mapping and re-interpretation of government geophysical and drilling data, confirming the presence of a high-grade base metal and silver exploration target.

In August, 2007, EMX concluded a property swap with Dedeman Madencilik San. Vetic. A.S., transferring the Balya license to this privately held Turkish mining entity. The terms of the agreement include a 4 % net smelter royalty on production, a US$100,000 advance royalty payment and a work commitment by Dedeman calling for 3000 meters of drilling in year one, and a total of US$1.5 million of drill expenditures in years two and three.

Dedeman has followed up with an aggressive drill program totaling over 12,500 meters. All holes drilled as of December, 2008 have intersected significant lead-zinc-silver mineralization (see Company news release dated December 5, 2008). Many of the holes contain multiple intercepts of mineralization from stacked horizons. The main Hastanetepe zone is interpreted to dip shallowly to the southwest, and has been drilled for over 200 meters along strike and 300 meters down dip. The Hastanetepe mineralization remains open for extension in all directions In addition, new step-out drill holes 650 meters to the south of Hastanetepe have intersected additional lead-zinc-silver mineralized zones.

Geologic and drill hole location map of the Balya project in Western Turkey

A list of significant Balya drill intercepts is given below:







Turkey - Elmali Project

Eurasian Minerals Inc. has entered into an option and joint venture agreement on the Akarca, Samli, and Elmali properties in Turkey, with a subsidiary of Centerra Gold Inc. In the agreement, Centerra has exclusive rights to earn up to a 70% interest in the Properties through work commitments and cash payments (see Company news release dated January 6, 2009 fort full details).

The Elmali property is located on the Biga Peninsula in western Turkey. EMX controls three exploration licenses covering 4,044.5 hectares. The geology consists of Permian schists and marbles that are overlain by Neogene rhyolitic tuffs and volcanic breccias. Gold-silver mineralization occurs in low sulfidation quartz veins developed along cross-cutting structures. This mineralization is situated at the contact zone of the rhyolite and marble units, and in a chalcedonic silica cap breccia. Previous work at the property by Eurogold/Normandy in the 1990's consisted of surface stream, soil and rock sampling. The highest rock sample result was 20 g/t gold and 10.55 g/t silver. The best result of surface rock sampling produced a sample returning 7.8 g/t gold and 25.8 g/t silver from a low sulfidation vein. EMX completed four core holes totaling 300.8 meters in 2008, targeting two zones of vein mineralization. One hole intersected 6.1 meters averaging 6.0 g/t gold, including a subinterval of 2.6 meters averaging 13.2 g/t gold (see Company news release dated February 17, 2009). The Company has collected 203 rock samples during this year's field program, yielding an average of 4.8 g/t gold, with a maximum of 28.8 g/t gold. The JV is planning a follow-up drill program for later this year.



Turkey - Samli Project

Located in West Anatolia, is the Samli property. Eurasian's five exploration licenses cover 9,388.8 hectares. The geology is dominated by Permian schists and marbles that are intruded by lower Tertiary granitic stocks. Neogene intermediate to acidic volcanic rocks cross-cut and overlie these older units. Base metal skarn mineralization has developed along the granite-marble contacts, where EMX rock samples returned up to 6.28% lead and 2.94% zinc. Company work has also identified large silica and clay altered zones within the volcanics returning rock samples assaying up to 5.83 g/t gold and 31 g/t silver.

Turkey - Aktutan Project

Aktutan is located in the Eastern Pontides Mineral Belt, just south of the Black Sea. This is a precious and base metal property obtained by EMX via government auction in early 2004.



The project is covered by Eocene intermediate volcanics, tuffs and volcano-clastics alternating with Eocene flysch assemblages. Andesitic volcanic units show pervasive chloritic and argillic alteration, and are locally silicified. A zone of epithermal silica veining extends for approximately 1,000 m along an east-southeast trend, steeply dips at 80 to 90 degrees northeast and is the primary exploration target.

During the 2007 field season EMX drilled four exploration holes on the property totaling just over 800 meters. All of the holes intercepted silver, gold and base metal mineralization along approximately three quarters of a kilometer of strike length. Intercepts of note include the following reported in hole AK-4:

• 2.0 meters (from 58.9 to 60.9 m) averaging 3.40% copper, 418 g/t silver, 0.06% molybdenum, 0.11% lead, 0.73% zinc, and 0.90 g/t gold.
  
  
• 1.85 meters (from 78.20 to 80.05 m) averaging 4.20% copper, 472 g/t silver, 0.10% molybdenum, 3.16% lead, 1.45% zinc, and 0.98 g/t gold.

AK-4, 1.85m @ 4.2% Cu, 472 g/t Ag, 0.10% Mo, 3.16% Pb, 1.45% Zn, 0.98 g/t Au

In late August 2007 EMX announced the sale of Aktutan to Dedeman Madencilik San. Vetic. A.S. under the terms outlined up below:

• Dedeman will make a US$40,000 advance royalty payment to EMX prior to the first anniversary of the agreement, US$60,000 prior to the second anniversary, US$100,000 prior to the third anniversary and thereafter for as long as they hold the property.
  
  
• Dedeman will drill a minimum of 1000 meters during the first year of the agreement; spend US$150,000 on exploration and development in year two depending on results; and US$200,000 in year three, also depending on results.
  
  
• EMX is to retain a 4% uncapped net smelter royalty.
  
  
• EMX retains a reversionary right to re-acquire the property if Dedeman decides to relinquish the license.

Dedeman's work to date consists of drilling 279 meters of angled core holes at AK-5 and AK-5A. These holes were collared from the same location, and drilled approximately 40 meters southeast of EMX hole AK-2. AK-5 intersected anomalous intervals of base metals mineralization along the projected strike of the vein. Work continues on the property.