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Eurasian Minerals has a growing portfolio of royalty properties in Turkey that have 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 and advance royalty payments and commitments to further advance the property.
Turkey - Balya Project
The Balya project is located in the historic Balya mining district in western Turkey. Balya is one of the most famous historic mining districts in Turkey, having undergone mining activity for over a thousand years. Documented production of lead, copper, zinc and silver date back to the 1880's.
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 on the property 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 2005 via government auction. EMX's early work consisted of surface geological mapping, and re-interpretation of government geophysical and drilling data that confirmed 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 in year one, 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 that totals over 5500 meters. All 29 holes drilled as of Spring, 2008 have intersected significant lead-zinc-silver mineralization, and many holes have multiple intercepts from stacked horizons of mineralization. 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.
A detailed list of Balya drill intercepts is given below:
Drill
Hole |
From(m) |
To (m) |
Interval |
True
Thickness |
Pb % |
Zn % |
Ag g/t |
DBHS-1 |
24.0 |
30.0 |
6.0 |
5.20 |
2.5 |
0.1 |
23.6 |
|
33.0 |
36.0 |
3.0 |
2.60 |
2.8 |
0.1 |
29.2 |
|
53.0 |
56.0 |
3.0 |
2.60 |
2.9 |
0.6 |
39.7 |
|
87.0 |
100.0 |
13.0 |
11.26 |
6.7 |
1.4 |
82.7 |
including |
94.0 |
100.0 |
6.0 |
5.20 |
12.6 |
2.8 |
151.3 |
|
106.0 |
110.0 |
4.0 |
3.46 |
5.2 |
1.7 |
60.1 |
|
112.0 |
115.8 |
3.8 |
3.29 |
7.5 |
4.4 |
114.1 |
including |
115.2 |
115.8 |
0.6 |
0.52 |
17.6 |
20.8 |
398.0 |
|
142.0 |
149.0 |
7.0 |
6.06 |
2.0 |
1.2 |
32.3 |
DBHS-3 |
30.0 |
57.0 |
27.0 |
23.38 |
1.8 |
1.1 |
15.8 |
|
123.0 |
127.7 |
4.7 |
4.07 |
6.0 |
1.6 |
59.1 |
DBHS-3A |
53.0 |
58.0 |
5.0 |
4.33 |
2.9 |
1.4 |
26.9 |
|
90.0 |
96.0 |
6.0 |
5.20 |
2.2 |
0.3 |
23.3 |
|
110.0 |
113.2 |
3.2 |
2.77 |
8.3 |
0.9 |
129.1 |
DBHS-8 |
55.0 |
61.0 |
6.0 |
5.20 |
7.5 |
7.9 |
109.6 |
including |
57.0 |
59.6 |
2.6 |
2.25 |
15.0 |
16.6 |
223.5 |
|
82.0 |
86.0 |
4.0 |
3.46 |
1.5 |
0.7 |
44.9 |
|
124.0 |
127.0 |
3.0 |
2.60 |
3.5 |
0.7 |
48.8 |
DB-10 |
91.0 |
94.0 |
3.0 |
2.60 |
2.5 |
0.9 |
35.0 |
DB-10A |
136.0 |
146.0 |
10.0 |
8.66 |
1.3 |
1.1 |
10.5 |
DB-11 |
78.0 |
81.0 |
3.0 |
2.60 |
4.5 |
0.1 |
183.7 |
DB-12 |
116.0 |
130.0 |
14.0 |
12.12 |
4.5 |
2.4 |
73.9 |
including |
121.4 |
122.7 |
1.3 |
1.13 |
28.1 |
14.1 |
445.0 |
DB-12A |
85.0 |
87.0 |
2.0 |
1.73 |
6.8 |
0.8 |
80.2 |
DB-13 |
43.0 |
51.0 |
8.0 |
6.93 |
5.1 |
1.5 |
69.7 |
including |
48.0 |
49.0 |
1.0 |
0.87 |
18.2 |
4.1 |
219.0 |
|
171.5 |
177.0 |
5.5 |
4.76 |
3.7 |
2.2 |
49.4 |
DB-14 |
186.2 |
190.5 |
4.3 |
3.72 |
6.7 |
0.3 |
67.5 |
including |
186.2 |
187.2 |
1.0 |
0.87 |
15.1 |
0.6 |
163.0 |
|
207.0 |
213.0 |
6.0 |
5.20 |
5.2 |
0.0 |
56.7 |
DB-15 |
51.0 |
60.0 |
9.0 |
7.79 |
2.2 |
1.5 |
17.5 |
|
66.0 |
77.5 |
11.5 |
9.96 |
4.2 |
3.4 |
36.5 |
including |
76.0 |
77.5 |
1.5 |
1.30 |
15.6 |
10.5 |
145.0 |
|
81.0 |
84.0 |
3.0 |
2.60 |
3.9 |
3.6 |
35.1 |
|
87.0 |
92.0 |
5.0 |
4.33 |
2.3 |
2.2 |
22.4 |
DB-16 |
33.0 |
36.0 |
3.0 |
2.60 |
1.9 |
0.9 |
16.1 |
|
54.7 |
60.0 |
5.3 |
4.59 |
4.1 |
4.0 |
44.0 |
including |
54.7 |
56.0 |
1.3 |
1.13 |
9.8 |
9.0 |
100.0 |
|
93.0 |
106.0 |
13.0 |
11.26 |
3.7 |
3.0 |
41.6 |
including |
93.0 |
94.0 |
1.0 |
0.87 |
9.1 |
7.6 |
95.0 |
|
135.0 |
139.0 |
4.0 |
3.46 |
6.2 |
4.7 |
130.3 |
DB-17 |
58.0 |
63.0 |
5.0 |
4.33 |
1.9 |
1.8 |
22.6 |
DB-18 |
52.5 |
55.5 |
3.0 |
2.60 |
12.2 |
13.1 |
411.7 |
including |
52.5 |
53.5 |
1.0 |
0.87 |
17.4 |
24.7 |
599.0 |
|
90.0 |
101.0 |
11.0 |
9.53 |
3.0 |
4.5 |
55.7 |
including |
99.0 |
101.0 |
2.0 |
1.73 |
10.4 |
13.1 |
196.0 |
DB-19 |
88.0 |
90.0 |
2.0 |
1.73 |
1.4 |
1.2 |
40.4 |
DB-20 |
48.0 |
51.0 |
3.0 |
2.60 |
2.1 |
3.5 |
25.2 |
|
63.0 |
66.0 |
3.0 |
2.60 |
2.3 |
4.1 |
42.4 |
|
201.0 |
209.0 |
8.0 |
6.93 |
6.6 |
6.5 |
97.2 |
including |
204.0 |
207.0 |
3.0 |
2.60 |
11.4 |
9.4 |
166.0 |
|
212.0 |
218.0 |
6.0 |
5.20 |
5.3 |
1.6 |
114.3 |
BD-21 |
126.0 |
131.5 |
5.5 |
4.76 |
2.7 |
2.8 |
32.6 |
DB-22 |
38.0 |
41.0 |
3.0 |
2.60 |
1.9 |
1.6 |
17.1 |
|
73.5 |
77.0 |
3.5 |
3.03 |
1.4 |
1.4 |
12.6 |
|
81.0 |
89.0 |
8.0 |
6.93 |
1.5 |
1.3 |
12.6 |
|
103.0 |
106.0 |
3.0 |
2.60 |
8.0 |
6.7 |
125.7 |
DB-23 |
152.0 |
153.0 |
1.0 |
0.87 |
16.9 |
13.3 |
344.0 |
DB-24 |
66.0 |
78.0 |
12.0 |
10.39 |
1.7 |
1.3 |
15.8 |
DB-25 |
27.0 |
30.0 |
3.0 |
2.60 |
0.8 |
1.4 |
9.4 |
|
33.0 |
36.0 |
3.0 |
2.60 |
1.3 |
1.1 |
12.6 |
|
49.0 |
53.1 |
4.1 |
3.55 |
5.7 |
1.4 |
82.6 |
|
156.0 |
160.5 |
4.5 |
3.90 |
1.5 |
1.7 |
12.1 |
DB-26 |
87.0 |
90.0 |
3.0 |
2.60 |
2.8 |
2.3 |
44.8 |
|
102.0 |
107.0 |
5.0 |
4.33 |
4.4 |
4.5 |
56.6 |
|
134.0 |
140.0 |
6.0 |
5.20 |
1.7 |
1.9 |
22.5 |
including |
134.0 |
135.0 |
1.0 |
0.87 |
3.9 |
6.0 |
51.1 |
|
231.0 |
237.0 |
6.0 |
5.20 |
3.2 |
2.1 |
34.3 |
|
243.0 |
246.0 |
3.0 |
2.60 |
1.6 |
0.3 |
22.6 |
|
252.0 |
255.0 |
3.0 |
2.60 |
4.2 |
0.2 |
49.2 |
DB-27 |
119.0 |
121.0 |
2.0 |
1.73 |
2.7 |
3.5 |
69.8 |
DB-28 |
12.0 |
30.0 |
18.0 |
15.59 |
2.7 |
1.8 |
20.6 |
including |
12.0 |
15.0 |
3.0 |
2.60 |
6.6 |
1.5 |
60.1 |
|
117.0 |
120.0 |
3.0 |
2.60 |
1.8 |
0.7 |
27.4 |
|
162.0 |
174.0 |
12.0 |
10.39 |
3.2 |
1.2 |
41.3 |
including |
168.0 |
170.0 |
2.0 |
1.73 |
10.3 |
3.5 |
139.0 |
|
20.0 |
30.0 |
10.0 |
8.66 |
2.0 |
0.7 |
18.4 |
|
86.0 |
89.0 |
3.0 |
2.60 |
4.2 |
2.7 |
65.5 |
including |
88.0 |
89.0 |
1.0 |
0.87 |
9.3 |
5.0 |
149.0 |
|
144.0 |
147.0 |
3.0 |
2.60 |
1.9 |
0.1 |
101.0 |
|
231.0 |
234.0 |
3.0 |
2.60 |
3.6 |
2.9 |
33.9 |
DB-28B |
12.0 |
24.0 |
12.0 |
10.39 |
1.9 |
1.8 |
13.8 |
|
45.0 |
48.0 |
3.0 |
2.60 |
1.9 |
0.9 |
18.1 |
|
83.0 |
94.5 |
11.5 |
9.96 |
3.4 |
2.7 |
53.0 |
including |
93.3 |
94.5 |
1.2 |
1.04 |
17.5 |
9.1 |
295.0 |
DB-28C |
10.5 |
22.0 |
11.5 |
9.96 |
1.8 |
1.9 |
13.8 |
including |
12.0 |
15.0 |
3.0 |
2.60 |
3.9 |
4.1 |
32.1 |
DB-29 |
150.0 |
153.0 |
3.0 |
2.60 |
1.6 |
0.5 |
29.5 |
|
174.0 |
178.5 |
4.5 |
3.90 |
4.0 |
1.1 |
51.6 |
|
201.0 |
206.0 |
5.0 |
4.33 |
8.2 |
0.6 |
51.7 |
including |
203.0 |
204.5 |
1.5 |
1.30 |
20.0 |
12.6 |
101.0 |
|
219.0 |
222.0 |
3.0 |
2.60 |
1.3 |
0.6 |
51.7 |
Turkey - Aktutan Project
The Aktutan project is located in Turkey's Eastern Pontides Mineral Belt, just south of the Black Sea. Aktutan is a precious and base metal property that was 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 has been delineated, and is the primary exploration target. This silica zone extends for approximately 1,000 m along an east-southeast trend, and steeply dips at 80 to 90 degrees northeast.
During the 2007 field season EMX drilled four exploration holes on the property totaling just over 800 meters. All four 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
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In late August 2007 EMX announced the sale of Aktutan to Dedeman Madencilik San. Vetic. A.S. under the terms summed 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 279 meters of core drilling in angle holes AK-5 and AK-5A. These two 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. Dedeman is planning to continue the work program in 2008 with a minimum of 720 meters of core drilling.
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