The Akarca exploration work is funded and managed by Çolakoglu Ticari Yatirim A.S. ("Çolakoglu"), a privately owned Turkish company that signed an option agreement in June 2013 to acquire the property from EMX for a combination of cash payments, gold bullion, work commitments, and a retained royalty interest to EMX’s benefit.
Çolakoglu’s recent Fula Tepe drill results include high-grade oxide intercepts of 1.0 meter assaying 155.50 g/t gold with 1060 g/t silver, and 1.1 meters assaying 112.50 g/t gold with 397 g/t silver. The Fula Tepe zone remains open for further expansion in all directions.
Drill Results. Çolakoglu recently reported exploration results to EMX that include 26 diamond drill holes totaling approximately 2,220 meters. Çolakoglu’s 2014 program has initially focused on better defining the near-surface, oxide gold-silver zone at Fula Tepe. New drilling was conducted at a nominal 50 meter spacing along strike of the mineralized zone, with offset drill fences both extending and broadening the zone. As a result of the current program, new zones of mineralization were discovered that run parallel to the main mineralized system.
Drilling at Fula Tepe has outlined a 700 by 300 meter, northeast striking corridor of quartz veining, silicification, and mineralization hosted in conglomerates and sandstones. Two northeast-southwest fences of step-out holes were drilled 50-75 meters to the southeast and northwest of the previously defined zone of veining and mineralization. These drill fences extended the strike length of the mineralized zone and also intersected sub-parallel vein systems that expanded the overall width of the zone. Notably, the recent drilling intersected two of the three highest grades from the property to date (AKC-112 with 1.1m @ 112.5 g/t Au and 397 g/t Ag and AKC-120 with 1.0m @ 155.5 g/t Au and 1060 g/t Ag). In addition to the step-out drill holes, reconnaissance drilling also intersected new gold-silver veins a further 100 meters to the northwest (AKC-119), and 200 meters to the southeast (AKC-128A, AKC-129).
Trench Results. Çolakoglu also reported the recent completion of approximately 2,400 meters of surface trenching at Fula Tepe. The trenches were excavated along drill roads that generally cross the northeast trend of the zone at a nearly perpendicular angle. Results from trench mapping and sampling indicate additional extension and broadening of the zone’s alteration and mineralization. Notably, trench TAK-60 appears to extend the zone a further 100 meters to the northeast. Final review of the trench results is currently underway.
Ongoing Exploration. Çolakoglu is now focusing on additional drilling and sampling in the Kucukhugla, Sarikaya, and Percem Tepe prospect areas. Kucukhugla Tepe is defined as a 100 meter wide, northwest trending corridor of oxide gold-silver mineralization characterized by two sub-parallel systems of veining and quartz vein stockworks. The Sarikaya Tepe prospect is a 500 by 100 meter zone of quartz veining, silicification, and gold-silver mineralization with a previously reported oxide drill intercept of 36.4 meters averaging 5.67 g/t gold and 53.3 g/t silver, with a sub-interval of 2.15 meters averaging 89.34 g/t gold and 835.2 g/t silver (true widths interpreted as 60-75% of reported interval length) (see Company news release dated January 18, 2013). At the under-explored Percem Tepe prospect, in 2013 EMX drilled an oxide intercept starting at 18.2 meters of 101.0 meters averaging 1.25 g/t gold and 7.95 g/t silver (true width interpreted as 65-75% of reported interval length).
Akarca Property Overview. The Akarca project consists of six epithermal, gold-silver zones occurring within a district-scale area of mineralization. EMX’s grassroots discovery and subsequent exploration successes at Akarca have led to in-the-ground investments of over US $8 million by partner companies.
