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34 SEG NEWSLETTER No 65 • APRIL 2006... from 33Exploration Reviews (Continued)EXPLORATION REVIEWSa magnetic low. All holes intersected~150 m of chlorite-altered, sulfidic pillowlavas apparently typical of peripheryof Cyprus-style copper deposits, andcontained up to 4.0 m at 0.4% Cu, 0.2%Zn; drilling has thus established Cubearing,strong alteration over 1 km atNorth Alestos. Eastern Mediteraneanexpects the alteration system to extendfurther under cover, thus making itlarge enough to host several 10 Mt copperpods that they seek.SPAINCambridge Minerals acquired the MasaValverde massive sulfide deposit which,by their own preliminary resource modeling,contains inferred resources at 0.5%cutoff, of ~80 Mt 0.76% Cu 0.38% Pb1.28% Zn 22.4 g Ag and 0.43 g Au. MasaValverde was discovered by Penarroya-ADARO, the former Spanish state-ownedconsortium, by drilling a 1,000 × 850 mgravity anomaly.Despite recent high-grade Au drillintersections from “Area 107” located~250 m from its existing undergroundworkings, Rio Narcea will close the ElValle/Carles Au operations in 2006,partially as a result of the Asturiasregion’s August 2005 rejection of their“change of land use” applicationrequired to develop the intrusion-hostedSalave Au project, some 70 km distant.Salave concentrates were intended forprocessing at El Valle.Eurozinc announces that surfacedrilling (2,170 m/6 holes) extended theNeves orebody 190 m westward, withintersections of up to 9.5 m (true) ofmassive sulfides, including 5.1 m 2.08%Cu, 2.44% Pb and 5.82% Zn. Averagethickness of massive sulfide in therecent drilling is 12.2 m. These and previousresults substantially extend thedeposit over a 1 km strike length.Updated reserves/resources at NevesCorvo total 16.81 Mt of 5.47% (provenand probable) Cu ore; 10.6 Mt of 7.86%Zn (probable) as Zn ore; total resources(measured and indicated) are 18.67 Mtof 5.97% Cu, 0.26% Pb, 1.1% Zn; andindicated Zn resources are 24.1 Mt at0.41% Cu, 1.4%Pb, 5.5% Zn, 62.05g Ag.TURKEYAnatolian Mineral-RT joint venturereported encouraging preliminaryflotation tests on supergene-enriched Cu(Au-Mo) mineralization at theKizilviran porphyry, with recoveries of95% Cu, 92% contained Au and80–85% Mo. The exploration communityawaits news of a resource numberon this interesting deposit, which likelyrepresents Turkey’s largest porphyryCu(AuMo) discovery to date, as well asindication whether it will be developedby RT. Meanwhile, feasibility study forAnatolia’s 1.8-Moz Çöpler oxide Auresource was on track for completion bythe end of the first quarter 2006; thestudy contemplates a 5,000 tpd milland a 10,000 tpd heap leach, generatingin excess of 150,000 oz Au per year.Odyssey Resources embarked on a100-hole/2,800 m RVC drill program on100-m grid at its Tavsan epithermal Autarget. The program will cover a 3-kmstrike length from the Sivri zone in thesouth, north to the End zone in thenorth. Much of the large shallow-dippingslab of gold-bearing jasperoid atTavsan has never been drilled.Ariana Resources discovered Aubearingepithermal quartz floatcontaining 2.2–6.1g Au on theirCinarpinar license, western Turkey.Rock chip samples at Kösedere returnedup to 0.19% Cu and 0.25% Zn. Arianacontinues to report encouraging channelsamples at their low-sulfidationKepez Au vein target in BalikesirProvince, western Turkey. All five channelsamples intersecting significantmineralization including 8.68 g/t Auover 16 m and 6.28 g/t Au over 11 m;one of which ended in >8 g/t Au at eachend. The KV vein at Kepez has nowbeen mapped for 475 m and remainsopen along the strike. Evaluation of anASTER target, located 0.5 km south ofKV, was scheduled to resume in April.Channels spaced at 40-m intervalsalong 240-m of strike at the Arzu,Kepez, intersected from 1.25 g/t over17.5 m to 2.12 g/t over 12.0 m; the systemis open in all directions and severaltrenches terminated in mineralization.Vein textures and trace elements indicatethe upper part of an epithermalsystem and, supported by historic drilldata, gold grades are expected toincrease with depthEuropean Nickel (ENickel) reportedthat pilot recoveries at its Çaldag projectreached 73.2% Ni and 75.8% Co,exceeding planned recoveries of 70%used in the feasibility study announcedin November.Eurasian Minerals reports weakAu(Cu) intersections in 4 core holes/520m from Barrick’s second drill phase atthe Sissorta high-sulfidation Au target,northern Turkey, best of which was 33.7m of 0.47g Au, as well as intervals of~200 to 400 ppm Cu, downdip andalong strike of previous intervals containingsomewhat higher grades.Barrick has terminated its potentialearn-in on Sissorta.Eldorado Gold continues to reportisolated encouraging drill intervals ofup to 144.9 m at 0.75 g Au and 0.81%Cu within a cluster of lower-grade adjacentdrill intervals (~0.1–2 g Au and0.1–0.3% Cu) at its 50% joint ventureAS porphyry CuAu target, westernTurkey. Eldorado’s aggressive 2006 programof $6 M and 25,000 m drillingsuggests there may be more here thanmeets the eye.ROMANIACarpathian Gold Inc. reports encouragingintersections in both holes drilledinto quartz-magnetite stockworkedmicrodiorite at the previously identifiedColnic Au(Cu) porphyry on its Rovinalicense including 244.5 0.86 g Au and0.13% Cu in angle hole RCD-1; bothholes bottomed in mineralization.Carpathian will expand on theseresults. Carpathian also intersected of2.5 m at 2.83 g Au and 63.7 g Ag in calcareoussediments at 25 m below surfaceon the Carbunari-Stinapariprospect, Oravita License.European Goldfields signed a JV withGeneral Samara whereby they can earn80% of the Magura Tebii Au target bytaking the project to full feasibility.Magura Tebii hosts phreato-magmatic,hydrothermally altered polymictic brecciawithin neogene quartz-amphiboleandesites, containing NW-striking quartzveins and quartz andesite dikes. Historicworkings indicate a ~800 × 300 m zone,where several trenches on 80 m spacingsshow from 9 m at 2.9 g Au to 55 m at2.8 g Au. Deva Gold S.A. grab samplingconfirms grades of 2 to 5 g Au. AtPitigus Au, 7 km from EuropeanGoldfield’s Certej Au deposit, gold occursin a north striking quartz-calcite-baritevein system with several associatedsplays and adjacent potassic/argillicaltered andesites between the veins, overa strike of 300 m with an average truewidth of 12 m. Drilling on ~80 × 30 m
APRIL 2006 • No 65 SEG NEWSLETTER 35grid returned from 1 m at 1.1 g Au to 23m 2.8 g Au 3 g Ag. At Hondol Carol,0.5 km from Certej, diamond drilling on20 × 30 m grid works to define an openpittable resource; mineralization ishosted in three crosscutting quartzbaritevein systems and in potassicallyaltered andesites.Gabriel Resources reports positivedevelopments at Rosia Montana Auand has launched a concerted mediacampaign on the merits of Europe’slargest potential new open-pit metalmine, a porphyry deposit in scale if notin geology. Gabriel reports that reservesare expected to decline by approximately5%, primarily as a result ofexpanding the buffer zone around theprotected area (reducing the size ofthree of the four pits), as well as a moreconservative estimating method. TheirEIA was on track for completion at endof 1 st quarter 2006 and constructionpermits are expected in 2 nd half 2006,with first gold pour expected in spring2009. Successful start-up of this minewould be a historic milestone for a newgeneration of mining in Europe.UKRAINEEurogold reports that the first five of its94-hole underground confirmation andresource expansion drill program showearly signs of confirming the 578,000-ozAu resource (categories C1+C2 by Sovietsystem) defined historically at Saulyak.Intercepts to date, including 8.82 m at7.88 g Au and 7.08 m at 5.58 g Au, sofar confirm previous results.SERBIA-MONTENEGROEurasian Mineral’s delineated a coherentAu soil anomaly with 0.03 g to0.328 g Au at their Bukovic high-sulfidationAu target, Plavkovo license; systematicrock samples within thisanomaly contain 0.005 to 1.74 g Auand average 0.267 g, with a high of 8 m0.62 g Au. At the adjacent Plavkovotarget, located 2700 m NE of Bukovik,chip sampling along 360 m strike acrossa 150-m, east-west striking zone ofquartz-sulfide veinlets returned up to 8m 1.41 g Au and 26.7 m 0.37 g Au,including 16.2 m of 0.21% Cu; the“gypsum zone” located ~400 m eastyielded 14.2 m 0.58 g Au, suggestingpossible a potential mineralized strikeof 800 m if the two zones are connected.At Eurasian Mineral’s Gradiste target,a 200-m soil grid defines a centralzone 2,500 × 500 m containing 100 to450 ppm Cu, flanked by a peripheralAu soil anomaly with 0.036 to 0.489 gAu including an isolated sample with8.66 g Au; outcrops within the zonecontain up to 6 m at 0.56% Cu and0.482 g; mineralization occurs asquartz-carbonate veins and veinlets, aswell as CuBiAuAg veins similar to theabandoned Aldin Do mine nearby.Float samples in the Miljanina Cukaarea averaged 10.8 g Au 0.32% Cu witha maximum of 55 g gold.SLOVAKIATournigan drilled 3 holes/1,500 m attheir Jahodná U-Mo target to confirmresults from 53 preexisting holes. Bestintervals include 0.9 m of 10.33% U 3 O 8and 1.13% Mo. According to previousexploration, Jahodná hosts a resourceof 19 Mlb U 3 O 8 and 19 Mlb Mo at0.39% U 3 O 8 and 0.38% Mo, hosted byquartz-carbonate stockwork zone 500 malong strike, 500 m down dip, and 2.54m thick, in Permian volcanic-sedimentaryrocks. The top of the potentiallyunderground-minable resource blockbegins approximately 150 m below surface.Eastern Mediterranean Resoucesseeks bedrock source of historical placerdeposits Zlatníky Au, and announcedanomalous stream sediments including0.226 g and 0.183 g Au; float veinquartz from a third adjacent streamassayed 3.9 g Au.FINLANDAgnico-Eagle upgraded confidence levelsat Suurikuusikko Au to 2.3 Moz ofprobable reserves (13.8 Mt at 5.3 g Au);measured and indicated resources are1.9 Mt at 4.2 g Au for 252,000 oz Au;inferred resources are 6.7 Mt 4.4 g Au or934,000 oz Au. A feasibility study nearingcompletion contemplates 3,000 tpdinitially from open pit and transitioningto underground; capital expendituresare estimated at ~$170 M.Taranis Resources, joint venturedwith Royal Gold Inc., continueddrilling on Kettukuusikko Au prospect.Northland plans a next phase ofdiamond drilling at Barsele Au as soonas permits are obtained and drill rigsare available. Highlights at Barseleinclude 178 m @ 1.26 g Au. EuropeanDiamonds began first stage processingof 500 t of kimberlite from theLahtojoki pipe, southern Finland, atthe Geological Survey of Finland’s diamondfacility at Outokumpu. SunriseDiamonds reports a further kimberlitediscovery as a result of follow-updrilling of a geophysical anomaly some200 m away from of the Anomaly 45kimberlite at Kuusamo; 4.4 m of kimberlitehosted in granite was intersectedat a down-hole depth of 12.2 m.SWEDENMawson Resources Ltd will drill fiveAu targets in Sweden, including a 150-hole, ~1,500 m “peek hole” bedrockprogram at Middagsberget North,where the company discovered bonanzagrade Au in surface boulders during2005; the large angular boulders containedfrom 0.01 g Au to 60.8 g Au,averaging 6 g Au. The drilling programwill attempt to locate the bouldersource. At Vargbäcken Au, RC drillingwill test a new soil Au anomaly located600 m to the north east of main mineralizedbody, associated with a goldbearingdiorite. Mawson added to itsexisting uranium portfolio at Flitsjarn,with acquisition of uranium targets atDuoblonn, Klappibacken, and Tasjo.Mawson’s Angesdal Au project lies onthe southern “gold line” and a 75-holebedrock drill program is planned to testmagnetic anomalies located 7 kmalong strike from Lappland Goldminers’1.9 Moz Fäboliden gold project, currentlyunder prefeasibility.Tumi Resources Ltd is aggressivelyacquiring Ag and Ag-polymetallic targetsin the Bergslagen district. 1SEG DECEASED MEMBERSFOR 2005G. Christian Amstutz (SF 55)Amado Anda (M 99)Ross L. Andrew (F 94)Edward M. Bennett (LF 63)David F. Blight (F 89)Johannes J. Brummer (SF 54)Stanton W. Caddey (F 85)Keith B. Duguid (F 04)Alaster C. Edwards (M 79)Christopher B. Gillette (M 98)Tsu-Ming Han (SF 60)William P. Johnston (SF 51)Richard A. Keele (M 04)Colin D. McLachlan (M 03)Horacio A. Magliola-Mundet (F 78)James J. Norton (SF 52)EXPLORATION REVIEWS
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