NEWS OUT
Press Release Source: Anatolia Minerals Development Limited
Drilling at Rio Tinto/Anatolia's Tunceli JV
Wednesday September 10, 12:01 pm ET
Drilling recommences at the Kizilviran copper/gold porphyry following encouraging assay results. Drilling planned for Kirinti Gold Prospect.
TORONTO, Sept. 10 /CNW/ - Two drill rigs will recommence drilling at the Kizilviran copper/gold porphyry prospect in the Tunceli Anatolia Minerals Development Ltd. ('Anatolia') and Rio Tinto Mining & Exploration Limited ('Rio Tinto') JV area in Turkey. The first hole bottomed in copper mineralization at 594 meters, more than twice the original planned depth. Hopefully, the additional rig will permit swifter progress and deeper testing. Final assay results are awaited and may be delayed by the re-assaying of some of the core.
Kizilviran includes several square kilometers of porphyry-type alteration, widespread copper and gold mineralization and large, strong, geophysical anomalies. Secondary chalcocite has been mapped over a wide area below a leached cap in stream bottoms, road cuts and in the drill hole (58 meters thick), indicating the presence of a copper-enriched chalcocite blanket.
The first diamond core hole, drilled at the northwest edge of the deposit, intersected disseminated and stockwork chalcocite, covellite, bornite, chalcopyrite and pyrite beginning at 13.5 meters. Enriched copper mineralization continued to 68.5 meters. Primary mineralization, mainly disseminated and veinlet chalcopyrite, pyrite and molybdenite, continued to the bottom of the hole at 594 meters, beyond which the rig on site could not penetrate. Preliminary results are very encouraging, averaging 0.4% copper, 0.14 grams gold per tonne and 0.004% molybdenum from 13.5 to 594 meters. Severe core loss in the chalcocite zone and incomplete digestion of samples prior to assay may have caused a significant understatement of values and are being reviewed.
The Sin copper/gold porphyry prospect, 20 kilometers southeast (also within the Tunceli JV area) may require a third rig or else will immediately follow drilling at Kizilviran. Additional prospective areas between Sin and Kizilviran are still in the initial stages of exploration.
"The Tunceli District has the potential to contain a number of copper- gold porphyry deposits," according to Richard Moores, Anatolia's President. "Work to date has generated several kilometers-square copper anomalies, with interesting gold values, each within an envelope of porphyry-style alteration. Our first hole at Kizilviran cut good-looking copper mineralization and we hope to get final assays soon. If one or more economic deposits are found, they could be easily developed, since necessary infrastructure is available on site or near by."
Anatolia and Rio Tinto are also planning to drill 4 short holes at the Kirinti JV gold prospect in north central Turkey this Fall. Targeted is a 1+ kilometer long, 600+ meter wide gold anomaly from a soil grid geochemical survey which overlies a geophysical anomaly. Additional drilling will follow if positive results are received.
Metallurgical and engineering results for the Copler gold deposit JV are being reviewed by both Anatolia and Rio Tinto in order to decide on the next steps to take. Test work done to date has been encouraging. A conceptual or prefeasibility study should follow this review.
In April, 2000, Anatolia and Rio Tinto Mining and Exploration formed a 4-year strategic alliance to seek base and precious metal deposits in Turkey. To date, Rio Tinto has funded over US$8 million for JV exploration, with additional funding in 2003. Rio Tinto is currently earning into four prospects in Turkey, each requiring expenditure of US$10.5 million and payment of US$1.5 million for a 65% interest. Anatolia is teamed with one of the premiere mining companies in the world, enabling it to explore and advance its portfolio of exciting projects. Assays are performed by OMAC Laboratories, Ireland, with quality control of sampling, preparation and assaying overseen jointly by Rio Tinto and Anatolia whose President, Richard C. Moores, is a "qualified person" for the purposes of applicable Canadian securities regulations. |
