Eurasian Minerals Inc. (TSX VENTURE:EMX)(NYSE MKT:EMXX) (the "Company" or "EMX") is pleased to announce ongoing drill success at IG Copper LLC's ("IGC") Malmyzh porphyry copper-gold district in Far East Russia. EMX is IGC's largest shareholder with 40.96% of the issued and outstanding shares. The Malmyzh exploration and mining licenses are held by a joint venture between IGC and Freeport-McMoRan Exploration Corporation ("Freeport" or "FMEC"), with IGC operating and managing the project. Malmyzh is a grassroots, district-scale exploration discovery that is rapidly advancing towards resource delineation. Other news includes IGC's recent acquisition of the 390 square kilometer Shelekhovo gold-silver-copper property 150 kilometers to the northeast of Malmyzh, and an administrative name change from InterGeo Resources, LLC to IG Copper LLC earlier this year.
Since EMX last reported IGC's Malmyzh drill results (see EMX news release dated September 6, 2012) the joint venture has drilled an additional 79 diamond holes totaling over 28,500 meters. IGC has advised that ongoing diamond drilling has focused on delineating near-surface porphyry copper-gold mineralization at four of the fourteen known target areas. These porphyry targets occur within a 16 by 5 kilometer intrusive corridor concealed beneath a shallow cover of soil (0.5-50 m) and vegetation.
The majority of the drill meters have been concentrated on defining the Central, Freedom, and Valley prospects on nominal 200 meter centers with a combination of vertical and angle holes. Central is delineated as a 1,000 by 550 meter area of mineralization principally hosted in diorite porphyry rocks to depths of 400-600 meters. The Freedom prospect consists of two copper-gold mineralized bodies coincident with magnetic highs, and having dimensions of 1,400 by 700 meters and 1,300 by 400 meters and extending to depths of 400-500 meters.
Exploration drilling at the other prospects continues to identify additional porphyry alteration and copper-gold mineralization. There are currently three diamond drill rigs active on the property.
Malmyzh Project Background. Malmyzh is located in Far East Russia, approximately 220 kilometers northeast of the city of Khabarovsk and the nearby border with China. The project has excellent logistics and infrastructure, including high voltage power lines, a paved national highway, and a rail line that are all nearby to the property. As well, the Amur River lies within two kilometers of the project boundary and is directly linked to major shipping ports. The property is covered by two exploration and mining licenses that total approximately 150 square kilometers.
IGC has a 51% ownership interest in the Malmyzh joint venture, with Freeport retaining a 49% interest (see EMX news release dated September 6, 2012). The IGC team is led by President and CEO Tom Bowens, and includes key personnel with a track record of exploration discovery and project development in the Russian Federation. EMX is contributing executive management guidance to IGC with David Cole as the Chairman of the Board of Managers and Michael Winn as a board manager, and is a substantial IGC shareholder with 40.96% of the issued and outstanding shares (36.6% equity position on a fully-diluted basis) resulting from investments totaling US $6.8 million.
