Eurasian Minerals Inc.

Eurasian Minerals Inc.

March 08, 2010 07:00 ET

EMX Reports Additional Encouraging Drill Hole Results from Grand Bois and Announces Plans to Resume Exploration Operations in Haiti

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2010) - Eurasian Minerals Inc. (the "Company" or "EMX") (TSX VENTURE:EMX) is pleased to report final drill hole assay results from the Grand Bois property, including near-surface oxide gold intercepts of 12.0 meters averaging 20.24 g/t and 30.4 meters averaging 6.76 g/t. The drilling program also produced significant new copper intercepts below the oxide gold zone, including 100.58 meters averaging 0.56%. The Grand Bois deposit occurs immediately to the southeast of a 1.8 by 1.1 kilometer area of strongly anomalous copper soil geochemistry ( greater than 250 ppm Cu) at Riviere Brunette. The Riviere Brunette copper anomaly is situated 100 to 400 meters lower in elevation than the ridge hosting the Grand Bois deposit, suggesting a correlation with the copper drill intercepts that occur beneath the shallow gold zone. The Company is also pleased to announce that it has relocated its Haiti exploration office from Port au Prince to Cap Haitien, and is planning to resume field operations early in the second quarter. Grand Bois is a Designated Project with joint venture partner Newmont Ventures Limited ("Newmont" or "NEM"), a wholly owned subsidiary of Newmont Mining Corporation. See attached maps and for more information.

Grand Bois Drill Results. The seventeen hole, 2,231 meter Grand Bois diamond drilling program was designed to confirm previous drill results from the historic, non-NI 43-101 compliant gold resource area, test geochemical anomalies peripheral to the historic resource area, and assess the Rivage Ridge zone located approximately 750 meters southwest of the resource area. Initial assay results were previously reported for the first 884.2 meters of drilling (see Company news release dated 12/9/2009). Results from the remaining 1,346.8 meters of core drilling are summarized and discussed below.

Drill From To val Au Cu
Hole TD (m) (m) (m) (g/t) (%) Oxidation Comments
0 21 21 1.15 - oxide Resource
---------------------------------------------- area.95% of
GBDH-004 181.4 33.53 134.11 100.58 - 0.56 sulfide the hole was
---------------------------------------------- anomalous
167.69 173.74 14.78 - 0.32 sulfide in Cu.
GBDH-005 150.6 0 19.81 19.81 0.68 - oxide&mixed Resource
area. 77%
of samples
greater than
100 ppm Cu.
GBDH-006 164.9 13.9 24.2 10.3 - 0.24 sulfide&mixed Resource
73% of hole
greater than
100 ppm Cu.
GBDH-007 349.0 111.25 117.35 6.1 0.4 0.63 sulfide Resource
49% of hole
greater than
100 ppm Cu.
GBDH-008 89.9 1.5 79.2 77.7 4.28 0.21 oxide&sulfide Resource
area. Entire
hole with
elevated Au
& Cu. Hole
with 1.6% Cu
Including 3 15 12 20.24 - oxide
overlap 59.4 89.92 30.52 - 0.78 sulfide
GBDH-010 80.8 0 30.4 30.4 6.76 - oxide Resource
area. Also
98.46 g/t
Ag. 68% of
the hole
greater than
100 ppm Cu.
GBDH-012 156.7 anomalous copper (0-67.1m) oxide&sulfide Rivage Ridge.
GBDH-013 147.8 anomalous gold (0-13.1m) oxide&sulfide Rivage Ridge.
& copper (0-140.2m)
GBDH-014 126.5 anomalous gold (10.7-21.3m) oxide&sulfide Rivage Ridge.
& copper (0-125m)
GBDH-015 135.6 anomalous gold (3-21.3 m) oxide&sulfide Rivage Ridge.
& copper (0-134.3m)
GBDH-016 30.5 0 20 20 3.15 - oxide&sulfide Resource
Anomalous Cu
Significant intervals are reported for gold at a 0.3 g/t cutoff and for
copper at a 0.1% cutoff over a minimum length of 6 meters. Anomalous gold
greater than 0.1 g/t and anomalous copper greater than 100 ppm.

- Historic resource area: New assay results are reported for five of a total seven holes in the historic resource area, and confirm or increase the tenor and thickness of the gold zone as defined by the historic drilling. Furthermore, EMX's drill holes consistently intersected chalcocite, covellite and chalcopyrite in a sulfide copper zone beneath the oxide gold horizon. The copper zone remains open for expansion in all directions.

-- GBDH-004 was angle drilled to test the eastern edge of the historic resource area, and has a previously reported oxide gold intercept starting from surface of 21 meters averaging 1.15 g/t gold. New results from below the gold zone (33.53-134.11 m) intersected a 100.58 meter zone of copper averaging 0.56%.

-- GBDH-005 was drilled in the northern resource area between historic drill holes GBS-X4 (6m @ 0.46 g/t Au) and GBS-X10 (6.0m @ 0.99 g/t Au), and intersected thicker oxide gold mineralization of 19.8 meters (0-19.8m) averaging 0.68 g/t gold. Seventy-seven percent of the drill hole (116.2m from a total 150.57m) intersected anomalous copper mineralization ( greater than 100 ppm Cu) beneath the gold zone.

-- GBDH-008 is located at the southeast margin of the historic resource area, and intersected 77.7 meters averaging 4.28 g/t gold and 20.96 g/t silver, including a shallow (3-15m) oxide subinterval of 12 meters averaging 20.24 g/t gold and 94.81 g/t silver. Core recoveries in the high-grade, oxide subinterval were poor (i.e., as low as 38%). Due to these poor recoveries, GBDH-008 was offset and re-drilled by previously reported shallow holes GBDH-009 (TD=24.38m, 21.4m @ 10.19 g/t gold and 64.89 g/t silver) and GBDH-011 (TD=30.6m, 28.4m @ 20.45 g/t gold and 63.2 g/t silver). These three EMX core holes consistently intersected near-surface, oxide, high-grade gold-silver mineralization. Further, GBDH-008 (TD=89.92m) extends the gold mineralized zone to a depth of 79.2 meters. A zone of copper mineralization overlaps the deeper gold mineralization in the drill hole from 59.4 to 89.92 meters, averaging 0.78% copper over 30.52 meters. The hole ended in mineralization (1.6% copper).

-- GBDH-010 was collared in the center of the historic resource area to twin historic drill hole GBS-D6 (49.0m @ 5.56 g/t gold), and intersected 30.4 meters at 5.32 g/t gold and 98.46 g/t silver.

-- GBDH-016 was a short, vertical drill hole located adjacent to historic drill holes GBS-B4 (22m @ 5.43 g/t gold) and DDH-2 (27.8m @ 1.46 g/t gold), and starting at surface intersected 20.0 meters of oxide gold at 3.15 g/t, and beneath it 9.21 meters of 0.21% copper.

- Zones peripheral to the resource area: A series of four drill holes were located peripheral to the historic resource area to test surface trench results and gold-in-soil anomalies ( greater than 0.1 g/t Au). Drill hole GBDH-007, located southeast of the historic resource area, intersected 18.3 meters of anomalous copper starting at surface, with a deeper interval (111.25-117.35m) of 6.1 meters averaging 0.40 g/t gold and 0.63% copper. Below this, 61% of the intervals are anomalous in copper. Previously reported results for the other three holes (GBDH-002,-003,-006) intersected anomalous copper mineralization to the northwest, west, and southwest of the historic resource area. Together these four peripheral drill holes have identified an open-ended 600 by 500 meter copper target.

- Rivage Ridge zone. Five holes were drilled to test northwest trending gold-in-soil anomalies ( greater than 0.1 g/t Au) over Rivage Ridge. New assay results are reported for GBDH-012 through -015, with all four holes intersecting anomalous copper over a 500 (north-south) by 200 (east-west) area. GBDH-013, GBDH-014 and GBDH-15 also intersected surface, or near-surface, anomalous gold mineralization.

The Grand Bois drilling program has confirmed or enhanced historic drill results in the near-surface, oxide gold zone, and has identified zones of sulfide copper mineralization below, and adjacent to, the gold horizon. Drilling peripheral to the historic resource area and at Rivage Ridge consistently encountered near-surface gold mineralization, as well as anomalous copper mineralization distributed throughout the holes.

Riviere Brunette Copper Anomaly. Soil sampling in the Riviere Brunette area, located immediately northwest of the Grand Bois deposit, delineated a robust 1.8 by 1.1 kilometer copper-in-soil anomaly. The anomaly is characterized by 183 soil samples, of which 82% assayed greater than 250 ppm copper. Thirty-six percent of the samples are greater than 500 ppm copper, and there is a higher grade core defined by 11% of the samples that assayed greater than 1000 ppm (0.1%) copper. The zone of anomalous copper mineralization, as defined at surface, remains open to the northeast and west.

The Riviere Brunette copper anomaly is 100 to 400 meters down slope from the ridge hosting the Grand Bois deposit. The drilling at Grand Bois consistently intersected a 20 to 30 meter oxide gold zone overlying sulfide copper mineralization. The copper mineralization typically extends to depths of over 100 meters, and many of the holes in the historic resource area ended with anomalous copper grades. Dense vegetation and rare outcrops make an evaluation difficult, but the lateral and vertical relationships between Grand Bois and Riviere Brunette suggest that they are both part of a larger copper mineralized system.

The Rivage Ridge area is also characterized by copper mineralized drill intercepts, as well as anomalous copper soil geochemistry. Anomalous copper mineralization from rock samples (500 ppm to greater than 1000 ppm Cu) occurs in drainages to the west of Riviere Brunette and Rivage Ridge, to the south of Rivage Ridge and Grand Bois, and to the east of Grand Bois. Further mapping and sampling are planned to fully evaluate this 7.5 square kilometer area of copper mineralization.

Grand Bois Property Overview and Historic Resource. The Grand Bois property covers an area of 50 square kilometers of mineral rights in northern Haiti, and is entirely surrounded by EMX exploration licenses. The Grand Bois gold deposit, as currently defined, is roughly circular in outline with dimensions of 300 by 350 meters and consists of a poorly consolidated tabular body of mineralized and oxidized volcanic rock. The property has undergone four historic drilling campaigns totaling more than 7500 meters. The United Nations Development Program ("UNDP") produced a non-NI 43-101 compliant historical resource estimate, termed a "geological reserve", of 4.3 million tonnes averaging 2.24 g/t gold (Focsa, et al., 1986, Le Gisement d'or de Grand Bois/Limbe. Project HAI/84/016-02-P01 UNDP/BME). The UNDP historical "geological reserve" does not use the resource and reserve categories as defined in NI 43-101, and a Qualified Person has not performed sufficient work to classify the historical estimate as current mineral resources. EMX is not treating the estimate as current mineral resources, and it should not be relied upon until it can be confirmed by the Company. However, the drill-delineated Grand Bois gold mineralized deposit described by the UNDP report is considered relevant.

Re-Establishment of Exploration Programs in Haiti. Since the devastating earthquake in January, EMX has focused in-country resources and staff on relief efforts. As Haiti begins the rebuilding process, the Company believes it can best contribute to that effort and promote economic development by resuming exploration operations. EMX has already relocated its field office from Port Au Prince to Cap Haitien, and is pleased at the pace of progress in preparation for resuming the field-based programs. The Company expects to start-up field work early in the second quarter.

Comments on Sampling, Assaying, and QA/QC. The EMX-NEM core drilling program averaged 89% recovery. The reported significant intervals in this news release averaged 83%, and ranged from 66% to 100% recovery. The reported intercepts are interpreted to be approximately true thickness, except for GBDH-008, where current understanding of possible high-angle structural control is unclear.

The EMX-NEM drill hole samples were collected in accordance with accepted industry standards and procedures. The samples were submitted to the ACME Labs (ISO 9001:2000 accredited) in Santiago, Chile for analysis. Gold was analyzed by fire assay with an AAS finish, and multi-element analyses were determined with aqua regia digestion and ICP MS/AAS techniques. Over limit gold assays ( greater than 10 g/t) were re-analyzed by fire assay with a gravimetric finish. Over limit silver ( greater than 100 g/t) and copper ( greater than 1%) were re-analyzed by ICP AAS. EMX conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks and field duplicates.

Mr. Michael P. Sheehan, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed and verified the technical information contained in this news release.

EMX is exploring and investing in a first-class mineral property and royalty portfolio in some of the most prospective, but under-explored mineral belts of the world.

Forward-Looking Statement:

Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.

To view the maps accompanying this news release please click on the following link:

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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