TURKEY EXPLORATION UPDATE (0154X)
30 November 2010 - 6:01PM
UK Regulatory
TIDMEGU
RNS Number : 0154X
European Goldfields Ltd
30 November 2010
Suite 200, Financial Plaza
204 Lambert Street
Whitehorse, Yukon
Canada Y1A 3T2
For Immediate Release
TURKEY EXPLORATION UPDATE
30th November 2010 - European Goldfields Limited (AIM: EGU /
TSX: EGU) is pleased to announce highly encouraging exploration
results from its initial drilling programme in Turkey.
Highlights
-- High-grade gold zone outlined at Salinbas including trench
results of:
- 46 metres at 8.33 g/t gold
- 32 metres at 5.43 g/t gold
- 38 metres at 3.67 g/t gold
-- With follow-up drilling:
- 21.5 metres at 6.63 g/t gold
- 42.7 metres at 2.78 g/t gold
- 18.2 metres at 4.08 g/t gold
-- Ardala porphyry drilling intercepts 189 metres at 0.17 g/t
gold and 0.24% copper
-- Continuing drilling expected to yield further results in the
coming months
Work to date has focused on three targets: the Salinbas Gold
Zone, the Ardala copper-gold porphyry within the Ariana joint
venture and the Derinkoy gold target in the Aldridge Minerals joint
venture. Regional sampling aimed at selecting other targets for
licence applications has also continued across the Pontide
region.
Commenting on these results, Patrick Forward, Vice President
(Projects and Exploration) of European Goldfields, said:
"We are delighted that our exploration efforts in Turkey have
confirmed the presence of these excellent high grades over
significant widths at Salinbas. This deposit represents a brand new
discovery with potential to add to our resource base and indicates
the upside of the Eastern Pontide region of Turkey. The results at
the adjacent Ardala target indicate a larger system of porphyry
mineralisation which will be further investigated in the coming
months".
Salinbas Gold Zone
Last year European Goldfields announced the discovery of a new
high-grade gold epithermal discovery named Salinbas. Mineralisation
is associated with a series of breccias pipes along a structural
corridor of more than 300 metres in drilled strike length and which
is open at depth and along strike. The system is interpreted to
relate to the Ardala porphyry some two kilometres away. The
discovery was revealed in a series of trenches and further
trenching was carried out in 2010. All trench results to date in
bedrock can be summarised as follows:
Trench ID Meters Au g/t Ag g/t
ST1 32 5.43 7.8
------- ------- -------
ST2 20 1.16 3.7
------- ------- -------
ST3 46 8.33 39.0
------- ------- -------
ST9 4 1.52 1.5
------- ------- -------
ST10 16 1.33 5.3
------- ------- -------
ST10 1 1.85 4.3
------- ------- -------
ST11 5 2.53 18.3
------- ------- -------
ST11 55 7.80 9.2
------- ------- -------
ST12 28 1.77 4.0
------- ------- -------
ST12 8 8.38 13.8
------- ------- -------
ST13 38 3.67 12.1
------- ------- -------
ST14 31 1.56 9.4
------- ------- -------
ST15 27 1.96 10.6
------- ------- -------
ST20 13.3 1.20 1.3
------- ------- -------
Results reported for intercepts >1g/t Au using a 0.5 g/t Au
lower cut, no upper cut and up to 10 metres of waste material
allowed.
Follow-up diamond drill core holes have been completed in 2010
and confirmed the high-grade intercepted in trenches:
Drillhole Depth Meters Au g/t Ag g/t
SALH007 0.5 - 22 21.5 6.63 19.8
-------
SALH008 9.8 - 28 18.2 4.08 29.2
----------- ------------ ------- -------
SALH008 34.7 - 35 0.3 2.25 26.6
----------- ------------ ------- -------
SALH008 48.8 - 49.4 0.6 2.84 10.2
----------- ------------ ------- -------
SALH009 14.8 - 26.9 12.1 5.66 14.5
------------ ------- ------- -------
SALH011 0 - 4 4 1.45 2.45
----------- ------------ ------- ------- -------
SALH012 6 - 48.7 42.7 2.78 13.4
----------- ------------ ------- ------- -------
incl. 23
- 35 12 6.78 36.5
----------- ------------ ------- -------
SALH013 124 - 125 1 1.02 7.23
----------- ------------ ------- -------
SALH014 0 - 23.8 23.8 2.67 14.1
----------- ------------ ------- ------- -------
Results reported for intercepts >1g/t Au using a 0.5 g/t Au
lower cut, no upper cut and up to 6 metres of waste material
allowed
Further drilling is planned to investigate the strike and depth
extensions of the zone.
Ardala Porphyry
Mapping and sampling of the Ardala porphyry in 2009 indicated
that the mineralisation continues under shallow limestone cover to
the south of the outcrop previously explored in the 1990's. Diamond
core drill testing of this in 2010 has confirmed this geological
model with the following intercepts.
Drillhole Depth Meters Au g/t Cu %
-------
ARDH006 32 - 166 134 0.21 0.19
---------- ------- -------
ARDH007 0.5 - 194 189.5 0.17 0.24
---------- -------
Results reported for intercepts using a 0.1 g/t Au lower cut, no
upper cut and up to 6 metres of waste material allowed
Further drilling is planned in order to establish the full
extent of the porphyry extension.
Derinkoy
Two gold epithermal targets identified by soil anomalies of more
than one and two kilometres in length respectively were selected
for drill testing. Drilling has commenced on one of these and
results are expected over the next two months.
Regional
Work across the Eastern Pontide region continues and targets
with confirmed gold and silver mineralisation in bedrock samples
have been selected for licence selection once the next round of
licence auctions commences in early 2011.
About European Goldfields
European Goldfields operates an exploration programme through
two Joint Venture ("JV") companies. The JV with Ariana Resources is
focused on the Greater Pontides region of Turkey, a highly
prospective geological terrain containing several major deposits.
The JV with Aldridge focuses on the Derinkoy properties which are
adjacent to the Ardala property in N.E Turkey and show very
encouraging styles of gold mineralisation. The properties lie
within an area of interest known as the "Pontid JV" which is
defined as part of the Ariana JV agreement.
European Goldfields is a developer-producer with globally
significant gold reserves located within the European Union. The
Company generates cash flow from its 95% owned Stratoni operation,
a high grade lead/zinc/silver mine in North-Eastern Greece.
European Goldfields will evolve into a mid-tier producer through
responsible development of its project pipeline of gold and base
metal deposits at Skouries and Olympias in Greece and Certej in
Romania. The Company plans future growth through development of its
highly prospective exploration portfolio in Greece, Romania and
Turkey.
For further information please contact:
European Goldfields Liberum Capital Limited
Steve Sharpe, VP Business Development Simon Atkinson
e-mail: info@egoldfields.com Tom Fyson
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000
Brunswick Evolution Securities Limited
Carole Cable / Fiona Micallef-Eynaud Rob Collins
e-mail: egoldfields@brunswickgroup.com Tim Redfern
Tel: +44 (0)20 7404 5959 Tel: +44 (0)20 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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