Karaağac

Karaağac, located within the Muratdaği licence block of western Turkey, situated 30 km north-east of the town of Usak and 300 km west-south-west of Ankara. The licence block itself covers a thrust-faulted sequence of limestones and schists that have been intruded by, and now partly overlain by, volcanic rocks of Miocene age.

Figure 1. Silicified limestone at Karaağac

Following detailed geological mapping, systematic chip sampling of the outcropping thrust zone and altered limestone (Fig. 1) yielded numerous values in excess of 0.5 g/t gold and high values of 2 m @ 9.71 g/t gold and 1 m @ 6.92 g/t gold along approximately 7 km of the exposed thrust contact. A subsequent RC drill programme in 2007 has defined an inferred resource of 156,798 oz Au.

The Company is currently evaluating how to proceed with the project and are considering further work to extend the resource and/or a joint venture.