Dec 16 2014
Aegean Metals Group Inc. ("Aegean" or the "Company") is pleased to announce the commencement of drilling at the Hot Maden gold-copper project in Artvin Province, eastern Turkey, by JV partner Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya").
The initial drill program at Hot Maden will focus on the evaluation of approximately 800 m of strike extent of the central portion of the 4.5 km long, NNE-trending Hot Maden alteration / mineralization corridor (see figure below), immediately to the north of an area where small scale mining of high grade copper-gold veins was undertaken prior to 1923. A preliminary drill plan of 9 holes for 1,500 m has been proposed in this current drill program.
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Detailed geochemical sampling completed by both Aegean and Lidya over the central portion of Hot Maden has resulted in the delineation of strong anomalies of gold, copper, zinc, and lead associated with the Hot Maden alteration / mineralization corridor. Mineralization styles observed on surface include both stockworks and polymetallic veins (gold-copper dominant) within andesites, and stratabound type zinc-lead mineralization in sedimentary sequences. Initial drilling is expected to focus on gold-copper-dominant mineralization styles.
Eric Roth, Aegean's President & CEO commented "We are delighted to be announcing the start of drilling at our Hot Maden project. Our JV partner and project operators at Hot Maden, Lidya, have done an exceptional job in advancing the project to the drill stage in a relatively short time frame, building on the earlier target generation work completed by Aegean with more systematic geological mapping and sampling. Lidya has also actively engaged with local communities to ensure that we are able to continue to advance the project for the benefit of all stakeholders."
Aegean and Lidya announced the signing of an Option Agreement for the Hot Maden project on July 2, 2014, in which Lidya can earn a 70% interest in the Hot Maden project by incurring USD$3M of combined exploration expenditures and cash payments to Aegean over a 48 month period. During Year 1 of this agreement, Lidya has committed to a minimum expenditure at Hot Maden of USD$0.5M (including a minimum of 800 m of drilling) for which it will receive an initial 20% interest in the property. Full details of the Hot Maden option agreement are available on the Company's website at http://aegeanmetalsgroup.com/investors/news_releases.
About Aegean Metals Group Inc.
Aegean Metals Group Inc. (TSX VENTURE:AGN)(FRANKFURT:A91) is a Canadian junior exploration company focused on the acquisition, exploration and development of high grade gold, copper and polymetallic deposits in favourable jurisdictions that have the potential to become operating mines with strong cash flows. The Company currently holds two projects in Turkey: the recently optioned Hot Maden gold and base metal prospect in northeast Turkey and the Ergama high sulfidation epithermal gold prospect in western Turkey, where Aegean will ultimately retain a 49% interest upon completion of Teck Resources' back-in expenditure commitments. In northern Chile, the Company also recently staked two new exploration prospects, the Doña Ines gold-silver property and the Exploradora East copper property.
On November 4, 2014, Aegean and Mariana Resources Ltd ("Mariana") signed a Plan of Arrangement through which Mariana will acquire all of the issued and outstanding common shares of Aegean for a consideration of 1.902 Mariana shares for each Aegean share. A special meeting of Aegean shareholders to vote on the proposed business combination will be held in Vancouver on January 6, 2015. Subject to shareholders endorsing the merger, the transaction is expected to be completed on or before January 16, 2015.
Source: http://www.aegeanmetalsgroup.com/