VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/25/13 -- Eurasian Minerals Inc. (the "Company" or "EMX") (TSX VENTURE: EMX)(NYSE MKT: EMXX) is pleased to announce the selection of the Iekelvare Designated Project in Sweden pursuant to the Strategic Alliance and Earn-In Agreement dated February 17, 2011 (the "Alliance Agreement"), executed by the Company and Antofagasta Minerals S.A. ("Antofagasta"), a wholly-owned subsidiary of Antofagasta plc. Iekelvare joins Kiruna South (see February 18, 2011 Company news release) as a Designated Project in Sweden, with both projects selected from EMX's property portfolio based upon their exploration prospectivity. Antofagasta can earn up to a 70% interest in a Designated Project through a combination of cash payments and work commitments that result in a NI 43-101 compliant feasibility study.
EMX is conducting copper exploration in Sweden funded by Antofagasta under the Alliance Agreement. The Company's work at Iekelvare identified prospective copper-gold targets through field mapping and the integration of comprehensive exploration databases. EMX and Antofagasta have work programs that are either underway, or planned for later in 2013, at both Iekelvare and Kiruna South.
Iekelvare Designated Project. The Iekelvare Designated Project ("DP") consists of EMX's 5,250 hectare "Iekelvare 1" exploration license in Norrbotten County, Northern Sweden. The project is situated within a province of Iron-Oxide-Copper-Gold ("IOCG") style deposits in the region. Exploration work conducted by the Swedish Geologic Survey ("SGU") in the 1970's demonstrated the presence of copper-rich boulders and copper geochemical anomalies in glacial till materials, as well as bedrock hosted copper and gold mineralization in the area.
A Phelps Dodge Exploration Sweden ("PDES") and Beowulf Gold plc joint venture carried out further exploration work from 2003-2005, including twelve diamond drill holes totaling over 1,400 meters. Drill hole D1-MAJ intersected 110.3 meters (34.8-145.1 m) averaging 0.38% copper and 0.50 g/t gold (true width unknown) along what has been interpreted as a contact zone between granitic and dioritic units. Six additional holes intersected anomalous levels of copper mineralization (i.e., greater than 0.1% Cu). Styles of mineralization seen in the area include zones of massive chalcopyrite with actinolite and iron-oxide-rich mineralization that resemble IOCG deposits. The joint venture's exploration drilling was limited to relatively small areas on the property, and several geochemical and geophysical anomalies remain untested.
EMX has conducted reconnaissance geologic mapping, as well as rock (n=57) and boulder (n=3) sampling at Iekelvare. This work yielded seven rock samples with anomalous copper (gold) geochemistry, including results of 6.62% copper with 0.673 ppm gold, 884 ppm copper with 0.519 ppm gold, and 938 ppm copper (nil gold). EMX's field evaluation verified the styles of mineralization identified by the SGU and the PDES JV's previous work, and outlined a number of targets for follow-up exploration.
Designated Project Earn-In Terms. Antofagasta may earn an initial 51% interest in the DP by spending an aggregate of US $5 million over five years (the "First Option Expenditures") and making a one-time cash payment to EMX on, or before the fifth anniversary equal to the product obtained by multiplying 225,000 pounds of copper times the average copper price for the previous 30 trading days.
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