VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 11/28/12 — Aegean Metals Group Inc. (TSX VENTURE: AGN) („Aegean“ or the „Company“) is pleased to report the initial surface rock sampling assay results from the Company-s Hot VMS gold-copper („Au-Cu“) prospect („Hot“) located in the Artvin Province, Northeast Turkey. The results showed long intervals of significant gold and other metals from road cuts crosscutting Hot-s VMS mineralized zone.
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The 100%-owned, 7,394-hectare, Hot prospect was acquired and unified through the combination of a Turkish auction in January 2012 and an agreement to purchase of contiguous properties from Teck Madencilik Sanayi A.S., the Turkish subsidiary of Teck Resources Limited („Teck“) in September 2012. Both acquisitions were completed while Aegean was still a private company.
„Stringer zones“ are often associated with and represent the feeder zones for massive sulfide deposits. Near the small village of Yukarimaden and close to the Georgian border, the road cuts, from which rock samples were taken, are approximately 400 metres apart and are along the projected strike of „stringer zone“ VMS mineralization, which is believed to be more than a kilometre in length. 5-metre rock chip samples were collected near the middle and topographically lowest part of a seven kilometre long high sulfide (5-15% pyrite) zone trend. The high sulfide trend averages nearly 200 metres in width and appears to be characterized by isoclinally folded metavolcanics and metasedimentary rocks of Jurassic-Cretaceous age. The results reported in this release are the first published numbers of „stringer zone“ Au-Cu-Zn mineralization at the Hot prospect.
„The gold mineralization at the Hot prospect represents a new chapter in the history of the old Hot Maden copper district in northeast Turkey,“ says Aegean VP of Exploration, Tom Henricksen. „The nearby Murgul Mine and high-grade Cerattepe deposit, both principally VMS/“stringer zone“ copper deposits, show the potential for a significant VMS discovery at Hot.“
A total of 56 out of 71 rock chip samples contain Au grades between 0.10 g/t to 14.40 g/t (See Figure 1). The detailed results from some of Aegean-s initial rock sampling for Hot are outlined in the table below.
The polymetallic mineralization at Hot has been known for a long time with production records existing from Russian mining activities before 1900. Records show that the Hot Mines- copper veins were exploited from 1888 to 1904. Approximately 500 to 700 tons of copper per year was obtained from high-grade copper veins, up to a metre in width, during this period. The mine operation was interrupted between 1904 and 1911. The mine was given to the Russian Hot Company in 1913 and operated until around 1921, when the Russians were expelled from the area.
The oldest tunnels were re-opened and sampled by the Turkish government company, MTA, in 1942 and 1943. The MTA also conducted geophysical studies, including IP and Turam (EM), that delineated buried potential VMS deposits and near surface „stringer zone“ type sulfide mineralization. Three of five proposed drill holes were drilled on the copper veins in the 1970s, but the results have not been located.
In 2012, Aegean geologists recognized intense silicification and phyllic alteration associated with „stringer zone“, which may extend undercover to the north. The accompanying IP and Turam (EM) anomalies, although historical in nature, suggest that the „stringer zone“ gold may be more extensive, and may indicate buried massive sulfides, to the north and south of the geochemical anomaly reported in this news release. This „stringer zone“ gold area is outside the area of the copper veins previously drilled by MTA. The local residents in the area have reported other previous drilling and the Company is seeking to determine the results of this drilling.
Aegean is currently digitizing all data compiled by the MTA over the last 60 years for the Hot prospect area, formerly called the Hot Maden prospect. In addition, the Company is conducting additional geologic mapping, geochemical sampling, and geophysical activities in the next several months (See Figure 3). The Company will be completing a Technical Report on Hot in the first quarter of 2013 as part of the requirements of NI 43-101.
To view Figures 1 to 3, visit the following link:
Review by Qualified Person, Quality Control and Reports
Dr. Thomas Henricksen, is a qualified person is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release with respect to the assay results from the drilling program. Dr. Henricksen is a registered professional geologist in the State of Wyoming (Membership # 3069), a professional association and designation recognized by the Canadian regulatory authorities. Dr. Henricksen verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases and reviews of assay certificates.
71 Rock chip samples, 1-5 metres in length and weighing approximately 3-5 kilograms, were collected on the Hot prospect by Aegean employees. The samples were shipped by bus to the ALS Chemex Laboratory in Izmir, Turkey. Gold was analyzed by fire assay on a 30 gram sample with atomic adsorption spectrophotometer (AAS) finish. Samples above 10.0 g/t Au were repeated by fire assay on a 30-gram sample with gravimetric finish. Multi-elements were analyzed by inductively coupled plasma mass spectroscopy (ICP-MS) following multi-acid digestion. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control. More technical information on the Company-s properties are available on .
About Aegean Metals Group Inc.
Aegean Metals Group Inc. (TSX VENTURE: AGN) is a junior exploration company based in Canada with a primary focus in the acquisition, exploration and development of gold and copper properties. The Company currently holds major interests with Teck in two epithermal/mesothermal gold prospects in western Turkey, Ergama and Kizildam, as well as its 100%-owned Hot VMS gold and base metal prospect in northeast Turkey. For more details on the Company, please visit .
Forward-Looking Statement
This news release includes certain „forward-looking statements“ within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management-s current views with respect to possible future events and conditions and, by their nature, are based on management-s beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company-s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the „Risk Factors“ section of our annual and interim Management-s Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at . The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Aegean Metals Group Inc. Elina Chow Investor Relations 416.845.8495
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