Gentor is targeting the discovery of high-grade massive sulphide
mineralisation in the vicinity of recently discovered, near-surface
copper stringer zones at Hacimeter
TORONTO, April 30, 2012 /PRNewswire/ - Gentor Resources Inc. ("Gentor" or the
"Company") (TSX-V - "GNT" & OTCQB - "GNTOF") announces that it has
negotiated a 12 month option with "the Besler Group" in Turkey to
explore the Hacimeter Cyprus-type volcanogenic massive sulphide ("VMS")
discovery and specifically to target higher grade massive sulphide
mineralisation using geological and electro-magnetic ("EM") geophysical
techniques. The option agreement provides provision for the
establishment of a 70% Gentor and 30% Besler Group, joint venture
agreement to both explore the Hacimeter Project and the surrounding
region.
Gentor has incorporated a wholly-owned subsidiary in Turkey with offices
located in central Ankara, to facilitate VMS base metal exploration,
discovery and development in Turkey. In addition, Gentor has appointed
a highly experienced industry geologist Dr. Omer Celenk as its Country
Manager. Dr. Celenk, having completed a BSc Hons. at Birmingham
University in the UK, went on to Leicester University to complete both
an MSc in Mining Geology & Mineral Exploration and a PhD in Exploration
Geochemistry. He worked for the Turkish Geological Survey MTA before
becoming an expert Geochemist with the United Nations working in India,
the Philippines and Uganda. After five years with Irish junior Kenmare
Resources, Dr. Celenk consulted in Turkey to various companies,
including a stint with Kefi Minerals plc. Gentor's new Ankara based
staff include: Deniz Ates, previously a senior geologist with our joint
venture partner, the Besler Group, who will manage the Hacimeter
Project exploration; and Zeynep Erdogan, a graduate geologist who will
be our GIS geologist/administrator.
Further, Gentor has purchased a regional database of Turkish maps and
exploration information and commissioned a regional study of Turkish
VMS deposits, with the intention of using in-house VMS expertise to
secure further advanced exploration ground in Turkey.
Gentor's President & CEO Dr. Peter Ruxton commented: "We are very excited about creating more value for shareholders by
supplementing our Oman copper search with additional quality
exploration opportunities in Turkey. The Hacimeter Project not only
provides us with a "drill-ready" VMS target but also enables us to
lever of the Besler Group's regional experience to generate further
copper and base metal opportunities in a relatively unexplored VMS
terrain. With the right local partners, Gentor sees significant value
in applying its copper-base metal focus and significant VMS exploration
experience to discover and develop projects in what it sees as a number
of under-explored VMS provinces in Turkey."
GENTOR IN TURKEY
With its robust economy, excellent infrastructure, pro-mining
administration and tax incentives for mining, Turkey is becoming an
important exploration and mining destination. A number of recent
revisions to the Mining Code have produced a more secure exploration
and mining environment in a highly prospective geological terrain on
the threshold of Europe. Given Turkey's strong minerals heritage and
established mining culture, together with highly prospective and
relatively under-explored geology, Gentor believes it will remain an
attractive target for international exploration and mining companies.
In particular, Gentor sees excellent potential for both Kuroko and
Cyprus-type base metal deposits in various provinces of Turkey,
especially in the productive Black Sea Coast region (the Pontic Belt),
which is the prime regional target for Mesozoic-aged VMS and younger
copper-gold systems.
Turkey has a wide distribution of Ophiolitic and Island Arc volcanic
settings that have not received intensive modern exploration due to
perceived low potential for major copper and related base metal
deposits. Gentor has a positive view towards locating new base metal
discoveries in previously neglected regions and intends to acquire key
tenement coverage within several priority target areas by the end of
2012. Gentor also intends to develop and foster strategic relationships
with Turkish partners to accelerate its exposure to significant new
deposits.
HACIMETER PROJECT
The Hacimeter copper-gold project is located 20 kilometres south-west of
the regional centre Erzurum in a mountainous region rising to over
2,000 metres above sea level approximately 750 kilometres east of
Ankara in eastern Turkey (see Figure 1). Geologically, the Erzurum
Province is dominated by Ophiolitic rocks which comprise part of the
Izmir-Ankara-Erzincan Ophiolite Belt that was generally dismembered and
deformed during obduction, but has a crustal sequence of similar type
and age to the standard mafic volcanic hosts for Cyprus-type VMS
mineralisation elsewhere in Turkey, Cyprus and Oman.
In summary, previous exploration undertaken at Hacimeter has identified
two zones of relatively low-grade disseminated to stringer
pyrite-chalcopyrite mineralisation hosted within mafic volcanic rocks.
The stratigraphic setting and mineralisation style are consistent with
the sub-seafloor feeder portion of a Cyprus-type VMS system. This
mineralisation remains open in several directions, and a third adjacent
chargeability response as well as a nearby conductive target remains
untested.
Prospect Geology
The Hacimeter copper-gold project is located within a deformed and
imbricated 50 kilometre by 15 kilometre tectonic block that contains a
number of (mostly) north dipping regional thrust slices of Ophiolite
(see Figure 2), comprising undifferentiated ophiolite (mostly
ultramafics), meta-volcanics and sediments, and an ophiolitic melange.
The meta-volcanic portion of this sequence mapped by Besler geologists
in the Hacimeter Project area exhibits seafloor radiolarites and
gossanous zones within spilitic volcanics.
Mineralisation at the Hacimeter Project was discovered by the Besler
Group in 2010 when they identified exposed gossanous zones during
investigation of anomalous copper values in regional stream geochemical
data collected by MTA during the 1980's (see Figures 3a & 3b). Besler
engaged a Turkish joint venture partner to manage exploration on the
project during 2010-11 and completed 39 line kilometres of IP over the
known mineralisation and surrounding areas as well as two phases of
diamond drilling for an overall 43 drill holes totalling 5,003 metres
(see Figure 4). This work identified a zone of disseminated and
stringer pyrite +/- chalcopyrite sulphide mineralisation within
strongly silica-altered mafic volcanics that extended from surface to
at least 40 metres depth and remains open towards the SE and SW.
Preliminary laboratory scale flotation metallurgical testing of the
material produced a concentrate of 26-31% copper with a copper recovery
at 70-92% - work that suggests that a marketable copper concentrate
could be produced from it.
Proposed Exploration
Gentor's target is to identify a large massive sulphide system in this
district. Initial exploration will include ground based EM and diamond
drilling of both geological and prime geophysical targets at Hacimeter
during the 2012 field season commencing in mid-year. The EM survey
will include at least 30 line kilometres of data and will cover the
known mineralisation and surrounding geologically prospective areas -
with the aim of delineating any higher-grade seafloor massive sulphide
zones typically associated with Cyprus VMS stringer zones. Gentor
expects to drill a minimum of 10-15 holes for 1,500 metres at Hacimeter
in 2012 with two primary objectives:
a) to test existing geophysical/geological targets in order to extend
the known mineralisation and identify high-grade massive sulphide; and
b) to test new targets generated during the course of the ground EM
survey and expand the zone of known mineralisation.
The Besler Group Agreement
Gentor has signed an agreement with local miner "the Besler Group",
which holds a Category IV Operating License no. 45207 covering an area
of 5,283.33 hectares at Hacimeter in the Erzurum District of
north-eastern Turkey. Under the agreement, Gentor has been granted a
12 month option period for the purposes of funding and carrying out the
exploration for copper and base metals within the Operating Licence
area and in an area of influence around it, for an option fee of
US$200,000.
Gentor shall determine on or before the expiry date of the said 12 month
option period whether to acquire a 70% interest in the Project. If
Gentor exercises its option to acquire a 70% interest in the Project, a
further US$400,000 would be payable by Gentor to the Besler Group, and
Gentor would fund exploration by completing a feasibility study within
three years from the acquisition of the said 70% interest (the "Feasibility Period"). At the end of the second and third year of the Feasibility Period,
Gentor would pay annual sums of US$300,000 to the Besler Group.
The agreement also provides that Gentor shall fund and manage
exploration and feasibility activities during the feasibility and
development periods. All Gentor funded expenditure during the option,
feasibility and development periods is to be preferentially recoverable
from first cash flow during the production period, less an amount of
US$3,200,000. Once the Project starts generating cash, Gentor shall
have a preferential right to first cash flow from the Project on a
90%-10% basis. Once all Gentor expenditures in excess of US$3,200,000
are fully recovered, the profit from the operation shall be shared on a
70%-30% basis.
Qualified Person
The technical information in this press release has been reviewed and
approved by Dr. Peter Ruxton, who is a Professional Member of the
Institute of Materials, Minerals and Mining (I.M.M.M.), the Company's
President and Chief Executive Officer and a "qualified person" (as such
term is defined in Canadian National Instrument 43-101 as promulgated
by the Canadian Securities Administrators).
About Gentor
Gentor is a mineral exploration company whose projects include copper
and gold properties in the Sultanate of Oman and Turkey and a
molybdenum-tungsten-silver property in East Central Idaho, U.S. The
Company's strategy is to create shareholder value by developing highly
prospective mineral properties around the globe, with current focus in
the Sultanate of Oman and Turkey.
In Oman, Gentor is partnered with Al Fairuz Mining Company LLC on its
Block 5 exploration tenement and Al Zuhra Mining Company LLC on Block
6. In Turkey, Gentor is partnered with the Besler Group at Hacimeter.
About Besler
The Besler Group is an Eastern Anatolia focused metals and industrial
materials, mining and fabrication group primarily producing marble,
travertine and chromite but also has licenses to search for base and
precious metals. Gentor considers the Besler Group to be an ideal local
partner to accelerate exploration into the largely unexplored Eastern
Anatolian region of Turkey.
Cautionary Notes
Forward-Looking Information: This press release contains
forward-looking information. All statements, other than statements of
historical fact, that address activities, events or developments that
the Company believes, expects or anticipates will or may occur in the
future (including, without limitation, statements regarding drilling
and other exploration results, potential mineral resources, potential
mineralization and the Company's exploration and development plans) are
forward-looking information. This forward-looking information reflects
the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking information is
subject to a number of risks and uncertainties that may cause the
actual results of the Company to differ materially from those discussed
in the forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially
from current expectations include, among other things, risks related to
the exploration stage of the Company's properties, the possibility that
future exploration results will not be consistent with the Company's
expectations, changes in world copper or gold markets and equity
markets, political developments in Oman or Turkey, uncertainties
relating to the availability and costs of financing needed in the
future, the uncertainties involved in interpreting exploration results
and other geological data and the other risks involved in the mineral
exploration business. Forward-looking information speaks only as of
the date on which it is provided and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking information
is not a guarantee of future performance and accordingly undue reliance
should not be put on such information due to the inherent uncertainty
therein.
The United States Securities and Exchange Commission (the "SEC") permits
mining companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally extract or
produce. U.S. investors are cautioned not to assume that any disclosure
of mineralization contained in this press release is economically or
legally mineable. U.S. investors are urged to closely consider all of
the disclosures in the Company's reports filed pursuant to the United
States Securities Exchange Act of 1934 which may be secured from the
Company, or from the SEC's website at http://www.sec.gov/edgar.html.
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.
SOURCE Gentor Resources Inc.
Image with caption: "Figure 1 - Geological Map of Turkey with the main crustal sutures shown. Significant copper-base metals mines are marked (CNW Group/Gentor Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2275_PHOTO_EN_12859.jpg
Image with caption: "Figure 2 - Geology and location of the Hacimeter Project in the Erzurum District of NE Turkey (CNW Group/Gentor Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2275_PHOTO_EN_12860.jpg
Image with caption: "Figure 3a - Hacimeter - MTA Stream Sediment Geochemistry - Copper (CNW Group/Gentor Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2275_PHOTO_EN_12861.jpg
Image with caption: "Figure 3b - Hacimeter - MTA Stream Sediment Geochemistry - Zinc (CNW Group/Gentor Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2275_PHOTO_EN_12862.jpg
Image with caption: "Figure 4 - Hacimeter Project Induced Polarisation (IP) chargeability anomalies with Besler drill holes but further potential denoted. (CNW Group/Gentor Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20120430_C2275_PHOTO_EN_12863.jpg
