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
