Global Resources Corporation Limited ABN 15 122 162 396 Head Office: 13 Manning Street South Brisbane, QLD, 4101, Australia Postal: PO Box 3025 South Brisbane BC, QLD, 4101 P: 61 (0) 7 3844 3999 F: 61 (0) 7 3844 4088 E: [email protected]
ASX : GRM
6 July 2011 Company Announcements Office Australian Securities Exchange Limited Level 5, Riverside Centre BRISBANE QLD 4000
Exciting Gold Assays and Exploration Results from Aktarma, Turkey
Key Points Aktarma Low Sulphidation Epithermal system is strongly gold bearing. 285 rock chip samples taken and despatched to lab. First 151 returned with excellent results: Maximum value of 3.21g/t Au. 14 above 1g/t Au 22 between 0.5 and 1g/t Au 65 between 0.1 and 0.5g/t Au.
Initial Geophysical survey indicates potential for extensions to known outcrops of the mineralised epithermal system.
Strong resistivity signature from IP is a compelling drill target.
Gradient IP survey complete and pole dipole IP programme planned.
Drilling eagerly awaited to test the system at depth and along strike of outcropping system. Global Resources Corporation Limited (GRCL or The Company) is very pleased to announce the preliminary results of its work at Aktarma since acquisition in May this year. About Aktarma The Aktarma Project is located about 100km north of Izmir City and approximately 50km north-east of the Ovacik Mine in Western Turkey (Please see Figure 1). Nearby Ovacik and Kucukdere Deposits operated by Koza Gold are very similar in that they occur in the same geological setting, display similar mineralisation textures and are similarly proximal to the Ergama Graben margin.
Previous explorers originally selected Aktarma in late 2007 after analysis of a regional Aster study (satellite imagery). In recent years two soil grids with 603 samples were completed across the property along with 10 silt samples and 91 rock samples. These programmes produced rock samples with assays up to 5.49 g/t Au and soil samples up to 0.61 g/t Au. The soil grid shows continuous gold in the soils with a strike length exceeding 1,500m to the NW and parallel to the margins of the Ergama Graben. Figure 1 ? Location map of GRCL Projects in Turkey Exploration Programme Since acquisition of Aktarma, GRCL has been actively working on the project and in the last month have collected 285 rock samples of which 220 are in the anomalous gold soil grid in the northwest of the project. The samples were mostly chip samples across outcrops from fresh unaltered volcanics to areas of silicified and/or quartz vein stockwork. Additionally 16 line km of gradient array induced polarisation has been completed. This resistivity survey covers only 1.5 square kilometres in the northern part of the tenements, and concentrates only on the areas already identified as prospective by previous explorers. We also conducted a magnetic survey covering the same 1.5 square kilometre area and using a GSM-19T Proton Precession Magnetometer. The stations were spaced 10m apart along the length of the 100m spaced lines, and tightened to 5m stations in areas of resistivity highs. It should be noted that this is a very minor fraction of the total project area and that further work over the entirety of the tenements is warranted. Results of the Geophysical Survey This is the first geophysical survey conducted on the property and it has delineated an exciting anomaly covered by a thin layer of overburden, which is interpreted to be over two kilometres of potential veins under cover, which is in addition to those that outcrop.
The response from this IP survey shows that the outcropping quartz veins have a distinctive resistivity signature which adds confidence to interpreted vein systems covered by overburden. The anomaly shows a strong resistivity anomaly width of up to 200m and is coincident with the high grade float samples (up to 3.21 g/t Au) on the surface in a previously undiscovered quartz vein system. Importantly, the resistivity map illustrates a typical low sulphidation mineralised system with the same type of signature as other deposits in the region. Accordingly, the survey has significantly upgraded the potential of this property to host an economic size gold-mineralised vein system. Also the large strong magnetic anomaly to the south of the high resistivity anomaly could be interpreted as the source of the hydrothermal fluids that formed the veins. A map showing the results of the geophysical surveys is being prepared for release. GRCL will be conducting a pole-dipole IP survey across the mineralised vein system and those areas highlighted by the gradient array resistivity survey to further test the depth, structure and thickness of this vein system. The company will then use these geophysical surveys along with our geology and assay results to plan a drill program which will begin in the next few months. Figure 1 - Picture of Aktarma showing the area of interest. Geology and Geochemistry Aktarma is a low sulphidation epithermal system with high grade quartz veins hosted in Miocene-aged intermediate volcanic, situated on the margin the regional NNE trending Ergama Graben.
Extensional tectonics along this graben margin has focused gold-bearing quartz veins where the Miocene volcanic intersects the graben margins. There is an excellent potential for the Aktarma Project to host a low sulphidation epithermal gold system and possibly porphyry-related mineralisation. The lithologies of the main outcropping mineralized zone range from banded low temperature quartz veins with localized brecciation to a plagioclase-hornblende porphyritic andesite with intense silicification with quartz vein stockwork and open spaced fill texture. The degree of silicification increases with increased veining. Assay Results Assay results have been received for the first 151 samples taken at Aktarma and have returned 101 samples with values above 0.1g/t Au, of which 36 samples assayed greater than 0.5g/t Au and 14 samples greater than 1.0 g/t Au, with a maximum result for this pass of 3.21 g/t Au. These samples are from Tavsan Tepe which is a secondary target to our main Kocamandira Tepe (see Figure 1) target which is mostly covered by overburden. There is also low grade silver present in many samples.
Please refer to Attachment 1 that shows the assay results plotted on the geological map of Aktarma. This shows a strong gold anomaly from soils samples for the length of the outcrop, and also good grade results from rock chip samples. Appendix 2 lists all of the assays received so far. Sample and Assaying Methods The rock chip samples range in length from 30-150cm and were taken using a hammer and chisel. It should be noted that due to sporadic outcropping, these are not chip channel samples (i.e. we have not been able to sample right across the vein structures) and therefore should not be considered representative of the entire structure. Some of the samples are of float material which is unlikely to be in its original location. All samples were located by hand held GPS with an accuracy of +/- 5m on the Turkish National Grid. All samples were delivered to the ALS Chemex laboratory in Izmir, Turkey. Gold was analysed by method AA24, silver and a range of pathfinder elements by the method ME-ICP61, with further details of these methods tabled below.
Element Method Digestion and Determination Au AA24 50gm fire assay with AA finish. Ag ME-ICP41 33 element four acid ICP with AES determination.
Yours Sincerely Barry Casson Company Secretary/Finance Director Global Resources Corporation Limited
The information in this ASX release that relates to Exploration Results is based on information compiled by Dr Alex Losada-Calderon, an Australian Geologist who is employed by TAE Resources, a company associated with him and retained by the Company to provide specialist geological services. Dr Losada-Calderon is a Member of AusIMM and has in excess of 5 years? experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ?Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Dr Losada-Calderon consents to the inclusion in this ASX release of the matters based on this information in the form and context in which it appears.? Please direct all queries to: Simon Finnis Managing Director [email protected] Phone: +61 (0) 7 3844 3999
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