Sisorta, Turkey

Sisorta – Location

Figure 1 - Map of Turkey – showing location of Sisorta prospect in NE Turkey

Sisorta – Exploration

The Sisorta property is a volcanic-hosted high sulphidation epithermal project, in which drilling had demonstrated the existence of a significant body of near-surface oxide gold mineralisation with surface chip-channel sample fire assay grades of up to 14 grams per tonne gold. The project has a large footprint of outcropping mineralisation and anomalous soil geochemistry. Mineralisation on the Sisorta project is associated with a 2500m by 800m northwest-trending topographic high. Drilling has defined a large zone of high-grade oxide gold mineralisation, which remained open to the northwest and southeast. Surface mapping, soils and rockchip sampling have also highlighted the existence of a large (950m by 700m) area of silica alteration with little drilling which contains strong indications in soils and rockchip sampling of a large sub-horizontal zone of near-surface oxide gold mineralisation with good potential for additional mineralisation. The large alteration system on the property also contains a number of other significant gold-in-soil anomalies.

Sisorta – JORC Resource

Late in FY2009, Chesser announced a maiden Indicated Resource of 3.17 Mt at 0.9 g/t Au (91,000 ounces) and an Inferred Resource of 11.38Mt @ 0.6g/t Au (212,000 ounces) for a total of 303,000 ounces at a 0.40 g/t Au cutoff. Of this resource, 223,000oz occurs in oxide material, most of which occurs at a depth of 50m or less. The Mineral Resource was independently estimated by Giroux Consultants Ltd of Vancouver, BC, Canada, using 72 diamond drillholes.
Click to view the Resources Statement.

Sisorta – Ownership

The property was discovered and explored by Maden Tetkik ve Arama ("MTA"), Turkey's General Directorate of Mineral Research and Exploration, between 1995 and 1998. The property was subsequently acquired by Eurasian Minerals as part of a competitive auction process concluded in January 2004.

Chesser entered into an option agreement with Eurasian Minerals Ltd (TSX-V:EMX) in August 2007, to earn up to a 70% interest in the Sisorta Property in North-Central Turkey. During the 2009/10 financial year, Chesser vested 51% ownership in Sisorta Gold Project and received an Operating License from the Turkish Mining Bureau. The Operating License was granted based on open pit heap leach gold recovery from the reported Sisorta oxide gold JORC resources of 223,000oz gold.

Permitting and baseline activities continued at Sisorta, with initiation of a number of applications and studies required for eventual operation.

The Company is currently seeking to sell its 51% share in the Sisorta Project.

Figure 2 - Photo showing the Sisorta project area (the high ridge in the middle-distance)