14 Apr Newsletter May 2013
Southeast Turkey is open for business!
Opportunities for discovery in this exciting region are now the best they have been for at-least 30 years.
The change in climate is reminiscent of Peru in the 1990’s and Colombia in the 2000’s. Both countries endured protracted internal conflicts and both benefited from a surge in direct foreign investment once these conflicts had been resolved. This ongoing process led to the discovery and development of some major copper and gold ore deposits.
PKK fighters began to leave Turkey on May 8th in accordance with their leadership’s announcement of a cessation of hostilities. The Turkish leadership have agreed to allow them to move unmolested across high mountain passes, (which are now free of snow), to their traditional concentration areas in the Kandil mountains in Northern Iraq. So far the process has proceeded without any significant problems.
The cessation of conflict in southeast Turkey means some 40% of the region previously considered a security risk is now open to exploration (see Figure 1). Having operated in southeast Turkey for the last two years and having overflown some of these areas during the reconnaissance fly-over program, Tigris is in the box-seat to move quickly onto exciting identified targets and new prospective regions.
FIGURE 1: Pre-cease fire Risk map of South-East Turkey
The geophysical program at Kolonkaya is now complete. IP work has identified a significant chargeability anomaly at depth and the EM survey has outlined an area of high conductivity that corresponds to last years scout drill intersection of 10m at 6.4g/t gold and extends for at-least a further 100m towards the northwest (see Figure 2). In all geophysical data sets including magnetics and radiometrics a 400m diameter circular feature transected by up to 150m long gold mineralised vein structures is evident in the centre of the higher grade mineralised system. Targets are being prepared for further drill testing later in the year.
FIGURE 2: IP and EM Geophysics maps
A: Plan map 2D referenced chargeability models at 1200m elevation. Shows large chargeability anomaly at depth which is open to the west. B: Plan map HLEM data 3520Hz inphase contours. Results have detected several strong conductor responses, including a strong anomaly consistent with previously intersected massive sulphide mineralisation extending over a strike length of at least 100m. C: Stacked plan maps of 2D referenced chargeability models clearly showing chargeability increasing to depth and open to the west.
The IRGS (Intrusion Related Gold System) regional exploration program has already identified several targets that are similar in style to Kolonkaya and worthy of further field follow-up.
Tigris is bolstering its team to take advantage of the new security situation in southeast Turkey. Gonzalo Lemuz has been appointed as Vice President Exploration and Didier Fohlen has been appointed to the Board of Directors. Gonzalo brings over 20 years of regional exploration and exploration management experience to the team and Didier will draw on his unique experience with the IFC (World Bank Group) and with other groups to help Tigris in the all important fields of environmental and social stewardship.
Capital markets are tough but southeast Turkey presents a “move now” scenario that management are confident, through various means that they can achieve.
Stand by for an exciting year!
Tim Coughlin, Chairman