Lost hole finds gold for Anatolia, Rio Tinto

Denver — A stepout hole at the Cukurdere gold-copper prospect in central Turkey has hit the jackpot for partners Anatolia Minerals Development (YMC.u-V) and Rio Tinto (RTP-N).

Hole CRC-1 was a short one, stopping at 50.7 metres when the bit and the rods became stuck. However, it cut 35.7 metres averaging 6.9 grams gold and 17.7 grams silver per tonne, including 7.7 metres of 22.3 grams gold and 64 grams silver at the bottom of the hole. The last 0.7 metres ran 34.4 grams gold.

The partners have stepped off one metre and twinned the hole, hoping to find the limits of the high-grade zone. Assay results are pending.

Anatolia and Rio were surprised about the mineralization found in CRC-1 because the hole was drilled in an area that has not received much work to date. The mineralization was blind, sitting beneath a thin, but extensive, marble cap. Detailed geochemical and geophysical studies are under way.

The reverse-circulation hole was the first of 20 planned holes. It was collared 535 metres east of seven previous holes at Cukurdere. Gold grades from the previous core holes also intercepted significant mineralization, which averaged 60 metres of 2.3 grams gold, 9 grams silver and 0.1% copper per tonne.

Before coming back to twin the first hole, Anatolia and Rio completed 10 RC holes, most of which were infill or short stepouts from the core holes. Assay results are pending.

Rio is earning a 70% interest in the property by spending US$10.5 million on exploration and making payments of US$1.5 million. As part of its four-year strategic alliance with Anatolia, Rio is also interested in the Uckapili gold project and the Kabatas copper prospect.

Anatolia received US$2.85 million in funding for 2000 and more than US$2 million for 2001.