Bolkar Madenköy polymetallic (gold, silver, lead and zinc) Mine

ExplorMine Consultants was commissioned by MineRP Eurasia Madencilik Tic. Ltd. Şti. to complete a maiden National Instrument 43-101 Technical Report for Gümüştaş Madencilik ve Ticaret A.Ş. in respect of the Bolkar Madenköy polymetallic (gold, silver, lead and zinc) Mine located 1.5 km east of the town of Madenköy, Central Taurus Mountain Region in the Republic of Turkey.

Gümüştaş was founded in 1980 in the Province of Gümüşhane to mine polymetallic deposits. These deposits comprise mainly lead, zinc and copper mineralisation, with minor silver and gold occurances. Gümüştaş was restructured into its current organisational structure early in 2005. Additional to the Gümüşhane and Kırkpavli assets, Gümüştaş has an Operating Licence and Permit for Madenköy Bolkar-1 and Bolkar-2 Mines (“Bolkar”), located 1.5 km east of the village of Madenköy and in the proximity of the city of Niğde in the Adana Region of Turkey.

Bolkar Mine is located in the Bolkar mountains which form part of the Tauride platform, includes Lower Palaeozoic to Upper Cretaceous recrystallized limestone, dolomite, marble, and calc-schist. The Bolkar deposits are hosted in the Upper Triassic Bolkar Mountains carbonate rock and are structurally controlled by younger east – west structures and related karstification. Primary sulphide ores originally formed in contact zones associated with quartz-porphyry dykes (related to Horus Granite emplacement) and carbonate rocks and in the fault breccia. Secondary mineralisation formed through the in-situ oxidation of the primary sulphide minerals and transport and deposition of oxidised mineralised material in the fracture and karst cavity system.

Evidence of ancient mining in the Bolkar area is to be seen by the presence of ancient ruins, blast and cupellation furnaces, adits and underground mine workings. The first recorded mining is known to have been conducted by the Hittites in the 8th century BCE, and later the mines were operated by the Byzantines. Recent exploration and mining activities commenced in 2007.

Currently Madenköy underground mine produces Run of Mine ore that primarily contains gold, silver, lead and zinc. The RoM ore is transported by road to the Gümüştaş Tepeköy Process Plant located near the town of Ulukışla and the village of Tepeköy, approximately 42 km from the mine site. Gold and silver bullion are produced utilising a tank leach method at the process plant from the ore.