Canada’s Odyssey Resources has acquired the Baskil property, a new copper-gold porphyry prospect, in southeastern Turkey. Consisting of two exploration licenses, the Baskil property features several silt copper anomalies within an area hosting numerous shallow intrusive complexes similar to those that host porphyry deposits.
Baskil is the first property acquired pursuant to Odyssey's Eastern Anatolides joint venture with BHP Billiton, focused upon copper-gold porphyry prospects in southeastern Turkey. This part of Turkey is considered to be highly prospective for porphyry deposits given its geological similarities and geographical proximity to a porphyry belt in neighboring Iran that hosts some of the world's largest and richest copper-gold porphyry deposits. Several major and junior mining companies are currently active in this region.
The 70.75 square kilometer property was acquired following completion of a comprehensive, computer-driven digital data synthesis covering a large part of southeastern Turkey, carried out by Odyssey personnel based in Ankara.
Additionally, the licenses cover several locations where several anomalies were found, based upon LANDSAT imagery processed in order to highlight hydrothermal mineral alteration of the type typically associated with porphyry deposits. The property is located approximately 35 kilometers southwest of the city of Elazig.
The Baskil property has been presented to BHP Billiton accordance with the terms of the joint venture agreement between the two companies. Following a property assessment by BHP Billiton personnel, they will have the option to acquire it on a 50/50 joint venture basis, wherein the expenditure split on the first one million dollars will be 65/35 in Odyssey's favor.
Several other potential project areas in southeastern Turkey are currently under review by Odyssey geologists, with additional acquisitions anticipated in the near future. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
