GIRESUN KONAK PROJECT
GİRESUN_KONAK PROJECT
The project is executed by our affiliate Konakli Metal Mining A.S.of which we hold 72.4% of the shares, A Joint Venture Agreement was signed by our Company and Teck Mining Industry and Trade A.S.(Teck), an affilate of Teck Resources. Konakli Metal Mining A.S. was formed with 60 % participation of Türk Altınand 40% of Teck. Our Company will be the operator of the Konak Project as per contractual agreement.
Konak Project is located between towns of Yaglidere and Alucra of Giresun Province in Black Sea region of northeast of Turkey.
In terms of geological environment, it is situated at north of Anatolit continent,and East Pontid tectonic unit known as porphyry Cu-Au,MO belt (figure 1.) Konak Project is typical porphyry related Cu-Au-Mo mineralization with structural, mineralogical textural and geological characteristics.
In north of the area examined, porphyry system at north NNW-SSE elongation and at south NNE-SSW elongation is followed in the form of Miocene dominant old diorite composition porphyry stocks. During early stage dioritic porphyries magmatic process, quartz was cut by porphyries and magmatic proces has ended with settlement of late stage dioritic and riolitic porphyries. At N-S extended main stream on mineralized prophyry stocks, intensive quartz-sericite-pyrtite (phyllic) alteration was found with parallel veins and phyrite-chalcophyrite and occasional molybdenite mineralization. The unity of alteration-mineralization of Konak porphyry system extends for 1.7 km along a major structural corridor.
Porphyry Cu-Au is related to high magnetic and very high chargeable anomalies. Gradient, Pole-Dipole and IP 3D works point out severe anomaly zones at the direction of north-south and anomaly zone is still broad at north and south.
Cu and Au mineralization throughout potastic and residual of potastic alteration zones related with magnatite moves independently from magnetite in late stage of phyllic alteration, which represents broad extention. Early stage contains molybdenite and chalcophrite with high temperature quartz veins, magnetite and phyrite. Late stage phyrtie veins +/- quartz-phrtie veins cut early stage veins. Extended quartz-illit-sericite alteration, which remove magnetite are observed in stronger condition in rocks general and around veins. 
Observed around Konak Project, silicified outcrops, which belong to quartz-alunite altered lithocap and lapilli tuffs indicate that Konak Prophyry system to be shallow settlement and an unerosed system Tested with drillings down to 1403 meter and with positive results achieved, Konak Project represents similarities with Bingham Canyon mineralisation (Cu-Au-Mo) and Salt Lake, (Utah, USA) ,in terms of its current depth and paleotopographical erosion depth. ( Jeffrey W. Hedenquist)