GÜMÜŞHANE KIRKPAVLİ EXPLORATION PROJECT

Kırkpavli exploration site is located 7 kilometers west of Gümüşhane, in the Eastern Black Sea Region. The license area encompasses the old town center of Gümüşhane, where the history of mining activities dates back to the 13th century. The license area is at the southern part of the Eastern Pontide Tectonic Belt in Northeast Turkey, a polymetallic zone that includes mixed sulfide lead and zinc ores alongside gold, silver and copper.

The project saw 30,000 meters of surface drilling until 2020, the same year when consultant RPMGlobal published a JORC code-compatible resource report. In the last quarter of the year, the project was decided to progress to detailed exploration phase both above and below ground as a result of technical evaluations in the Kırkpavli Project. In addition, underground mining operations were commenced for the ore projected to be mined from the area in order to fill the capacity gap Gümüşhane Zinc, Lead, Copper Flotation Plant. Accordingly, a detailed above and below ground exploratory drilling program was launched in early 2021. In addition to the drilling operations, new structural models, geotechnical and hydrogeology works will be completed by the end of 2021 to support the new resource model, which is expected to be revised in early 2022.