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Copper exploration in Oman and Turkey
 

Copper exploration in Oman and Turkey

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Objective Capital's Africa Resources Investment Congress 2012

Objective Capital's Africa Resources Investment Congress 2012
Ironmongers' Hall, City of London
12 June 2012
Speaker: Dr Peter Ruxton, Gentor Resources

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  • The Semail Ophiolite Belt in Oman is 600km long and between 100-150km wide. The belt represents an obducted portion of sea floor – a section of the ancient sea floor which has been lifted onto the Continental surface during orogenic movements. The ophiolite represents a large thickness of sea floor – some 8-12km of upper mantle peridotites and 4-7km of oceanic crustal rocks. Although the ophiolite appears to be one sheet there are actually several structural blocks observed. VMS style mineralisation is associated with the upper portions of the Ophiolite – in a 2.0-2.5km package of pillow basalts and manganiferous sea floor sediments. The Semail Ophiolite has been a source of copper since the Bronze Age providing metal for the Mesopotanian civilisations. Between 1970 & 1990 the belt was subjected to intensive multinational regional exploration resulting in the discovery of 44Mt or 1-2% copper, principally in 3 areas: Lasail, Ghuzayn and Aarja. A total of 25 major prospects were identified of which the Omani Government mined 3 - Bayda, Lasail & Aarja. The government built a 1Mtpa copper concentrator, smelter and refinery complex at Lasail. In the early 2000’s a private company, ironically named the National Mining Company (NMC), discovered 3 new deposits and commenced mining in 2006
  • The Oman & Cyprus Ophiolites were formed during the Tethyan Orogeny which affected much of southern Europe and Persia in the late Cretaceous perios (100-90Mys ago)
  • The Oman & Cyprus Ophiolites were formed during the Tethyan Orogeny which affected much of southern Europe and Persia in the late Cretaceous perios (100-90Mys ago)
  • The Oman & Cyprus Ophiolites were formed during the Tethyan Orogeny which affected much of southern Europe and Persia in the late Cretaceous perios (100-90Mys ago)
  • The Oman & Cyprus Ophiolites were formed during the Tethyan Orogeny which affected much of southern Europe and Persia in the late Cretaceous perios (100-90Mys ago)
  • The Oman & Cyprus Ophiolites were formed during the Tethyan Orogeny which affected much of southern Europe and Persia in the late Cretaceous perios (100-90Mys ago)
  • The Semail Ophiolite Belt in Oman is 600km long and between 100-150km wide. The belt represents an obducted portion of sea floor – a section of the ancient sea floor which has been lifted onto the Continental surface during orogenic movements. The ophiolite represents a large thickness of sea floor – some 8-12km of upper mantle peridotites and 4-7km of oceanic crustal rocks. Although the ophiolite appears to be one sheet there are actually several structural blocks observed. VMS style mineralisation is associated with the upper portions of the Ophiolite – in a 2.0-2.5km package of pillow basalts and manganiferous sea floor sediments. The Semail Ophiolite has been a source of copper since the Bronze Age providing metal for the Mesopotanian civilisations. Between 1970 & 1990 the belt was subjected to intensive multinational regional exploration resulting in the discovery of 44Mt or 1-2% copper, principally in 3 areas: Lasail, Ghuzayn and Aarja. A total of 25 major prospects were identified of which the Omani Government mined 3 - Bayda, Lasail & Aarja. The government built a 1Mtpa copper concentrator, smelter and refinery complex at Lasail. In the early 2000’s a private company, ironically named the National Mining Company (NMC), discovered 3 new deposits and commenced mining in 2006

Copper exploration in Oman and Turkey Copper exploration in Oman and Turkey Presentation Transcript

  • AFRICA RESOURCESINVESTMENT CONGRESS Copper exploration in Oman and Turkey Dr Peter Ruxton – President & CEO, Gentor Resources IRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY, 12 JUNE 2012 www.ObjectiveCapitalConferences.com 1
  • GentorResourcesCopper in Oman & Turkey May 2012 VMS & Base Metal Exploration & Development Oman Turkey 2
  • DisclaimerForward-Looking Statements: This presentation contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events ordevelopments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to exploration results, potentialmineral resources, potential mineralization and the Companys plans with respect to the exploration of its Oman properties) are forward-looking statements. These forward-lookingstatements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to anumber of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if suchactual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that couldcause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with theCompanys expectations, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, changes in commodity prices, foreigncurrency fluctuations, political developments in Oman, changes to regulations affecting the Companys activities, delays in obtaining or failure to obtain required project approvals,the uncertainties involved in interpreting geological data and the other risks involved in the resource exploration business. Any forward-looking statement speaks only as of thedate on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement,whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements arereasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such information due to the inherentuncertainty therein.The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that acompany can economically and legally extract or produce. U.S. investors are cautioned not to assume that any disclosure of mineralization contained in this presentation iseconomically or legally mineable. U.S. investors are urged to closely consider all of the disclosures in the Companys reports filed pursuant to the United States SecuritiesExchange Act of 1934 which may be secured from the Company, or from the SECs website at http://www.sec.gov/edgar.html.Qualified PersonThe technical information included in this presentation has been reviewed and approved by Peter A. Ruxton, who is the Companys President and Chief Executive Officer and a"qualified person" as such term is defined in National Instrument 43-101.Technical ReportAdditional information with respect to the Companys Omani properties is contained in the technical report prepared by Venmyn Rand (Pty) Ltd, dated December 31, 2010 andentitled "National Instrument 43-101 Independent Technical Report on Block 5 and Block 6 Copper Projects, Semail Ophiolite Belt, Sultanate of Oman held by Gentor Resources,Inc." A copy of this report can be obtained from SEDAR at www.sedar.com. 3
  • Gentor Copper – Corporate Summary• Global VMS base metal & copper expertise• Targeting highly profitable, low cost, copper/gold operations• Accelerated discovery and development opportunity – low geological risk• Exploration in Oman & Turkey• Oman - highly profitable, low cost  Clusters of numerous 1Mt -15Mt deposits typical – 2 discoveries made so far  Open cut resources - low waste: ore ratios - metallurgically simple  Low personnel & fuel costs – excellent infrastructure• Turkey – large VMS deposits mined – “elephant country”  Established mining culture – reformed Mining Code – attractive environment  Mineral-rich country – under-explored for VMS & base metals 4
  • Gentor Resources Inc. – Corporate OverviewHead Office Toronto, CanadaListing TSX-V (GNT) + OTCBQ US (GNTOF)Securities Issued Shares – 62.8 million (Jun. 2012) Warrants/Options – 8.37 million GENTOR RESOURCES SHAREHOLDERS Shares %Share Price CAD$0.30/sh Galena 6.7 10.6% (May 28th 2012) Blackrock 5.3 8.5% Geologic 4.0 6.4% CQS 1.0 1.6%Cash ~US$5.0 million Al Fairuz Brothers 2.5 4.0% Management 16.0 25.5% 35.5 56.6%Market Capitalisation CAD$19.0 million TOTAL 62.8 million shares 5
  • Gentor – Board & ManagementBoard• Simon Village (Non-Executive Chairman)• Arnold Kondrat (Executive Vice-President) (Canadian/US group behind Banro Corporation & Loncor)• Rudolph de Bruin (Non-Executive)• David Twist (Non-Executive) (South African group behind Platmin, Sephaku, African Nickel, Taung Gold & APM)• Peter Ruxton (President & CEO – Board & Management)Exploration Management• Bob Close (Business Development Manager – Oman-based)• Eugene Iliescu (MD – Oman – Oman-based)• Omer Celenk (MD – Turkey – Turkey-based)• Partha V (Director – Finance & Administration – Oman-based)• Andrew McCarthy (Exploration Manager – Oman-based) 6
  • Tethyan Metallogenic Belt - Oman & Turkey 7
  • Oman Ophiolite – Exploration Blocks Mawarid Block 6Lasail Yanqul50 km 50 km Copper Deposits Copper Deposits Copper Smelter Complex Copper Smelter Complex 8
  • Heli-borne VTEM Survey Results 9
  • Tethyan Fold Belt (Orogeny) – 90-100Myrs – Trans-European 10
  • Mahab 4 Drill Results Summary (to January 2012) Hole No. From To Mineralisation Intercept Copper Gold Zinc Silver Mahab 4 m m m % gt % g/t GRB5D020 40.15 55.55 MS 15.40 7.40 0.17 0.91 7.90 GRB5D030 32.05 63.00 MS + SMS + QVS 30.95 3.16 0.28 1.29 17.40 GRB5D032 67.15 87.45 Jasper + MS 20.30 5.79 0.37 2.42 22.00 GRB5D035 44.42 98.61 MS + SMS + QVS 54.19 4.97 0.19 0.85 9.60 B5MB4D059 33.50 43.69 MS 10.19 6.69 0.48 3.20 20.00 B5MB4D064 13.50 53.00 GOS/MS/SMS 39.50 4.81 0.25 0.38 16.70 B5MB4D070 12.42 36.46 MS 24.04 6.32 0.49 1.10 24.2 B5MB4D071 63.15 120.00 MS + SMS 56.85 6.21 0.22 0.90 10.4 B5MB4D074 70.35 105.44 MS 35.09 4.82 0.38 17.70 0.85 B5MB4D083 45,15 88.44 MS + SMS + QVS 43.29 3.62 0.24 0.90 11.8Codes (Umber = Fe sediment, Jasper, MS = Massive Sulphide, SMS = Semi-massive Sulphide,QVS = Quartz Vein Stringer, GOS = Gossan) 11
  • Mahab 4 – Geology & Cross Sections 4 25m-50m spaced drill sections N 330m long massive sulphide Thick massive sulphide wedge Open pittable depth (30-40m) 4 3321 12
  • Mahab 4 – Long Section 13
  • Gentor - Regional Copper Play 14
  • Maqail South ProspectMaqail South Drill Results Summary (to December 2011)Hole No. From To Mineralisation Intercept Copper Gold Zinc SilverMaqail South m m m % gt % g/t GRB5D0023 68.02 74.27 MS 6.25 3.30 0.16 0.02 2.69 GRB5D0024 63.71 70.39 MS 6.68 7.42 0.29 0.03 4.95 GRB5D031 43.86 57.46 MS 13.60 3.22 0.08 0.02 0.76Codes (MS = Massive Sulphide, SMS = Semi-Massive Sulphide, QVS = Quartz Vein Stringer) 15
  • Maqail South – Geology & Cross Section 16
  • TURKEY – VMS Copper Deposits 17
  • ERZURUM – Hacimeter Project50 km Copper Deposits Copper Smelter Complex 18
  • HACIMETER – Topography & Mineralisation 19
  • HACIMETER – Geology & Copper-in-Streams 20
  • HACIMETER – Gossans & Besler Drilling Proposed TEM Survey Outline Target Area Gossan Zone 500m 21
  • HACIMETER – IP Chargeability & Targets 22
  • HACIMETER – IP Resistivity & Targets 23
  • Gentor Resources – VMS Copper Focus• VMS & Base Metal exploration expertise• Oman - ~1,500km2 of prospective ophiolite in 500km prospective belt (‘first mover’ advantage) - along strike from operating VMS copper mines• Turkey – Besler Option & JV 70:30 – Hacimeter drill-ready targets – large VMS deposits – “elephant country”• Potential for accelerated discovery using modern techniques (eg VTEM)• Excellent infrastructure (access, power, communication, water)• Low cost – highly profitable mining environments 24
  • APPENDICES 25
  • Gentor Copper - Omani AgreementsBlocks 5 & 6• Block 5 – Equity holding 40% in Al Fairuz Mining LLC - right to earn-in to 65% by funding to completion of BFS Omani Partner - Al Fairuz brothers – Heavy Earthmoving Equipment/ Construction/Cannery/ Boats - 4% shareholder in Gentor Resources• Block 6 – Equity holding 20% in Al Zuhra Mining LLC – right to earn-in to 70% by funding to completion of BFS Omani Partner – Sheikh Ahmed Fahrid – owner of some 21 Companies in Oman including Construction/Telecoms/Tourism/Hotels etc• Capital Return Agreements – Gentor to re-coup 100% of exploration, feasibility & development costs on commencement of mining (on a formula) before dividends split on equity share 26
  • Gentor Copper - Turkish AgreementHacimeter Option & 70:30 Joint Venture• Besler Group – Mining Chromite & Dimension Stone in Hacimeter region• “Option Period” – 12 months – US$200,000 (on-signature) – Gentor to explore drill- ready targets at Hacimeter + follow-up broader geology & stream anomaly• “Feasibility Period” – 36 months – US$400,000 (on-transfer) – 70:30 JV - Gentor to complete a BFS - + 2x US$300,000 payments (on-24 & 36 months)• “Development Period” – Gentor to fund but can recoup all exploration/ feasibility & development dollars (less US$3.2m)• Besler & Turkish partner defined IP chargeability targets• Drilling identified a zone of ~1Mt at ~1.0% copper in VMS stringer• Zone of Influence around Hacimeter – covers ophiolite terrain 27
  • OMCO – Lasail ComplexLasail Cluster Mine• 1973 – Lasail, Aarja & Bayda deposits discovered by Prospection• Projects purchased by Oman government – assets held under OMCO• Concentrator, smelter & refinery complex built• Reserve of approx. 10Mt @ 1.5% Cu defined• 1983-1994 – Mining of the Lasail Cluster• 1994 - mine closed on lower copper prices• Concentrate imported to continue Lasail smelter operation• 2005 – Mawarid purchased the concentrator @ Lasail (OMCO continue to operate the smelter & refinery)• Mawarid under contract to supply at least 30% of concentrate to OMCO 28
  • Yanqul – OMCO (Oman Government)Yanqul Project• 1974 – Discovered by Prospection (Canadian)• 1988 - Japanese exploration & feasibility• 1994 - Oxide gold mining commenced• 1984-2012 - Six feasibility studies done• Mineral Resources • 15Mt @ 1.2%-1.4% Cu & 1.0g/t Au • 5 near-surface deposits Rakah, Hayl As Safil, Al Asghar Al Bishara & Al Jadeed • Rakah East 2.0Mt @ 0.7% Cu additional• Ore Reserves • 8.1Mt @ 1.2% Cu & 0.7g/t Au • Open pittable reserves only 29
  • Mawarid – MB Petroleum Mawarid Mine • 1999/2000 – Hatta & Shinas deposit clusters discovered by Bob Close • 2007 – Mining @ Hatta & Shinas commenced on reserve of 3.5Mt @ 2.5% Cu • 2008 – Mawarid made US$120m free cash flow in Year 1 – paid off US$60m capex in 6 months • 2009 – Exploration recommenced using VTEM • 2010 - Discovered Safwa & Mandoos • 2011 – Mining commenced on Safwa & Mandoos • Mawarid has approximately 2 years of open pit reserves and then proposes to go underground at Ghuyzan • Ghuyzan has 3 deposits ~10Mt @ 1.5-2.0% Cu • Mawarid has taken 9.8% of Nautilus & is exploring in Kazakhstan for gold 30