Project Overview

Mineral potential at Kalabak was identified during Black Sea’s extensive reconnaissance exploration program in Bulgaria. As a result, the Company applied for and was subsequently awarded the Kalabak license in October 2014. The Kalabak license area (191 km2) lies within an emerging porphyry copper-gold belt in the southeastern sector of the Bulgarian Rhodope Mountains. The Eastern Rhodopes region has traditionally been viewed as an epithermal gold belt, however, recent exploration success in the belt by a number of companies suggests this is an emerging porphyry copper‐gold camp.

Kalabak Highlights

  • Located in the Eastern Rhodopes region of southern Bulgaria; geology and mineral deposits are similar to those in the Biga Peninsula across the border in western Turkey
  • A significant epithermal gold system in the region is host to the Ada Tepe epithermal deposit (Dundee Precious Metals)
  • Targets include porphyry copper-gold, epithermal gold (copper) and related magmatic hydrothermal deposits
  • License issued for 100% ownership

Geological Setting

The Kalabak license is underlain by Tertiary intermediate to felsic volcanic and intrusive rocks (Fig. 1). Tertiary-age porphyry Cu-Au discoveries and project advancements are ongoing throughout the region in western Turkey, Greece, Macedonia and Serbia (e.g. Pilot Gold, Euromax and Eldorado Gold). All of these areas are underlain by Tertiary magmatic arc rocks similar to those in the Eastern Rhodopes. Approximately 50 kilometres north-northwest of the Kalabak target area, porphyry copper occurrences are hosted in the Tertiary Spahievo district within Bulgaria.

Mineralization and Alteration

The Eastern Rhodopes metallogenic domain has evolved in recent decades from a base metal vein to epithermal gold camp. These styles of hydrothermal systems can be driven by porphyry-related root zones. Porphyry-style alteration and mineralization at Kalabak were identified by Black Sea geologists in July 2013. This target area contains outcropping quartz vein stockworks with centerline magnetite-pyrite-chalcopyrite, which cut secondary biotite altered quartz diorite porphyry intrusions. The porphyry occurrence lies adjacent to an open-ended, 600 metre by 200 metre quartz-sericite-pyrite alteration zone cut by structurally-controlled base metal bearing veins.

Qualified Person

Rory Kutluoglu, B.Sc. P.Geo., a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained on this website. Mr. Kutluoglu is the Company’s Vice President of Exploration.