Project Overview

The Zlatusha license area (195 km2) lies within an emerging porphyry copper-gold/epithermal belt located northwest of Sofia, in the Western Srednogorie segment of the Banat-Timok-Srednogorie magmatic arc. The project opportunity was identified by Black Sea in July 2013 after launching a detailed exploration campaign involving data acquisition, regional targeting and subsequent reconnaissance field exploration programs focused on porphyry copper-gold and epithermal gold targets throughout Bulgaria. The Zlatusha project was selected for license application based on the presence of favourable age and composition Cretaceous arc magmatic rocks, magmatic-hydrothermal mineral occurrences, and the presence of several magmatic-hydrothermal centres with outcropping copper-gold mineralization.

Zlatusha Highlights

  • Located in western Bulgaria within the Upper Cretaceous Srednogorie segment of the West Tethyan Metallogenic Belt; positioned in an endowed arc segment between the world-class Timok Belt and Panagyurishte Belt
  • Epithermal and porphyry copper-gold deposits in this belt include Cukaru Peki (Nevsun/Freeport) and Chelopech (Dundee Precious Metals)
  • Targets include porphyry copper-gold, epithermal gold (copper) and related magmatic hydrothermal deposits
  • License conditionally approved for 100% ownership; awaiting issuance of the formal license from the ministry

Geological Setting

The project area is underlain by Upper Cretaceous andesite volcanic rocks, Cretaceous carbonate and clastic sedimentary rocks, which are intruded by diorite porphyry stocks and dikes. The geological setting of these highly prospective rocks is similar to the Cukaru Peki deposit, 65 kilometres to the northwest in eastern Serbia, and to Chelopech mine, 45 kilometres to the east in Bulgaria’s Panagyurishte trend.

Mineralization and Alteration

Multiple porphyry-related alteration zones, characterized by intense quartz-sericite-pyrite alteration and associated biotite altered diorite porphyry, are present at Zlatusha. Outcrops of quartz vein stockwork with chalcopyrite mineralization cutting biotite altered diorite porphyry have also been identified on the property.

Exploration Targets

The Zlatusha license contains 3 primary and multiple secondary exploration targets defined by hydrothermal alteration, and/or anomalous copper and/or gold geochemistry, interpreted to be related to epithermal and porphyry environments within a potential porphyry system. The 3 main target areas are described as follows:


The first target area is defined by a deeply incised stream bed with intense quartz-sericite-pyrite and silica alteration that outcrops discontinuously over 600 metres. Rock sampling at this target area returned copper values up to 18.25% (range: 0 to 182,552 ppm) and gold values up to 8.5 g/t (range: 50 to 8,500 ppb).


The third target area measures 2.0 by 1.5 kilometres and is defined by historical rock sample geochemistry and surface alteration consisting of clay-silica-sericite associated with pyrite and trace chalcopyrite. The target area contains spatially distinct alteration and mineralization consistent with epithermal and porphyry mineral deposit environments. Alteration, mineralization, and epithermal vein textures are present at the highest topographic levels of the target area. Historical drilling from the late 1990’s (not compliant with NI 43-101) within the epithermal component of the system intercepted 11.0 metres of 4.3 g/t gold (ZL-2: 109 to 120 m) and 11 metres of 3.6 g/t gold (Zl-9A: 2.7 to 13.7 m). Exposures at the lowest topographic levels contain abundant quartz-sericite alteration and sporadic chalcopyrite disseminations. Historical rock sampling produced values up to 5.93% copper (range: 2.5 to 59,320 ppm) and 4.2 g/t gold (range: 2.5 to 4,200 ppb). The close spatial association between epithermal and porphyry environments at this target may be an indication that these systems are superimposed or telescoped.


The fourth target area contains an alteration footprint consisting of quartz-sericite-pyrite and marbleized limestone measuring at least 1.5 by 1.0 kilometres. This alteration footprint is centred on a series of northwest-trending Cretaceous dioritic intrusions that form the core of the Zlatusha land position.

Project Status

The Zlatusha license was approved by the Bulgarian Council of Ministers in June, 2016. Black Sea is expecting issuance of the formal exploration permit from the Minister of Energy shortly.

Comments on Sampling, Assaying, QA/QC, and Nearby Projects

The Company’s geochemical samples were collected in accordance with CIM Best Practice standards and guidelines. The samples were submitted to ALS Chemex laboratories in Romania for sample preparation and Vancouver, Canada (ISO 9001:2000 and 17025:2005 accredited) for analysis. Gold was analyzed by fire assay with an AAS finish, and the multi-element data underwent aqua regia digestion and analysis with MS/AES techniques. As standard procedure, Black Sea conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, and field duplicates. The nearby deposits and advanced projects in the region provide context for Zlatusha, which occurs in a similar geologic setting. However, this is not necessarily indicative that Zlatusha hosts similar mineralization.

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.