Turkey has a long mining history going back over 9,000 years but only recently has its mineral endowment and prospectivity been properly appreciated by international investors. Changes in Turkish Mining law during the past decade have stimulated investment in the mining sector and led to Turkey becoming an emerging producer of base and precious metals. The country has one of the largest land areas in Eastern Europe, and sits astride a 1,300 kilometre long segment of the important Tethyan Metallogenic Belt (TMB). The TMB stretches from Eastern Europe (Romania & Slovakia) into the Far East (Iran, Pakistan and Afghanistan) (see Figure 1) and contains several major deposits such as Reko Diq, Chelopech and Sar Cheshmeh. Within Turkey significant mines and new discoveries include Copler, Cerattepe, Kisladag, Kure and Yenipazar.
Figure 1: Tethyan Metallogenic Belt
Turkey with its robust economy, excellent infrastructure, largely pro-mining practises with some tax incentives for mining, reliable banking and legal practice is now an important mining and exploration destination. Given its strong minerals heritage and established mining culture together with security of title and safe exploration environment, Gentor believes Turkey is relatively underexplored and presents an attractive target for international investors.
With the objective of expanding Gentor's regional focus in the Middle East beyond Oman, the Company initiated a regional evaluation of Volcanogenic Massive Sulphide (VMS) base metal target regions in Turkey in October 2011. Given Gentor's exploration expertise in base metals and VMS deposits - and particularly ophiolitic (Cyprus-type) VMSs in the Tethyan Orogeny in Oman - work in the wider TMB in Turkey is a natural progression for the Company.