www.euromaxresources.com
EUROMAX RESOURCES LIMITED is a Canadian company focused on gold and copper exploration in the resource rich region of Bulgaria, Macedonia and Serbia. Our technical excellence, local expertise and international contacts have made us one of the most successful exploration companies in Southeastern Europe.
Our aim is to explore high-quality, potentially world class gold and copper systems, then partner with local or international companies that have the financial and technical resources to develop them, thereby generating long-term value for EurOmax shareholders.
EurOmax drilling at Ilovitza extends gold-copper resource
EurOmax Resources (TSX-V:EOX, FSE:OMZ) said recent results from two drillholes have extended the mineralized porphyry gold-copper deposit at the Ilovitza project in Macedonia.
The first drillhole was an angle hole which at the bottom is approximately 100 metres east of the previous most eastern hole. The second drillhole is approximately 150 metres north of the previous most northern hole.
"We are highly encouraged with the results from this recent drill campaign. The current drilling has identified the highest gold grades on the Ilovitza 6 licence. Indications are that gold grades will be higher to the north in the geophysical anomaly," said Dimitar Dimitrov, Senior Vice President of Euromax. "These results have the potential to significantly increase the resource at Ilovitza."
Previous drilling at Ilovitza has identified a NI43-101 compliant inferred resource of 303 million tonnes grading 0.23 percent copper, 0.31 grams per tonne gold and 0.005 percent molybdenum. This resource contains approximately 1.6 billion pounds of copper, 2.9 million ounces of gold and 3.5 million pounds of molybdenum.
The current drilling was completed on a geophysical anomaly which had not previously been drilled.
Geophysical surveys have identified that the anomaly covers an area of 800 meters by 500 metres within the Ilovitza 6 licence. Drilling is scheduled to recommence in September to expand the resources at Ilovitza 6 once all permits and other necessary authorizations are received.
At Ilovitza, EurOmax is exploring a newly discovered copper-gold-molybdenum system more than 1.2 kilometres in diameter. Ilovitza is one of several porphyry systems of eastern Macedonia and northern Greece associated with exposed magmatic complexes. Typical of these deposits is the Skouries deposit in Greece which hosts reserves of 146 million tonnes at 0.54 percent copper and 0.83 grams per tonne gold for 4 million ounces of gold and 800,000 tonnes of copper.
Ilovitza is close to a paved road, 25 kilometres from rail, 75 kilometres from a major port and less than 400 kilometres from two smelters by rail.
EurOmax last week issued a statement to clarify the status of its licences at Ilovitza, emphasising that its current inferred resource and the previously announced geophysical anomaly are not materially affected by the expiry of the Ilovitza 4 licence which was announced recently.
The Ilovitza project covers two separate exploration licences, Ilovitza 4 and Ilovitza 6, and the majority of exploration work conducted to date has been on Ilovitza 6. “Virtually all of the previously announced inferred resource at the project, is within the area covered by the Ilovitza 6,” the group said last week.
In addition, virtually the entire untested geophysical anomaly identified to date is located on the area covered by the Ilovitza 6 licence.
"It is important that shareholders appreciate that EurOmax's current inferred resource and the previously announced geophysical anomaly at Ilovitza were not materially affected by the expiry of the Ilovitza 4 licence,” interim chief executive Christopher Serin had commented. “The area of the former Ilovitza 4 licence however is of interest to EurOmax on the basis that it may contain an extension to the resource on Ilovitza 6."
