EurOmax Intercepts 369 Meters at 0.22% Copper and 0.33 Grams Per Tonne Gold at Ilovitza
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/26/11 -- EurOmax Resources Limited (TSX VENTURE: EOX) (PINK SHEETS: EOXFF) ('EurOmax' or 'the Company') is pleased to announce results for the first two drill holes from the 2011 diamond drill program at its Ilovitza Copper-Gold Porphyry Project in Macedonia. Both holes intersected long intervals of copper-gold mineralization including 449 meters at 0.18% copper and 0.35 grams per tonne gold in hole EOIC-1121 and 369 meters at 0.22% copper and 0.33 grams per tonne gold in hole EOIC-1122. Hole EOIC-1121 also intersected significant silver mineralization, the aforementioned 449 meter interval grading 9.87 grams per tonne silver.
'Hole EOIC-1121 indicates the porphyry system remains wide open to the north and northwest,' comments Dr. Quinton Hennigh, technical advisor to the Company. 'Our 2011 drill program should significantly expand the footprint of this already very large porphyry complex.'
Summary of results:
- Hole EOIC-1121 is the northwestern-most hole drilled on the project to date (see map) and intersected 449 meters at 0.18% copper, 0.35 grams per tonne gold and 9.87 grams per tonne silver including 150 meters at 0.30% copper, 0.74 grams per tonne gold and 26.87 grams per tonne silver. Silver assays in this hole are by far the highest grade yet encountered on the property.
- Hole EOIC-1122 is centrally located within the porphyry complex and fills a large gap with no previous drilling. This hole encountered 369 meters at 0.22% copper and 0.33 grams per tonne gold.
Additional holes to be drilled in the 4,000 meter, 2011 diamond drill program will step-out to the east and north as well as provide additional infill data. The area underlain by copper-gold mineralization measures approximately 1 km north-south and 700 meters east-west.
Ilovitza is a Tertiary copper-gold porphyry system, part of a province of such deposits in Macedonia and Greece that includes the 4 million ounce gold-800,000 tonne copper Skouries deposit in Greece. The Ilovitza Project is easily accessible by paved road, is near a rail line and just 75 km from a port facility.
EurOmax holds an option on the Ilovitza project from a major international mining company. In December 2010, the Ilovica-Bosilovo license covering an additional 4 sq km surrounding the Ilovitza project was granted to a subsidiary of the major international mining company and now falls in the option package giving EurOmax significant room to expand exploration.
Summary of Drill Results from Ilovitza
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Gold
From Length Copper (grams per Copper
Hole (m) To (m) (m) (%) tonne) eq (%)
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EOIC-1121 12.0 579.1 567.1 0.16 0.30 0.33
including 116.0 565.0 449.0 0.18 0.35 0.38
including 367.0 517.0 150.0 0.30 0.74 0.73
EOIC-1122 10.0 433.0 423.0 0.19 0.34 0.39
including 64.0 433.0 369.0 0.22 0.33 0.41
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Gold Silver
Gold eq Silver (grams (grams
(grams per (grams per per per
Hole tonne) tonne) tonne) tonne)
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EOIC-1121 0.57 7.91 0.21 3.80
including 0.66 9.87 0.24 4.55
including 1.25 26.87 0.42 11.26
EOIC-1122 0.67 N/A - -
including 0.71 N/A - -
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Weighted averages are used to calculate all reported intervals. Gold grades
were cut to 6 grams per tonne and silver grades to 60 grams per tonne.
A $1,200/oz Au price and $3/lb Cu price were used to calculate copper
equivalent and gold equivalent grades using the conversion 1g/t Au = 0.583%
Cu and assuming 100% metallurgical recovery.
To view a map of the Ilovitza Copper-Gold Porphyry Project, click the following click: http://file.marketwire.com/release/Ilovitza%20map.pdf
Quality Control and Quality Assurance
Diamond drill hole samples were logged, cut and sampled by EurOmax personnel at the Company's sample preparation facility in Macedonia. Samples were prepared and assayed by Eurotest Control in Bulgaria. Eurotest Control is an ISO 9000 certified laboratory, which follows internationally accepted methods and procedures and has stringent quality control and assurance practices. Quality control samples, including duplicates, standards and blanks, were submitted by EurOmax. Gold was assayed by a 50 gram fire assay with an AAS finish, high grade samples were checked using metallic screen assay. Copper and silver were assayed by acid digest ICP-AES. Overlimit silver assays were reassayed by AAS.
Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a 'qualified person' as defined by NI43-101, supervised the preparation of the technical information contained in this news release.
About EurOmax Resources Limited
EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is the local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, resource estimates, metallurgical testing, geophysical and geochemical surveys, drilling, geological interpretations, receipt of mining concessions and property titles, potential mineral recovery processes and potential partners. Forward looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements, and readers are encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading 'Operational and Other Business Risks'. These documents describe the material factors and assumptions that were applied in drawing the conclusions and making the forecasts and projections as reflected in the forward-looking statements and information, and the material factors that could cause our actual results, performance or achievements to differ materially. We undertake no obligation to update or revise any forward-looking statements or information made in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
San Diego Torrey Hills Capital
(858) 456-7300
www.torreyhillscapital.com
EurOmax Resources Ltd.
Mark Gustafson
President & CEO
(604) 454-8677
markg@euromaxresources.com
www.EurOmaxresources.com