EurOmax Intercepts 187 Meters at 0.29% Copper and 0.46 Grams Per Tonne Gold at Ilovitza
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/11/11 -- EurOmax Resources Limited (TSX VENTURE: EOX)(PINK SHEETS: EOXFF) ('EurOmax' or 'the Company') is pleased to announce results for three drill holes from the 2011 diamond drill program at its Ilovitza Copper-Gold Porphyry Project in Macedonia. Results include 187 meters at 0.29% copper and 0.46 grams per tonne gold in hole EOIC-1123 and 187.4 meters at 0.23% copper and 0.39 grams per tonne gold in hole EOIC-1125. All three holes were drilled on the eastern side of the deposit where it remains open.
'These three holes, all step-outs, extend mineralization by an additional 150 meters in an easterly direction,' comments Dr. Quinton Hennigh, technical advisor to the Company. 'Although sulfide mineralization does not reach surface here, it is clear that the deposit remains wide open in that direction. Our 2011 drilling program has now expanded the footprint of known mineralization by about 20-25%.'
Summary of results:
Hole EOIC-1125, drilled vertically, is the eastern-most hole drilled on the project to date by the Company (see map) and intersected 187 meters at 0.23% copper and 0.39 grams per tonne gold including 102.4 meters at 0.28% copper and 0.56 grams per tonne gold. This hole bottomed in mineralization grading 0.36% copper and 0.76 grams per tonne gold, after being prematurely shut down due to poor ground conditions.
Hole EOIC-1123, also drilled vertically on the eastern side of the deposit, encountered 187 meters at 0.29% copper and 0.46 grams per tonne gold. Above this was 99.9 meters of oxide gold mineralization grading 0.51 grams per tonne gold.
Hole EOIC-1124, drilled vertically along the northeast edge of the deposit, encountered 162 meters at 0.18% copper and 0.25 grams per tonne gold.
Additional holes to be drilled in the 4,000 meter, 2011 diamond drill program will provide additional infill data.
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 and this project is subject to back-in rights once a certain drilling commitment has been met.
Summary of Results from Holes EOIC-1123 through 1125
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From To Length Copper Gold Copper eq Gold eq
Hole (m) (m) (m) (%) (g/t) (%) (g/t) NOTE
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EOIC-1123 5.1 105.0 99.9 NA 0.51 0.30 0.51 oxide cap
105.0 292.0 187.0 0.29 0.46 0.56 0.96 sulfide
373.0 411.0 38.0 0.16 0.21 0.28 0.48 sulfide
EOIC-1124 68.0 102.0 34.0 NA 0.32 0.19 0.32 oxide cap
102.0 264.0 162.0 0.18 0.25 0.33 0.56 sulfide
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EOIC-1125 105.0 125.0 20.0 NA 0.28 0.16 0.28 oxide cap
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125.0 312.4 187.4 0.23 0.39 0.46 0.78 sulfide
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includes 210.0 312.4 102.4 0.28 0.56 0.61 1.04 sulfide
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Weighted averages are used to calculate all reported intervals.
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.
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 also prepared at the sample preparation facility and submitted to Eurotest Control in Sofia, Bulgaria for assay. Eurotest Control is an ISO 9001 certified laboratory, which follows internationally accepted methods and procedures and has stringent quality control and assurance practices. Dr. Roger Moss, the qualified person for Ilovitza, has visited the laboratory of Eurotest Control and is satisfied that the sample preparation and analytical procedure is consistent with industry best practice. Gold was assayed by a 50 gram fire assay with an AAS finish, and copper was assayed by acid digest ICP-AES. Quality control samples, including duplicates, standards and blanks, were submitted with each sample batch by EurOmax.
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 Ltd.
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 contains forward-looking statements including but not limited to statements regarding a drilling program and geological interpretations by the Company for its Ilovitza project. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the key assumptions and parameters on which the 2011 drilling program are based are reasonable and will proceed as expected. Although the Company considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, unavailability of labour, equipment, materials or third-party contractors, delays or inability to obtain required government approvals, that actual results of exploration activities will be different than anticipated, and that data and assumptions underlying the geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted. Readers are also 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', which documents describe material factors and assumptions and risks that apply to the forward-looking statements in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
For further information please visit www.euromaxresources.com.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/erl_fg1_811.jpg
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the 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