EurOmax Receives Favourable Metallurgical Results from the Logo Resource and Expands Drilling Program at Trun Gold Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/29/11 -- EurOmax Resources Limited (TSX VENTURE: EOX)(PINK SHEETS: EOXFF) ('EurOmax' or 'the Company') is pleased to announce it has received favourable preliminary metallurgical test results from its Logo resource at the Company's 100% controlled Trun Gold Project in Bulgaria.
-- Froth flotation tests conducted on composited core samples from the Logo
resource (calculated head grade of 1.00 grams per tonne gold) show
exceptionally high gold recoveries. Tests were conducted on samples
ground to P80 of 53, 75, 106, 125, 150 and 200 microns. All show gold
recoveries of greater than 98% into a concentrate. This is particularly
encouraging given that 200 microns is coarse by most milling standards.
Flotation tests were not optimized.
-- The high recovery by flotation appears due to the presence of 15 to 50
micron size gold grains attached to pyrite grains. Initial mineralogical
studies indicate some 90% of the Logo gold occurs in this state, with
the remaining 10% present as inclusions in pyrite and as coarse gold.
-- A Bond work index (BWi) test on the same material ground to P80 of 113
microns indicates the rock has a medium hardness with a BWi of 15.1
kWh/tonne.
-- A conventional tank leach test on composited whole ore samples ground to
P80 of 75 microns using a NaCN concentration of 0.5 g/l produced gold
extraction of 92% at 48 hours. This level of recovery clearly indicates
that gold mineralization is not refractory at Trun. Carbon-in-leach
(CIL) tests indicate 88% loading onto carbon after 48 hours.
'Although preliminary, these metallurgical results are very encouraging,' states Dr. Quinton Hennigh, technical advisor to the Company. 'Granite-associated gold systems often have very positive metallurgical characteristics, and Trun appears to follow this behaviour. In fact, such extremely high recovery of gold into a flotation concentrate is exceptional among most gold deposits.'
Additional Drilling Planned for Trun
Given the success the Company has had testing several new targets this year at Trun, the current drill program has been significantly expanded to follow up on earlier results. Additional drilling has already commenced at the Ruy target where the company previously announced a drill intercept of 87 meters at 2.14 grams per tonne gold (see press release dated June 14, 2011). The Nadejda target, where the company reported an intercept of 24 meters at 7.36 grams per tonne gold (see press release dated July 20, 2011), will also be the subject of additional drilling later this year. Currently, approximately 5,200 meters of core have been drilled at Trun. By year-end, the Company now expects to drill a total of at least 10,000 meters, more than doubling the originally planned program of 4,000 meters (see press release dated May 3, 2011). Assays from these drill holes will be released over the coming months.
'We are very pleased with drill results to date,' comments Hennigh. 'Prior to this summer's drilling program, the Logo resource was the only significant gold zone recognized on this very large property. In four short months, we have identified at least five additional robust gold exploration zones. Our revised drill plans will now follow up on these new discoveries and will hopefully demonstrate the world class nature of the Trun gold system.'
New Drilling Results
Recent diamond drill results from drilling at Logo, which are summarized in the table below, are very encouraging. Hole MTC1188, a vertical hole near the eastern margin of the resource intersected 40.6 meters at 1.02 grams per tonne gold. Step-out holes further east in this area are planned for later this year.
Diamond drill holes MTC1184, 1186 and 1187, drilled along the southerly projection of the KD zone, indicate that significant near-surface mineralization extends in that direction. Results include 31.6 meters at 0.99 grams per tonne gold in hole MTC1186. Significant silver accompanies gold in these drill intercepts. The overall strike length of the KD zone now stands at 520 meters.
Summary of Drill Results from the Trun Project
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Hole From To Length Au Ag W Length Au Ag
(m) (m) (m) (g/t) (g/t) (ppm) (ft) (oz/ton) (oz/ton)
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KD Zone:
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MTC1182 No significant values
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MTC1184 77.5 107.8 30.3 0.31 2.1 436 99.4 0.009 0.062
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including 87 96 9 0.59 2.3 630 29.5 0.017 0.067
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less less
less than than
130 146.1 16.1 0.24 than 2 10 52.8 0.007 0.058
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MTC1186 71.9 103.5 31.6 0.99 14.4 59 103.6 0.029 0.420
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including 71.9 77.5 5.6 2.46 18.3 121 18.4 0.072 0.533
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MTC1187 45 69.5 24.5 0.54 81.8 124 80.4 0.016 2.388
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111.3 121.2 9.9 1.77 6.7 6 32.5 0.052 0.196
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including 116.5 120 3.5 3.65 15.1 5 11.5 0.107 0.442
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Logo Zone:
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MTC1188 23.6 64.2 40.6 1.02 4.1 83 133.2 0.030 0.120
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including 30 44 14 1.28 4.0 72 45.9 0.037 0.116
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NW Logo
target
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MTC1185 No significant values
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All reported intervals are calculated using weighted averages.
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About the Trun Gold Project, Bulgaria
Gold mineralization at Trun is associated with large granite and syenite stocks that intrude a broad anticline of metamorphic rocks. The geologic setting and styles of mineralization display striking similarities to that of 'tombstone-type' gold deposits in the Tintina Gold Belt of the Yukon and Alaska including the Ft. Knox gold deposit, Alaska and the Eagle gold deposit, Dublin Gulch, Yukon.
EurOmax holds 100% control over approximately 67 square kilometers centered on the Big Hill and Little Hill granite intrusions, each with multiple associated gold-in-soil anomalies (see the attached maps). The Logo resource, a NI 43-101 compliant inferred resource (see Technical Report on the Gold Resources at Trun Property dated January 31, 2011 which is available under the Company's profile on SEDAR at www.sedar.com) of 2.1 million ounces contained gold in 91 million tonnes at a grade of 0.70g/t Au (0.3g/t Au cut-off) occurs along the northeastern margin of the Big Hill Intrusion in the northern part of the property.
Quality Control and Quality Assurance
Drill core was logged, cut and sampled by EurOmax personnel at the Company's sample preparation facility in Bulgaria. Samples were prepared and assayed by SGS Chelopech Laboratory in Bulgaria. SGS Chelopech follows SGS Global methods and procedures and has stringent quality control and assurance practices. Dr. Roger Moss, the qualified person for Trun, has visited the SGS Chelopech facilities and is satisfied that the sample preparation and assay procedures are consistent with industry best practices.
Gold was assayed by fire assay followed by atomic absorption (FA/AA). Other elements, including bismuth and tungsten, were assayed by ICP-OES following an aqua regia digest. Quality control samples, including duplicates, standards and blanks, were submitted 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.
To view the map of Big Hill and Little Hill associated with this press release, please visit the following link: http://media3.marketwire.com/docs/hills2.pdf
To view the map of Big Hill associated with this press release, please visit the following link: http://media3.marketwire.com/docs/bighill928.pdf
To view the map of Little Hill associated with this press release, please visit the following link: http://media3.marketwire.com/docs/littlehill928.pdf
About EurOmax Resources Ltd.
EurOmax is a Canadian company focused on identifying, acquiring and developing mineral resources in Southeastern Europe with the objective of becoming a world-class mining company in that region. Our strength is our 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 the Logo resource estimate and planned exploration activities and objectives and drilling and geological interpretations by the Company for its Trun 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 such resource estimates and drilling and geological interpretations are based are reasonable and that the Company will be able to obtain the necessary supplies, equipment and personnel to carry out its planned exploration activities. Although the Company considers these 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 may include, among others, that actual results of exploration activities will be different than anticipated, data and assumptions underlying the resource estimate or drilling and geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, the general risk of unexpected variations in mineral resources and grade or recovery rates and that the Company will not be able to obtain the supplies, equipment and personnel required to carry out its planned exploration activities. 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.
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