EurOmax Plans Aggressive Drill Program at Its KMC Copper-Gold Project, Serbia
08.03.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/12 -- EurOmax Resources Ltd. (TSX VENTURE: EOX) (OTCQX: EOXFF) ('EurOmax' or, the 'Company') is pleased to announce that it plans to undertake an aggressive drill program testing multiple new targets at its 100% controlled KMC Copper-Gold Project, Serbia, in 2012. Multiple new targets defined by magnetic, induced polarization (IP) and resistivity data collected in late 2011 will be tested by a planned 8,000 meter diamond drill program beginning in April of this year.'Now that we have analyzed our comprehensive geophysical dataset from KMC, we are planning an aggressive drill program to test multiple new drill targets at our KMC project,' comments Dr. Quinton Hennigh, Chief Geologist and Director of EurOmax. 'Previous drilling at KMC has already identified a robust copper-gold skarn system at Copper Canyon. Our new dataset clearly indicates the presence of at least seven additional large geophysical anomalies similar in nature to Copper Canyon. Some of these are associated with strong surface geochemical anomalism. Beginning in late April, we will undertake systematic drilling of these new targets that we believe could generate significant results at KMC.'
Historical Drilling at Copper Canyon
Drilling at KMC since 2006 has led to the discovery of a significant zone of copper-gold skarn mineralization at Copper Canyon in the southern part of the property. Mineralization includes gold skarn, copper-gold skarn and gold mineralization hosted by silica stockwork occurring in an area measuring nearly 1 km east-west and 0.5 km north-south. Select drill intercepts are presented in the table below. Although Copper Canyon alone represents a significant zone of mineralization, multiple other targets have now been identified across the property and will be the subject of drilling this year.
Select Historical KMC Drill Intercepts
----------------------------------------------------------------------------NSV - No significant values; Au Eq calculated on the basis of 0.6% Cu = 1g/t Au.
Hole
Depth From To Length Au Cu Au Eq
Hole (m) (m) (m) (m) (gpt) (%) (gpt)
----------------------------------------------------------------------------
PDMC607 290.9 0 96 96 1.44 NSV 1.44
PDMC611 307.3 18.2 214 195.8 0.53 0.52 1.40
PDMC616 398.7 10 165.5 155.5 0.32 0.40 0.99
228 258 30 1.85 NSV 1.85
PDMC618 443.7 5 209 204 0.33 0.64 1.40
PDMC620 316.3 203 225.1 22.1 2.00 NSV 2.00
246.5 316.3 69.8 1.62 NSV 1.62
EOKSC828 314.2 143.3 254 110.7 1.31 NSV 1.31
EOKSC829 342.5 0 220 220 0.59 NSV 0.59
EOKSC831 553.1 206 254.3 48.3 0.42 NSV 0.42
273.9 421 147.1 1.52 NSV 1.52
EOKSC832 846.5 232 497 265 0.50 NSV 0.50
EOKSC1037 254.8 53 131 78 0.67 0.20 1.00
EOKSC1038 305.4 137 169 32 0.58 0.69 1.73
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Note: for details on previous drilling at KMC, please see company filings at www.sedar.com
Geophysical Interpretation
An extensive geophysical program, including approximately 70 km of induced polarization-resistivity lines and detailed ground magnetics surveys, was completed at KMC in the fall of 2011. Processed magnetic data suggests the presence of as many as eight large magnetic anomalies on this 42 sq km property (see attached image). The largest of these measures nearly 2 km long and 1.5 km wide. Skarn mineralization at Copper Canyon appears to be associated with one of the smaller such anomalies located in the southern part of the property. Several magnetic anomalies are also coincident with strong surface geochemical anomalies, and the northernmost magnetic anomaly is associated with an approximately 40-meter wide breccia pipe containing heavily mineralized rock fragments including skarn, massive base metal sulphide and stockwork. EurOmax plans 8,000 meters of drilling to systematically test these targets in 2012.
Summary of 2011 Drill Results:
In late 2011, four of five diamond drill holes completed in the Copper Canyon area intersected significant mineralization including hole EOKSC1141 which intersected 67.6 meters of skarn mineralization grading 1.18 grams per tonne gold.
-- Diamond drill hole EOKSC1141 was a step-out hole drilled approximately
100 meters south of the Copper Canyon Zone at an azimuth of 180 degrees
true north and inclination of -60 degrees. This hole intersected 67.6
meters of skarn mineralization grading 1.18 grams per tonne gold
including 12 meters at 3.33 grams per tonne gold.
-- A second step-out hole, EOKSC1142, was drilled approximately 150 meters
further west from EOKSC1141 at an azimuth of 340 degrees true north and
inclination of -65 degrees. This hole intersected multiple intervals of
skarn mineralization including 53.8 meters at 0.74 grams per tonne gold
and 47.3 meters at 0.84 grams per tonne gold. These repeated intervals
of mineralization suggest tectonic stacking of the skarn through post-
mineral faulting. Beginning at 40.4 meters, this hole also encountered
20.2 meters of base metal replacement mineralization grading 0.38% lead
and 3.91% zinc.
-- Three holes, EOKSC1143, EOKSC1144 and EOKSC1145 were drilled
approximately 450 meters southwest, 400 meters west and 300 meters west-
northwest of the Copper Canyon Zone, respectively. Each of these holes
tested IP anomalies. Hole EOKSC1143 was drilled at an azimuth of 210
degrees true north at -60 degrees and encountered a very long interval
of breccias and altered, but unmineralized intrusive rocks. As this hole
passed through the western margin of this intrusion, it encountered an
interval of 29 meters of skarn mineralization grading 0.55 grams per
tonne gold. Hole EOKSC1144 was drilled at an azimuth of 180 degrees true
north at -75 degrees and encountered approximately 260 meters of
volcanic cover rocks before going into variably altered limestone to the
end of the hole. Although this hole did not encounter significant copper
or gold mineralization, an intercept of 7.5 meters of base metal
replacement mineralization grading 1.57% lead and 2.10% zinc was
intersected beginning at 257.5 meters. Hole EOKSC1145 was drilled at an
azimuth of 50 degrees true north at an inclination of -60 degrees and
encountered an 80.6 meter interval of skarn grading 0.24% copper at
depth. Preceding this skarn, a 15.6 meter interval of base metal
replacement mineralization grading 0.80% lead and 1.32% zinc was
encountered.
Summary of 2011 KMC Drill Intercepts
----------------------------------------------------------------------------NSV - No significant values
Hole
Depth From To Length Au Cu
Hole (m) (m) (m) (m) (gpt) (%)
----------------------------------------------------------------------------
EOKSC1141 296.7 83.0 150.6 67.6 1.18 NSV
includes 107.0 119.0 12.0 3.33 NSV
EOKSC1142 380.6 107.2 161.0 53.8 0.74 0.04
206.5 216.1 9.6 0.91 0.03
251.7 299.0 47.3 0.84 0.05
includes 277.0 285.0 8.0 3.53 0.04
EOKSC1143 528.2 493.0 522.0 29.0 0.55 0.06
EOKSC1144 400.1 NSV
EOKSC1145 420.4 329.7 410.3 80.6 NSV 0.24
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About KMC
KMC is in a large, Tertiary-aged precious and base metal district located in southwest Serbia in an area with excellent infrastructure. To date, drilling has identified extensive copper-gold skarn, gold skarn, and gold-bearing siliceous breccias in several locations. The Company believes one or multiple buried porphyry intrusions, perhaps also mineralized, may be the source for these widely occurring mineralized zones.
Quality Control and Quality Assurance
Drill core was logged, cut and sampled by EurOmax personnel at the Company's sample preparation facility in Serbia. 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 KMC, has visited the laboratory of SGS Chelopech 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 atomic absorption spectrometry (AAS) finish, and copper, lead and zinc were assayed by acid digest ICP-AES. Overlimit (greater than 10,000ppm) samples were re-assayed by AAS. Quality control samples, including 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 with three core properties in Bulgaria, Serbia and Macedonia. We are focused on identifying, acquiring and developing mineral resources in Southeastern Europe with the objective of becoming a world-class mining company in the 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 planned drilling, the results of planned drilling and geological interpretations by the Company for its KMC 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 geological interpretations are based are reasonable, that the Company will be able to obtain the necessary supplies, equipment, personnel and any financing required to carry out its planned exploration activities, that that the Company's exploration objectives concerning the KMC project can be achieved and that the Company's exploration and other activities will proceed as expected. 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 geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, that the Company will not be able to obtain the necessary supplies, equipment, personnel and any financing required to carry out its planned exploration activities, that results of the Company's exploration activities will not be consistent with the Company's expectations and delays in receiving assays. 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 maps associated with this press release, please visit the following links:
www.euromaxresources.com//i/maps/KMC/Karvan_Image_Map_NR_Geophysics_compressed.jpg
www.euromaxresources.com//i/maps/KMC/section_copper_canyon.jpg
www.euromaxresources.com//i/maps/KMC/CC_detail.jpg
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