EurOmax Begins Drilling Newly Developed Targets at Its 100% Controlled KMC Gold-Copper Project, Serbia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/18/11 -- EurOmax Resources Ltd. (TSX VENTURE: EOX) (PINK SHEETS: EOXFF) ('EurOmax' or, the 'Company') is pleased to announce it has recently commenced core drilling at its 100% controlled Karavansalija Mineralized Centre (KMC) Gold-Copper Project, Serbia. Since acquiring its 100% interest in the project from a major international mining company (see press release date July 26, 2011), EurOmax has undertaken an aggressive geophysical program on the property including comprehensive magnetic and IP/resistivity surveys. The fall 2011 drill program, consisting of 6 holes totalling approximately 2,500 meters has commenced.
-- Magnetic data suggests the presence of at least seven buried intrusive
centres on the property. Although widespread gold and copper skarn
mineralization has been revealed in drilling, mineralized porphyry has
yet to be encountered. One or more such buried intrusions are speculated
to have generated the vast alteration and extensive mineralization at
-- One pronounced magnetic anomaly lies just a few hundred meters southwest
of Copper Canyon where the Company has intersected gold and copper-gold
skarns over an area measuring approximately 1,000 meters east-west and
500 meters north-south. This target, among others at Copper Canyon, will
be tested by diamond core drilling over the next two months.
-- Results of twenty-three IP/resistivity lines, encompassing nearly 70 km
aggregate length, suggest a north-northwest-trending syncline of
limestone and serpentinites underlies volcanic rocks on the property.
Magnetic anomalies, interpreted to be buried intrusions, appear to
follow the axial trend of this syncline. Given this relationship, it is
hypothesized that fluids from these intrusions may have followed the
upward projecting limbs of the syncline giving rise to the vast volumes
of skarn on the property. Some areas display strong chargeability along
with relatively high resistivity, a common characteristic of porphyry
-- Diamond drilling recently commenced on targets peripheral to the Copper
Canyon mineralized zone. Holes in this area will test for additional
gold and copper-gold skarn mineralization as well as associated porphyry
mineralization. Hole 1141(see attached map) has been completed to 296
meters and hole 1142 is in progress. Other new targets may be tested
before year-end depending on weather conditions. Targets not drilled in
2011 will be tested once drilling resumes in the spring of 2012.
'We are very pleased with results from our geophysical program at KMC,' comments Dr. Quinton Hennigh, technical advisor to EurOmax. 'We suspect there should be one or more intrusions driving this huge mineralized system, and now we are seeing good evidence from magnetics for at least seven intrusions. Coupled with our IP/resistivity data, which suggests the presence of chargeable disseminated sulphides, we have numerous targets requiring drilling. Our plan is to drill these as aggressively as possible during 2012.'
KMC is a large, Tertiary-aged precious and base metal district located in southwest Serbia in an area with excellent infrastructure. To date, several drill holes have 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. An extensive geophysical program, including approximately 70 km of induced polarization-resistivity lines and magnetics surveys, was completed in September, 2011. The objective of these surveys was to identify such potential mineralized intrusions as well as additional skarn and breccia drill targets on this 42 square kilometer project.
Based upon the results of these geophysical surveys, 2,500 meters of diamond drilling will test new anomalies this fall. Drilling will re-commence in the spring of 2012 to further test new targets.
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 the exploration of 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 and that its planned drilling programs 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, 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.
To view the KMC Drill Plan, click the following link: http://media3.marketwire.com/docs/eox_map.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.