EurOmax Provides Update on Its Bulgarian Properties
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/07/12 -- EurOmax Resources Ltd. (TSX VENTURE: EOX)(OTCQX: EOXFF) ("EurOmax" or "the Company") is pleased to announce an update on recent drilling results at its 100% controlled Trun Project and the sale of Thrace Resources EOOD, an indirectly held wholly-owned subsidiary which holds the mineral rights for the Breznik and Rakitovo Projects.
Trun Drilling Highlights:
Since the last set of results was announced (see February 7, 2012 press release), recent drilling has led to a high-grade silver discovery. Drilling on the KD Zone at Little Hill has returned 12.8 meters at 975 grams per tonne silver including 3.0 meters at 3,450 grams per tonne silver in diamond drill hole 12132. This hole along with holes 12133 (8.3 meters at 228 grams per tonne silver) and 12143 (7.1 meters at 268 grams per tonne silver) test a high-grade silver shoot approximately 120 meters long occurring along the greater KD mineralized zone, a north-trending, 1.0 km-long structural corridor being targeted by EurOmax for near-surface precious metal mineralization.
"We are very pleased with results from this high-grade silver shoot at Trun," states Dr. Quinton Hennigh, Chief Geologist of EurOmax. "The KD zone is part of a long list of mineralized zones recognized across this very large project. At least seven significant zones of near-surface gold and/or silver mineralization have now been identified at Trun."
Little Hill (Southern Area of Trun Property)
Recent drilling at Little Hill, the southernmost of two granite intrusions on the property, includes 16 diamond drill holes testing shallow parts of the KD mineralized zone, four holes testing the Zlata vein system and one hole testing the K2 target.
Sixteen diamond drill holes (see table below and accompanying map) tested much of the 1.0 km-long strike of the KD mineralized structural corridor. The dip of this north-trending zone is approximately 50 degrees eastward. Drill holes ranged from 60-220 meters depth and tested near-surface precious metal mineralization. Diamond drill hole 12132 returned 12.8 meters at 975 grams per tonne silver including 3.0 meters at 3,450 grams per tonne silver. This hole along with holes 12133 (8.3 meters at 228 grams per tonne silver) and 12143 (7.1 meters at 268 grams per tonne silver) targeted a high-grade silver shoot approximately 120 meters long in the southern part of the KD zone. The true width of this shoot is approximately 7 meters and the deepest intercept occurs approximately 88 meters below surface.
In addition to the high-grade silver intercept, diamond drill hole 12132 also encountered significant gold mineralization including 20.1 meters at 1.25 grams per tonne gold beginning at a down hole depth of 88.9 meters. This lower gold zone appears to parallel the high-grade silver zone above. Further north from the high-grade silver shoot, several diamond drill holes encountered significant gold mineralization along the KD zone. Results include 15.8 meters at 1.17 grams per tonne gold in hole 12137, 20.4 meters at 1.07 grams per tonne gold in hole 12140 and 19.1 meters at 1.37 grams per tonne gold in hole 12146.
Of the four holes that tested the Zlata vein system, hole 11128 produced the best results, with 21.1 meters at 0.72 grams per tonne gold and 9.0 grams per tonne silver. One hole, 12134, was lost when it encountered historic mine workings.
A single diamond drill hole, 12144, tested the eastern margin of the K2 zone, but failed to encounter significant mineralization.
Little Hill
Inter-
Azimuth Inclination Depth From To section Au Ag
Hole ID (degrees) (degrees) (m) (m) (m) (m) (g/t) (g/t)
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KD 12131 270 -80 220.8 206 210.3 4.3 0.21 34.0
12132 268 -75 134.7 45 57.8 12.8 0.71 974.8
including 47 51.8 4.8 1.22 1,655
including 48.8 51.8 3.0 2.38 3,450
and 88.9 109 20.1 1.25 1.1
including 93.4 99.0 5.6 3.89 3.0
12133 0 -90 154.7 38.0 90.5 52.5 0.12 81.3
including 53.0 87.2 34.2 0.13 123.7
and 82.2 90.5 8.3 0.36 228.2
12135 0 -90 121.5 nsv
12136 270 -50 106.7 48.5 58.5 10.0 0.22 33.1
12137 270 -50 153.0 105.2 127.9 22.7 0.86 1.5
including 105.2 121.0 15.8 1.17 2.2
including 106.2 114.0 7.8 1.99 2.5
12138 270 -50 91.6 31.2 35.0 3.8 0.7 nsv
and 49.4 69.9 20.5 0.29 5.5
including 55.5 59.4 3.9 0.71 nsv
12139 270 -60 158.8 116.3 140.0 23.7 0.83 7.6
including 117.6 127.0 9.4 1.75 14.1
12140 250 -50 132.0 85.5 105.9 20.4 1.07 5.1
including 94.0 102.5 8.5 2.22 10.4
including 94.0 99.3 5.3 3.24 15.0
12141 265 -50 121.0 69.0 77.0 8.0 0.19 6.6
12142 270 -50 101.4 59.0 73.2 14.2 0.28 1.1
including 65.6 68.7 3.1 0.65 5.2
12143 225 -50 64.5 42.8 64.5 21.7 0.13 112.6
including 48.2 55.3 7.1 0.18 268.3
12145 270 -50 113.3 76.0 87.9 11.9 0.70 2.4
including 79.0 86.9 7.9 0.97 0.8
12146 85 -50 88.1 6.9 26.0 19.1 1.37 1.8
including 6.9 20.2 13.3 1.89 2.6
12147 0 -90 32.4 5.5 8.8 3.3 0.54 nsv
12150 270 -50 83.5 46.2 76.1 29.9 0.55 62.5
including 48.0 69.3 21.3 0.75 67.4
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Zlata 11124 135 -59 159.6 51.5 76 24.5 0.4 nsv
including 55.5 63 7.5 0.73 nsv
11128 90 -60 176.0 117.9 139 21.1 0.72 9.0
including 117.9 122.5 4.6 2.62 19.4
and 129.5 135 5.5 0.83 20.1
11129 90 -60 94.0 64.1 70.2 6.1 1.17 9.1
12134 140 -50 67.8 NSV Hole abandoned in workings
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K2 12144 200.1 NSV
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Big Hill (Northern Area of Trun Property)
Recent drilling at Big Hill (see table below and accompanying map), the northernmost granite intrusion on the property, includes 11 diamond drill holes infilling shallow parts of the Logo zone, one hole testing the northern extension of the Ruy zone and one hole testing an area immediately west of the Tumba target.
Ten of the eleven shallow infill holes drilled at Logo encountered significant gold mineralization. All of these holes were designed to infill near-surface mineralization in the southwestern and central parts of the zone. The best results include 7.2 meters at 1.16 grams per tonne gold in hole 12130, 16.0 meters at 1.00 gram per tonne gold in hole 12151 and 10.0 meters at 1.15 grams per tonne gold in hole 12155.
Hole 11126, the single hole that tested the northern extension of the Ruy Zone, failed to encounter significant mineralization, as did hole 12154, the single hole that tested a structural zone immediately west of the Tumba target.
Big Hill
Inter-
Depth From To section Au Ag
Hole ID Azimuth Inclination (m) (m) (m) (m) (g/t) (g/t)
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Logo 11123 0 -90 208.1 nsv
11125 0 -90 95.9 58.5 78.2 19.7 0.32 nsv
11127 90 -70 152.8 16.3 19.7 3.4 0.71 nsv
and 30.7 37.7 7.0 0.52 3.9
including 32.7 35.7 3.0 0.82 5.0
12130 0 -90 259.5 55.8 63 7.2 1.16 3.9
and 173 181 8.0 0.83 17.0
12148 0 -90 100.0 27.5 58 30.5 0.4 nsv
including 31 51.5 20.5 0.52 nsv
12149 90 -60 133.8 4.6 10 5.4 1.08 nsv
and 108.6 129.9 21.3 0.28 nsv
including 119 129.9 10.9 0.4 nsv
12151 180 -60 122.0 29.1 107.5 78.4 0.37 nsv
including 42.2 98 55.8 0.47 nsv
including 44 56 12.0 0.74 nsv
and 82 98 16.0 1.00 nsv
12152 0 -70 141.2 67 78.4 11.4 0.64 2.2
12153 270 -60 93.5 19.0 36.6 17.6 0.36 nsv
including 20.1 22.8 2.7 1.27 nsv
12155 180 -60 44.4 6.0 25.9 19.9 0.70 3.0
including 9.0 19.0 10.0 1.15 4.1
12156 0 -60 35.5 4.3 29.5 25.2 0.28 5.4
including 14.6 29.5 14.9 0.37 5.5
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Ruy 11126 60 -60 86.1 nsv
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Tumba 12154 90 -60 134.7 nsv
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Update on Drilling and Commercial Discovery Application
EurOmax is nearing completion of the present drill campaign at Trun. Approximately 5,000 meters of diamond core have been drilled since the beginning of the year. The final drill holes of this program will test parts of the Nadejda, Ruy and Tumba zones where drilling in 2011 encountered significant intercepts of gold mineralization. At least one additional hole will test deeper parts of the high-grade silver shoot at KD. Drilling is expected to be completed by mid-May and results from all remaining holes are expected to be received by late June.
The commercial discovery certificate application for Trun will include all drilling and metallurgical results from the present drill program, a final exploration report, a preliminary scoping study (non-NI43-101 compliant), a preliminary environmental impact assessment, detailed maps for the area covered by the application, letters to the municipality, and opinions from various governmental agencies and interested parties. These documents will provide the basis for the formal application to be submitted in early July. Management believes that all documentation required for the application should be complete by the end of June. This is the same process followed by EurOmax for the Breznik commercial discovery certificate application.
Sale of Thrace Resources EOOD:
EurOmax has sold its indirectly held wholly-owned subsidiary Thrace Resources EOOD ("Thrace"), which holds the mineral rights for the Breznik Property (see press release dated July 7, 2011) and the Rakitovo Property. Thrace was sold to a private company for payments that will total Cdn $3.5 million, if certain milestones are achieved, and a 1.5% Net Smelter Return on the first 330,000 ounces of gold and 970,000 ounces of silver produced at the Breznik Property. An initial payment of Cdn $1.5 million has already been received, a second payment of Cdn $1.0 million is payable if a positive Environmental Impact Assessment decision on the Breznik Project is obtained, and a third payment of $1.0 million is payable if a mining concession for the Breznik Project is granted.
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) and silver by ICP-AES with overlimit (greater than 10g/t Ag) assayed by atomic absorption. 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.
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 mining concession applications, drilling and drilling results 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, that the Company will be able to obtain the necessary supplies, equipment, personnel and any financing required to carry out its planned exploration activities and that the Company's exploration activities and its commercial discovery certificate application, including receipt of opinions from government agencies and interested parties, 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 include, among others, that actual results of exploration activities will be different than anticipated, data and assumptions underlying the drilling and geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, delays in receiving assays, 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 that the Company's commercial discovery certificate application will not proceed as planned. 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 maps associated with this press release, please visit the following links:
http://media3.marketwire.com/docs/euromax_littlehillmap_may7.pdf
http://media3.marketwire.com/docs/euromax_bighillmap_may7.pdf
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
