EurOmax Provides Update on Its Trun Property in Bulgaria
13.08.2012 | Marketwired
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Aug. 13, 2012) - EurOmax Resources Ltd. (TSX VENTURE:EOX) (PINKSHEETS:EOXFF) ("EurOmax" or the "Company") is pleased to provide an update on recent drilling results and the Commercial Discovery Application at its 100% controlled Trun Project in Bulgaria.Trun Drilling Highlights
Since the last set of results was announced (see May 7, 2012 press release), recent drilling has helped to define the size of the Ruy and Nadejda zones at Big Hill as well as to demonstrate continuity of the KD zone at Little Hill to a vertical depth of 150 meters.
"We are very pleased to have all assays from our drill program at Trun in hand and we have now submitted an application for a commercial discovery certificate with the government of Bulgaria", states Steve Sharpe, President & CEO.
Big Hill (Northern Area of Trun Property)
A total of twenty diamond core holes were completed at Big Hill, four testing the Ruy Zone, eight at Nadejda and eight at the Tumba target.
At Nadejda, the most significant intercept is 47.5 meters at 1.45 grams per tonne gold including 10.3 meters at 4.84 grams per tonne gold in hole TC12157. Drilling at Nadejda has now defined a north-northeast trending nearly vertical zone approximately 200 meters long. Mineralization starts at or near surface and extends to depths of approximately 150 meters. The higher grade core of this zone appears to plunge moderately to the southwest at about 40 degrees. The zone is widest at its northeast end where it is approximately 40 meters across, and narrows as it continues southwestward.
Holes TC12170 and TC12173 extended the strike length of the Ruy Zone by approximately 150 meters. The most significant intercept from the four holes here is 59.6 meters at 0.71 grams per tonne gold including 17 meters at 1.8 grams per tonne gold in hole TC12170. Hole TC12173 encountered 4 shorter intervals of similar grade mineralization. The north-northwest trending Ruy Zone is approximately 300 meters long and 100 meters deep and appears to dip steeply northeast. It is widest in the central part where it is approximately 60 meters across and narrows at each end.
Eight drill holes at the Tumba target failed to encounter high grade near surface veins targeted there. Although hole TC12159 encountered a short, isolated intercept of gold mineralization, evidence for near-surface disseminated mineralization is also lacking in these drill holes. Previous drilling intersected 4.14 grams per tonne gold over 9m from 315 meters and 7.34 grams per tonne gold over 8 meters from 387.15 meters in hole MTC1178 (see August 23, 2011 news release) suggesting that Tumba gold mineralization is at a deeper level. This deeper mineralization has yet to be systematically tested and remains open.
Recent drilling at Big Hill (see table below and accompanying map), the northernmost of two granite intrusions on the property, includes
Big Hill
Azimuth Inclination Depth From To Intersection Au Ag
Hole ID (degrees) (degrees) (m) (m) (m) (m) (g/t) (g/t)
Nadejda TC12157 270 -50 133.6 80.5 128.0 47.5 1.45 nsv
including 80.5 120.0 39.5 1.72 nsv
including 97.0 116.5 19.5 2.94 nsv
including 97.0 107.3 10.3 4.84 nsv
TC12161 240 -45 170.6 140.0 158.0 18.0 0.51 nsv
including 144.5 155.0 10.5 0.73 nsv
including 144.5 152.4 7.9 0.91 nsv
TC12165 70 -55 153.5 107.0 127.8 20.8 0.59 nsv
including 115.0 125.0 10.0 0.82 nsv
138.5 148.0 9.5 0.6 nsv
including 140.0 144.3 4.3 0.84 nsv
TC12166 270 -55 65 38.0 48.0 10.0 0.7 nsv
including 40.5 45.6 5.1 1.05 nsv
57.0 60.0 3.0 0.72 nsv
TC12167 50 -55 131 46.6 50.6 4.0 0.71 nsv
including 47.6 50.6 3.0 0.88 nsv
69.0 76.5 7.5 0.25 nsv
including 71.5 74.0 2.5 0.54 nsv
TC12169 90 -60 202 67.5 74.0 6.5 0.41 nsv
including 72.5 74.0 1.5 1.36 nsv
80.5 102.8 22.3 0.26 nsv
including 86.5 89.5 3.0 0.48 nsv
and 97.0 101.3 4.3 0.41 nsv
TC12171 60 -60 96.7 nsv
TC12174 300 -60 102.4 88.0 95.5 7.5 1.88 nsv
including 88.0 90.0 2.0 2.09 nsv
and 93.0 95.5 2.5 2.85 nsv
Ruy TC12170 60 -60 99.6 40.0 99.6 59.6 0.71 nsv
including 45.0 80.1 35.1 1.07 nsv
including 47.0 64.0 17.0 1.8 nsv
TC12173 240 -60 146.2 29.0 35.0 6.0 0.6 nsv
including 30.6 32.1 1.5 1.29 nsv
39.0 52.5 13.5 0.44 nsv
including 42.2 47.0 4.8 0.56 nsv
67.0 79.1 12.1 0.95 nsv
including 71.0 77.0 6.0 1.54 nsv
137.0 141.5 4.5 0.62 nsv
TC12175 240 -80 87.2 nsv
TC12177 120 -60 141.3 97.8 99.6 1.8 0.47 7.0
Tumba TC12158 270 -70 100 nsv
TC12159 120 -60 92.6 86.1 87.5 1.4 1.13 nsv
TC12160 270 -60 39.6 nsv
TC12162 60 -60 84.4 nsv
TC12163 90 -60 52.6 nsv
TC12164 270 -60 97.3 nsv
TC12168 270 -65 96.5 nsv
TC12172 270 -65 97.5 nsv
Most of the core was HQ size, although six holes also had NQ size core form the deeper portion of the holes. All intersections shown are down hole lengths as true widths are not accurately known. Grades of the intervals are calculated on a weighted average basis.
Little Hill (Southern Area of Trun Property)
Two diamond core holes were completed at the KD Zone at Little Hill. Both holes encountered significant mineralization. Hole TC12178 intersected 19.7 meters at 1.32 grams per tonne gold and 23.3 grams per tonne silver, and hole TC12176 encountered five intervals of gold mineralization the longest of which is 9.1 meters at 0.97 grams per tonne gold. These holes demonstrate that the central part of the north trending, east dipping KD Zone is mineralized to depths of approximately 150 meters.
Recent drilling at Little Hill (see table below and accompanying map), the southernmost granite intrusion on the property, includes
Little Hill
Azimuth Inclination Depth From To Intersection Au Ag
Hole ID (degrees) (degrees) (m) (m) (m) (m) (g/t) (g/t)
KD TC12176 270 -85 202.7 75.0 82.1 7.1 0.7 nsv
including 79.8 82.1 2.3 1.3 2.0
94.1 97.4 3.3 1.7 8.7
including 94.1 95.9 1.8 2.88 12.6
138.0 147.1 9.1 0.97 nsv
including 138.0 140.0 2.0 2.76 nsv
171.8 173.5 1.7 1.26 8.0
181.4 184.0 2.6 0.66 1.7
TC12178 270 -80 190.9 134.0 153.7 19.7 1.32 23.3
The drill core of the two holes included both HQ and NQ size core. All intersections shown are down hole lengths as true widths are not accurately known. Grades of the intervals are calculated on a weighted average basis.
Update on Drilling and Commercial Discovery Application
EurOmax has completed its drill campaign at Trun. Approximately 5,880 meters of diamond core were drilled since the beginning of the year and assays for all drill holes have now been received.
The Company has now submitted a commercial discovery certificate application for Trun following the same process as for the Breznik commercial discovery certificate application that was submitted in 2011.
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 (> 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 and has reviewed and approved the disclosure of the exploration information in the news release.
About EurOmax Resources Ltd.
EurOmax is a Canadian exploration and development Company with three gold and base metal assets in Macedonia, Bulgaria and Serbia. 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 a mining concession application, 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 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.
Maps:
Big Hill: www.euromaxresources.com/i/maps/Trun/BigHill_0703-12.jpg
Little Hill: www.euromaxresources.com/i/maps/Trun/LittleHill_0703-12.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.
Contact
EurOmax Resources Ltd.
Steve Sharpe, President & CEO
+44 (0)20 3178 6511
ssharpe@euromaxresources.co.uk
www.euromaxresources.com
