TSX.V. EOX
Frankfurt. OMZ
VANCOUVER, July 29 /CNW/ - EurOmax Resources Limited (TSXV: EOX) ("EurOmax") announces that recent drillhole results have extended the mineralized porphyry goldcopper deposit at Ilovitza. Two drillholes were completed. The first drillhole was an angle hole which at the bottom is approximately 100 metres east of the previous most eastern hole. The second drillhole is approximately 150 metres north of the previous most northern hole.
"We are highly encouraged with the results from this recent drill campaign. The current drilling has identified the highest gold grades on the Ilovitza 6 licence. Indications are that gold grades will be higher to the north in the geophysical anomaly," said Dimitar Dimitrov, Senior Vice President of Euromax. "These results have the potential to significantly increase the resource at Ilovitza." Results from these two drillholes are summarized in the table below:
ILOVITZA DRILL RESULTS
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Gold Copper
Total Equiv- Equiv-
DDH Depth From To Length Gold Copper alent alent
Number (m) (m) (m) (m) (g/t) (%) (g/t) (%)
------------ ------ ------ ------ ------ ------ ------ ------ ------
Oxide Zone
EOIC 1014 294 - 75 75 0.31 n/a 0.31 n/a
Primary Zone
EOIC 1014 294 75 235 160 0.34 0.34 0.88 0.56
EOIC 1015 519 99 450 351 0.42 0.25 0.82 0.52
Notes: Hole EOIC 1014 was abandoned at a depth of 294 metres prior to
target depth
Gold and copper equivalent grades calculated using a gold
price of USD1,100 per ounce and a copper price of USD2.50 per
pound. No adjustment has been made for metallurgical
recoveries.
Previous drilling at Ilovitza has identified a 43101 compliant inferred resource of 303 million tonnes grading 0.23% copper, 0.31 grams per tonne gold and 0.005% molybdenum. This resource contains approximately 1.6 billion pounds of copper, 2.9 million ounces of gold and 3.5 million pounds of molybdenum.
The current drilling was completed on a geophysical anomaly which had not previously been drilled.
Geophysical surveys have identified that the anomaly covers an area of 800 meters by 500 metres within the Ilovitza 6 licence. Drilling is scheduled to recommence in September to expand the resources at Ilovitza 6 once all permits and other necessary authorizations are received.
About the Ilovitza Project
At Ilovitza, EurOmax is exploring a newly discovered copper-gold-molybdenum system more than 1.2 kilometres in diameter. Ilovitza is one of several porphyry systems of eastern Macedonia and northern Greece associated with exposed magmatic complexes. Typical of these deposits is the Skouries deposit in Greece which hosts reserves of 146 million tonnes at 0.54% copper and 0.83 grams per tonne gold for 4 million ounces of gold and 800,000 tonnes of copper.
Ilovitza is close to a paved road, 25 kilometres from rail, 75 kilometres from a major port and less than 400 kilometres from two smelters by rail.
Quality control and Quality Assurance
Drilling was conducted using diamond drilling. Diamond drillhole samples were cut at a sample preparation facility in Bulgaria by EurOmax personnel. Drillhole samples were prepared and assayed by SGS Chelopech at its laboratory in Bulgaria. SGS Chelopech follows SGS Global methods and procedures and has stringent quality control and assurance practices. Quality control samples, both standards and blanks, are routinely submitted. Gold is assayed by a 50 gram fire assay with an AAS finish while copper is assayed by acid digestICPMS.
Drillhole location maps are available on the EurOmax website at www.euromaxresources.com
Christopher A. Serin, P.Eng., a qualified person as defined by National Instrument 43101, supervised the preparation of the information in this release.
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.
On Behalf of the Board of Directors
"Christopher A. Serin"
Interim Chief Executive Officer