Euromax Announces 2012 Drilling Results from KMC Project, Serbia
Published : February 19, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - Euromax Resources Ltd. (News - Market indicators) (OTCQX:EOXFF): ("Euromax" or the "Company") is pleased to announce 2012 drilling results from its KMC project, located in southwest Serbia, some 200 kilometres from the capital Belgrade. The licence covers around 60 square kilometres. KMC's mineralisation includes thick sequences of gold-copper skarns, gold skarns, zinc-lead-copper-gold skarns and volcanic hosted gold mineralised silica breccias. In late 2012 Euromax completed a Diamond drill core programme comprising some 7,000 metres. Drilling was targeted at delineating the skarns in the southern part of the property, named Copper Canyon, in order to define a maiden resource in that area and in testing other targets defined by geophysics and historic drilling to the north of this. 

Summary of Results:
Hole ID From (m) To (m) Length (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
EOKSC 1246 397.0 513.0 116.0 0.71 2.2 0.06 NSV NSV
including 397.0 427.0 30.0 1.47 3.1 0.06 NSV NSV
EOKSC 1247 154.0 167.4 13.4 0.12 11.7 0.02 0.38 0.11
EOKSC 1247A 3.0 155.0 152.0 0.11 11.0 0.02 0.30 0.37
EOKSC 1248 15.5 26.5 11.0 0.08 0.0 0.02 0.03 1.09
EOKSC 1249 11.2 23.5 12.3 0.37 0.3 0.08 0.03 0.80
EOKSC 1251 190.0 227.1 37.1 0.11 12.5 0.03 0.18 0.35
and 441.7 521.0 79.3 0.22 13.7 0.04 1.21 1.52
and 770.0 773.0 3.0 0.10 10.6 0.04 0.80 1.13
and 809.5 810.5 1.0 0.06 102.6 0.02 7.23 8.72
EOKSC 1252 58.5 62.5 4.0 0.05 56.0 0.01 6.77 1.09
and 434.1 455.0 20.9 0.50 2.9 0.08 NSV NSV
and 525.6 573.0 47.4 0.48 0.6 0.27 NSV NSV
EOKSC 1253 564.2 570.0 5.8 0.52 0.1 0.21 NSV NSV
EOKSC 1255 141.3 156.3 15.0 0.09 4.1 0.01 0.53 1.34
and 172.0 174.0 2.0 0.04 12.0 0.02 1.34 2.90
and 210.0 221.1 11.1 0.02 4.1 0.08 0.55 2.54
and 179.0 194.0 15.0 NSV 6.7 NSV 0.70 0.37
and 447.0 572.0 125.0 0.36 0.9 0.13 0.03 2.80
including 482.0 560.0 78.0 0.42 NSV 0.16 NSV 3.63
and 608.0 633.0 25.0 0.14 NSV 0.07 0.03 1.05
EOKSC 1257 190.0 207.8 17.8 0.03 13.7 NSV NSV NSV
and 239.0 255.4 16.4 2.63 11.4 NSV NSV NSV
and 300.0 369.0 69.0 1.08 5.9 NSV NSV NSV
including 339.0 360.0 21.0 2.70 3.1 0.06 NSV NSV
and 397.7 411.0 13.3 0.07 7.0 NSV NSV NSV
EOKSC 1258 201.0 233.0 32.0 0.44 7.1 0.01 0.46 0.24
and 254.8 319.0 64.2 0.55 1.9 0.12 NSV NSV
NSV = no significant value
Intercepts identified using a 0.4 g/t gold equivalent cut-off, gold equivalent based on total recovery and prices as follows: Au $1,400/oz, Ag $28/oz, Cu $7,500/tonne, Pb $2,500/tonne and Zn $2,500/tonne

A brief synopsis of the exploration to date on the property is appended to this release, including a drill hole location plan for the above results (See Appendix - Figure 1). The drilling has demonstrated sufficient continuity of mineralisation at Copper Canyon to proceed with the maiden resource estimate and this is scheduled for completion in Q2 of this year. In addition, the drilling has confirmed significant widths of both gold-copper and base metal rich skarns in the areas to the north of Copper Canyon, namely Shanac and Madenovac (See Appendix - Figures 2-4). Geophysical survey results using gravity and resistivity anomalies have been shown to be a highly effective tool in targeting skarns under cover, as confirmed by the drill results with the most strongly mineralised intercepts correlating well with the strongest geophysical anomalies. Further drilling is scheduled for later in 2013, primarily aimed at delineating the skarns discovered to the north of Copper Canyon and allow preliminary resource estimates on these in the near future.

Commenting on the results, Pat Forward, Chief Operating Officer of the Company said, "We are delighted with the 2012 drill results from our KMC property in Serbia. We are now confident to proceed with a maiden resource estimate on the Copper Canyon skarn and the results also confirm numerous other skarn targets on the concession. The results suggest that KMC could be a significant contributor to the Company's resource base in addition to the development properties of Ilovitza in Macedonia and Trun in Bulgaria. We look forward to announcing the maiden resource in the coming months and to further drilling results later in the year."

Sampling, Analyses and Quality Assurance and Control ("QAQC")

Drill hole orientations were surveyed at approximately 50 metre intervals. Samples were collected by Company geologists in compliance with the Company's standard procedures and in accordance with accepted industry best practice. Samples were normally collected through the mineralised intervals as one metre lengths and occasionally to a maximum of 1.5 metres to reflect geological boundaries. The samples were submitted to the SGS Laboratory (ISO 9001:2008 and ISO 17025 accredited) in Sofia, Bulgaria, for sample preparation and analysis. Gold analyses were carried out using the fire assay technique with an AAS finish on 30 gramme aliquots. Silver and molybdenum were analysed using AES ICP methods. In addition to the laboratory's internal QAQC procedures, the Company conducted its own QAQC with the systematic inclusion of field duplicate samples, blank samples and certified reference samples. The analytical results from the Company's quality control samples have been evaluated and demonstrated to be within acceptable industry standard variances.

Qualified Person

Mr Patrick Forward, FIMMM, a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and COO of the Company, approved the technical disclosure in this release and has verified the data included.

About Euromax Resources Ltd.

Euromax is a Canadian exploration and development Company with three main 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 drilling and drilling results 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 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, 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 and that results of the Company's exploration activities will not be consistent with the Company's expectations. 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.


Description of the KMC Project and Exploration to Date

General Description

The KMC (Karavansalija Mineralised Centre) area is in a large, Tertiary-aged precious and base metal district located in southwest Serbia in an area with excellent infrastructure. The 60 square kilometre licence covers serpentinite in contact with carbonates which are overlain by younger volcanics intruded by dykes. To date, exploration 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 mineralised, may be the source for these widely occurring mineralised zones.


An extensive geophysical programme, including induced polarization ("IP") resistivity lines, ground magnetics surveys, and detailed gravity surveys have been completed. Processed magnetic data suggests the presence of as many as eight large magnetic anomalies. Skarn mineralisation in the southern part of the concession at Copper Canyon appears to be associated with one of the smaller such. Several magnetic anomalies are also coincident with strong surface geochemical anomalies. Gravity surveys have identified a series of anomalies which correlate with the known presence of skarns which are up to 500 metres in vertical thickness. IP resistivity anomalies have proved very successful in delineating the limits of mineralization within the skarns.


Drilling at KMC between 2006 and 2011 led to the discovery of a significant zone of copper-gold skarn mineralization at Copper Canyon in the southern part of the property. Mineralisation includes gold skarn, copper-gold skarn and gold mineralisation hosted by silica stockwork occurring. Although Copper Canyon alone represents a significant zone of mineralisation, multiple other targets have now been identified across the property. In 2011 drill holes completed in the Copper Canyon area intersected significant mineralization including hole EOKSC1141 which intersected some 68 meters of skarn mineralisation grading 1.18 grams per tonne gold. 

To view the figures associated with the press release, please visit the following link:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Euromax Resources Ltd.
Steve Sharpe
President & CEO
+44 (0)20 3667 2970
Euromax Resources Ltd.
Karen Atchison
Investor Relations Manager
+44 (0)20 3667 2970
Data and Statistics for these countries : Bulgaria | Canada | Macedonia | Serbia | All
Gold and Silver Prices for these countries : Bulgaria | Canada | Macedonia | Serbia | All

Euromax Resources

ISIN : CA29873T3073
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Euromax is a gold and copper exploration company based in Canada.

Euromax holds various exploration projects in Bulgaria, in Canada and in Macedonia.

Its main exploration properties are KARAVANSALIJA, TRUN, POPINTSI and RAKITOVO in Bulgaria, KAZANDOL, CEOVISHTE, BRESTOVATZ and ILOVITZA in Macedonia and DURLAN POTOK and EYREMORE in Canada.

Euromax is listed in Canada and in United States of America. Its market capitalisation is CA$ 50.2 millions as of today (US$ 38.5 millions, € 34.9 millions).

Its stock quote reached its highest recent level on March 21, 1997 at CA$ 5.40, and its lowest recent point on April 25, 2014 at CA$ 0.09.

Euromax has 116 842 737 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Corporate Presentations of Euromax Resources
11/1/2012Management Share Purchases New Euromax Corporate Presentatio...
3/2/2008 Corporate Presentation - February 2008
Annual reports of Euromax Resources
2007 Annual Report
Financings of Euromax Resources
3/15/2011Announces Final TSXV Approval of $7.875 Million Private Plac...
2/22/2011Proposes Private Placement for Up to $7.875 Million
Option Grants of Euromax Resources
9/21/2012Brings Investor Relations Services In-house
3/23/2011Grant of 575,000 options at $0,35
2/3/2011Euromax issues 1.075.000 stock options at $0.31
Nominations of Euromax Resources
6/11/2013Appoints Environmental & Social Manager
6/1/2011Board of Directors Re-Elected at Annual General Meeting
9/1/2009Appoints VP Exploration and IR Team
8/7/2008appoints Greg Hall as member of advisory board
Project news of Euromax Resources
2/29/2012First Berlin Initiates Coverage of Euromax Resources
2/8/2012Euro Pacific Broker Note - EurOmax Resources
7/20/2011(Trun)Confirms Another Gold Zone at Trun - Drilling Encounters 24 ...
5/26/2011(Ilovitza)Intercepts 369 Meters at 0.22% Copper and 0.33 Grams Per Ton...
4/1/2011(Breznik)Reports 0.5 Million Ounces Gold and 2.1 Million Ounces Silve...
2/17/2011(Ilovitza)Intercepts 336.5 Meters at 0.30% Copper and 0.37 Grams Per T...
8/4/2010(Kazandol)Drilling Confirms Oxide Copper Zone at Kazandol North
11/12/2009Correction: Drilling at Breznik Intersects High Gold Grades
11/3/2009Drilling at Breznik Intersects High Grades and Extends Lengt...
7/24/2008(Ilovitza)Ilovitza Geophysical Survey
6/26/2008(Ilovitza)Announces 1.6 Billion pound copper and 2.9 million ounce gol...
Corporate news of Euromax Resources
7/7/2016Euromax Announces Final Approval To Graduate to TSX
6/20/2016Euromax Announces Receipt of Conditional Approval to Graduat...
6/14/2016Euromax Announces Reconfirmation of US$240m German Governmen...
6/14/2016Euromax Announces Reconfirmation of US$240 Million
5/20/2016Euromax Announces Completion of Convertible Debt Financings ...
5/6/2016Notice for submission of the Ilovica Project EIA for approva...
4/29/2016Euromax announces non-brokered private placement to the EBRD...
4/8/2016Proposed Funding Package and Formation of Strategic Relation...
4/8/2016Euromax Announces Proposed Funding Package and Formation of ...
3/21/2016Euromax Announces Board Appointment
1/6/2016Euromax Announces Ilovica Feasibility Study Results
10/20/2015Read our latest newsletter - September 2015
10/19/2015Euromax Announces Option Agreement for KMC
9/15/2015Read our latest newsletter - August 2015
9/10/2015Euromax Resources to Attend Upcoming Investment Summits
7/29/2015Euromax at the Macedonia 2025 Networking Reception in Toront...
7/15/2015Read our latest newsletter - June 2015
7/9/2015Euromax on Mining Journal - Rose among the thorns
7/9/2015Rose among the thorns - Mining Journal
3/24/2015Euromax Announces Appointment of Director and Funding of Sec...
3/24/2015Announces Appointment of Director and Funding of Second $3.7...
3/9/2015Euromax Announces Closing of Royal Gold Transaction
3/3/2015Announces Closing of Royal Gold Transaction
3/3/2015Euromax Announces Closing of Royal Gold Transaction
2/20/2015Certificate of Appreciation awarded to Euromax Resources
1/12/2015Euromax Resources Closes Private Placement
1/12/2015Euromax Resources Closes Private Placement
12/23/2014Re-filing of Amended Technical Report
12/22/2014Re-Filing of Amended Technical Report
12/10/2014Euromax Announces Non-­Brokered Private Placement to the EBR...
12/9/2014Euromax Announces Non-Brokered Private Placement to the EBRD
10/21/2014Royal Gold Acquires Gold Stream on Euromax’s Ilovitza Projec...
10/21/2014Euromax Resources Announces US$175 Million Gold Streaming Ag...
9/27/2013Receives C$1 Million from Sale of Thrace Resources
9/12/2013Announces Discovery Drill Hole at Gradina, KMC, Serbia
8/5/2013(Ilovitza)Announces New Mineral Resource Estimate for Ilovitza Project
7/24/2013Publishes First Company Newsletter
7/24/2013Publishes First Company Newsletter
5/24/2013(Ilovitza)Announces New Mineral Resource Estimate for Trun Project-Dri...
5/9/2013All Resolutions Passed at Euromax Annual General & Special M...
5/9/2013All Resolutions Passed at Euromax Annual General & Special M...
3/26/2013(Ilovitza)Files Updated Ilovitza PEA
3/21/2013(Ilovitza)Announces 2012 Drilling Results from Ilovitza, Macedonia
2/19/2013Announces 2012 Drilling Results from KMC Project, Serbia
2/14/2013(Ilovitza)Opens Information Centre in Ilovitza
1/23/2013Announces $8.8 Million Non-Brokered Private Placement; Appoi...
11/8/2012Board and Management Changes
10/24/2012(Ilovitza)Announces Approval of Ilovitza EIS & Preliminary Economic As...
10/16/2012(Ilovitza)Announces Share Consolidation; New Company Secretary Appoint...
9/13/2012Director's Dealings
5/23/2012Moves to Europe
7/21/2011Drill High Grades
7/7/2011(Breznik)Large Geophysical Anomaly at the Breznik Au-Ag Project Teste...
6/14/2011(Trun)Discovers New Gold Zones at Trun
5/4/2011Commences Drilling and Geophysical Programs
4/21/2011Adds to Technical Advisory Board and Issues Stock Options to...
8/18/2010Reminds Shareholders to Vote their BLUE Proxy By Friday, Aug...
7/26/2010files Information Circular and Urges Shareholders to Vote th...
7/14/2010Sues Anthony Patriarco for Insider Trading
10/20/2009 Bulgarian project update
7/16/2009EOX Closes USD15 Million Property Sale
7/17/2009Now Has A New Lease Of Life In South Eastern Europe
5/27/2009Silk Road Business Combination
8/22/2008Closes $0.75 Million Financing
7/14/2008Exposure to West African Gold Exploration
7/7/2008Dr. Patriarco Joins EurOmax Board
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.430
07/08 15:09 -
Prev close Open
0.430 0.430
Low High
0.430 0.430
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.430 -%
Volume 1 month var.
19,500 -%
24hGold TrendPower© : -21
Explores for Copper - Gold - Lead - Molybdenum - Silver - Zinc
Interactive chart Add to compare
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :