Euromax Resources

Published : October 20th, 2009

Bulgarian project update

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Keywords :   Bulgaria | Canada | Copper | Diamond | Gold | Serbia | Silver |

Press Release

Tuesday, October 20, 2009

          

EUROMAX BULGARIAN PROJECT UPDATE

 


VANCOUVER CANADA: EurOmax Resources Limited (TSX-V: EOX) (?EurOmax?) is pleased to announce that it will have four Diamond drill rigs operating on gold targets in Bulgaria and Serbia. The Serbian activities were the subject of a news release dated October 19, 2009.

 

Breznik

The acquisition of Thrace Resources EOOD from International Resource Holdings Ltd (IRH) has now been completed. In 2007, IRH engaged Ravensgate Pty. Ltd. an Australian independent consulting and resource modeling firm to calculate resources for the Breznik project using open pit mining methods. Ravensgate estimated and categorized the resources using JORC (similar to 43-101 guidelines). The in-situ resource using a cut-off grade of 0.05 grams per tonne gold was indicated resources of 1,079,000 tonnes grading 2.01 grams per tonne gold and 6.05 grams per tonne silver and inferred resources of 689,000 tonnes grading 1.79 grams per tonne gold and 5.66 grams per tonne silver. This resource was calculated only for the main vein over a strike length of 800 metres to a depth of approximately 100 metres. The resource is open at depth over the full strike of the area drilled and along strike to the north-west.  Mineralization has been mapped over a strike of more than 3 kilometres as confirmed by ancient open pits, adits and soil geochemistry.  Many of the more than 100 drillholes reported high grade (3.5 grams per tonne to 54.1 grams per tonne gold) intercepts.  EurOmax is now evaluating the potential of this deposit for exploitation of the higher grade material with a low impact underground mining operation.

 

A three hole Diamond drillhole program has commenced.  Two of the drillholes will be drilled to 100 metres to obtain Diamond drill-core for metallurgical testing in preparation for early production.  Testing conducted in 2007 reported recoveries of up to 86% and 91% for gold and silver respectively in a flotation concentrate.  The third Diamond drillhole is planned to test all four mineralized veins to a depth of 300 metres more than 100 metres below the level of previous drilling on the main vein. 

 

Trun

Trenching and mapping at Trun where previous geochemistry and subsequent drilling had reported wide low grade gold intercepts has continued in 2009.  Excavation of a trench along a roadside has returned 27 metres at 4.08 g/t gold.  This result is very encouraging as it appears to represent a higher grade zone not previously recognized or drilled.  A Diamond drillhole, TR0719, collared to the east of the trench saw 25 metres from surface at 0.98 g/t gold followed by 121 metres to the bottom of hole at 0.63 g/t gold.  The higher grade gold zone intersected in this trench remains untested.  A two hole program for 300 metres is planned.

 

Drill hole location maps and core photo images are available for all projects on EurOmax?s website at www.euromaxresources.com

 

Diamond drillhole samples are cut and crushed at a sample preparation facility in Serbia overseen by EurOmax personnel.  Routine assays are undertaken at Eurotest AD laboratory in Sofia, Bulgaria, an ISO9001 accredited facility.  Quality control samples, 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 digest-ICPMS.

 

John Menzies, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information in this release.

 

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release..

 

On Behalf of the Board of Directors

 

?John C. Menzies?

Chief Executive Officer

 

EurOmax Resources Limited is listed on TSX Venture Exchange Symbol: EOX

Further Information: www.euromaxresources.com

 Robert Ferguson

T: + 1 778 945-2116

r.ferguson@euromaxresources.com

 

 

 

 

Robert R. Ferguson

Direct: (778) 945-2116

Mobile: (604) 999-5546

E : r.ferguson@euromaxresources.com

 

 

Data and Statistics for these countries : Bulgaria | Canada | Serbia | All
Gold and Silver Prices for these countries : Bulgaria | Canada | Serbia | All

Euromax Resources

EXPLORATION STAGE
CODE : EOX.V
ISIN : CA29873T3073
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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.

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