EurOmax Resources (CVE:EOX) announced Wednesday that it has confirmed yet another gold zone at its Trun project in Bulgaria, prompting a significant boost to its share price.
The company said the latest hole from its Nadejda target intersected 24 metres at 7.36 g/t gold, starting at surface in diamond drill hole MTC1176, including 1.6 metres at 95.85 g/t gold.
Shares of EurOmax rallied more than 10%, to $0.32 as of 2:42pm EDT on Wednesday.
"We are extremely pleased to see such impressive numbers from the Nadejda target," said technical advisor to the company, Dr. Quinton Hennigh.
"This target lies about 1.5 kilometers southeast of the Ruy target where our first drill hole there encountered 87 meters at 2.14 grams per tonne gold."
In addition, the 2.1 million ounce Logo gold resource lies about 1.5 kilometers north of Nadejda.
"Based on strong similarities of mineralization between these three zones, we believe that they may all be potentially part of the same large granite-related gold system," added Hennigh.
Hole MTC1176 reached a total depth of nearly 120 metres, and intersected three zones of mineralization.
Drilling is continuing at the Trun project, the company said, with recent holes testing at least six new targets, as well as potential extensions to the Logo resource. For example, hole MTC1178 was drilled in the nearby Tumba target, and intervals with visible gold were observed.
EurOmax said that gold mineralization at Trun displays striking similarities to that of "tombstone-type" gold deposits in the Tintina Gold Belt of the Yukon and Alaska, including the Fort Knox gold deposit in Alaska and the Eagle gold deposit in Dublin Gulch, Yukon.
The company holds 100% control over approximately 67 square kilometers. The 2011 drill program at the property encompasses approximately 4,000 metres of diamond core drill.
In addition to drilling, geophysical surveys have begun over the Little Hill intrusion in the southern part of the property.