EurOmax hits 345 metres at 0.24% copper, 0.32 g/t gold at Ilovitza

EurOmax Resources (CVE:EOX) announced Wednesday additional results from its 2011 diamond drill program at its Ilovitza copper-gold porphyry project in Macedonia, showing good continuity of mineralization and consistent grades.
Results include 345 metres of 0.24% copper and 0.32 grams per tonne (g/t) of gold, including 153 metres of 0.3% copper and 0.45 g/t gold in hole EOIC-1126.
This hole, which was drilled vertically to a depth of 545 metres, closes a 200-metre wide gap with no drilling in the southwest quadrant of the porphyry, the company said.
Drill hole EOIC-1127, also vertical, was drilled near the southern margin of the deposit and encountered 413.6 metres of sulfide mineralization grading 0.19% copper and 0.20 g/t gold.
Meanwhile, results from hole EOIC-1128, a hole collared around 100 metres east of hole EOIC-1125 and drilled to a depth of 635 metres, are expected by the end of the year.
EurOmax exercised an option to acquire a 100 percent interest in the Ilovitza property from a major international mining company, subject to a back-in right that has to be exercised within 90 days of a 10,000 metre drilling commitment being met.
This company said this drilling commitment has now been realized, and the other party therefore has until January 23, 2012 to either relinquish all interests in the property or to acquire a 70 percent interest.
If the back-in right is exercised, EurOmax will receive a payment of two times the company's expenditures on the property, which have been approximately $3 million to date, it said. In addition, the major international mining company will carry EurOmax’s 30 percent interest through to completion of a final feasibility study.
Technical advisor to the company, Dr. Quinton Hennigh, said: "Not only are we pleased with continued good drill results from Ilovitza, we are looking forward to resolution on our ownership interest in this project."
EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia.