Monday, 7 May 2012

EurOmax gives drilling update on Trun, sells Thrace Resources

EurOmax Resources (CVE:EOX)(OTCQX:EOXFF) Monday announced an update on recent drilling results at its 100 percent-controlled Trun project in Bulgaria.
The company also sold Thrace Resources, an indirectly held wholly-owned subsidiary that holds the mineral rights for the Breznik and Rakitovo projects.
EurOmax said recent drilling at Trun has led to a high-grade silver discovery. Drilling on the KD Zone at Little Hill, the southernmost of two granite intrusions on the property, returned 12.8 metres at 975 grams per tonne (g/t) silver, including 3.0 metres at 3,450 g/t silver in diamond drill hole 12132.
Hole 12132, along with holes 12133 (8.3 metres at 228 g/t silver) and 12143 (7.1 metres at 268 g/t silver), targeted a high-grade silver shoot approximately 120 metres long in the southern part of the KD zone.
The zone is a north-trending, 1.0 km-long structural corridor being targeted by EurOmax for near-surface precious metal mineralization. The true width of the shoot is approximately 7 metres and the deepest intercept occurs approximately 88 metres below surface, the company said.
"We are very pleased with results from this high-grade silver shoot at Trun," EurOmax's chief geologist Dr. Quinton Hennigh said.
"The KD zone is part of a long list of mineralized zones recognized across this very large project. At least seven significant zones of near-surface gold and/or silver mineralization have now been identified at Trun."
EurOmax said that recent drilling at Little Hill includes 16 diamond drill holes testing shallow parts of the KD mineralized zone, four holes testing the Zlata vein system and one hole testing the K2 target.
In addition to the high-grade silver intercept, diamond drill hole 12132 also encountered significant gold mineralization, including 20.1 metres at 1.25 g/t gold beginning at a down hole depth of 88.9 metres. This lower gold zone appears to parallel the high-grade silver zone above, EurOmax said.
And further north from the high-grade silver shoot, several diamond drill holes found significant gold mineralization along the KD zone. Results included 15.8 metres at 1.17 g/t gold in hole 12137, 20.4 metres at 1.07 g/t gold in hole 12140 and 19.1 metres at 1.37 g/t gold in hole 12146.
Of the four holes that tested the Zlata vein system, hole 11128 produced the best results, with 21.1 metres at 0.72 g/t gold and 9.0 g/t silver.
A single diamond drill hole, 12144, tested the eastern margin of the K2 zone, but failed to encounter significant mineralization, the company said.
Meanwhile, recent drilling at Big Hill, the northernmost granite intrusion on the property, includes 11 diamond drill holes infilling shallow parts of the Logo zone, one hole testing the northern extension of the Ruy zone, and one hole testing an area immediately west of the Tumba target.
Ten of the 11 shallow infill holes drilled at Logo encountered significant gold mineralization. The best results included 7.2 metres at 1.16 g/t gold in hole 12130, 16.0 metres at 1.00 g/t gold in hole 12151 and 10.0 metres at 1.15 g/t gold in hole 12155.
EurOmax is nearing completion of the present drill campaign at Trun. Approximately 5,000 metres of diamond core have been drilled since the beginning of the year.
The final drill holes of this program will test parts of the Nadejda, Ruy and Tumba zones, where drilling in 2011 hit significant intercepts of gold mineralization, the company said.
At least one additional hole will test deeper parts of the high-grade silver shoot at KD. Results from all remaining holes are expected to be received by late June.
The commercial discovery certificate application for Trun will include all drilling and metallurgical results from the current drill program, a final exploration report, a preliminary scoping study (non-NI43-101 compliant), a preliminary environmental impact assessment, and detailed maps for the area covered by the application, among other items.
The formal application is slated to be submitted in early July, with all documentation required expected by the end of June.
This is the same process followed by EurOmax for the Breznik commercial discovery certificate application, the miner said.
EurOmax also said Monday it has sold its indirectly held subsidiary, Thrace Resources EOOD, which holds the mineral rights for the Breznik property and the Rakitovo property.
Thrace was sold to a private company for payments that will total C$3.5 million, if certain milestones are achieved, and a 1.5% net smelter return on the first 330,000 ounces of gold and 970,000 ounces of silver produced at the Breznik property.
An initial payment of C$1.5 million has already been received, the company said.
A second payment of C$1.0 million is payable if a positive Environmental Impact Assessment decision on the Breznik project isobtained, and a third payment of C$1.0 million is payable if a mining concession for the Breznik project is granted.
The Breznik gold-silver project in Bulgaria consists of a hydrothermal system covering an area of 3.5 by 1.5 kilometres. The project includes eight zones of mineralization, which includes a high-grade gold and silver vein system that has been traced for 2.5 kilometres, and drilled to a depth of 150 metres.
Breznik has an NI 43-101 inferred resource of 463,217 ounces of gold at 5.91 g/t using a cut-off of 2.0 g/t gold and 2.1 million ounces silver at an average grade of 26.78 g/t.
EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia and is focused on identifying, acquiring and developing mineral resources in Southeastern Europe.
Full details of the drilling results can be found at:

No comments:

Post a Comment