EurOmax Provides Update on Its Bulgarian Properties
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/07/12 -- EurOmax Resources Ltd. (TSX VENTURE:EOX)(OTCQX:EOXFF) ("EurOmax" or "the Company") is pleased to announce an update on recent drilling results at its 100% controlled Trun Project and the sale of Thrace Resources EOOD, an indirectly held wholly-owned subsidiary which holds the mineral rights for the Breznik and Rakitovo Projects.
Since the last set of results was announced (see February 7, 2012 press release), recent drilling has led to a high-grade silver discovery. Drilling on the KD Zone at Little Hill has returned 12.8 meters at 975 grams per tonne silver including 3.0 meters at 3,450 grams per tonne silver in diamond drill hole 12132. This hole along with holes 12133 (8.3 meters at 228 grams per tonne silver) and 12143 (7.1 meters at 268 grams per tonne silver) test a high-grade silver shoot approximately 120 meters long occurring along the greater KD mineralized zone, a north-trending, 1.0 km-long structural corridor being targeted by EurOmax for near-surface precious metal mineralization.
"We are very pleased with results from this high-grade silver shoot at Trun," states Dr. Quinton Hennigh, Chief Geologist of EurOmax. "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."
Little Hill (Southern Area of Trun Property)
Recent drilling at Little Hill, the southernmost of two granite intrusions on the property, 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.
Sixteen diamond drill holes (see table below and accompanying map) tested much of the 1.0 km-long strike of the KD mineralized structural corridor. The dip of this north-trending zone is approximately 50 degrees eastward. Drill holes ranged from 60-220 meters depth and tested near-surface precious metal mineralization. Diamond drill hole 12132 returned 12.8 meters at 975 grams per tonne silver including 3.0 meters at 3,450 grams per tonne silver. This hole along with holes 12133 (8.3 meters at 228 grams per tonne silver) and 12143 (7.1 meters at 268 grams per tonne silver) targeted a high-grade silver shoot approximately 120 meters long in the southern part of the KD zone. The true width of this shoot is approximately 7 meters and the deepest intercept occurs approximately 88 meters below surface.
In addition to the high-grade silver intercept, diamond drill hole 12132 also encountered significant gold mineralization including 20.1 meters at 1.25 grams per tonne gold beginning at a down hole depth of 88.9 meters. This lower gold zone appears to parallel the high-grade silver zone above. Further north from the high-grade silver shoot, several diamond drill holes encountered significant gold mineralization along the KD zone. Results include 15.8 meters at 1.17 grams per tonne gold in hole 12137, 20.4 meters at 1.07 grams per tonne gold in hole 12140 and 19.1 meters at 1.37 grams per tonne gold in hole 12146.
Of the four holes that tested the Zlata vein system, hole 11128 produced the best results, with 21.1 meters at 0.72 grams per tonne gold and 9.0 grams per tonne silver. One hole, 12134, was lost when it encountered historic mine workings.
A single diamond drill hole, 12144, tested the eastern margin of the K2 zone, but failed to encounter significant mineralization.
To read the entire news release follow the link below:
May 7, 2012 (Source: SYS-CON Media)
Disclosure: EurOmax Resources Ltd. is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team hold long positions in EOX.T.