Business
Drilling Commences in Serbia
Drilling Commences in Serbia.
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nIssued Capital:\n\n\n47,222,487 common shares\n\n\nStock Exchange\n\n\nTSX Venture Exchange\n\n\nSymbol: EOX\n\n\nVANCOUVER, Aug. 20 /CNW/ - EurOmax Resources Limited ("EurOmax") is\npleased to announce that drilling has commenced at Rudnitza in Serbia to test\na copper-gold porphyry.\n\n\nThe first diamond drillhole, EORC 07-01, will be drilled near PDRC 04-03\nwhich was previously reported intersecting 144 metres of 0.62% copper\nequivalent(1) or 1.06 g/t gold equivalent(1) (0.40% copper and 0.38g/t gold)\nfrom the base of oxidation to total depth of 244 metres. This hole terminated\nin mineralisation. EORC 07-01 will be drilled with a different orientation to\nbetter intersect the dominant vein trends.\n\n\nThe Rudnitza copper-gold porphyry consists of a large iron oxide, quartz\nvein stockwork zone outcropping over an area of approximately 400 metre by 300\nmetres. There are widespread ancient workings in this area most of which\nremain untested. The quartz stockwork, with vein density greater than 30 veins\nper metre, is developed within a quartz-magnetite alteration zone. This is\nsurrounded by a larger argillic and advanced argillic alteration zone.\n\n\nAfter completion of the drilling at Rudnitza the rig will be moved to the\nCeovishte licence to commence a five hole program. Four holes will target a\none square kilometre area of ancient mine working at Ceovishte. The Ceovishte\ntarget is an undrilled high sulphidation system with strong gold and base\nmetal soil and rock chip geochemistry. Sampling of material from ancient mine\ndumps by a previous operator(2) returned strong multi-element geochemistry\nwith up to 0.3% copper, 2.3% zinc, 6% lead, 196 g/t silver and 2.4 g/t gold. \nAssay of smelter slag from the area reports 10.7% lead and 102 g/t silver. A\npreviously untested silica breccia, 8 kilometres to the south of the Ceovishte\nHS System which is at least 200 metres in diameter will also be drill tested.\n\n\n(1) Copper and gold equivalent calculations use metal prices of\n\n\nUSD 1.25/lb copper and USD 450/oz gold. Adjustment factors for\n\n\ndifferences in relative metallurgical recoveries for gold and copper\n\n\nhave not been considered and metallurgical recoveries and net smelter\n\n\nreturns are assumed to be 100%.\n\n\n(2) The Company believes results reported by the previous operator o...