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EurOmax concludes acquisition of Karavansalija copper-gold property
VANCOUVER, May 26 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) ("EurOmax") is pleased to announ...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, May 26 /CNW/ - EurOmax Resources Limited (TSX-V: EOX)\n("EurOmax") is pleased to announce a new agreement with Freeport-McMoRan\nExploration Corporation ("FMEC") to acquire the Karavansalija property in\nSerbia.\n\n\nJohn Menzies, Chairman and CEO of EurOmax commented, "Karavanslija is a\n\n\nsignificant acquisition, with large mineralized systems within extensive\n\n\nalteration zones. Drill results are encouraging with 166 metres at 1%\n\n\ncopper equivalent including 62 metres at 1.7% copper equivalent, 194\n\n\nmetres at 0.9% copper equivalent, 115 metres at 1.4 grams per tonnes gold\n\n\nand in one hole 42 metres at 3.1 grams per tonne gold followed by 99\n\n\nmetres at 0.4% nickel, 0.03% cobalt and 0.55 grams per tonne gold. In our\n\n\nopinion, the Karavansalija property is one of the largest mineralised\n\n\nsystems presently being explored in SE Europe."\n\n\nKaravansalija Property (Pronounced "karavan - sal - eya")\n\n\nThe 60 square kilometer Karavansalija licence in southern Serbia covers\nserpentinite in contact with up to 600 meters of carbonates which are overlain\nby younger volcanics intruded by dykes. Evidence of ancient mining activity is\nwidespread on the property, extending well beyond the areas recently drilled.\nSoil geochemistry and geophysics have recently been completed over\napproximately 20 square kilometers and 27 diamond drillholes have been\ndrilled.\n\n\nThere are two well defined mineralised centres on the property within a\n60 square kilometer alteration zone: Karavansalija and Medenovatz Mineralised\nCentres.\n\n\nKaravansalija Mineralised Centre\n\n\nThe Karavanslija mineralised centre (KMC) covers an area of roughly 12\nsquare kilometers where carbonates and strongly altered volcanics are intruded\nby a wide quartz latite dyke swarm. Central to the KMC is a coincident\ngravity, magnetic and topographic anomaly covering approximately 4 square\nkilometers. Strong lead and copper soil geochem anomalies largely surround\nthis feature and are often related to ancient mining activity. Skarn\nmineralisation is widespread in outcrop and the subsurface possibly forming\nmantos around an unexposed intrusion.\n\n\nDiamond drilling has focused on the southern well exposed skarn\nmineralisation with several holes in and around the gravity-magneti...