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Ilovitza inferred resource estimate 303 million tonnes containing 1.6 billion pounds of copper plus 2.9 million ounces of gold
VANCOUVER, June 26 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is pleased to announce is it ha...
About this update from Euromax Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, June 26 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is\npleased to announce is it has received the results of an independent Mineral\nResource estimate by Broad Oak Associates of Toronto, Ontario ("Broad Oak") on\nthe Ilovitza copper-gold-molybdenum project in Macedonia. The results conclude\nthat the Ilovitza deposit contains an inferred resource of copper 303 million\ntonnes grading 0.023% copper, 0.31 grams per tonne gold and 0.005% molybdenum.\nThis resource contains approximately 1.6 billion pounds of copper, 2.9 million\nounces of gold and 3.5 million pounds of molybdenum. In copper equivalent\nterms this equals 3.5 billion pounds of copper.\n\n\nJohn Menzies, Chairman & CEO commented, "This is an excellent first step\nfor Ilovitza. It is arguably one of the largest undeveloped copper-gold\nresources in Europe. It is ideally located for development being close to\nrail, a port and two smelters including one of the most efficient in Europe.\nOur focus will now be to continue diamond drilling particularly to the NW of\nthe resource where we have an untested high order magnetic anomaly with a gold\nand copper soil anomaly downslope. We believe this area has potential for\nsignificantly higher grades which is confirmed by a short hole drilled on the\nedge of the feature that contains the highest copper-gold grade at Ilovitza"\n\n\nEurOmax will file on SEDAR within 45 days this NI 43-101 compliant\nreport.\n\n\nHighlights\n\nBroad Oak's Mineral Resource Statement confirms:\n\n- An inferred resource of 303 million tonnes grading 0.23% copper,\n 0.31 g/t gold and 0.005% molybdenum containing approximately\n 1.6 billion pounds of copper, 2.9 million ounces of gold and\n 34.6 million pounds of molybdenum, below the base of oxidation.\n\n- An inferred resource of 41 million tonnes grading 0.26 grams per\n tonnes containing 326,000 ounces of gold above the base of oxidation.\n\n- The resource estimation process has also highlighted that while the\n deposit is open in all directions particular attention should be paid\n to drilling to the north and west.\n\nThe Mineral Resources below the base of oxidation is presented in the\ntable below:\n\n Mineral Resources - Ilovitza Deposit, Macedonia\n\n-------------------------------------------- ----------------------------\n Tonnes & Grade Co...