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Ilovitza inferred resource estimate 43-101 report filed on SEDAR
VANCOUVER, Aug. 12 /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, Aug. 12 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is\npleased to announce is it has filed the NI 43-101 report on the initial\ninferred resource on the Ilovitza copper - gold - molybdenum project in\nMacedonia as completed by Broad Oak Associates of Toronto, Ontario ("Broad\nOak"). The results conclude that the Ilovitza deposit contains an inferred\nresource of 303 million tonnes grading 0.23% copper, 0.31 grams per tonne gold\nand 0.005% molybdenum. This resource contains approximately 1.6 billion pounds\nof copper, 2.9 million ounces of gold and 3.5 million pounds of molybdenum. In\ncopper equivalent terms this equals 3.5 billion pounds of copper. The report\nrecommends a Phase 1 program of geophysics and drilling followed by a Phase 2\nprogram of metallurgical testwork and drilling. EurOmax has commenced the\ngeophysics recommended in the Phase 1 program.\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\nHighlights from the NI 43-101 report\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- 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- 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, Mace...