Business
Karavansalija copper-gold acquisition completed, drilling commenced
VANCOUVER, June 9 /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, June 9 /CNW/ - EurOmax Resources Limited (TSX-V: EOX)\n("EurOmax") is pleased to announce the completion of a 43-101 report, the\nreceipt of regulatory approval for and closing of the acquisition from\nFreeport-McMoRan Exploration Corporation ("FMEC") of the Karavansalija\nproperty. Drilling on this property has commenced.\n\n\nThe Karavansalija property covers a 60 square kilometre alteration zone\nand two well defined mineralized centres have produced encouraging results\nincluding, 166 metres at 1% copper equivalent including 62 metres at\n1.7% copper equivalent, 194 metres at 0.9% copper equivalent, 115 metres at\n1.4 grams per tonnes gold and in one hole 42 metres at 3.1 grams per tonne\ngold followed by 99 metres at 0.4% nickel, 0.03% cobalt and 0.55 grams per\ntonne gold.\n\n\nDrilling will focus initially on the Karavansalija Mineralized Centre\n(KMC) which covers an area of roughly 12 square kilometers where carbonates\nand strongly altered volcanics are intruded by a wide quartz latite dyke\nswarm. Central to the KMC is a coincident gravity, magnetic and topographic\nanomaly covering approximately 4 square kilometers. Strong lead and copper\nsoil geochemical anomalies largely surround this feature and are often related\nto ancient mining activity. Skarn mineralization is widespread in outcrop and\nthe subsurface possibly forming mantos around an unexposed intrusion.\n\n\nThe first drill hole has commenced on the volcanic hosted gold and the\nunderlying silica-breccia mineralisation. In this area previous drilling\nreported some encouraging results including: 42 meters from surface grading\n3.1 grams per tonne gold including 28 meters grading 4.37 grams per tonne gold\nand 99 metres grading 0.4% nickel, 0.03% cobalt and 0.55 grams per tonnes\ngold. The objective is to test a strong IP-low resistivity feature which was\nonly partially tested by previous drilling and is interpreted to be an\nintrusive breccia, 400 metres wide extending to the vertical limits of the\nsurvey - approximately 600 metres.\n\n\nAcquisition Terms\n\n\nEurOmax has acquired an option to acquire a 100% interest in the\nKaravanslija property by the payment to FMEC of USD50,000, and issuing\n2,500,000 shares. In order to exercise the option EurOmax must complete an\nexploration program over 3 years including 4,4...