VANCOUVER, July 24 /CNW/ - EurOmax Resources Limited (TSX-V: EOX) is pleased to announce that a 30 line kilometre geophysical program has commenced at Ilovitza in Macedonia. EurOmax recently announced a 43-101 Mineral Resource estimate at Ilovitza of 303 million tonnes grading 0.23% copper, 0.31 grams per tonne gold and 0.005% molybdenum. This resource contains 1.6 billion pounds of copper, 2.9 million ounces of gold and 3.5 million pounds of molybdenum.
The geophysical program will include IP, resistivity and ground magnetics.
"This will be the first IP/resistivity survey undertaken over the
Ilovitza porphyry. The program will cover the entire intrusive complex
with 12, 200 metre spaced lines. It will target the untested magnetic and
geochemical anomaly and the extensive silica-alunite lithocap along the
eastern and southern edges of the intrusion which remains largely
untested in the subsurface. All data will be modeled in 3D to better
define drillhole targets. Further diamond drilling is scheduled after
completion of the survey", commented John Menzies Chairman and CEO of
EurOmax.
Recent incorporation of all Ilovitza exploration data into 3D modeling software has highlighted the area to the north-west of the Ilovitza resource as having potential for additional tonnage and higher average grades. A strong magnetic anomaly in this area remains untested. Diamond drillholes suggest that grades increase towards this anomaly and the only drill hole to be drilled towards this target, PD 0607, intersected the highest grades of any drillhole at Ilovitza and intersected potassic alteration towards the bottom of hole. A review of surface geochemistry shows that highest copper in soil occurs downslope of this feature. Images from this modeling can be seen at www.euromaxresources.com
About the Ilovitza Project
At Ilovitza, EurOmax is exploring a newly discovered copper-gold-molybdenum system more than 1.2 kilometres in diameter. Ilovitza is one of several porphyry systems of eastern Macedonia and northern Greece associated with exposed magmatic complexes. Typical of these deposits is the Skouries deposit in Greece which hosts reserves of 146 million tonnes at 0.54% copper and 0.83 grams per tonne gold for 4 million ounces of gold and 800,000 tonnes of copper.
The Ilovitza mineralisation is beneath and outcrops along the Anovie and Chukar ridges which rise nearly 600 metres above the surrounding terrain. Ilovitza is close to a paved road, 25 kilometres from rail, 75 kilometres from a major port and less than 400 kilometres to two smelters via rail.
Qualified Persons
John Menzies, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information in this release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
On Behalf of the Board of Directors
"John C. Menzies"
Chairman and CEO
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EurOmax Resources Limited is listed on TSX Venture Exchange Symbol: EOX
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