Issued Capital:
43,199,155 common shares
Stock Exchange
TSX Venture Exchange
Symbol: EOX
VANCOUVER, June 14 /CNW/ - EurOmax Options Four Properties in Macedonia EurOmax Resources Limited is pleased to announce it has executed an option agreement with Freeport McMoran Copper & Gold Inc. subsidiaries, Phelps Dodge Vardar DOOEL and Phelps Dodge Exploration Corporation (together, PDX), to acquire a 100% interest in four exploration properties in Macedonia. Under the terms of the agreement EurOmax has purchased an option to acquire a 100% interest in the properties by the payment to PDX of USD600,000 and the issuance of 100,000 EurOmax shares. In order to exercise the option EurOmax must fulfill all concession requirements, fulfill a certain minimum volume of drilling and complete a US$1.5 million exploration program over 3 years. PDX retains a one time only back in-right on each concession, whereby PDX may elect to earn a 70% interest, after EurOmax has completed 10,000 metres on any such property. In order to earn its interest PDX must repay EurOmax twice its exploration expenditure on that property and fund the property through completion of a final feasibility study. The transfer of the properties to EurOmax, is subject to government approval and the transaction is subject to regulatory approval.
Kazandol Copper Project
The Kazandol concession covers gneiss and schist intruded by granite stocks and andesite dykes. Outcropping copper mineralisation has been mapped along a north-west striking zone over a length of five kilometres. Within this zone two large copper oxide targets have been defined: Kazandol North and Kazandol South. No drilling has been conducted at Kazandol.
Kazandol North
--------------
An 800 by 400m zone of copper oxide mineralisation has been defined at Kazandol North. PDX undertook trenching and soil geochemistry with values locally in excess of 1% copper. Contoured copper in soil and PDX trenches are plotted on the attached graphic.
All trenches reported significant results and these are listed in the table below (at a 0.1% copper cut-off):
-------------------------------------------------------------------------
Kazandol North - Trench Results
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Trench Length From To Intercept
Number (metres) (metres) (Metres) (metres) Copper %
-------------------------------------------------------------------------
T1 765 265 440 175 0.39
incl 285 425 140 0.46
incl 300 320 20 1.05
T2 586 384 586 202 0.25
T3 620 130 160 30 0.25
380 445 65 0.27
T4 445 35 210 175 0.44
incl 95 210 115 0.63
120 160 40 0.98
T5 300 155 185 30 0.25
-------------------------------------------------------------------------
A trenching program is in progress to better define the distribution of mineralisation prior to drilling. Permitting for drilling has commenced.
Kazandol South
--------------
The Kazandol South zone has been traced over a strike of 3 kilometres and a width of up to 500 metres with soil copper values greater than 200 ppm. Rock chip sampling by PDX has reported values of up to 0.5% copper over 10 metres. Kazandol South is in a similar geological setting to Kazandol North but with more intense alteration and oxidation and intense surface leaching of copper is suspected by Euromax. Permitting for a planned program of trenching and drilling is in progress.
Ilovitza Copper-Gold Porphyry
The Ilovitza concession is located in the northwest striking Leche-Chalkidiki metallogenic belt. Ilovitza, a new discovery by PDX and is one of a series of porphyry copper-gold deposits in the belt which extends from Greece, through eastern Macedonia and into Serbia.
At Ilovitza a large copper-gold bearing quartz stockwork is variably exposed over an area of 800 by 400 metres and has been traced to a depth of 500 metres. PDX drilled seven diamond drillholes at Ilovitza, five of which intersected mineralised porphyry. The mineralised stockwork is centred on a dacite porphyry stock central to a 1.3 km diameter volcanic diatreme. The stock is pervasively altered and stockworked at surface. (See attached plan and section).
A summary of significant diamond drillhole intercepts (at a 0.1% copper cut-off) is provided in the table below:
-------------------------------------------------------------------------
Ilovitza Cu-Au Porphyry Intercepts
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Drill Depth From To Intercept Cu Au CuEq AuEq
Hole (metres) (metres) (metres) (metres) % g/t % g/t
-------------------------------------------------------------------------
PDIC 04-02 386 98 386 288 0.16 0.20 0.28 0.47
incl. 343 386 43 0.25 0.28 0.43 0.73
-------------------------------------------------------------------------
PDIC 04-03 0 108 108 0.31 0.31
541 393 541 148 0.24 0.27 0.40 0.68
-------------------------------------------------------------------------
PDIC 06-06 512 54 504 450 0.23 0.30 0.41 0.69
-------------------------------------------------------------------------
PDIC 06-07 226 132 225 93 0.28 0.45 0.54 0.93
incl. 135 180 45 0.29 0.53 0.60 1.02
192 216 24 0.29 0.44 0.55 0.93
-------------------------------------------------------------------------
PDIC 06-08 501 0 48 48 0.48 0.48
57 450 393 0.25 0.36 0.46 0.79
incl. 57 111 54 0.38 0.39 0.61 1.04
132 213 81 0.23 0.41 0.47 0.80
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Copper and gold equivalent calculations use metal prices of USD 1.25/lb
copper and USD 450/oz gold. Adjustment factors for differences in
relative metallurgical recoveries for gold and copper have not been
considered and metallurgical recoveries and net smelter returns are
assumed to be 100%.
-------------------------------------------------------------------------
Locally, weathering has produced a supergene oxide cap with results including 0.48 g/t gold over 48 metres (0-48 metres) in PDIC 04-08.
An undrilled zone of intense advance argillic alteration has been mapped in outcrop along the south-east side of the diatreme over an area of 500 by 300 metres. Enargite and anomalous gold in rock chips suggests potential for shallow copper-gold mineralisation above an intrusive stock.
Iberli Project
The Iberli concession application covers a number of outcropping skarns along the faulted contact between granite of probable Jurassic age and Mesozoic limestone. The skarns have been traced discontinuously over a strike of 2 kilometres with a width at surface of up to 30 metres. The skarns are magnetite rich with sphalerite, galena and chalcopyrite. A State exploration company reported grades at surface and in drillhole of up to 3% copper, 7% zinc, 3% lead and 2g/t gold.
Shopur Project
The Shopur concession application, covering 19 sq., km is close to the operating Buchim porphyry copper mine. Magnetite skarns outcrop on the licence and sampling by Euromax has reported up to 3g/t gold. The property has potential for base metal gold skarns and porphyry copper mineralisation in a poorly exposed terrain between the skarn and the Buchim open pit.
The Iberlie and Shopur prospects are covered by applications and have not yet been awarded to PDX. The award is subject to government approval.
Planned Program
EurOmax plans a program of geophysics (Induced Polarization, Resistivity and Magnetics) and diamond drilling at Ilovitza commencing in June 2007. At Kazandol trenching and permitting for reverse circulation drilling is in progress.
Quality Control and Assurance. All of the work reported herein was undertaken by PDX unless otherwise specified. Samples were assayed at Eurotest Control AD and American Assay Laboratories, Nevada, both ISO 9001 accredited laboratories. The Company understands that PDX used industry standard quality control procedures and believes these results to be reliable.
John Menzies, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information in this release.
"John Menzies"
Chairman & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.