EurOmax 2.1M Ounce Estimate
EurOmax Resources Limited (TSX VENTURE:EOX) has announced an initial National Instrument 43-101 compliant resource estimate for the Logo Gold Prospect at its 100% controlled Trun Project, Bulgaria.
The estimate is based on data generated to the end of the 2010 field season. The deposit remains open for expansion to the north, east and west and additional drilling is being planned for these areas.
Highlights of the 0.3 g/t gold cut-off Resource Estimate:
- At the base case 0.3g/t gold cut-off grade, the Logo Prospect contains an inferred resource of 91.2 million tonnes at a grade of 0.70g/t Au for 2.1 million ounces of contained gold.
- This resource lies within a gently dipping, sheet-like body at, or close to surface and remains open for expansion to the north, east and west. Grades and thicknesses of mineralization are improving to the north and northeast.
- Gold mineralization is hosted by hornfels immediately overlying the Big Hill granite and shares similarities to the Dublin Gulch and Fort Knox “tombstone” type gold deposits of the Tintina belt in North America.
- Mineralization occurs in stockwork quartz carbonate veins with sulphide contents generally less than 3%. Significant scheelite accompanies gold in places.
Dr. Roger Moss, technical advisor to the Company stated “This initial resource is a major milestone for the Trun Property and for EurOmax, as the Company works to unlock the value we believe to be contained in our property portfolio.”
Inferred resources were also estimated at cut-off grades of 0.15g/t Au and 0.4g/t Au and are summarized in the table below. A drill hole location plan and cross sections can be seen in the technical report on the Company’s website.
Although all mineral resources in the estimate were classified as inferred resources due to the relatively sparse drilling information (20 drill holes) and uncertainty in the geological model and grade estimation, the long section and cross sections of the Logo deposit show that the presence of the mineralization is extensive and demonstrates reasonable continuity.
Broad Oak Associates has finalized the NI-43-101 technical report on which the resource estimate is based. This report is available on the Company’s website and has been filed on SEDAR.
2011 Exploration Plans: Grades and thicknesses of mineralization appear to be improving to the north and northeast at Logo, and it is believed that this initial resource can be expanded and improved with further drilling. EurOmax is planning on drilling additional holes in these areas as well as on additional targets at Trun beginning the summer of 2011. Of particular note, it is believed that the granite- and syenite-hosted K2 prospect could potentially add significant ounces of gold resource to the Trun project with additional drill holes. The Trun project encompasses approximately 7,500 hectares and hosts at least five additional gold targets besides Logo and K2 that are defined by broad (+500 m diameter) gold in soil anomalies. These targets are also being evaluated for initial drill testing.
EurOmax is a Canadian company focused on precious and base metal projects in Southeastern Europe. Our strength is the local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
Posted February 8, 2011
