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Company Statement
EurOmax is a Canadian company with precious and base metal projects in SE Europe. Our objective is the discovery of major metal deposits in this well endowed metal province and participation in their development. Our strength is our local staff, local knowledge and focus on technical excellence which combined with good partners and advanced properties positions EurOmax for a long term profitable future in the region.
10 Copper and gold projects in Bulgaria, Macedonia and Serbia
Major shareholders: Teck Cominco Ltd and Freeport-McMoRan
Most active exploration company in the region
Largest shareholder in Australian listed International Resource Holdings Ltd
Current Operations
Kazandol
At Kazandol outcropping copper mineralisation has been mapped over a length of five kilometres. Within this zone two large copper oxide targets have been defined: Kazandol North and Kazandol South. The results from trenches confirm the continuity of mineralisation over a strike of 800 metres and a width of 200 metres. Better results include: 175 metres grading 0.44% copper and 200 metres at 0.32% copper. This has been confirmed by diamond drilling which has defined similar grades within a 50 metre thick oxide copper zone. Recent mapping and geochemistry has extended this mineralised zone another 4,000 metres to the south. Our objective here is to define a copper-oxide resource and to produce copper sulphate for sale in Europe.
Karavansalija
The 60 square kilometer Karavansalija property is located in southern Serbia in SE Europe. In this portion of Serbia mining has been an important local economic driver. The largest town in the area is Novi Passar - population 100,000. Access to the Karavansalija area is readily available by road, from the capital Beograd, or from Skopje in Macedonia, or Sofia in Bulgaria.
The Karavansalija license lies within the regionally extensive Tertiary age, Kopaonik metallogenic zone well known for lead-zinc-silver and copper mineralization related to granodiorite volcano-intrusive complexes. This is a very strongly mineralised trend with some world class deposits. Reserves and resources for the Kopaonik metallogenic zone are tabled below:
Mining began in this district in ancient times and it has been estimated that the Trepcha deposit alone had original resources of more than 150 million tonnes at 10% lead+zinc - a major worldclass deposit.
Ilovitza
Ilovitza is a newly discovered porphyry copper-gold-molybdenum deposit. Mapping and drilling has defined an intrusive complex 1.2 wide and more than 1.3 kilometres long. The project is located close to road, rail, water and power and importantly there are two smelters within 400 kilometres via heavy rail.
An independent Mineral Resource Statement has just been announced. The Inferred resources is 303 million tonnes containing 1.6 billion pounds of copper, 2.6 million ounces of gold and 34 million pounds of Moly.
Recent 3D modelling (see below) has identified an undrilled portion of the intrusion. This is coincident with a strong magentic high and surrounding gold, copper and molybdenum soil geochemical anomalies. Drillholes around this feature have the highest grade of all holes drilled at Ilovitza. A geophysical program plus ongoing diamond drilling is planned.
Ceovishte
The 48 sq.km Ceovishte license, 28 kms to the north of the company warehouse facility at Rashka, lies within Kapaonik mineral field. This Tertiary metal province haost a number of world class deposits including the giant Trepcha deposit (150 million tonnes at 10% lead+zinc) 35 kilometres to the south.
The Ceovishte property covers a lightly explored area in southern Serbia. During 2007 EurOmax found a 5 kilometre long zone of intense alteration around a diorite stock. Mining in the Ceovishte licence area commenced in ancient times as evidenced by many shafts and pits. These ancient adits, shatfs and large open pits are amongst the largest in SE Europe. More recently in the early 20th century an adit was driven on the property to evaluate widespread ancient workings at Ceovishte. There has been very little modern exploration on this licence and no drilling until 2008 along the 5 kilometres of ancient working seen in the image below.
The image below shows a panorama of Ceovishte. The main central ridge is the current focus of exploration activity. The ridge is dominated by continuous ancient mining activity along its 5,000 metre strike. While recent EurOmax drilling has been undertaken in the Vlakh area at a the northern end of this trend - the most impressive workings at at the southern end of the ridge and have not been drilled. This area will be the focus of 2009 geophysics and drilling.
Brestovatz
The 90 sq. km Brestovatz licence is located within the Timok Magmatic Complex (TMC) one of the richest metal terrains in Europe. EurOmax has two licence in the TMC, Durlan Potok and Brestovatz which cover more than half of the strike of the important Bor Fault in the Timok complex. All the major deposits in the TMC lie along or very close to this structure.
Total metal endowment of the known ore deposits within the Bor - Majdanpek zone in the Timok Magmatic Complex, including past production, was estimated by Jankovic et al., (1998) to be over 20 million tonnes of copper and 30 million ounces of gold, with 7 million tonnes of copper and 10 million ounces of gold for the Bor deposit. The Bor deposit is reported to have contained initial resources of more than 200 million tonnes grading 1.5% copper and 0.8 g/t gold.
Durlan Potok
The 56 sq. km Durlan Potok licence is located within the Timok Magmatic Complex one of the richest metal terrains in Europe. The Durlan Potok and Brestovatz licences cover more than half of the strike of the important Bor Fault in the Timok complex.
Total metal endowment of the known ore deposits within the Bor - Majdanpek zone in the Timok Magmatic Complex, including past production, was estimated by Jankovic et al., (1998) to be over 20 million tonnes of copper and 30 million ounces of gold, with 7 million tonnes of copper and 10 million ounces of gold for the Bor deposit. The Bor deposit is reported to have contained initial resources of more than 200 million tonnes grading 1.5% copper and 0.8 g/t gold.
Trun
The Trun property is located approximately 50 kilometres from Sofia.
The property is readily accessible by road, about two hours driving time from Sophia, the capital city. The project is at about 750 and 1,300 metres above sea level, within a range of relatively undulating hills. The property is primarily grassland but at higher elevations the cover is predominately beech and cultivated forest. The climate is typical transitional Continental/Mediterranean and can be classified as temperate.
Two small gold producing operations are known in property area:
- Zlata, active in 1939-1973 with a reported total production of 0.717Mt of 5.97g/t gold from a series of small open pits and extensive underground operations;
- Krushov Dol open pit, active in 1965-1974 with a reported total production of 0.590Mt of 1.77g/t gold and 14.43g/t silver.
Teck Cominco Limited has the option to earn a 55% interest in the Trun property by spending C$3 million over 4 years. Upon Teck Cominco earning its initial 55% interest, it has the option to increase its interest to 70% by spending an additional C$10 million on the property.
Geographical Spread
From a base in Sofia, Bulgaria projects in Bulgaria, Macedonia and Serbia are being explored for gold and base metals.
Board of Directors and Key Management
| Christopher A. Serin | Interim CEO |
| Michael T. Mason | Director |
| Darren A. Steffes | Director |
| Robert D. Waymouth | Director |
| Dimitar Lazarov Dimitrov | Chief Geologist |
Company AddressSuite 511
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Additional Address/Key ContactInvestor Relations |
CapitalShares Issued: 56.8 million
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Annual General MeetingJune in Vancouver | Year EndDecember 31 |
Major Shareholders
| Teck Cominco Ltd and Freeport-McMoRan |
Related News
22/10/09 - Euromax Resources Has Weathered The Storm And Is Now Engaged On Well Funded Drilling Programmes In Bulgaria and Serbia15/07/09 - After Some Nifty Deals, Euromax Now Has A New Lease Of Life In South Eastern Europe
09/07/08 - A Bear Market Will Be Very Efficient At Sorting The Wheat From The Chaff In The Mining Sector
02/06/08 - Euromax Gains A Further Promising Asset in Serbia Courtesy of Freeport-McMoRan
16/04/08 - Euromax Resources Claims To Be One Of The Most Active Explorationists In South Eastern Europe
Most Recent Statement
02/02/10 - EurOmax Resources Limited appoints Interim Chief Executive Officer11/01/10 - EurOmax Commences Drilling 5 Kilometre Copper Zone at Kazandol
24/12/09 - EurOmax to Drill 5 Kilometre Copper Zone at Kazandol
20/11/09 - Euromax Commences Diamond Drilling to Test Trun High Grade Gold Results
12/11/09 - Drilling at Breznik Intersects High Gold Grades
02/11/09 - Drilling at Breznik Intersects High Grades and Extends Length of High Grade Zone by 70%