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EurOmax is actively exploring for gold and base metals in the most extensively mineralised portion of the Carpathian Arc. Mined since ancient times it is remarkable that this is one of the least explored of the major global metal trends.
In June 2007, EurOmax farmed into nine Freeport Mining Inc. properties and applications in Serbia and Macedonia - making the Company one of the most active minerals explorers in the region. At Rudnitza, in Serbia, and Ilovitza, in Macedonia large gold rich porphyry copper deposits are being explored. In Sebia at Ceovishte a Neogene andesitic breccia body is undergoing its first systematic drilling program. At Kazandol, in Macedonia, a copper-oxide project is being explored with the objective of early production.
In 2004, EurOmax executed six exploration contracts in Bulgaria. On the Trun property the Company has defined two large Intrusion Related Gold systems with high grades at surface. Teck Cominco Ltd. farmed into Trun in 2006 and can earn a 70% interest by spending CAD 14.8 million. The 2006?7 exploration program saw the discovery of gold-tungsten mineralisation over significant widths at the Logo prospect and the definition of a 2 km by 1.5 km coincident geophysical and geochemical anomaly at the 744 prospect.
In 2006 three of Bulgarian properties were sold into a new Australian listed corporation, Balkans Gold Limited, in which EurOmax is the largest shareholder.
The Company retains an interest in oil and gas production in Canada.
With an experienced minerals exploration team, a tight regional focus around established infrastructure, commitment to our local communities and a long term vision, EurOmax is well placed to grow through discovery, acquisitions and development.
Popintsi
This property is situated in the very centre of the Panagyurishte metallogenic zone - the most mineralized region in Bulgaria. These same rocks can be traced to the west through Serbia and Romania and host many large deposits.
More than 150 deposits and occurrences have been documented in the Panagyurishte metallogenic zone including porphyry copper and epithermal massive Cu-Au deposits. Alluvial gold and copper and gold ores have been mined here since ancient times.
Production from the region totals 2 million tonnes (Mt) of copper and 3 million ounce (Moz) of gold. Included in this total is production from within the Popintsi licence including the Radka and Krassen copper-gold mines. The producing 350 Mt Assarel open pit is located just to the north of the licence and the Elshitza and Vlajkov Vrukh copper-gold mines are several kilometres to the west. The Tsar Assen open pit copper mine abuts the southern boundary of the licence.
The geology of the licence is dominated by Upper Cretaceous volcanics and their magmatic progenators. The structural geology is complex as the region lies at the intersection of rift-forming east-west fractures and NS orientated faults. EurOmax has identified a number of targets of immediate interest, Petelovo, Red Hill West and Krassen.
At Petelovo a large zone of intense advanced argillic alteration covers several square kilometres in Upper Cretaceous Andesite. Within this alteration zone quartz veins, stockworks and breccias are developed and vuggy silica-alunite and disseminated boxworks after sulphides are common. The main zone of mineralisation outcrops over an area of 500x350 metres however outside this zone exploration is limited to very wide spaced vertical diamond drilling and geochemistry.
Previous activity includes ancient workings, excavation of trenches and exploratory adits diamond drilling and bulk sampling. An 8,000 tonne bulk sample was excavated and vat leached on site by a State exploration company in 1995. This large sample recorded (Note 1) an average grade of 4.7 g/t gold and 94% recovery of gold. Check sampling of this area (Note 2) reported a 50 metre interval averaging 4.3 g/t gold.
Krassen is a massive sulphide body previously mined from a shaft. Mineralisation is very similar to Chelopeche (Table 1) and is adjacent to a large alteration zone with a copper-molybdenum soil anomaly and coincident magnetic and gravity anomalies. Limited drilling by a state exploration company beneath existing mine workings reported 50 metres at 2 g/t gold and 0.8% copper followed by 13.5 metres at 14.4 g/t gold and 0.2% copper.
Other Projects:
- Ilovitza Porphyry Cu-Au-Mo Project
- Rudnitza Copper-Gold Porphyry
- Ceovishte Au-Ag, Cu-Zn Project
- Kazandol Oxide Copper Project
- BOR Projects
Bulgaria - mineral exploration
Alberta, Canada - oil and gas production
Turkey - oil and gas exploration
| John Menzies (Chairman & CEO and Director) |
| Michael Mason (Chief Financial Officer and Director) |
| Christopher Serin (Director) |
| Darren Steffes (Director) |
| Robert Waymouth (Director) |
| Dimitar Dimitrov (Chief Geologist Southeast Europe) |
Company Address789 - 999 West Hastings Street
|
Annual General MeetingJune in Vancouver | Year EndDecember 31 |
Nominated BrokersBankers - Bank of Montreal, Vancouver | Nominated AdvisorsCollins Barrow Calgary LLP |
| Management | (14.5%) |
| Oribi Resources Inc. | (7.4%) |
| Azara SA | (7.2%) |
| Gold 2000 Limited | (3.5%) |