Euromax Resources fka EOXFF

[Ed Monton]

Euromax drills 138 m of 0.8 g/t Au at Trun


2007-10-22 08:43 ET - News Release

Mr. John Menzies reports

TRUN GOLD-TUNGSTEN EXPLORATION RESULTS

Euromax Resources Ltd. has provided results from diamond drilling and geophysical programs at the Trun property in Bulgaria. Drilling at Logo encountered a 180-metre-thick stockwork zone with gold and tungsten mineralization including:


138 metres grading 0.8 gram per tonne (g/t) gold including 41 metres grading 1.6 g/t gold to bottom of hole TC 726;
120 metres grading 0.6 g/t gold including 16 metres grading 1.8 g/t gold and 15 metres grading 0.1 per cent WO3 in TC 719;
17 metres grading 0.3 per cent WO3 in TC 722;
90 metres grading 0.5 g/t gold, 42 metres grading 0.1 per cent WO3 and 50 metres grading 0.1 per cent WO3 in TC 725.

Trenching at the 744 prospect along the western side of the Big Hill intrusion has returned: 20.5 metres grading 4.3 g/t Au, including 10.2 metres grading 8.3 g/t Au.

The geophysical program has defined a broad zone of low resistivity and weak chargeability at Logo consistent with the drill results but covering an area of 600 metres by 1,500 metres and open at depth. At Big Hill a strong subhorizontal resistivity feature with moderate chargeability and with a coincident high order geochemical anomaly covers an area of two kilometres by one kilometre. This feature is modelled as a massive silica zone at the top of an unexposed intrusion at shallow depth.

Logo

Eleven diamond drill holes were targeted on a 1,200-metre by 500-metre gold and tungsten soil anomaly. The anomaly is truncated by postmineral limestone to the north, south and east. Diamond drilling has tested only the northern portion of the anomaly and intersected a 180-metre-thick, shallowly dipping, low sulphide content quartz-carbonate vein stockwork along the contact of a shallowly dipping granite. The stockwork zone is interpreted to continue down dip and along strike below younger cover.

After receipt of assays it has become clear that the best tungsten mineralization occurs on the contact with the underlying granite with a gold stockwork zone above and partially overlapping it. Only drill holes TC 720 and TC 722 were drilled to the contact.


LOGO GOLD AND TUNGSTEN DRILL RESULTS

 
 Drill 
 hole     From    To     Length   Au   WO3 
  No.       m      m        m     g/t   % 
  
 TC 717   20.8    22.3     1.5   5.80      - 
 TC 718   28.0    34.1     6.1   7.84      - 
          80.1   106.0    25.9   0.60      - 
 TC 719    0.0    12.2    12.2   0.98      - 
          44.0   164.7   120.7   0.63      - 
 Incl.   124.4   140.7    16.3   1.83      - 
         142.5   158.0    15.5      -   0.09 
 TC 720    0.0    20.7    20.7   0.61      - 
         125.0   143.8    18.8   0.37      - 
 TC 722   24.3    32.0     7.7   0.57      - 
          66.6   104.2    37.6   0.46      - 
          94.0   111.3    17.3      -   0.32 
          96.0   107.5    11.5      -   0.48 
 TC 723   22.6   102.0    79.4   0.37      - 
 incl.   118.4   140.4    22.0      -   0.08 
 TC 724    0.0    18.5    18.5   0.73      - 
         156.6   197.5    40.9   0.40      - 
         156.6   203.5    46.9      -   0.09 
         197.5   203.5     6.0      -   0.29 
 TC 725   17.0    46.4    29.4   0.24      - 
          54.8   145.3    90.5   0.47      - 
           0.0    42.0    42.0      -   0.14 
 Incl.    10.6    25.0    14.4      -   0.24 
          95.0   145.3    50.3      -   0.08 
 TC 726   82.5   220.9   138.4   0.79      - 
 Incl.   178.0   219.5    41.5   1.64      - 
 TC 727    0.0    13.2    13.2   0.38      - 
  
 

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744 prospect

A trenching program along the western side of the Big Hill intrusion has commenced to test a 1,000-metre by 300-metre strong gold soil anomaly. The 42-metre-long T774 trench returned an intercept of 20.5 metres grading 4.3 g/t Au, including 10.2 metres grading 8.3 g/t Au.

Toomba

Diamond drill hole TC 728 was completed to 283 metres. The hole intersected strongly altered quartz-sulphide stockwork and breccia zones in the intervals of 84 to 113 metres; 127 to 148 metres; 163 to 177 metres and 192 to 301 metres. Gold results were low.

Nadejda

Drill hole TC 729 was completed to 229 metres and was drilled toward the southern end of the Nadejda mapped mineralization. TC 729 intersected strongly altered granite with minor sulphides with low gold grades.

The high-grade results previously reported from trenching remain to be drill tested due to terrain and access issues.

Geophysics

A 30 line km IP, resistivity and magnetic survey was completed and preliminary results are encouraging defining two large anomalies related to known gold and gold and tungsten mineralization.

At Logo a low resistivity-weakly chargeable zone 600 metres wide and 1,500 long above a more resistive intrusive coincides with the Logo mineralized stockwork. The geophysical target dips at 20 degrees to the east, is open at depth and is obscured by younger cover to the north, east and south.

Within the Big Hill intrusion a strong subhorizontal resistivity feature (more than 4,000 to 5,000 ohm metres), which is moderately chargeable, covers an area of two kilometres by one kilometre. This feature is persistent on several lines and does not outcrop but is in good correlation with strong gold soil anomalies. The higher gold grades around the periphery of the Big Hill feature including Nadejda and the 744 prospect could be interpreted as narrow silica lenses above a more massive silica body.

Teck Cominco Ltd. has the option to earn a 55-per-cent interest in the Trun property by spending $3-million over four years. Upon Teck Cominco earning its initial 55-per-cent interest, it has the option to increase its interest to 70 per cent by spending an additional $10-million on the property.

John Menzies, chairman and chief executive officer of Euromax, commented: "These results are significant and test only the central portion of the geochemical anomalies at Logo. The geophysics at Logo correlates well with drill results and surface geochemistry suggesting mineralization extends well beyond the drilled area. The Big Hill geophysical target is very large, correlates well with geology and geochemistry, and appears to be related to the highest grade outcrops. We are looking forward to further drilling in the 2008 field season."

Tungsten uses and price

Tungsten is a whitish-grey metal with many unique properties and a wide variety of commercial, industrial and military applications. The leading use is as tungsten carbide in cemented carbides, which are wear-resistant materials used by the construction, metalworking, mining, and oil and gas drilling industries.

Ammonium paratungstate (APT) is the most widely traded primary tungsten material, and as a result, its price has become a reference price for tungsten ore concentrates. Tungsten prices are quoted per metric tonne unit (MTU -- 10 kilograms) of contained tungsten trioxide (WO3). Tungsten prices are currently strong and have remained over $220 (U.S.) per MTU ($22 (U.S.) per kilogram (kg)) for APT (ammonium paratungstate) throughout 2007. Material with a grade of 0.1 per cent WO3 contains 0.1 MTU.

Quality control and quality assurance

Routine assays are undertaken at Eurotest AD laboratory in Sofia, Bulgaria, an ISO9001 accredited facility. Quality control samples are routinely submitted pursuant to the project quality assurance quality control protocol. Gold is assayed by a 50-gram fire assay while tungsten is assayed by fusion -- ICPMS. Duplicates and one-fourth core were submitted to ALS Chemex for check assay.

Qualified person

Mr. Menzies, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information in this release.