Euromax's partner to drill 5,000 m at Trun
2008-02-13 07:20 MT - News Release
Mr. John Menzies reports
TRUN GOLD-TUNGSTEN EXPLORATION PROGRAM APPROVED
Euromax Resources Ltd.'s joint venture partner Teck Cominco Ltd. has approved the phase 1 2008 exploration program for Trun. The planned program will include 4,000 metres of reverse circulation and 1,000 metres of diamond drilling plus 20 line kilometres of geophysics (IP, resistivity and magnetics).
Two large intrusion-related gold systems are being explored at Trun: Big Hill and K2.
Big Hill intrusion
At Big Hill, a 4,200-sample soil geochemistry program defined numerous high-order anomalies within and around the two-by-four-kilometre intrusion. Drilling of geochemical targets in 2007 produced encouraging results at the Logo prospect, including:
138 metres grading 0.8 gram per tonne 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 along the western side of the intrusion at the 744 prospect has reported 20.5 metres grading 4.3 g/t Au, including 10.2 metres grading 8.3 g/t Au. A 30-line-kilometre geophysical program completed in 2007 defined a 600-metre-by-1,500-metre zone of low resistivity and weak chargeability at Logo consistent with the drill results. This geophysical target is significantly larger than the drilled area and open at depth.
At Big Hill West a very 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 2,000-metre-by-1,000-metre massive silica zone at the top of an unexposed intrusion at shallow depth. This geophysical anomaly correlates well with the geological and geochemical results and appears to be related to the highest-grade outcrops. The planned program at Big Hill will include diamond and reverse circulation drill holes to further define the Logo mineralization and to test the 744 and Nadejda high-grade gold targets and the large Big Hill West geophysical feature.
K2 intrusion
Exploration at K2 has focused on a well-mineralized intrusion covering four kilometres by two kilometres. There are widespread ancient workings and two large open pits from modern times. At the K2 intrusion in 2004-5 Euromax trenching encountered results including:
40 metres of 4.3 g/t gold and 257 g/t silver;
10 metres of 6.2 g/t gold and 32 g/t silver;
24 metres of 3.56 g/t gold and 18.5 g/t silver;
9.5 metres of 4.82 g/t gold;
22.4 metres of 4.2 g/t gold;
27 metres of 2.97 g/t gold.
Follow-up drilling reported results including 108 metres at 0.8 g/t gold and 18 metres of one g/t gold and 163 g/t silver.
The planned program at K2 will include 20 line kilometres of geophysics (IP, resistivity and magnetics) and drilling of geochemical targets.
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: "This is going to be an exciting year for us at Trun. By far the most interesting target is Big Hill West. It is a large geophysical feature with very high resistivity and coincident geochemistry. It is potentially the source of the high-grade gold mineralization at Nadejda and 744 and the wide gold-tungsten stockwork at Logo. We are very pleased to have Teck Cominco as a partner -- they have brought great value to the exploration of this property."
Latest project images
Images from site operations and drill core are updated regularly on the Euromax website.
Investor relations contract
Euromax, subject to regulatory approval, has entered into an investor relations contract with Dynamic Communications Inc. Under this contract Dynamic will be paid a monthly retainer of $2,000 and issued 150,000 stock options with a term of two years and exercisable at 32 cents per share.
Stock options
Euromax, subject to regulatory approval, has issued 637,500 stock options pursuant to the company's stock option plan exercisable at 36 cents per share with a term of five years to directors, officers and employees.
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