Euromax Resources fka EOXFF

[Ed Monton]

Euromax offers rundown on Ilovitza drilling


2008-02-28 06:07 MT - News Release

Mr. John Menzies reports

EUROMAX COMPLETES SECOND HOLE AT ILOVITZA PORPHYRY INTERSECTING 514 METRE QUARTZ-SULPHIDE STOCKWORK

Drilling of Euromax Resources Ltd.'s second diamond drill hole, EOIC 0811, into the Ilovitza porphyry has intersected a 514-metre quartz-sulphide stockwork, intense alteration with disseminated and vein chalcopyrite. The third hole EOIC 0812 in the centre of the system is drilling ahead at 90 metres.

John Menzies, chairman and chief executive officer, commented: "Euromax is excited by these drill holes as they extend the limits and confirm the geometry of this large altered and mineralized intrusion. Ilovitza, situated along the crest of a ridge, is close to paved roads and only 20 kilometres from rail providing easy access to a deep water port and a smelter."

At Ilovitza, a copper-gold-molybdenum porphyry has been mapped over an area of more than one square kilometre where a variably porphyritic dacite is intruded by a medium-grained, strongly altered granodiorite.

The company's first diamond drill hole into the intrusion EOIC 0710 was suspended at 481 metres. This hole intersected quartz-hematite-sulphide stockwork from 60 metres to the bottom of hole with a vein density ranging from 30 veins per metre to 150 veins per metre. The copper mineral chalcocite dominates from 107 to 216 metres with chalcopyrite and molybdenite to the bottom of hole. Strong magnetite stockwork is developed from 276 metres.

Drill hole EOIC 0811 was completed to a depth of 519 metres and encountered strongly altered and stockworked dacite and granodiorite from surface to the bottom of hole. Chalcopyrite dominates in this hole from 50 metres to 514 metres.

Both drill holes were planned to a target depth of 600 metres but were suspended, pending completion with a more powerful rig which is now on site.

Mapping and careful drill hole logging have now more clearly defined the extent of the intrusive complex. It now appears to be a near vertical body approximately 1.2 kilometres in diameter. Drill hole EOIC 0812 has been collared in the geometric centre of the intrusion and will be drilled vertically in the area of strongest quartz stockworking and highest surface gold grades.

Results for EOIC 0710 ad EOIC 0811 are awaited.