Euromax Resources Ltd.

Euromax Resources Ltd.

September 12, 2013 07:48 ET

Euromax Announces Discovery Drill Hole at Gradina, KMC, Serbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 2013) - Euromax Resources Ltd. (TSX VENTURE:EOX) (OTCQX:EOXFF): ("Euromax" or the "Company") is pleased to announce positive results of the diamond core drilling completed at the Gradina target at KMC. The Gradina target is in the southern part of the 23 square kilometre KMC licence. The KMC licence mineralisation includes thick sequences of gold-copper skarns, gold skarns, zinc-lead-copper-gold skarns and volcanic hosted gold mineralised silica breccias.

The 2013 drill programme to date comprises four holes. Hole EOKSC 1360 was to test a cluster of breccia pipes mapped at surface in the northern part of the concession but failed to intercept significant mineralisation. EOKSC 1361 was sited at UTM grid position 471761 E, 4765088 N on the Gradina skarn target in the southern part of the concession, which had been well defined with IP/Resistivity and Gravity geophysical surveys. Whilst this first hole failed to intercept significant mineralisation, it did reveal a change in the interpreted dip of the zone and an adjustment of the predicted target position. Holes EOKSC 1361a and 1361b were then drilled at different dips from the same collar position as follow up on the Gradina target and both intercepted significant widths of gold and zinc mineralisation. The Gradina target is now interpreted to link with the Copper Canyon target about 1 kilometre to the East.

Summary of results

Hole ID Azimuth of Hole Dip of Hole From (m) To (m) Intersection (m) True Width (m) Au (g/t) Zn (%)
EOKSC 1361a 1 060 ° -60 ° 240.4 278.1 37.7 33.9 0.93 0.51
Including 2 060 ° -60 ° 269.0 278.1 9.1 8.2 1.98 1.59
EOKSC 1361a 1 060 ° -60 ° 371.0 422.0 51.0 45.9 0.75 0.65
Including 2 060 ° -60 ° 371.0 383.0 12.0 10.8 2.27 0.18
EOKSC 1361b 1 062 ° -82 ° 433.0 548.0 115.0 103.5 1.75 0.80
Including 2 062 ° -82 ° 461.0 543.3 82.3 74.1 2.34 0.76
EOKSC 1361b 1 062 ° -82 ° 592.0 642.0 50.0 45.0 5.02 0.54
Including 2 062 ° -82 ° 595.0 630.0 35.0 31.5 6.81 0.75
Further including 3 062 ° -82 ° 603.5 615.0 11.5 10.4 14.78 1.80


(1) Intercepts identified using a 0.4 g/t AuEq. cut-off.

(2) Intercepts identified using a 1.0 g/t AuEq. cut-off.

(3) Intercepts identified using a 6.0 g/t AuEq. cut-off.

Gold equivalent based on total recovery and using prices as follows: Au $1,400 / oz and Zn $2,000 / tonne.

The Gradina assay results indicate the potential for a high-grade gold-zinc mineralisation within the Copper Canyon-Gradina skarn complex, which has a large overprint of approximately 1,200 by 500 meters, as demonstrated by the geophysical surveys. Drilling at KMC continues in the central part of the concession where high-grade zinc skarns were discovered last year.

Commenting on the results, Pat Forward, Chief Operating Officer of the Company said, "These significant drill results on the previously untested Gradina target are very exciting since this was a blind target and it represents a significant new discovery for the Company. The results underline the potential of the KMC mineralised system to host significant widths of mineralisation and that the extent of the zones indicated by the geophysics has been confirmed by the drilling. It is a great result for the exploration team and demonstrates their ability to find new and significant mineralisation at KMC and throughout the region. We look forward to receiving further results from this year's drill campaign."

Sampling, Analyses and Quality Assurance and Control ("QAQC")

Drill hole orientations were surveyed at approximately 50 metre intervals. Samples were collected by the Company's geologists in compliance with the Company's standard procedures and in accordance with accepted industry best practice. Samples were normally collected through the mineralised intervals as three metre lengths and occasionally to a maximum of 4.5 metres to reflect geological boundaries. The samples were submitted to the Eurotest Control EAD Laboratory (ISO 9001:2008 and ISO 17025 accredited) in Sofia, Bulgaria, for sample preparation and analysis. In addition to the laboratory's internal QAQC procedures, the Company conducted its own QAQC with the systematic inclusion of field duplicate samples, blank samples and certified reference samples. The analytical results from the Company's quality control samples have been evaluated and demonstrated to be within acceptable industry standard variances.

Qualified Person

Mr Patrick Forward, FIMMM, a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and COO of the Company, reviewed and approved the scientific or technical disclosure in this release and has verified the data included.

About Euromax Resources Ltd.

Euromax is a Canadian exploration and development Company with three main gold and base metal assets in Macedonia, Bulgaria and Serbia. We are focused on identifying, acquiring and developing mineral resources in Southeastern Europe with the objective of becoming a world-class mining company in the region. Our strength is our local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.

This news release contains forward-looking statements including but not limited to statements regarding drilling and drilling results and geological interpretations by the Company for its KMC project. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the key assumptions and parameters on which such drilling and geological interpretations are based are reasonable, that the Company will be able to obtain the necessary supplies, equipment, personnel and any financing required to carry out its planned exploration activities and that the Company's exploration activities, will proceed as expected. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of exploration activities will be different than anticipated, data and assumptions underlying the drilling and geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, delays in receiving assays, that the Company will not be able to obtain the necessary supplies, equipment, personnel and any financing required to carry out its planned exploration activities and that results of the Company's exploration activities will not be consistent with the Company's expectations. Readers are also encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading "Operational and Other Business Risks", which documents describe material factors and assumptions and risks that apply to the forward-looking statements in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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