April 4, 2012
Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has completed an updated compliant resource estimate at Ilovitza to inlcude approximately 7,400 metres of drilling during 2010 and 2011. The updated resource estimate consists of sulphide and mixed resources, which is comprised of gold, copper and molybdenum, and oxide gold resources.
The table below summarizes the updated 43-101 compliant resource estimate at Ilovitza. Ilovitza now has an indicated resource of 0.2 million gold ounces and 111.5 million pounds of copper and an inferred resource of 4.4 million gold ounces and 1.7 million pounds of copper. In the aggregate on a gold equivalent basis, Ilovitza’s combined indicated and inferred resource is approximately 8.2 million gold equivalent ounces.
March 8, 2012
Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has outlined an aggressive drill program to test multiple new targets at its 100% controlled KMC Copper-Gold Project, Serbia, in 2012. Multiple new targets defined by magnetic, induced polarization (IP) and resistivity data collected in late 2011 will be tested by a planned 8,000 meter diamond drill program beginning in April of this year.
According to Quinton Hennigh, Chief Geologist of Euromax Resources, “Now that we have analyzed our comprehensive geophysical dataset from KMC, we are planning an aggressive drill program to test multiple new drill targets at our KMC project. Previous drilling at KMC has already identified a robust copper-gold skarn system at Copper Canyon. Our new dataset clearly indicates the presence of at least seven additional large geophysical anomalies similar in nature to Copper Canyon. Some of these are associated with strong surface geochemical anomalism. Beginning in late April, we will undertake systematic drilling of these new targets that we believe could generate significant results at KMC.”
February 27, 2012
First Berlin Equity Research initiated research coverage of Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) with a “BUY” rating and a price target of $0.45. According to the report,
“EurOmax has a NI 43-101 compliant resource base in excess of 5 million oz gold at 0.90 grammes/tonne. The EurOmax share is currently very conservatively valued at an EV/oz gold of C$5.74 per share. This compares with an average of C$68 for the companies in our peer group and C$20 for the next cheapest company. We expect newsflow to push EurOmax’s valuation higher this year. First, we expect positive news on the resource base with the publication of updated resource estimates for the Ilovitsa and Trun properties. Second, there is a significant chance that the current drilling programme at the KMC property will yield a major gold discovery in submerged porphyry intrusions. Our price target is C$0.45 per share and our recommendation is Buy.”
February 13, 2012
Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has appointed Quinton Hennigh to its board effective immediately. Hennigh is an economic geologist with more than 20 years of exploration experience. Currently, he is the President & Chief Executive Officer of Novo Resources Corp, a junior mineral exploration company. He is also a technical advisor and director of Gold Canyon Resources where he helped build a very successful exploration program at Gold Canyon’s Springpole deposit in Ontario. Dr. Hennigh has been a technical advisor to EurOmax Resources since November 30, 2010 and Chief Geologist for EurOmax since January 9, 2012.
February 7, 2012
Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) continues to report positive results at its 100% owned Trun Gold Property in Bulgaria, including 1.76 g/t gold over 86 meters starting at surface in the Ruy Zone. Additional positive near-surface results can be found in the Logo Zone, including 3.03 g/t gold over 24.1 meters and 4.1 g/t gold over 25.1 meters.
According to Quinton Hennigh, Euromax Resources’ Chief Geologist, “In 2011, we drilled approximately 10,600 meters at Trun, in part to meet drilling requirements in order to apply for a commercial discovery certificate this July. Drill results at Trun have continued to produce several significant intercepts, from which we have developed a very focused 6,000 meter drill program for this year. The 2012 program is expected to be completed by the end of April, which allows the results to be included in the commercial discovery certificate application.”
January 30, 2012
Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) is gaining traction within the analyst community, beginning with a recently completed report by Euro Pacifc. EurOmax has a portfolio of projects in the Republic of Bulgaria, Serbia and Macedonia. Several mineral targets have been identified with potential for significant expansion of the current resource calculations. Highlights from the report include the following excerpts.
REASONS TO WATCH
Portfolio of Projects: The Trun project is divided into the Big Hill project and Little Hill project and is comprised of 11 mineral targets along with several additional targets on the various projects owned by EurOmax.
Resource Calculation: EurOmax has a global NI 43-101 compliant inferred resource of 5.79M oz gold, 1.56B lbs of copper, 2.10M oz silver and 34.6M lbs of Molybdenum. The most advanced project is Ilovitza in Macedonia with an NI 43-101 inferred sulphide resource of 303M tonnes grading 0.23% copper, 0.32 g/t gold, and 0.005% molybdenum. The Logo Project on the Trun Property is a highly prospective target and the most advanced at Trun with an inferred resource calculation of 2.10M oz gold.
Favourable Geology: The KMC project has several different types of mineralization including proximal copper-gold skarn, distal gold skarn, lead-zinc-copper-gold skarn, volcanic hosted gold and silica breccia hosting gold mineralization. The Trun project is comprised of multiple gold occurrences which are hosted in granite or, in the case of Logo, in the overlying hornfels. The Ilovitza project is a large copper-gold porphyry with significant potential for expansion.
ACTION – ADD TO WATCH LIST
Euro Pacific believes that EurOmax has several highly prospective mineral targets on multiple projects. Trun and Ilovitza both remain attractive for exploration as they offer significant growth potential of current resources. The Trun property has 10 targets. Only one of these 10 targets at Trun have a resource calculation totalling 2.1M oz gold. The KMC project has five styles of mineralization and has yet to encounter the porphyry intrusions believed to be the cause of the widespread mineralized zones on the project.
January 27, 2012
By Thom Calandra
VANCOUVER, Canada — Vancouver’s two January resources get-ups, Cambridge House for investors and B.C. Round Up for geos & technicians, gave us flogging five-day rains, one superb NHL hockey match … and plenty of hard-asset bravado:
- “I don’t own stocks any more; I own colored diamonds,” diamond seller Colin Ferguson told me at a private party I hosted with Cambridge House‘s Joe Martin. (I invite the guests and Joe entertains ’em.) Mr. Ferguson, a 51-year-old Vancouver Island resident, says we’ll see reports of diamond warehousing by aggressive hedge funds. Worldwide demand for diamonds is on track to exceed supply by 7 million carats. The “coloreds,” champagnes (cognac hues), pinks, blues and greens, are beginning to flash in fashion-minded markets. Colin will be at Mr. Martin’s Palm Springs investment conference at Indian Wells, California, in two weeks. I want to see more of these stones. (See: www. cambridgehouse.com)
Dr. Clarke At PMI Gold Booth
- “Poly-metallic mines and properties are always in demand,” Tom Macneill says. I came across Mr. Macneill, a lifelong Saskatchewan resident and longtime chief of 49 North Resources (FNR in Canada), across the street from Waterfront at lunchtime. Tom, sitting at a lunch counter, is sitting on his merchant bank’s 10-percent-plus ownership of surging DNI Metals (DNI). DNI is a northern Canada smorgasbord of elements in an expansive property portfolio. I am fortunate to own FNR and DNI after a fishing trip a couple years back with Tom, Bob Bishop, Doug Casey and others, way up there in Saskatchewan. (By the way, Mr. Macneill is hot on uranium prospectors right now — especially one big one whose first letter is C and its last O.)
- I tested my latest think on the exhibit floor at the Joe show; copper-gold porphyrys will outpace market gains of all metals equities in coming weeks. “When Dr. Copper is in the house, it’s a very, very, very good house,” says Don Mosher. Don represents Riverstone Resources (RVS), a Burkina Faso prospector whose shares look ready to bust out after a largely ignored resource report. A geologist I rely on for analysis, Dr. Peter Megaw of Minaurum (Gold (MGG), Candente Gold and others, told me, “Copper is a big-company business. A billion tonnes of half-percent copper with the gold credit blended in, that takes care of a lot of the risk of taking on a development.”