Euromax Announces Increased Mineral Resource Estimate Prior to Pre-Feasibility Completion
03 Dezember 2013 - 12:00PM
Marketwired Canada
Euromax Resources Ltd. (TSX VENTURE:EOX)(OTCQX:EOXFF): ("Euromax" or the
"Company") is pleased to announce a new mineral resource estimate for its 100%
controlled flagship copper-gold Ilovitza Project in Macedonia.
Following further work on the Ilovitza copper-gold porphyry project in
Macedonia, independent consultants, Tetra Tech, have re-estimated the mineral
resource on behalf of the Company and categorised all resources using the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") classification.
This updates and increases the Company's previous mineral resource estimate
announced on 5 August, 2013 and described in a technical report entitled,
"Resource Update on the Ilovitza Project, Macedonia", filed on 16 September
2013. A constraining pit shell and a dollar equivalent cut-off have been applied
to the 3D block model to ensure reasonable prospects of economic extraction for
the reported resources. A technical report detailing the resource, compliant
with NI 43-101, will be filed on SEDAR within 45 days.
Commenting on the results, Pat Forward, Chief Operating Officer of the Company
said, "The increase in measured and indicated resources at Ilovitza from 184 to
237 Mt, for no loss of grade, underlines the excellent continuity of the
porphyry mineralisation and has the potential to define larger reserves and
extended mine life. Furthermore, the delineation of the significant higher-grade
zone close to surface confirms the possibility of optimising the potential cash
flow from project. We are now working hard on the other aspects of the Ilovitza
Pre-Feasibility Study ready for publication in Q1 next year."
The new mineral resource estimate for fresh and oxidised portions of the
mineralisation included the following updates:
-- New lithological and alteration logging instigated as part of the acid
rock drainage assessment allowed separate domaining of enriched
supergene stockwork zones;
-- Revised interpolation of density data based upon lithological and
oxidation modelling;
-- The incorporation of three additional drill holes;
-- Revised constraining pit shell based upon the new block model and
updated assumptions.
The revised mineral resource estimate for the fresh (unoxidised sulphide)
material can be summarised as follows:
Measured and Indicated Mineral Resource based upon a dollar equivalent cut-off
of $16/t.
----------------------------------------------------------------------------
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Classification Tonnage (Kt) Grade Contained Metal
-----------------------------------------
Au (g/t) Cu (%) Au (Koz) Cu (Klb)
----------------------------------------------------------------------------
Measured 18,440 0.34 0.22 219 88,677
----------------------------------------------------------------------------
Indicated 218,640 0.33 0.22 2,560 1,036,427
----------------------------------------------------------------------------
Total M+I 237,080 0.33 0.22 2,779 1,125,104
----------------------------------------------------------------------------
Inferred 19,850 0.36 0.22 247 96,942
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Total 19,850 0.36 0.22 247 96,942
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----------------------------------------------------------------------------
Oxide Resource
Whilst they are not being considered for processing as part of the current
pre-feasibility work, oxide resources within the constraining pit shell were
also estimated as follows:
Oxide Mineral Resource based upon a dollar equivalent cut-off of $8/t.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Classification Tonnage (Kt) Grade Contained Metal
----------------------------------
Au (g/t) Au (Koz)
----------------------------------------------------------------------------
Measured 1,340 0.38 18
----------------------------------------------------------------------------
Indicated 34,540 0.33 399
----------------------------------------------------------------------------
Total M+I 35,880 0.33 417
----------------------------------------------------------------------------
Inferred 6,750 0.25 60
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----------------------------------------------------------------------------
Notes:
1. Dollar equivalent cut-off based upon the following calculation Dollar Eq
= (Au (i) recovery (i) price) + (Cu (i) recovery (i) price), using the
following inputs:
-- Au Recovery in oxide 86%
-- Cu Recovery in oxide 0%
-- Cu Recovery in fresh 85%
-- Au Recovery in fresh 65%
-- Spot metal prices effective 19 August 2013 (Au = US$1,366/oz, Cu =
US$3.30/ lb)
2. Resource cut-off of US$16 used for sulphide material
3. Resource cut-off of US$8 used for oxide material
4. Numbers may not add exactly due to rounding
5. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation, socio-
political, marketing, or other relevant issues. The mineral resources in
this news release were estimated using current Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") standards, definitions and
guidelines.
Grade Tonnage Sensitivity
The resource is also reported at several cut-offs on a dollar equivalent basis:
Grade Tonnage Sensitivity Table for Sulphide Materials
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dollar
Equivalent
Cut-off Tonnage
Classification Material (US$) (Koz) Grade Contained Metal
-------------------------------
Au Au
(g/t)Cu (%) (Koz) Cu (Klb)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Measured Fresh 12 18,780 0.34 0.22 221 89,855
---------------------------------------------------
16 18,440 0.34 0.22 219 88,677
---------------------------------------------------
24 7,470 0.45 0.26 118 42,652
---------------------------------------------------
36 2,020 0.67 0.34 26 8,091
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Indicated Mixed 12 290,220 0.30 0.19 3,077 1,231,269
---------------------------------------------------
16 218,640 0.33 0.22 2,560 1,036,443
---------------------------------------------------
24 80,040 0.45 0.27 1,271 480,740
---------------------------------------------------
36 14,530 0.66 0.35 334 111,630
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred Fresh 12 39,670 0.27 0.18 378 153,087
---------------------------------------------------
16 19,850 0.36 0.22 247 96,937
---------------------------------------------------
24 7,930 0.52 0.29 144 50,875
---------------------------------------------------
36 2,660 0.59 0.35 55 20,195
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----------------------------------------------------------------------------
To view "Figure 1. West-East Cross Section through the Centre of the Resource (Y
= 4595180)", please visit the following link:
http://media3.marketwire.com/docs/eurofig1203.pdf
Figure 1 presents the distribution of the dollar equivalent block values along a
west - east section through the centre of the deposit. The section illustrates
that there are blocks of higher grade and dollar equivalent value close to
surface that would be exploited early within the mine life, following pre-strip.
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 collected as half HQ or NQ diamond drill core through the
mineralised intervals as three metre lengths and occasionally to a maximum of
4.5 metres to reflect geological boundaries. At the Euromax Strumica sample
preparation lab, the half core sample was reduced to -2 millimetre and two, 200
gram samples are split from the whole. One 200 gram sample was submitted to the
Eurotest Control EAD Laboratory (ISO 9001:2008 and ISO 17025 accredited) in
Sofia, Bulgaria, for sample preparation, comprising pulverisation to 95% -75
microns, and analysis. Gold analyses were carried out using the fire assay
technique with an AAS finish on 30 gram aliquots. Copper was analysed using AES
ICP methods. 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.
Resource Estimation Assumptions and Methods
Key Assumptions used to estimate the minerals resources are:
-- The mineral resources have been estimated into a three dimensional block
model comprising 25 x 25 x 10 metre blocks;
-- The estimation was constrained to the mineralised zone using wireframed
solid models. The wireframe was sub-divided based upon oxidation state,
the presence of stockwork, and the extent of supergene enrichment. Each
domain was estimated independently;
-- Grade estimates were based on 3 metre composited assay data;
-- The interpolation of the metal grades was undertaken using ordinary
kriging;
-- The constraining pit shell has been applied to the 3D block model to
ensure reasonable prospects of economic extraction for the above
reported resources. This does not represent a formal pit optimisation
but was carried out to support the resource estimates and demonstrate
that the deposits have reasonable prospects for economic extraction.
Assumptions include the following:
-- Mining cost $2 (US$/t)
-- Mining dilution 1%
-- Mining recovery 99%
-- Pit slope variable according to geotechnical conditions
-- Processing cost $6.58 (US$/t)
-- Gold selling cost $59.9 (US$/oz) (10% of metal price)
-- Copper selling cost $0.47 (US$/lb) (10% of metal price)
-- Spot metal prices effective 19 August 2013 of US$1,366/oz Au and
US$3.30/ lb Cu
-- Dollar equivalents based upon the following calculation Dollar Eq =
(Au (i) recovery (i) price) + (Cu (i) recovery (i) price), using the
following inputs:
-- Au Recovery in oxide 86%
-- Cu Recovery in oxide 0%
-- Cu Recovery in fresh 85%
-- Au Recovery in fresh 65%
These estimates have an effective date of 27 November 2013. The last data
included in the estimate was received on the 2 October 2013. The resources have
been estimated by Mr. Robert Davies, Bachelor of Science (B.Sc.), European
Geologist (EurGeol), Chartered Geologist (CGeol), supervised by Mr. Simon
McCracken, Bachelor of Applied Science (BAppsSc), Member of the Australian
Institute of Geoscientists (MAIG), Fellow of the Geological Society (FGS).
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
strengths are our local staff, knowledge and technical expertise in Macedonia,
Bulgaria and Serbia.
This news release contains forward-looking statements including but not limited
to statements regarding an updated resource estimate, the results of planned
drilling, the potential increase of a resource estimate and geological
interpretations by the Company and the completion of a Pre-Feasibility Study for
its Ilovitza 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 with respect to mineral
resource estimates, that the key assumptions and parameters on which such
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, that that the
Company's exploration objectives concerning the Ilovitza project can be achieved
and that the Company's exploration and other 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 may include, among others, that that mineral resources are not
as estimated, unexpected variations in mineral resources, grade or recovery
rates, actual results of exploration activities will be different than
anticipated, data and assumptions underlying the geological interpretations may
prove to be inaccurate, incomplete or to have been incorrectly interpreted, 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, that results of the Company's exploration activities will not be
consistent with the Company's expectations and delays in receiving assays.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Euromax Resources Ltd.
Steve Sharpe
President & CEO
+44 (0)20 3667 2970
ssharpe@euromaxresources.co.uk
Euromax Resources Ltd.
Karen Atchison
Investor Relations Manager
+44 (0)20 3667 2970
katchison@euromaxresources.co.uk
Euromax Resources Ltd.
Tom Panoulias
N. American Representative
+1 416 294 5649
tpanoulias@euromaxresources.co.uk
www.euromaxresources.com
Buchanan
Bobby Morse, Cornelia Browne
+44 (0)20 7466 5000
bobbym@buchanan.uk.com
corneliab@buchanan.uk.com
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