Vancouver — A former oil and gas explorer in Alberta under the name Omax Resources,
Five reverse-circulation holes at the Petelovo zone on the Popintsi project cut a broad zone of gold mineralization from surface to depths exceeding 80 metres.
The company delineated the targets based on extensive argillic and phyllic alteration assemblages over several square kilometres of Upper Cretaceous andesites hosting quartz veins, stockworks, and breccias with evident sulphides. Initial drill results include the following:
— hole 401 — 50 metres from surface averaging 1.5 grams gold per tonne;
— hole 403 — 82 metres (from a depth of 2 metres) grading 3.8 grams gold and 6.2 grams silver, including a higher-grade portion of 7 metres averaging 14.9 grams gold and 16.1 grams silver;
— hole 405 — 37 metres (from 2 metres down-hole) of 2.6 grams gold.
In 1984 and 1985, a company owned by the Bulgarian government performed limited, wide-spaced vertical drilling, and there is evidence of extensive historic and ancient workings with high-grade portions of copper-gold mineralization.
The regional Panagyurishte metallogenic belt traces west through Serbia and Romania and hosts large porphyry copper and epithermal-massive sulphide deposits. Just 2 km north of EurOmax’s licence area is the Assarel open-pit copper mine. The mine was originally a 350-million-tonne porphyry deposit grading 0.5% copper, and has operated for about 30 years.
EurOmax acquired the 200-sq.-km Popintsi licence in mid-2004 from the Bulgarian government. In 1995, the government-owned company extracted an 8,000-tonne bulk sample, which graded 4.7 grams gold per tonne. Using vat leaching, a 94% recovery was achievable.
The company, which already holds oil and gas projects in Alberta and Turkey, acquired several mineral exploration licences in Bulgaria in 2004 after reviewing projects throughout the southeastern European region.
With 30.2 million shares outstanding, the company has a market capitalization of $14 million based on its recent trading level of 46 per share.
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