EurOmax Resources has commenced drilling at Rudnitza in Serbia to test a copper-gold porphyry. The first diamond drillhole, EORC 07-01, will be drilled near PDRC 04-03 which was previously reported intersecting 144 m of 0.62% Cu equivalent1 or 1.06 g/t Au equivalent1 (0.40% Cu and 0.38g/t Au) from the base of oxidation to total depth of 244 m.This hole terminated in mineralisation. EORC 07-01 will be drilled with a different orientation to better intersect the dominant vein trends.
The Rudnitza copper-gold porphyry consists of a large iron oxide, quartz vein stockwork zone outcropping over an area of approximately 400 m by 300 m. There are widespread ancient workings in this area most of which remain untested. The quartz stockwork, with vein density greater than 30 veins per metre, is developed within a quartz-magnetite alteration zone. This is surrounded by a larger argillic and advanced argillic alteration zone.
After completion of the drilling at Rudnitza the rig will be moved to the Ceovishte licence to commence a five-hole program. Four holes will target a 1 km2 area of ancient mine working at Ceovishte. The Ceovishte target is an undrilled high sulphidation system with strong gold and base metal soil and rock chip geochemistry. Sampling of material from ancient mine dumps by a previous operator2 returned strong multi-element geochemistry with up to 0.3% Cu, 2.3% Zn, 6% Pb, 196 g/t Ag and 2.4 g/t Au. Assay of smelter slag from the area reports 10.7% Pb and 102 g/t Ag. A previously untested silica breccia, 8 km to the south of the Ceovishte HS System which is at least 200 m in diameter will also be drill tested.
1. Copper and gold equivalent calculations use metal prices of USD 1.25/lb copper and USD 450/oz gold. Adjustment factors for differences in relative metallurgical recoveries for gold and copper have not been be considered and metallurgical recoveries and net smelter returns are assumed to be 100%.
2. The company believes results reported by the previous operator of the licence are reliable using industry standard quality controls and a certified laboratory.