EurOmax Resources (CVE:EOX) said Tuesday it achieved an 84 percent copper recovery, 58 percent gold recovery and 68 percent silver recovery, during metallurgical test work for its Ilovitza copper-gold porphyry project in southeastern Macedonia.
The test work involved a pulverized sample, originally grading 0.24% copper, 0.25 grams per tonne (g/t) gold, and 1.6 g/t silver, which produced a concentrate grading 22% copper, 16.6 g/t gold, and 145.7 g/t silver.
Technical advisor, Dr. Quinton Hennigh said: "We are very pleased with this year's progress at Ilovitza.
"Our initial flotation tests have proved positive, the 2011 drill program has dramatically increased the size of the system and we have now formally applied for an exploitation concession on our project."
In other news, the company also reported the results from diamond drill hole EOIC-1128, the final hole from its 2011 drill campaign at Ilovitza. The hole intersected 182 metres at 0.18% copper, 0.4 g/t gold, and includes 99.4 metres grading 0.23% copper and 0.57 g/t gold.
EOIC-1128 was drilled to a vertical depth of 635 metres, is located about 140 metres to the east of hole EOIC-1125, which had intersected 187 metres at 0.23% copper and 0.39 g/t gold in August, and confirms that the mineralization remains open to the east.
EurOmax exercised an option to acquire a 100 percent interest in the Ilovitza property from a major international mining company, subject to a back-in right that has to be exercised within 90 days of a 10,000 metre drilling commitment being met.
The company said earlier this month that this drilling commitment has now been realized, and the other party therefore has until January 23, 2012 to either relinquish all interests in the property or to acquire a 70 percent interest.
If the back-in right is exercised, EurOmax will receive a payment of two times the company's expenditures on the property, which have been approximately $3.3 million to date, it said. In addition, the major international mining company will carry EurOmax’s 30 percent interest through to completion of a final feasibility study.
EurOmax said the results from the 2011 drill program will be included in an updated NI 43-101 compliant resource estimate for the Ilovitza property, which it expects to be completed in the first quarter of 2012.