Using a 0.25% copper equivalent cut-off, EurOmax said the pit-constrained indicated sulphide and mixed mineral resource of 22 million tonnes comprises 224,000 ounces ounces of gold at an average grade of 0.31 grams per tonne (g/t) and 112 million pounds copper at an average grade of 0.23%.
An inferred sulphide and mixed mineral resource of 374 million tonnes comprises 3.84 million ounces gold at an average grade of 0.32 g/t and 1.74 billion pounds copper at an average grade of 0.21%.
The company said that oxide resources on the near surface oxide gold deposit at the project, using a 0.25 g/t gold cut-off, were 21,000 ounces gold at an average grade of 0.35 g/t for 1.9 million tonnes in the indicated category and 361,000 ounces gold at an average grade of 0.34 g/t for 33 million tonnes.
"This updated resource is another significant milestone for our company since we announced retaining 100 percent control over the Ilovitza Project two months ago," EurOmax chief executive Mark Gustafson said.
"The Ilovitza project hosts one of the largest published mineral resource estimates in Macedonia, a jurisdiction that is proving to be favourable to mineral exploration and development.
"This resource estimate includes 112 million pounds of contained copper and 245,000 ounces of contained gold in the indicated category, and 1.74 billion pounds of contained copper and 4.2 million ounces of contained gold in the inferred category, at the cut-off grades reported above."
Wednesday's resource estimate update is the first since the company's original estimate from 2008, which gave inferred resources of 303 million tonnes containing 1.6 billion pounds copper and 2.6 million ounces gold.
The latest update includes approximately 7,400 metres of additional drilling completed in 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.
Ilovitza is a tertiary copper-gold porphyry system, part of a province of such deposits in Macedonia and Greece that includes Eldorado Gold's (TSE:ELD)(NYSE:EGO) gold-copper Skouries deposit in Greece. Ilovitza is easily accessible by paved road, is near a rail line and just 75 kilometres from a port facility.
In terms of advancing the project, EurOmax is planning a 4,000 metre step-out drill program at Ilovitza in April. Modeling work indicates significant potential for expanding the resource to the east, southeast and south of the conceptual pit, the company said.
Although extensions of mineralization in these directions might prove to be somewhat deeper than the presently estimated resource, the conceptual pit produced through resource modeling would strip much of the overburden in these areas, potentially making expansion of the current resource estimate possible if exploration was successful, EurOmax said.
EurOmax's chief geologist and director Quinton Hennigh added: "EurOmax has a great track record of discovery in southeastern Europe, and the sizeable resource estimate we have announced for Ilovitza today is a testament to the organic growth that is possible from our dedicated team of explorers.
"We believe that we may be able to further increase the estimated Ilovitza resources by pursuing step-out drilling along the eastern and south-eastern margins of the deposit. Two holes announced last year, EOIC-1125 and EOIC-1128, encountered intervals of higher grade mineralization along the eastern margin of the deposit.
"We believe these holes indicate that the core of the system could potentially be in this area, and we plan to test this with our drilling program this year."
EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia, focused on identifying, acquiring and developing mineral resources in southeastern Europe.
The latest resource estimate was completed by Sue Bird of Moose Mountain Technical Services.