EurOmax Resources (EOX.V) has released an updated NI43-101 compliant resource estimate on its 100% owned Ilovitza copper-gold project in Macedonia. The company was able to increase the tonnage in the measured and indicated categories by almost 30% to 237 million tonnes, without any dilution in the average grade.

This resource increase was mainly caused by using a new pit shell based on a new block model as well as by incorporating the results of three additional drill holes in the estimate. The Ilovitza project currently has almost 2.8 million ounces of gold and 1.1 billion pounds copper in the measured and indicated resource categories and an additional 250,000 ounces of gold and almost 100M pounds of copper in the inferred category.

The PEA which was expected in Q3 has now been delayed until Q1 2014 to incorporate the new data, and we’re looking forward to see if Steve Sharpe and his team can show the market that Ilovitza is a viable project at a copper price of $2.75/lbs and a gold price of $1150/oz.

> Click here to read the press release

Disclosure: The author holds a long position in EurOmax Resources. Please see our disclaimer for current positions.

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