Canadian Firm Reports Gold Mineralization at Babjak Deposit in SW Bulgaria
Canadian company Euromax Resources announced Thursday drilling results from its Babjak exploration concession in Bulgaria.
The company said in a statement that its exploration activities had identified significant gold mineralization at the deposit near the southwestern village of Babjak, Blagoevgrad District.
Euromax Resources Ltd. is a Canadian exploration and development company with three core assets in Macedonia, Bulgaria and Serbia.
The Babjak deposit, which is 80 km south of Sofia, spans an area of 101 square kilometers.
The discovered gold vein, alongside other zones for the production of materials like silver and molybdenum, has been explored at a depth of 500-1300 meters.
Commenting on the results, Steve Sharpe, President and Chief Executive Officer of the Company said, "We are delighted with the initial drill results from our Babjak target which prove that significant grades across minable widths exist within the mineralized zones and indicate continuity of the mineralization to at least 150 meters vertical depth. The results also demonstrate the effectiveness of the Company's exploration program in identifying new exploration assets in the region. We look forward to future results from Babjak and are confident that resources will be defined by ongoing work programs. Furthermore, notwithstanding the significant progress of our development projects, these results underscore our policy of further resource generation within our key regional target areas."
Euromax Resources plans to continue exploration activities in 2013.
According to the company's media statement, further trenching and drilling are budgeted for 2013 at Babjak and at the nearby Zlataritsa prospect, which hosts similar mineralization and is located some 10 km to the east.
The Canadian company also develops a deposit near the western town of Tran spanning an area of over 67 square kilometers.