8/14/2019 EurOmax Establishes Major

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Christopher SerinChie Financial OfcerFew people would likely consider theBalkans to be an area that could provideertile ground or major mineral de-posits, yet EurOmax Resources (TSXV:EOX) had the oresight to establish amajor presence in this ormerly troubledregion in 2003. Opportunity is otenavailable in the most unlikely places and

EurOmax is capitalizing on developingresources in areas rst mined by theGreeks, Romans and their predecessorsthousands o years ago. With our proj-ects scattered across Bulgaria, Macedo-nia and Serbia, the company has estab-lished a strong beachhead rom whichto advance into possible production inas little as 18 to 24 months. EurOmax isexploring its Kazandol North prospect inMacedonia or oxide copper mineraliza-tion, which could be amenable to lowcost Solvent Extraction Electro-winning

(SX-EW) technology. Karavansalijain Serbia hosts copper-gold skarns,lead-zinc-copper-gold skarns, gold involcanics and gold-nickel-cobalt silicabreccias. Its Breznik project in Bulgariahosts signicant gold and silver resourc-es, and its Ilovitza project in Macedoniahas a resource o 303 million tonnescontaining 1.6 billion pounds o copperand 2.9 million ounces o gold plus mo-lybdenum and silver. Christopher Serin,EurOmax’s Interim CEO and CFO spokewith us about the exciting prospects or

his well-positioned company. 

EurOmax Resources EstablishesMajor Position in the Balkans

Booth # 3139www.euromaxresources.com

604.669.5999

Resource Intelligence: In a number of respectsEOX appears to be in a very interesting andenviable position. What’s the story on how 

it got here?

Christopher Serin: After doing a systematic review of prospective global geological terrains, EurOmax

made the strategic decision in 2003 to focus onthe metals potential of SE Europe. Te attrac-tion of SE Europe to us was based on the highpotential of the geological terrain, the availability of quality explorationand support profes-sionals and a long his-tory of gold and basemetal mining goingback thousands of years. Plus there ap-peared to be little, if any competition; soin 2003 EurOmaxacquired six gold andcopper explorationproperties in Bulgariaand set up shop inSoa, the capital. In2006, three of theseprojects formed the basis of an Australian IPO,Balkans Gold Ltd in which EurOmax was the lar-gest shareholder. In July 2007, EurOmax enteredinto an option to acquire 100% in nine explora-tion properties and applications in Macedoniaand Serbia from Freeport McMoRan Copper andGold Inc. As a result we were able to create the

most geographically diverse, SE European min-erals exploration company existing today.

RI: Can you give us a brief rundown on your mainproperty holdings?

CS: Certainly. Let’s start with Ilovitza, which isa newly discovered porphyry copper-gold-mo-lybdenum deposit in Macedonia. Mapping anddrilling work there has dened an intrusive com-plex some 1.2 kilometres wide and more than1.3 kilometres long. One of the great advantagesof being in Europe, versus in the middle of no-

 where, as is often the case with mineral proper-

ties, is that there is infrastructure in place andclose by. Tis project is located close to road, rail,

 water and power and, importantly, there are twosmelters within 400 kilometres via heavy rail. Anindependent Mineral Resource Statement on theproperty shows an inferred resource of 303 mil-lion tonnes containing 1.6 billion pounds of cop-per, 2.6 million ounces of gold and 34 millionpounds of molybdenum.

Next we have our Kazandol prospect in Mace-donia where outcropping copper mineralizationhas been mapped over a length of ve kilometres.

 Within this zone, two large copper oxide targets

have been dened: Kazandol North and Kazan-dol South.

 At Kazandol North, an 800m by 600m zone ofcopper oxide mineralization has been mapped

 within which a narrower 800m long and up to250m wide zone grading over 0.1% copper has

been dened by trenching across the strike of themineralization. Recent mapping and geochem-istry has extended this mineralized zone another4,000 metres to the south. We are exploring the

North prospect foroxide copper min-eralization, whichcould be amenableto low cost SX-EWtechnology. Initiallyhowever, we’d liketo develop a cop-per-oxide resource,

 which could be usedto produce coppersulphate for sale tomarkets in the regionand in Europe. Tisis something which

  we could bootstrafairly quickly at relatively low cost. Recent map-ping at Kazandol South has shown this area tobe signicantly more mineralized than KazandoNorth.

RI: How about your other two properties?

CS:Karavansalija (Pronounced “karavan - sal -eya”) is a 60 square kilometer property located

in a portion of southern Serbia where mining hasbeen an important element in the local economyfor many years. Tis is a very large mineralizedsystem. Te Karavanslija mineralized centre(KMC) covers an area of roughly 12 square kilo-metres. Silver and gold-bearing lead-zinc as wellas copper ore were mined at a place called Ro-gozna going back to Roman times. In the Middle

  Ages there was surface mining activity alonoutcropping lead-silver zinc veins. In the 20thcentury, underground exploration, geophysicsand exploration drilling focused on Pb-Zn-Ag

mineralization, largely carried out by explorationteams from repca mines. Only intervals withvisible base metal sulphides were assayed andrarely for gold. Signicant lead-zinc and copperintercepts are reported. Te lead-zinc-copper-gold skarns were the subject of ancient miningand more recent exploration and are locally high-grade. Similar skarns are mined at the giant rep-ca deposit, which had reported initial resourcesof 60 million tonnes at 10% Pb+Zn and 100 g/t

 Ag. In addition, there is also volcanic hosted goldoverlying the skarn and carbonates in siliciedzones with massive and disseminated sulphides

“We were able to create

the most geographi-

cally diverse, SE Euro-

pean minerals explora-

tion company existingtoday.”

~CFO Christopher Serin

8/14/2019 EurOmax Establishes Major

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EurOmax Resources- Continued

Booth # 3139www.euromaxresources.com

604.669.5999

Based on the results of only two drillholes thevolcanic hosted gold mineralization has a strikeof at least 200 metres with a similar width. Wehave had some pretty interesting drill results onthe Karavansalija property including 235 metresgrading 1.08 g/t gold and 120 metres grading

0.55 g/t gold, 0.48% copper and 3.2 g/t silver(1.4 g/t gold equivalent, 0.86% copper equiva-lent). Our diamond drill hole PDMC503 inter-sected 42 metres from surface at 3.1 grams pertonne gold including 28 metres at 4.37 grams pertonne gold.

RI: You acquired your newest project less than ayear ago.

CS: Yes, the Breznik gold-silver project in Bul-garia is something we added to our portfolio lastMarch when we re-acquired all of the shares of Trace Resources EOOD from International

Resource Holdings Ltd. Breznik is a high-gradegold-silver vein system which has been drilledover a strike of nearly 1,000 metres with morethan 100 diamond and reverse circulation drill-holes. It has a JORC (2004) code (similar to NI

43-101) compliant Indicated and Inferred Min-eral Resource estimate. Te total Indicated re-source at a cut-o of 0.5 grams per tonne is 1.08million tonnes at 2.01 grams per tonne gold and6.05 grams per tonne silver, containing 70,000ounces of gold, 210,000 ounces of silver. At a 0.5

grams per tonne cut-o grade, the Inferred min-eral resource is 0.69 million tonnes at 1.79 gramsper tonne gold and 5.66 grams per tonne silver,containing 40,000 ounces of gold and 125,000ounces of silver. Te deposit is open along strikeand at depth. Ancient workings and geochem-istry indicate that the vein system extends overmore than 3,000 metres of strike length—mostof which remains to be systematically explored.

RI: So what are your plans for your various prop-erties?

CS: We started a planned 4,000 metre reverse

circulation drilling program at Kazandol inMacedonia in January. Road and drill pad con-struction has been completed and 53 drillholespermitted. We plan to systematically test 5 kilo-metres of the strike of the previously mapped

copper bearing, shallowly dipping, Kazandocopper zone. At Ilovitza, further work we will bedoing there will include diamond drilling of theundrilled magnetic core of the system and metallurgical test work. At Breznik we will continue toevaluate the potential of the deposit for exploita

tion of higher grade material with a low impacunderground mining operation.

RI: What important points would you like investors to remember about EurOmax?

CS: Tere are many very positive facets toEurOmax. We have a very important and solidpresence in the areas where we are operating

  We have great properties already with signicant existing resources and excellent potentiafor expanding them along with discovering anddeveloping new ones. We could nd one or more“elephants” as we continue our exploration work

 We have little competition for picking up moreproperties. We have well experienced corporateand area management and 13 to 14 local geologists, trained to western standards, who know thterrain, the people and the politics of the area

 where they are working. We are well funded andhave the ability raise capital as needed. We havebuilt-in potential for participation from majorsuch as Freeport McMoRan and eck Cominco

 which are already shareholders.

Milestones:

• Complete drilling program atKazandol

• Continue work to develop a

copper-oxide resource at

Kazandol

• At Ilovitza: continue diamond

drilling and metallurgical test

work 

• At Breznik: continue to evalu-

ate the potential for higher

grade underground mining

operationPhoto: EurOmax drill campaign, Breznik Gold Project in Bulgaria.