Sep 19 2014
Carmax Mining Corp. ("Carmax") is pleased to provide its shareholders with an update on the current diamond drilling program on its 100% owned Eaglehead copper-gold-molybdenum-silver located in northwest British Columbia.
Highlights for the three diamond drill holes completed to date are:
Highlights:
- Diamond drill hole DDH 0121 with a core length of 551.08m intersected bornite-chalcopyrite-molybdenite mineralization over the core interval of 29.87m to 551.08m. The diamond drill hole ended in chalcopyrite-bornite +/- molybdenite mineralization and the mineralization is open at depth,
- DDH 0122 intersected chalcopyrite+/-bornite +/- molybdenite mineralization over the core interval 9.01m to 441.96m. The diamond drill hole ended in chalcopyrite-molybdenite mineralization and the mineralization is open at depth,
- DDH 0123 intersected chalcopyrite+/-bornite +/- molybdenite mineralization over the core interval 51.57m to 621.18m. The diamond drill hole ended in chalcopyrite mineralization and the mineralization is open at depth,
- The Quantec Titan-24 chargeability signature show a strong positive correlation to the visual observation of copper and molybdenite mineralization in the 2014 drill holes in line with the correlation between the chargeability signature and the presence of copper mineralization reported in the historical holes, and
- The first of the analytical results for the 2014 drill holes is expected towards the end of September-early October and will reported on when reviewed and compiled.
Jevin Werbes, President of Carmax stated that "I am pleased with the progress to date on the Eaglehead. It appears that the historical and current drilling results demonstrate that the > 10mRad chargeability signature from the Titan-24 survey is reflecting the presence of copper-molybdenite mineralization. A significant portion of the signature remains untested thereby having significant implications on the potential size of the mineralized target at Eaglehead. The recently completed drill holes have extended the mineralization deeper and further to the east than the previous drill holes in the Eaglehead deposit. The analytical results for the core samples from these drill holes will be required before any assessment of the significance of the reported mineralization can be completed."
DDH 0124 is in progress and located between the East and Bornite mineralized zones testing the chargeability signature in this area. The chargeability signature from the 2014 Quantec survey suggests continuity of the mineralization in the East zone to the northeast towards the Bornite zone. This area between the two mineralized zones which has not been drill tested.
2014 Diamond Drilling:
DDH 0121; completed in the East zone is an inclined (-60 degrees to the North) hole that has been completed to a core length of 551.08 m (vertical depth of 480m). This hole intersected variable concentrations of chalcopyrite-bornite-molybdenite mineralization from the bedrock surface at 29.87m to the end of the hole at 551.08m in potassic and phyllic altered biotite granodiorite and quartz feldspar porphyry. The bornite-chalcopyrite-molybdenite mineralization can occur on fractures and as stringers, veinlets, disseminations, discrete blebs and interstitial. The upper 244.4 m of the hole contains variable concentrations of pyrite.
DDH0122; completed in the Bornite zone is an inclined (-65 degrees to the North) hole that has been completed to a core length of 441.96 m (vertical depth of 400m). This hole intersected variable concentrations of chalcopyrite-bornite-molybdenite mineralization from the bedrock surface at 9.01m to the end of the hole at 441.96m in potassic and phyllic altered biotite granodiorite. The bornite-chalcopyrite-molybdenite mineralization can occur on fractures and as stringers, veinlets and discrete blebs. The upper 147.0 m of the hole contains variable concentrations of pyrite.
DDH0123; completed in the East zone is an inclined (-65 degrees to the North) hole that was completed to a core length of 621.8 m (vertical depth of 550m). This hole is a 50m step out to the East and intersected variable concentrations of visible chalcopyrite-bornite-molybdenite mineralization over the core interval 51.57m to the end of the hole at 621.8m in potassic and phyllic altered biotite granodiorite and quartz feldspar porphyry. The bornite-chalcopyrite-molybdenite mineralization can occur as stringers, veinlets as well as disseminations and discrete blebs. Only trace amounts of pyrite were observed in this hole.
The reader is cautioned that the presence of copper and molybdenite mineralization does not necessarily equate to significant concentrations of either copper or molybdenum and there is no assurance that the assay results of the samples from these drill holes will yield significant copper or molybdenum grades.
About the Eaglehead Project
The property hosts an NI 43-101 Inferred Mineral Resource estimate of 103.0 million tonnes at an average grade of 0.29% Cu, 0.010% Mo and 0.08 g/t Au. The report, filed on Sedar at www.sedar.com was prepared by RPA Inc. (see news release dated May 16, 2012). The resource was estimated at a cut-off grade of 0.16% CuEq, to contain approximately 662 million pounds copper, 22 million pounds molybdenum, and 265,000 ounces gold. The Mineral Resource is contained within two conceptual open pits covering the East and Bornite zones approximately 69% of the total mineralization above the grade cut-off.
The Eaglehead Cu-Mo Project is located approximately 48 km east of Dease Lake, in northwestern British Columbia. The property covers a total area of approximately 13,540 hectares (ha) in the Liard Mining Division of British Columbia.
The Eaglehead Project hosts porphyry style copper-molybdenum-gold-silver mineralization. The mineralization occurs in potassic and phyllic altered granodiorite and quartz feldspar porphyry intrusive rocks. Past work has identified six mineralized zones on the property.
Chris M. Healey, P.Geo., a Director of Carmax, is a qualified person as defined in NI 43-101, and has reviewed and approved the technical information contained in this news release.