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Carmax Identifies Additional Exploration Targets On Eaglehead Project

by pmnationtalk on February 12, 201812 Views

February 12, 2018 Vancouver, British Columbia- Carmax Mining Corp. (“Carmax” CUX-V) is pleased to provide its shareholders an update on the recently completed compilation of historical and current exploration data from its 100% owned Eaglehead polymetallic porphyry copper project located in northern British Columbia. The objective of the compilation was to assess the potential of the property to host a significant porphyry copper deposit. The data used in the compilation work was taken from historical assessment reports and the work completed by Carmax.

Highlights:

  • The Eaglehead project covers an intrusion related calc-alkalic polymetallic porphyry copper system hosted in the early Jurassic age Eaglehead intrusion,
  • The age of the mineralization has been dated at 194.2 +/- 0.9 Ma. (Re-Os determination on molybdenite), and is of similar age as the porphyry copper mineralization in the Highland Valley district,
  • A mineralized corridor that is approximately 1.5 kms wide by 8.0 kms long has been recognized within the property.
  • Six large zones of porphyry copper mineralization are located within the mineralized corridor. Four zones contain minor concentrations of molybdenum-gold-silver. The mineralization in these four zones are open in three directions,
  • Four zones of porphyry mineralization are located within an open ended positive chargeability anomaly (+ 10 millirad) that is 6,000m long and averages 900m wide. Geophysical surveys have not been completed on the other two zones that are located along strike of the chargeability anomaly. A large portion of this chargeability anomaly has not been drill tested,
  • The zones of porphyry copper mineralization are characterized by widespread moderate to intense potassic (principally K-feldspar), pervasive phyllic (sericitic) and late stage propylitic alteration.
  • The mineralized zones are characterized by multiple phases (four) of porphyry style copper mineralization, containing chalcopyrite, bornite and molybdenite hosted in quartz veins, quartz stockworks, fractures and in higher grade hydrothermal breccia.

Jevin Werbes, President of Carmax commented, “This work has considerably advanced our understanding and demonstrates the potential of the Eaglehead project to host a large, polymetallic porphyry copper deposit. The presence of a large, relatively untested porphyry system combined with the two recently identified exploration targets expands the exploration target and supports our interpretation of the project’s potential. The next step for Carmax is to prepare an exploration program designed to significantly advance the project in 2018.”

New Exploration Targets:

These targets are underlain by the Eaglehead intrusion and are located north of the East, Bornite, Pass and Camp zones of porphyry copper mineralization. These targets have not been explored.

The first target is s series of semi-continuous copper +/- molybdenum in soil geochemical anomalies that occurs over a strike length of approximately 9,000m. A positive chargeability anomaly coincides with a number of these soil anomalies. A threshold of 80 parts per million (ppm) copper and 2 ppm molybdenum were used to define the anomalies. Copper values within these anomalies range from 80 to 4,000 ppm and molybdenum values range from 2 to 122 ppm. The source of the copper and molybdenum is interpreted to be the Eaglehead intrusion.

The second target is a 3,000m by 2,000m area that contains numerous mineralized outcrops with copper concentration ranging from 0.01% up to 6.90% copper. This area is located north of the Camp and Pass zones of porphyry copper mineralization. Included within this target is a number of the above mentioned copper-molybdenum in soil geochemical anomalies located at the western end of the mineralized corridor.

Historical Geochemical Data:

The historical soil geochemical data included in this news release was obtained from an assessment report on the Eaglehead project completed by Alex Burton, P. Eng. on behalf of Nuspar Resources Ltd, dated September 1979. Carmax has not confirmed the historical geochemical data.

The soil samples were collected using cut and chained lines spaced at 400 foot interval with pickets every 100 feet. Mattock picks were used to dig below the organic and root layer of the soil. In most cases the soil collected was an immature B horizon at a depth of 10 to 20 centimeters. Where felsemeer or talus was encountered, the only sample possible consisted of mainly organic material and fine talus.

Samples were shipped to North Vancouver, B.C. for analysis by ALS Labs Ltd. After drying, samples were sieved to minus 80 mesh, and digested with perchloric acid and the copper and molybdenum concentrations were analyzed using an Atomic Absorption Unit. Copper and molybdenum values were reported in parts per million (“ppm”).

Elmer B. Stewart, P.Geol. a Director of Carmax, is a non-independent Qualified Person as defined in NI 43-101, and has reviewed and approved the technical information contained in this news release.

About the Eaglehead Project

The property is located in northwestern British Columba and hosts an NI 43-101 Inferred Mineral Resource estimated to total 102.5 million tonnes at an average grade of 0.29% Cu, 0.010% Mo and 0.08 g/t Au. The Technical 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 Inferred Mineral Resource is contained within two conceptual open pits covering the East and Bornite zones.

About Carmax

Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British Columbia.

For further information, please visit the website at www.carmaxmining.com to view the Company’s profile or contact Jevin Werbes at 604-921-1810.

NT4

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