“Using an advanced sub-surface imaging technology called Quantec Titan 24, Carmax has outlined a large positive chargeability anomaly which appears to be mineralized over a 4,500 meter long zone.”
VANCOUVER, British Columbia, Sept. 10, 2014 (GLOBE NEWSWIRE) — As the copper markets perk up, risk-averse investors are looking to junior explorers with low political risk, good geology and strong management teams.
Global X Copper Miners ETF is up 8% in 2014. Commodity analysts are anticipating a second round of stimulus from China, which is responsible for 40% of global demand. Factory activity is also expanding in the U.S., the world’s second-largest consumer of copper.
When the larger companies are on the move, investors are looking for high-risk/high-reward investments such as Carmax Mining Corp (TSX-V:CXM).
Using an advanced sub-surface imaging technology called Quantec Titan 24, Carmax has outlined a large positive chargeability anomaly which appears to be mineralized over a 4,500 meter long zone.
CXM 100% owns the Eaglehead copper-molybdenum-gold-silver project located 48 km east of Dease Lake in northwest British Columbia, covering a total area of approximately 11,410 hectares in the Liard Mining Division. The property hosts porphyry style copper-molybdenum-gold-silver mineralization.
“We took control of Carmax and the Eaglehead project in 2011,” stated Jevin Werbes, CEO of Carmax in an exclusive interview with Financial Press, “By that point there had been over 94 holes drilled on the project. That season we drilled about 25 new holes and this season we are drilling and re-logging millions of dollars of historical core all of which will help us build a new resource calculation.”
The Eaglehead property hosts an NI 43-101 Inferred Mineral Resource estimated to total 103.0 million tonnes at an average grade of 0.29% copper, 0.010% molybdenum and 0.08 g/t gold. The resource was estimated at a cut-off grade of 0.16% copper equivalent, to contain approximately 662 million pounds copper, 22 million pounds molybdenum, and 265,000 ounces gold. The mineralization also contains significant silver concentration which has not been included in the resource estimate due to historical data issues.
The 43-101 Inferred Mineral Resource at Eaglehead is contained within two conceptual open pits covering the East and Bornite zones. Leaving four other mineralized zones which were not included at that time.
“Pretty much every hole has hit mineralization,” stated Werbes, “but we’re still trying to understand exactly how the deposit is laid out, the Titan-24 survey has helped us immensely with that.”
In May 2014, subsidiary of Copper Fox Metals Inc. (Northern Fox Minerals Inc.) made a strategic investment by purchasing 20 million units of Carmax, giving them 42% ownership of Carmax.
The President of Copper Fox is Elmer B. Stewart; MSc., P. Geo. who has over 38 years of domestic and international experience in mining and mineral exploration. Mr. Stewart has been involved in putting five gold mines into production.
“Northern Fox’s strategic investment in Carmax is an important milestone for us,” stated Werbes, “We are adding a veteran technical team who has a great deal of experience developing large poly-metallic porphyry projects in this particular region. We are using Copper Fox’s Schaft Creek blueprint with the Titan-24 survey. They’ve put a million dollars into Carmax which we are using on the current exploration program and we’re adding at least another $250,000.”
On September 2, 2014 Carmax announced the results for the recently completed Quantec Titan-24 DCIP subsurface imaging survey at Eaglehead. The Titan-24 survey is State of the Art geophysical tool which gives detailed information on the presence of sulphide mineralization, alteration, structure and lithology leading to more cost-effective drill targeting up to depths of 750 meters.
“Everywhere that Carmax and the predecessors have drilled, we’ve hit copper,” stated Werbes, “The correlation between the Titan-24 survey and drill results have opened our eyes as to the potential size of the Eaglehead. It was money well spent, because the cost of all the geophysical surveys was about the same as three drill holes, and this gives us confidence drilling into deeper zones.”
The Titan-24 DCIP system has a successful track record locating porphyry copper sulphide mineralization. The Eaglehead survey was completed on 10 lines spaced at 600 meters apart.
Four of the six zones of mineralization located to date on the Eaglehead property occur within this 4,500m long portion of the anomaly suggesting that these zones are parts of a much larger, contiguous zone of mineralization.
“The second chargeability anomaly is significantly different,” stated Werbes, “and has not been tested by drilling. Both anomalies are open along strike.”
The majority of the historical drill holes completed along the 4,500 meter strike length of the first chargeability anomaly where sampled are mineralized.
“We are going to drill four holes about 500 meters deep,” stated Werbes, “Our goal is to expand the size and understanding of the deposit and add tonnage to our resource estimate, not just copper but for molybdenum, gold and silver as well. There’s a six kilometer strike zone that we’ve identified, and we’ve confirmed 4,500 meters of it.”
The first chargeability signature has been tested with over 119 historical and current diamond drill holes. The majority of these holes, based on historical assays where sampled, are reported to contain significant copper mineralization.
Carmax is currently trading at $0.10 with a market cap of $5.5 million.
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Carmax Mining Corp.
3rd Floor Bellevue Centre.
235 15th St., West Vancouver, BC
Phone: (604) 921-1810
Fax: (604) 921-1898
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