Cxm drilling DEEP !!
Carmax Mining starts 2014 drilling at Eaglehead
2014-08-07 07:04 ET - News Release
Mr. Jevin Werbes reports
CARMAX ANNOUNCES EXPLORATION UPDATE AND COMMENCEMENT OF DIAMOND DRILLING
Carmax Mining Corp. is releasing an update on exploration, core relogging activities and the commencement of the 2014 diamond drilling program on the Eaglehead property. SGS Canada Inc., located in Burnaby, B.C., has been retained to complete the preliminary metallurgical test work on samples from the East and Bornite mineralized zones.
Highlights:
- The first hole for exploration and metallurgical sampling purposes to obtain preliminary information on metal recoveries in the East zone is under way and currently at a depth of 485 metres.
- The second hole for exploration and metallurgical sampling purposes to obtain preliminary information on metal recoveries is planned for the Bornite zone.
- The results of the Titan-24 survey over the Pass, Camp, East, Bornite and Far East zones of mineralization (six-kilometre strike length) are expected before the end of August.
- The results for the recently completed airborne high-sensitivity magnetic and radiometric survey are expected to be received before the end of August.
- Four exploration holes (average 500 metres each) are planned to test of the extensions of East and Bornite zones, as well as continuity of mineralization between the previously identified mineralized zone.
Jevin Werbes, president of Carmax, commented: "We are pleased to have commenced the 2014 drilling program. The relogging of historical drill holes located within the mineralized zones that were not included in the resource estimate has identified significant concentration of chalcopyrite, bornite and molybdenite over long sections of these holes that has never been sampled. The Quantec and airborne survey results should provide additional information on the potential length and width of the prospective mineralized zone."
Diamond drilling
The objectives of the diamond drilling program are to obtain samples for preliminary metallurgical testing purposes and to explore the lateral extensions and continuity of the mineralized zones outlined to date. The results of the Quantec survey, when received, will be used to aid in locating the four exploration holes planned in 2014.
Historical drill holes
Diamond drilling programs completed since the 1960s have intersected copper mineralization over a six-kilometre strike length that cover both the known zones of mineralization and the areas between these zones. Relogging of selected holes from these areas shows that the historical drill holes were only sampled on a limited basis where visual estimates suggested the presence of higher-grade copper mineralization, which is confirmed by the assay records. Based on the relogging completed in 2014, the presence of significant amounts of chalcopyrite, bornite and molybdenite have been observed in the unsampled section of these historical drill holes. The review of the historical drill logs and relogging of historical drill holes are continuing.
The relogging of the historical drill core selected to date and review of drill logs from the other historical drill holes suggest that these individual zones of mineralization may form one large zone of mineralization.
About the Eaglehead project
The Eaglehead copper-molybdenum-gold-silver project (approximately 11,410 hectares) is located approximately 48 kilometres east of Dease Lake, in the Liard mining division, northwestern British Columbia.
The property hosts a 10-kilometre-long mineralized trend that hosts at least seven zones of porphyry-style copper-molybdenum-gold-silver mineralization hosted in potassic and phyllic altered intrusive rocks. A resource estimate pursuant to National Instrument 43-101 prepared by RPA Inc. (see Carmax news release dated May 16, 2012) outlined a current inferred mineral resource of 102.5 million tonnes at an average grade of 0.29 per cent copper, 0.010 per cent molybdenum and 0.08 gram per tonne gold. The report is filed on SEDAR. The resource was estimated at a cut-off grade of 0.16 per cent copper equivalent to contain approximately 662 million pounds copper, 22 million pounds molybdenum and 265,000 ounces gold.
Chris Healey, PGeo, a director of Carmax, is a qualified person as defined in NI 43-101 who has reviewed and approved the technical information contained in this news release.
We seek Safe Harbor.