V20 #15.0 - Copper
Carmax Mining Corp. CXM.V
October 9, 2014
“With considerable historic work and recent work by Carmax their Eagle-head Copper/Moly project is well advanced ..."
Summary
With considerable historic work and recent work by Carmax their Eagle-head Copper/Moly project is well advanced so there is really no risk of discovery. It is really a matter of advancing the project to upgrade the resource tonnage and grade.
There is also a huge vote of confidence in the project and company with Copper Fox's
.
Even at today's depressed prices at a bottom, Copper Fox has a market cap of $73 million with 25% of their Schaft Creek project so the market has a
on that project of $292 million.
This gives an idea of the potential of Carmax's Eaglehead project that is located in the same area of B.C, perhaps about 100kms from Schaft Creek
It will take further funding to advance the Eaglehead project to feasibility and just
of Copper Fox's warrants would help in this regard, but if we assume further dilution from the current 55 million shares to 100 million or 150 million shares
To be conservative we could assume a
around half of Copper Fox's Schaft Creek so lets say $150 million.
With dilution to 100 million shares we are looking at a stock price of $1.50
With dilution to 150 million shares we are looking at a stock price of $1.00 per share
I might add that Copper Fox was up around $0.60 /$0.70 a share in 2013 when the completed their Feasibility and deal with
Cominco and $1.20 per share in 2012. So obvious if we see an improved mining market we could see much higher valuations.
Ron Struthers