RE: Any Comparison?Xfactor, I did a lot of DD on Carmax, and I disagree about the seemingly obvious "HUGE edge" you refer to. Edge yes, but just how much is not as great as it seems at first glance.
The Eaglehead property may seem uneconomical in this present environment but this could not possibly be a mine for another 3-4 years anyways, like Selodong. Post-olympics BC will have much lower labour costs and commodities (including resource values) will be much higher by 2012. Galore creek is on hold til such environment exists. CMX's smaller, near surface deposits would also be much cheaper to mine and infrastructure exists/will exist via neighbouring projects at HNC's Turnagain and Sherwood Copper's development of the Kutchko mine next door. Nova was interested in the property in 2006 and others will be too.
Carmax will need to drill a lot more on the SE trend towards the Turnagain property to substantially expand the resource, but there are also "significant" surface samplings of Ni, Au,Pl, and Pi that will add to the mix there.
Unlike BMK, CYP, SGX and the rest, it is an area play... with a proven porphyry system (intrusive complex) with seven porphyry targets to date. Carmax has only published their results on 2 of those targets so far and the stock is already worth more than .35
Re: your statement about Carmax's best not having a comparable ore value to some of the Selodong intercepts: For example, 421 meters of .319% Cu (Hole 69A) is remarkable, but CMX's core has different characteristics than SA's. Not as high grade in combined mineral ore value over the entire length, but there are really good grades in shorter intercepts i.e .948% Cu over 12.5 meters etc. etc., and impressive results throughout the historic drill hole data- please see the bottom figures in the '05 brochure @
https://www.carmaxex.com/Carmax%20Brochure%20Insert%2005.pdf
Both properties have the finger/palm potential ("Drill hole 60A was drilled to a depth of 355 meters. Drill hole 61 was drilled to a depth of 419 meters. Both holes were bottomed out in mineralization assaying 1% or greater Cu." etc. see results at depth.) and Carmax also claims 2.6 kms of "contiguous resources".
Also: 81 holes to date with 3 drill rigs already working the property this Fall puts Carmax a step ahead of SA in work to date, CMX having started at Eaglehead in 2005.
One thing that worries me about SA (market reaction only) is the next porphyry targets after Kekalik will probably bear lower grades. That's spelled out in the Geocities synopsis.
I do agree that the properties are NOT directly comparable, but there are striking similarities. Carmax is just now starting to find higher gold and moly credits (i.e 33 metres at .057% Mo) which increases the value of the ore to over $80/tonne over 33 meters in Hole 74- check the Casey calculator on that- and as they move away from historic drill holes, they are increasing the value of the resource with each hole published. That 33 meter intercept I mentioned compares favourably with Franconia's results at Birch Lake. Selodong is exceptional, but Eaglehead is up-and-coming.
I think the CMX share price will go higher by January, with another 10 drill hole reports to be published over the next month. If it languishes I'll move on, but they seem to know where to look for goodies.
SA will go much higher after Kekalik and the CoW finalization. As GB says, it'll happen... and quick. I also believe SA management is going to offset the inevitable lower grade reconnaisance drilling with good results as 2-3-4 drills turn in 2008, so SA should eclipse the 2007 high and stay there.
Hopefully, both companies will do well in 2008 and beyond. Just thought I'd fill you in on my perpective- I like 'em both. I've only been into Carmax for 3 weeks now but I'm thoroughly entertained. It's Deja vu all over again, with one big difference: SA flew out of the .30 range AFTER Selodong was added to the roster and became the main focal point of the company's endeavours; in the case of Carmax's Eaglehead, it's been there a while and nobody noticed til now.
Don't forget SA ran from .32 to 2.48 after Selodong. Carmax should at least double with continuing good results through January, with higher spikes possible.