VANCOUVER, BRITISH COLUMBIA is pleased to announce that it will
be commencing its 2008 exploration season on the Eaglehead property
with two drill rigs commencing in the first week in June weather
permitting, with a third rig possibly being added later.
Carmax is well funded for the 2008 exploration season with
approximately $2,400,000 cash on hand which will permit the
continuation of its exploration activities on the Eaglehead
property. The current funding was received by Carmax from the
exercise of 14,832,215 warrants at a price of $0.15 in the last
part of 2007. The 2008 drill program is planned to consist of a
minimum of 15 drill holes.
Six mineralized zones have now been determined to exist on the
Property - the West Zone, the Camp Zone, the Pass Zone, the Bornite
Zone the East Zone and the Far East Zone. To date there has been a
total of 19,407 meters (63,674 feet) of drilling conducted in 81
drill holes. A map showing the locations of each of the zones and
their proximity to each other can be found on Carmax's web site
www.carmaxex.com.
Of the six defined zones of mineralization only the Bornite Zone
has had sufficient drilling undertaken by prior owners to report
volume calculations. For this zone, it was reported by Charles K.
Ikona, P.Eng. of Pamicon Developments Ltd. on March 30, 2004,
assuming a strike of 400 meters, a dip length of 250 meters (to 150
meters below surface) and an average thickness of 75 meters this
volume of material would represent in excess of 20,000,000 tonnes
at a specific gravity of 2.8 grading 0.42% copper, 0.029%
molybdenum, 1.60 grams of silver per tonne and 0.035 grams of gold
per tonne. This material was considered as conceptual in nature
with respect to volumes and grades as there had been insufficient
exploration to define a mineral resource at that time.
Two drill holes were completed in 2007, #75 and #76 which could
be important in extending the known materialized zone 50 meters to
the north and east, #75 - 69.64m @ 0.345% Cu, 0.008% Mo, 0.64 gm/t
Ag and 0.107 gm/t Au; #76 - 84.43m @ 0.55% Cu, 0.006% Mo, 3.75 gm/t
Ag and 0.105 gm/t Au. The Bornite Zone is considered as an
exploration target and it is uncertain if the quantity and grade
has been sufficiently outlined to define a mineral resource as
defined by national instrument NI-43-101, but this concept will be
evaluated by Carmax and their consultant in the 2008 exploration
season.
Various operators from 1972 to 1982 estimated tonnages and
grades for the Eaglehead Property as reported in Paper 33 entitled
The Eaglehead Porphyry Copper Prospect, Northern British Columbia,
authored by R.M. Britten and J.M. Marr included in CIM Bulletin,
Special Volume #46 1995 as follows "Geological resources for the
Camp and Pass Zones are 2.72 million tonnes grading 0.45% Cu and
11.8 million tonnes grading 0.52% Cu respectively" (J.M. Marr,
unpub 1973). The Bornite Zone 1km to the southeast was shown to
have in excess of 16 million tonnes of 0.65% Cu equivalent using
molybdenum credits (Everett unpub 1982). Qualified persons have not
done sufficient work to classify the historical estimates and
grades as current mineral resources. Carmax is not treating these
historical estimates as current mineral resources and these
historical estimates should not be relied upon. No diamond drilling
has been undertaken on the West, Camp or Pass Zones by the Company
but Drill Holes #75 and #76 do appear to confirm the reliability of
prior data for the Bornite Zone. The 2008 program will include
additional drilling on the Bornite Zone in attempts to arrive at
data that would allow the calculation of a resource that would
comply with NI-43-101.
In 2007, Carmax also completed a comprehensive 3D IP geophysical
survey and 7 additional drill holes in the East Zone. Prior to
Carmax acquiring the Eaglehead property, the East Zone had only
been drilled with 3 holes of which drill hole number 55 is reported
to have intersected 6.87% Cu, 0.044% Mo, 35.08 gm/t Ag and 1.32
gm/t Au over 6.3m which could be part of a similar zone intersected
in #69A which assayed 21.291% Cu, 1.767% Mo, 138 gm/t Ag and 3.978
gm/t Au over 0.76m. An additional 4 holes were drilled by Carmax in
the East Zone in 2006.
The additional 11 holes drilled by Carmax on the East Zone in
2006 and 2007 have not only confirmed the reliability of the
historical data but the drill results have extended the area of the
known mineralization which remains open thereby increasing the
potential for adding size to the exploration target, the dimensions
of which allows for the possibility of significant tonnages of
mineralization. It should be noted that two of the holes drilled on
the East Zone ended in mineralization of 1% Cu at a depth of
approximately 400 meters. However, drill holes density, to date,
does not support resource calculations which comply with the
requirements of National Policy 43-101.
The 2007 3D IP geophysical survey indicates that mineralization
from the Pass Zone to the East Zone, which includes the Camp Zone,
is continuous for a distance of 2,750 meters (9,022 feet). The
section between the Bornite Zone and the East Zone, an area 500
meters (1,640 feet) wide has not been drill tested. Drilling will
be conducted in 2008 in this area.
In assembling all known data to date Carmax has completed a
volume calculation for the East Zone based only on the 14 holes
drilled in the area to date.
The eleven holes completed by Carmax intercepted portions of the
East Zone of mineralization but certain sections such as L19+50E
and L19+00E were tested by single holes only, making interpretation
of plunge, dip and width of mineralization difficult, however, the
zone does appear to have an east-west trend and a southerly plunge.
The following numbers are the weighted average grades for the
reported intercepts:
Copper 11 DDH - 16 intercepts - 1,559m 0.347%
Molybdenum 11 DDH - 16 intercepts - 1,559m 0.012%
Silver 11 DDH - 16 intercepts - 1,559m 1.269 gm/t
Gold 11 DDH - 16 intercepts - 1,559m 0.104 gm/t
No cut off grades were used in these calculations and the
averages are the weighted averages for each intercept. Following is
the tabulation of averages as referenced to diamond drill
holes.
--------------------------------------------------------------------------
DDH Meters Cu% Mo% Ag gm/t Au gm/t Cu Eq%
--------------------------------------------------------------------------
#79 247.80 0.340 0.022 2.30 0.129 0.620
--------------------------------------------------------------------------
#77 184.55 0.357 0.016 0.56 0.077 0.599
--------------------------------------------------------------------------
#74 162.60 0.403 0.018 1.46 0.106 0.640
--------------------------------------------------------------------------
#62 50.60 0.386 0.004 0.51 0.015 0.430
--------------------------------------------------------------------------
#72 160.30 0.207 0.007 0.40 0.097 0.326
--------------------------------------------------------------------------
#61/72 137.15 0.249 less 0.56 0.013 0.258
than
0.001
--------------------------------------------------------------------------
#70 75.59 0.240 0.004 1.02 0.413 0.480
--------------------------------------------------------------------------
#55 17.30 0.760 less 1.86 less 0.760
than than
0.001 0.1
138.00 0.510 0.007 2.38 0.089 0.640
--------------------------------------------------------------------------
#69A 39.62 0.354 0.004 1.62 0.014 0.410
30.63 0.409 0.006 0.44 0.023 0.480
165.35 0.358 0.017 1.14 0.054 0.560
--------------------------------------------------------------------------
#59 76.20 0.318 0.008 0.44 less 0.399
than
0.1
--------------------------------------------------------------------------
#60A 34.74 0.405 0.021 0.68 0.067 0.658
--------------------------------------------------------------------------
#71 29.72 0.415 0.014 0.31 0.370 0.636
--------------------------------------------------------------------------
#63 9.20 0.680 0.017 8.56 0.396 1.099
--------------------------------------------------------------------------
The following values were used in calculating copper equivalent
percentages:
Gold (US) $800/oz.
Silver (US) $12/oz.
Cu (US) $2.80/lb.
Moly (US) $28.00/lb.
For these averages, metallurgical recoveries and smelter returns
are considered to be 100%.
For the East Zone, assuming a strike length of 450m, intercept
widths as shown in the above table and a plunge depth of 300m, this
volume of material would represent in excess of 34,000,000 tonnes
at a specific gravity of 2.8 with average grades ranging from
0.36-0.44% Cu, 0.009-0.011% Mo, 1.40-1.70 Ag gm/t and 0.11-0.13 Au
gm/t for a Cu Eq of 0.51-0.62%.
Assays were completed by Acme Analytical Laboratories (ISO 9001
Accredited Co.) Vancouver, using Aqua-Regia (HCL - HNO3 - H20)
digestion to 100ml, analyzed by ICP-ES, Ag and Au by fire assay
from 1 A.T. sample.
These volume calculations are "conceptual in nature" and do not
represent a resource which would comply under disclosure
regulations of National Policy 43-101 and it is uncertain if
further exploration will result in the discovery of mineral
resource.
The information is therefore being disclosed only as an
indication of the exploration potential of the property.
Management is extremely pleased that the 2007 diamond drilling
program has substantially advanced the Property towards the
objective of establishing a large copper-molybdenum-gold-silver
porphyry deposit.
John R. Poloni, P.Eng. is the qualified person responsible for
the technical data presented in this News Release.
Additional and more detailed information pertaining to the
Eaglehead Property and these zones may be obtained on the Company's
website www.carmaxex.com.
ERNESTS PETERS, PRESIDENT/DIRECTOR
The Company relies upon litigation protection for
"forward-looking" statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Carmax Explorations Ltd. Ernests Peters
President/Director (604) 408-2212 or Toll Free: 1-888-408-2212
(604) 689-4143 (FAX) Website: www.carmaxex.com
Chilean Metals (TSXV:CMX)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Chilean Metals (TSXV:CMX)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
