The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
CXM: TSX-V
President and CEO: Jevin Werbes
Vice President, Exploration: Jeff Poloni
Director: Chris Healey, P.Geo
Carmax Mining Corp.'s exploration program at the Eaglehead copper-gold property was bolstered by financial and technical support from Copper Fox Metals Inc. In May, Northern Fox Copper, a wholly owned subsidiary of Copper Fox, bought 20 million units of Carmax at C5 cents per unit.
This investment provided Northern Fox with a 42 percent equity interest in Carmax, a stake the company maintained by purchasing another 1.96 million shares in July.
All told, Carmax raised roughly C$1.23 million to further the exploration of the Eaglehead project, located 48 kilometers (30 miles) east of Dease Lake in northwestern B.C. The property hosts an inferred resource of 102.5 million metric tons averaging 0.29 percent (662 pounds) copper, 0.01 percent (22 million pounds) molybdenum and 0.08 grams per metric tons (265,000 ounces) gold.
This resource is contained within two conceptual open pits covering the East and Bornite zones.
A 4,000-meter drill program that began in July included one metallurgical hole in each of the East and Bornite zones, the remaining holes targeted extensions of these deposits.
To further its understanding of the geological model for Eaglehead, Carmax conducted comprehensive re-logging of core from historical drilling at the project.
The company also had a Quantec Titan-24 geophysical survey conducted over a 5,600-meter-long portion of the property that covers the East, Bornite, Camp and Pass mineralized zones.
A new zone of oxide copper mineralization measuring at least 250 by 650 meters located east of the Camp and Pass zones was also covered by the Quantec Titan-24 survey.
Carmax said President and CEO Jevin Werbes said the IP survey in combination with historical and current drill information appears to have outlined what appears to be a 4,500-meter-long zone of continuous mineralization that encompasses four of six zones of mineralization identified to date at Eaglehead.
A second signature at Eaglehead that is some 1,100 meters long approximately 1,000 meters wide and is open at depth.
This signature has not been drill tested and is open to the southeast towards the Far East zone.
This ground-based IP survey was followed with an airborne magnetic survey.
Cash and short-term deposits: C$513,798 million (April 30, 2014)
Working capital: C$526,411 (April 30, 2014; C$1.23 million financing completed July 10, 2014 ; C$237,000 financing completed Sept. 25, 2014)
Market capitalization: C$4.8 million (Oct. 8, 2014)
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Tel: (604) 921-1810
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