/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRES./
TSX Venture Symbol: CUX.V
VANCOUVER, Feb. 12, 2018 /CNW/ - Carmax Mining Corp.
("Carmax" CUX-V) is pleased to provide its shareholders an update
on the recently completed compilation of historical and current
exploration data from its 100% owned Eaglehead polymetallic
porphyry copper project located in northern British Columbia.
The objective of the compilation was to assess the potential of the
property to host a significant porphyry copper
deposit. The data used in the compilation work was taken
from historical assessment reports and the work completed by
Carmax.
Highlights:
- The Eaglehead project covers an intrusion related calc-alkalic
polymetallic porphyry copper system hosted in the early Jurassic
age Eaglehead intrusion,
- The age of the mineralization has been dated at 194.2 +/- 0.9
Ma. (Re-Os determination on molybdenite), and is of similar age as
the porphyry copper mineralization in the Highland Valley
district,
- A mineralized corridor that is approximately 1.5 kms wide by
8.0 kms long has been recognized within the property.
- Six large zones of porphyry copper mineralization are located
within the mineralized corridor. Four zones contain minor
concentrations of molybdenum-gold-silver. The mineralization in
these four zones are open in three directions,
- Four zones of porphyry mineralization are located within an
open ended positive chargeability anomaly (+ 10 millirad) that is
6,000m long and averages 900m wide. Geophysical surveys have not been
completed on the other two zones that are located along strike of
the chargeability anomaly. A large portion of this chargeability
anomaly has not been drill tested,
- The zones of porphyry copper mineralization are characterized
by widespread moderate to intense potassic (principally
K-feldspar), pervasive phyllic (sericitic) and late stage
propylitic alteration.
- The mineralized zones are characterized by multiple phases
(four) of porphyry style copper mineralization, containing
chalcopyrite, bornite and molybdenite hosted in quartz veins,
quartz stockworks, fractures and in higher grade hydrothermal
breccia.
Jevin Werbes, President of Carmax
commented, "This work has considerably advanced our understanding
and demonstrates the potential of the Eaglehead project to host a
large, polymetallic porphyry copper deposit. The presence of a
large, relatively untested porphyry system combined with the two
recently identified exploration targets expands the exploration
target and supports our interpretation of the project's potential.
The next step for Carmax is to prepare an exploration program
designed to significantly advance the project in 2018."
New Exploration Targets:
These targets are underlain
by the Eaglehead intrusion and are located north of the East,
Bornite, Pass and Camp zones of porphyry copper
mineralization. These targets have not been
explored.
The first target is s series of semi-continuous copper +/-
molybdenum in soil geochemical anomalies that occurs over a strike
length of approximately 9,000m. A
positive chargeability anomaly coincides with a number of these
soil anomalies. A threshold of 80 parts per million (ppm) copper
and 2 ppm molybdenum were used to define the anomalies.
Copper values within these anomalies range from 80 to 4,000 ppm and
molybdenum values range from 2 to 122 ppm. The source
of the copper and molybdenum is interpreted to be the Eaglehead
intrusion.
The second target is a 3,000m by
2,000m area that contains numerous
mineralized outcrops with copper concentration ranging from 0.01%
up to 6.90% copper. This area is located north of the Camp and Pass
zones of porphyry copper mineralization. Included within this
target is a number of the above mentioned copper-molybdenum in soil
geochemical anomalies located at the western end of the mineralized
corridor.
Historical Geochemical Data:
The historical soil
geochemical data included in this news release was obtained from an
assessment report on the Eaglehead project completed by
Alex Burton, P. Eng. on behalf of
Nuspar Resources Ltd, dated September 1979. Carmax has not
confirmed the historical geochemical data.
The soil samples were collected using cut and chained lines
spaced at 400 foot interval with pickets every 100 feet.
Mattock picks were used to dig below the organic and root layer of
the soil. In most cases the soil collected was an immature B
horizon at a depth of 10 to 20 centimeters. Where felsemeer
or talus was encountered, the only sample possible consisted of
mainly organic material and fine talus.
Samples were shipped to North
Vancouver, B.C. for analysis by ALS Labs Ltd. After drying,
samples were sieved to minus 80 mesh, and digested with perchloric
acid and the copper and molybdenum concentrations were analyzed
using an Atomic Absorption Unit. Copper and molybdenum values
were reported in parts per million ("ppm").
Elmer B. Stewart, P.Geol. a
Director of Carmax, is a non-independent Qualified Person as
defined in NI 43-101, and has reviewed and approved the technical
information contained in this news release.
About the Eaglehead Project
The property is located in
northwestern British Columbia and
hosts an NI 43-101 Inferred Mineral Resource estimated to total
102.5 million tonnes at an average grade of 0.29% Cu, 0.010% Mo and
0.08 g/t Au. The Technical Report, filed on Sedar at
www.sedar.com was prepared by RPA Inc. (see news release dated
May 16, 2012). The resource was
estimated at a cut-off grade of 0.16% CuEq, to contain
approximately 662 million pounds copper, 22 million pounds
molybdenum, and 265,000 ounces gold. The Inferred Mineral
Resource is contained within two conceptual open pits covering the
East and Bornite zones.
About Carmax
Carmax is a Canadian company engaged in
exploration for porphyry copper-gold-molybdenum deposits in
northwestern British Columbia.
_____________________________
Jevin Werbes, President
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities described
herein in the United States. The
securities described in this news release have not been and will
not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the
United States or to U.S. Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available. This news release is
not for distribution in the United
States or over United
States newswires.
Cautionary Statement on Forward Looking
Statement
Certain information contained in this news
release, including information as to our strategy, projects, plans
or future financial or operating performance and other statements
that express management's expectations or estimates of future
performance, constitute "forward looking statements". Actual
results may differ materially from those indicated by such
statements. All statements, other than historical fact,
included herein, including, without limitations statements
regarding future production, are forward-looking statements that
involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking information in this
news release includes, but is not limited to, statements about the
style and host rock for the Eaglehead porphyry copper system; the
age of the mineralization; a large porphyry copper system located
within a mineralized corridor; the six zones of
copper-molybdenum-gold-silver mineralization; an untested 9,000
meter long, semi-continuous copper + molybdenum in soil
geochemical anomaly; the numerous mineralized (copper +/-
molybdenite-gold-silver) outcrop have been located within the soil
geochemical anomaly; a 6,000 meter long, open ended positive
chargeability anomaly; the moderate to intense potassic
(principally K-feldspar), pervasive phyllic (sericitic) and late
propylitic alteration of the mineralized intrusive host rocks; and
multiple phases of mineralization; the 2012 resource estimate at
the Eaglehead project; and statements about Carmax's strategy,
future operations and prospects.
In connection with the forward-looking information contained in
this news release, Carmax has made numerous assumptions.
While Carmax considers these assumptions to be reasonable, these
assumptions are inherently subject to significant uncertainties and
contingencies. Additionally, there are known and unknown risk
factors which could cause Carmax's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein.
Known risk factors include, the style and host rock for the
Eaglehead porphyry copper system may not be as indicated; the age
of the mineralization may not be accurate; the large porphyry
copper system located within the mineralized corridor may not host
additional copper mineralization as suggested or at all; the six
zones of copper-molybdenum-gold-silver mineralization may be
limited in size or may not contain additional copper mineralization
as indicated; the untested 9,000 meter long, semi-continuous
copper + molybdenum in soil geochemical anomaly may not contain
significant copper mineralization as suggested or at all; the 6,000
meter long, open ended positive chargeability anomaly
may not contain additional mineralization as indicated or at all; ;
the moderate to intense potassic (principally K-feldspar),
pervasive phyllic (sericitic) and late propylitic alteration of the
mineralized intrusive host rocks and multiple phases of
mineralization may not be indicative of porphyry mineralization;
fluctuations in copper prices and demand; currency exchange rates;
conditions in the financial markets and the overall economy may
continue to deteriorate; uncertainties relating to interpretation
of the previous drill results and the geology, continuity and grade
of Eaglehead project; the need to obtain additional financing and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals.
A more complete discussion of the risks and uncertainties facing
Carmax is disclosed in Carmax's continuous disclosure filings with
Canadian securities regulatory authorities at www.sedar.com.
All forward-looking information herein is qualified in its entirety
by this cautionary statement, and Carmax disclaims any obligation
to revise or update any such forward-looking information or to
publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law.
SOURCE Carmax Mining Corp.