Carmax Drilling Expands East Zone With Intersection of 0.37% CuEq Over 521.21m Including 1.53% CuEq Over 24m
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 14, 2014) - Carmax Mining Corp. ("Carmax") - Carmax (TSX VENTURE:CXM) is pleased to announce the analytical results for the first two drill holes from its 2014 diamond drilling program on its 100% owned Eaglehead copper-gold-molybdenum-silver project located in northwest British Columbia. To view the location of 2014 drill holes, visit the Carmax website at www.carmaxmining.com. Highlights for the two diamond drill holes are:
Highlights:
Diamond drill hole (DDH)0121 intersected 0.23% copper, 0.013% molybdenum, 0.06g/t gold and 0.91g/t silver (0.37% copper equivalent) over a core interval of 521.2m that included,
a.0.21% copper, 0.003% molybdenum, 0.02g/t gold and 0.51g/t silver over a core interval of 278.1m from the top of the hole at 29.87m to a core interval of 308.00m;
and
b.0.27% copper, 0.025% molybdenum, 0.09g/t gold and 1.36g/t silver over a core interval of 243.1m that extends from the core interval of 308.0m to the end of the hole at 551.08m.
•DDH122 intersected 0.28% copper, 0.016% molybdenum, 0.14g/t gold and 1.52g/t silver (0.43% copper equivalent) over an interval of 116m starting at a core length of 141m,
•DDH121 and DDH 122 exhibits two distinct styles of mineralization being; copper-silver+/-gold-molybdenum in the upper portions of the holes and copper-molybdenum-gold-silver in the lower portions of the holes suggesting that several phases of mineralization may be present at Eaglehead,
•Analytical results for the last two diamond drill holes from the 2014 drilling program are expected to be received before the end of October.
Jevin Werbes, President of Carmax stated, "The results for these holes are a significant development in understanding the potential and size of the Eaglehead property. The thickness and styles of mineralization in these holes support the porphyry model and demonstrate that the mineralization is open at depth. Most importantly is the significant molybdenum and gold content in both drill holes at depth. The results of the 2014 drilling has extended the zones of mineralization and has returned higher average grades than those currently reported for the Eaglehead property."
About the Eaglehead Project
The Eaglehead property hosts an NI 43-101 Inferred Mineral Resource estimate to contain 103.0 million tonnes at an average grade of 0.29% Cu, 0.010% Mo and 0.08 g/t Au. The NI43-101 Technical Report related to the mineral resource estimate that is 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 Mineral Resource is contained within two conceptual open pits covering the East and Bornite zones.
The Eaglehead property is located approximately 48 km east of Dease Lake, in northwestern British Columbia. The property covers a total area of approximately 13,540 hectares (ha) in the Liard Mining Division of British Columbia.
The Eaglehead property hosts porphyry style copper-molybdenum-gold-silver mineralization. The mineralization occurs in potassic and phyllic altered granodiorite and quartz feldspar porphyry intrusive rocks. Past work has identified six mineralized zones on the property.
Chris M. Healey, P.Geo., a Director of Carmax, is a qualified person as defined in NI 43-101, and has reviewed and approved the technical information contained in this news release.
About Carmax
Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British Columbia.
For further information, please visit the website at www.carmaxmining.com to view the Company's profile.
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.
