Help Desk -
9717405332, 9599714297, 9810335381

Carmax Reports Initial Mineral Resources of the Eaglehead Porphyry Copper-Molybdenum Project

Steel News - Published on Mon, 21 May 2012

Carmax Mining Corporation announced that it has received results of an independent estimate of Mineral Resources at its Eaglehead Cu-Mo project located in northwestern British Columbia. The NI 43-101 compliant Inferred Mineral Resources were estimated by Roscoe Postle Associates Inc of Toronto and include only 2 of the 6 mineralized target areas that have been identified on the property. The resources are based on a program of diamond drilling 8,300 meters in 25 holes in 2011 as well as historical drilling.

The Inferred Mineral Resource estimate totals 102.5 million tonnes at an average grade of 0.29% Cu, 0.010% Mo, 1.9 gram per tonne Ag and 0.08 gram per tonne Au. The resources were estimated at a cut off grade of 0.16% CuEq and contain approximately 662 million pounds copper, 22 million pounds molybdenum, 6.3 million ounces silver and 265,000 ounces gold. The Mineral Resources are contained within two conceptual open pits, the East and Bornite zones and constitute approximately 69% of total mineralization above the grade cut off.

Carmax notes that due to non standard sampling techniques in historic drilling some of the past drill holes were not included in the current in-pit resource estimate. Exploration to date has outlined at least six areas with porphyry type copper molybdenum mineralization on the property. Prior published drill results have indicated that the East Zone and the Bornite Zone host west northwest trending porphyry type Cu Mo mineralization within variably hydrothermally altered granodioritic rocks.

In general, low grade gold and silver values are associated with Cu-Mo mineralization. The mineralized zones in both areas range in horizontal thickness from 5 meters to 70 meters within a hydrothermally altered and mineralized zone ranging from 200 meters to 250 meters in total width. Cu and Mo mineralization is open along strike and at depth and extends across the contact zone between the granodiorite and felsic volcanic rocks. These areas will be tested with an aggressive exploration program, including drilling, during the 2012 summer season.

Mr Jevin Werbes president of Carmax said that \"We are very encouraged with the results of the current resource estimate which indicate that the resources at the East Zone and Bornite Zone can potentially be mined by constructing open pits. Our plan is to increase the tonnage of the deposit and upgrade the classification from Inferred to Indicated Mineral Resources of the Eaglehead Cu and Mo deposit on the property by drill testing the remaining mineralized targets.\"

Source - Carmax Mining


Posted By : admin on Mon, 21 May 2012
Related News from Steel segment