OR OVER UNITED STATES NEWSWIRES./ TSX Venture Symbol: CUX.V
Carmax Identifies Additional Exploration Targets on Eaglehead Project
/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 mu ltiple 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.
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For further information: please visit the website at www.carmaxmining.com to view the Company's
profile or contact Jevin Werbes at 604-921-1810.
CO: Carmax Mining Corp.
CNW 06:00e 12-FEB-18