Carmax Explorations Ltd.
TSX VENTURE : CMX

Carmax Explorations Ltd.

January 22, 2008 16:40 ET

Carmax Explorations Ltd.: Additional Significant Assays From Eaglehead Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) - Carmax Explorations Ltd. (TSX VENTURE:CMX) is pleased to report assays from eight additional holes from the 2007 Diamond Drilling Program.

Current drilling in the East Zone has extended mineralization from the historic discovery hole of DDH #55 for a distance of 340 meters (1116 feet) to the east to DDH #79.

DDH #79 drilled during 2007 has an assay interval of 0.34% Cu, 0.022% Mo, 2.30 Ag gm/t, 0.129 Au gm/t for 247.8 meters (813.0 feet). These values represent a copper equivalent of 0.62% for the entire 813 foot mineralized intersection. It is noted that 33.22 meters (109.0 feet) assayed 1.271% Cu, 0.054% Mo, 15.33 Ag gm/t, 0.715 Au gm/t - copper equivalent of 2.53%. This hole was completed to a depth of 390.15 meters (1420 feet) and represents a copper equivalent of 0.49% over the 1280 foot mineralized intersection.

Two holes completed in the Bornite Zone returned the following intercepts:

DDH #75 - 69.64 meters (228.5 feet) of 0.345% Cu, 0.008% Mo, 0.64 gm/t Ag, 0.107 gm/t Au including 38.85 meters (127.5 feet) of 0.416% Cu, 0.005% Mo, 0.25 gm/t Ag, 0.022 gm/t Au (copper equivalent of 0.480%).

DDH #76 - 84.43 meters (277.0 feet) of 0.55% Cu, 0.006% Mo, 3.75 gm/t Ag and 0.105 gm/t Au (copper equivalent of 0.686%).

Two other holes, DDH #70 and DDH #74, were reported upon previously in the Company's News Release dated December 14, 2007.

Significant results are tabulated in the following chart with copper equivalents included.

Copper, molybdenum, silver, gold and copper equivalent values calculated utilizing metal prices in US dollars of $2.80 for copper, $28.00 for molybdenum, $12.00 for silver and $800.00 for gold are included in the assay result tables.

Metallurgical recoveries and smelter returns are assumed at 100%.



------------------------------------------------------------------------
Cu
DRILL Cu Mo Ag Au Eq.
HOLE METERS FEET % % gm/t gm/t %
------------------------------------------------------------------------
70 21.7-408.7 71.2-1341.0 0.138 0.003 0.30 0.102 0.22
East equals 387.0 equals 1269.8
Zone --------------------------------------------------------------
North 280.7-356.3 921.0-1169.0 0.24 0.004 1.02 0.413 0.48
-50 equals 75.59 equals 248.0
degrees --------------------------------------------------------------
Section 295.5-356.3 969.5-1169.0 0.28 0.004 1.02 0.499 0.57
16+30E equals 60.80 equals 199.5
--------------------------------------------------------------
295.5-331.0 969.5-1086.0 0.31 0.005 1.80 0.833 0.79
equals 35.5 equals 116.5
--------------------------------------------------------------
295.5-317.3 969.5-1041.0 0.41 0.003 2.80 1.330 1.09
equals 21.8 equals 71.5
--------------------------------------------------------------
295.5-312.1 969.5-1024.0 0.49 0.003 3.67 1.708 1.36
equals 16.6 equals 54.5
------------------------------------------------------------------------

------------------------------------------------------------------------
71 64.00-96.62 210-317 0.219 less 0.28 0.004 0.222
East equals 32.61 equals 107.0 than
Zone 0.001
N30 --------------------------------------------------------------
degrees 64.00-85.34 210-280 0.297 less 0.43 0.008 0.303
W -60 equals 21.34 equals 70.0 than
degrees 0.001
Section --------------------------------------------------------------
16+30E 74.37-85.34 244.0-280 0.501 0.001 0.83 0.010 0.522
equals 10.97 equals 36.0
--------------------------------------------------------------
154.83-164.89 508-541 0.464 0.019 less 0.045 0.868
equals 10.06 equals 33.0 than
2
--------------------------------------------------------------
218.38-255.12 716.5-837 0.164 0.011 less 0.034 0.290
equals 36.74 equals 120.5 than
2
--------------------------------------------------------------
218.38-227.07 716.5-745 0.251 0.023 less 0.062 0.510
equals 8.69 equals 28.5 than
2
--------------------------------------------------------------
360.88-383.14 1184-1257 0.183 0.003 less 0.071 0.218
equals 22.25 equals 73.0 than
2
------------------------------------------------------------------------

------------------------------------------------------------------------
72 29.57-412.09 97.0-1352 0.146 0.004 0.21 0.046 0.21
East equals 382.52 equals 1255
Zone --------------------------------------------------------------
North 48.77-89.00 160-292.0 0.235 less 0.40 0.012 0.24
-55 equals 40.23 equals 132.0 than
degrees 0.001
Section --------------------------------------------------------------
17+00E 170.69-331.01 560-1086 0.207 0.007 0.40 0.097 0.326
equals 160.32 equals 526.0
--------------------------------------------------------------
170.69-230.73 560-757 0.330 0.007 0.91 0.061 0.435
equals 60.04 equals 197.0
--------------------------------------------------------------
219.76-241.09 721-791 0.596 0.010 1.90 0.133 0.773
equals 21.33 equals 70.0
--------------------------------------------------------------
219.76-230.73 721-757 1.063 0.015 3.69 0.107 1.310
equals 10.97 equals 36.0
--------------------------------------------------------------
262.13-269.75 860-885 0.415 0.017 1.28 1.251 1.190
equals 7.62 equals 25.0
--------------------------------------------------------------
277.06-293.98 909-964.5 0.213 0.009 less 0.054 0.33
equals 16.92 equals 55.5 than
2
------------------------------------------------------------------------

------------------------------------------------------------------------
73 33.53-340.46 110-1117 0.140 0.002 0.090 0.028 0.170
East equals 306.93 equals 1007
Zone --------------------------------------------------------------
N30 33.53-147.52 110-484 0.216 0.001 0.222 0.054 0.250
degrees equals 113.99 equals 374.0
E -55 --------------------------------------------------------------
degrees 33.53-70.10 110-230 0.386 less 0.460 0.096 0.430
Section equals 36.57 equals 120.0 than
17+00E 0.002
--------------------------------------------------------------
121.92-147.52 400-484 0.259 0.007 0.333 0.082 0.370
equals 25.60 equals 84.0
--------------------------------------------------------------
169.47-176.78 556-580 0.246 0.011 less 0.133 0.419
equals 7.31 equals 24.0 than
2
--------------------------------------------------------------
313.33-313.94 1028-1030 1.457 0.006 4.00 0.020 1.490
equals 0.61 equals 2.0
------------------------------------------------------------------------

------------------------------------------------------------------------
74 27.4-383.13 90-1257 0.246 0.008 0.71 0.056 0.358
East equals 355.7 equals 1167
Zone --------------------------------------------------------------
N-55 48.77-383.13 160-1257 0.257 0.009 0.75 0.059 0.380
degrees equals 334.4 equals 1097
Section --------------------------------------------------------------
18+00E 93.27-358.14 306-1175 0.299 0.012 0.94 0.079 0.422
equals 264.87 equals 869
--------------------------------------------------------------
155.14-358.14 509-1175 0.353 0.015 1.21 0.090 0.554
equals 203.00 equals 666
--------------------------------------------------------------
176.33-338.94 578.5-1112 0.403 0.018 1.46 0.106 0.644
equals 162.6 equals 533.5
--------------------------------------------------------------
258.77-338.94 849.0-1112 0.475 0.027 2.35 0.139 0.828
equals 80.16 equals 263.0
--------------------------------------------------------------
258.77-292.3 849.0-959.0 0.650 0.057 3.91 0.268 1.38
equals 33.53 equals 110.0
--------------------------------------------------------------
266.09-278.54 873.0-914.0 0.948 0.070 5.88 0.450 1.90
equals 12.5 equals 41.0
------------------------------------------------------------------------

------------------------------------------------------------------------
75 156.06-246.58 512-809 0.312 0.006 0.49 0.105 0.420
Bornite equals 90.52 equals 297.0
Zone --------------------------------------------------------------
6+40N, 156.06-225.70 512-740.5 0.345 0.008 0.64 0.107 0.480
6+50E equals 69.64 equals 228.5
North --------------------------------------------------------------
-55 156.06-194.91 512-639.5 0.416 0.005 0.25 0.022 0.470
degrees equals 38.85 equals 127.5
--------------------------------------------------------------
179.91-194.91 587-639.5 0.462 0.006 0.60 0.037 0.540
equals 16.00 equals 52.5
--------------------------------------------------------------
212.44-227.99 697.0-748.0 0.366 0.009 2.24 0.432 0.680
equals 15.55 equals 51.0
------------------------------------------------------------------------

------------------------------------------------------------------------
76 10.97-309.37 36.0-1015.0 0.168 0.002 1.081 0.005 0.198
Bornite equals 298.4 equals 979.0
Zone --------------------------------------------------------------
6+00N 60.66-72.99 199.0-239.5 0.019 less less 0.49 0.250
5+00E equals 12.33 equals 40.5 than than
North 0.001 2
-50 --------------------------------------------------------------
degrees 102.41-186.84 336-613.0 0.55 0.006 3.75 0.105 0.686
equals 84.43 equals 277
--------------------------------------------------------------
238.96-244.29 784.0-801.5 0.303 0.003 0.80 0.070 0.370
equals 5.33 equals 17.5
--------------------------------------------------------------
123.44-164.89 405.0-541.0 0.609 0.008 4.92 0.119 0.780
equals 41.45 equals 136.0
------------------------------------------------------------------------

------------------------------------------------------------------------
77 27.43-416.66 90.0-1367 0.222 0.009 0.278 0.044 0.335
East equals 389.23 equals 1277
Zone --------------------------------------------------------------
3+00N, 27.43-92.20 90.0-302.5 0.073 0.001 0.066 0.017 0.091
19+00E equals 64.77 equals 212.5
North --------------------------------------------------------------
-65 92.20-144.93 302.5-475.5 0.385 0.007 0.510 0.037 0.476
degrees equals 52.73 equals 173.0
--------------------------------------------------------------
92.20-174.34 302.5-572.0 0.322 0.0057 0.329 0.028 0.395
equals 82.14 equals 269.5
--------------------------------------------------------------
200.86-236.82 659.0-777.0 0.405 0.007 0.953 0.105 0.532
equals 35.966 equals 118.0
--------------------------------------------------------------
293.37-389.23 962.5-1277 0.323 0.025 0.448 0.088 0.618
equals 95.85 equals 314.5
------------------------------------------------------------------------

------------------------------------------------------------------------
78 0.0-4.26 0.0-14.0 0.049 0.001 3.00 2.83 1.42
Pope equals 4.26 equals 14.0
Zone --------------------------------------------------------------
158E, 96.62-97.23 317-319 0.043 less less 0.35 0.17
7+20N equals 0.61 equals 2.0 than than
N45 0.001 2
degrees --------------------------------------------------------------
E -65 116.89-124.05 383.5-407.0 0.216 0.0018 5.71 0.60 0.42
degrees equals 7.16 equals 23.5
--------------------------------------------------------------
140.51-151.49 461.0-497.0 0.128 0.0025 2.22 0.205 0.27
equals 10.98 equals 36.0
------------------------------------------------------------------------

------------------------------------------------------------------------
79 42.67-432.82 140-1420 0.275 0.016 1.492 0.094 0.49
East equals 390.15 equals 1280.0
Zone --------------------------------------------------------------
19+50E 42.67-290.47 140-953 0.340 0.022 2.30 0.129 0.62
3+00N equals 247.8 equals 813.0
N -65 --------------------------------------------------------------
degrees 42.67-75.89 140-249 1.271 0.054 15.33 0.715 2.53
equals 33.22 equals 109.0
--------------------------------------------------------------
75.89-145.08 249-476 0.104 less less 0.013 0.11
equals 69.19 equals 227.0 than than
0.001 2
--------------------------------------------------------------
145.08-174.04 476-571 0.201 0.004 less 0.029 0.25
equals 28.96 equals 95.0 than
2
--------------------------------------------------------------
174.04-210.16 571-689.5 0.426 0.013 0.82 0.078 0.60
equals 36.12 equals 118.5
--------------------------------------------------------------
210.16-231.04 689.5-758 0.177 less less 0.041 0.197
equals 20.88 equals 68.5 than than
0.001 2
--------------------------------------------------------------
231.04-250.85 758-823 0.101 less less 0.017 0.109
equals 19.81 equals 65.0 than than
0.001 2
--------------------------------------------------------------
250.85-290.47 823-953 0.192 0.076 0.77 0.060 0.99
equals 39.62 equals 130.0
--------------------------------------------------------------
256.03-261.52 Including 0.341 0.262 1.00 0.240 2.99
equals 5.49 840-858
equals 18.0
--------------------------------------------------------------
272.49-290.47 Also 0.175 0.124 1.40 0.031 1.44
equals 17.98 894-953
equals 59.0
--------------------------------------------------------------
327.35-352.65 1074-1157 0.198 0.016 0.29 0.088 0.40
equals 25.30 equals 93.0
--------------------------------------------------------------
372.46-412.39 1222-1353 0.270 0.009 less 0.039 0.37
equals 39.93 equals 131.0 than
2
------------------------------------------------------------------------


The 2007 Diamond drilling program has substantially advanced the Property towards the objective of establishing a large copper-molybdenum-gold-silver porphyry deposit.

Of particular importance is the increased value of the molybdenum and gold mineralization which contributes substantially to the potential value of the property.

The Eaglehead project is located 45km east of the Town of Dease Lake and is accessed by the Caribou Pass Road that connects Dease Lake to the Eaglehead, Tournagain (Hard Creek Nickel) and the Kutcho (Sherwood Copper) projects.

The 2007 diamond drilling consisted of a total of 4,098 meters (13,444 feet) in twelve holes on several different mineralized zones, Bornite, East and Far East. To date there has been a total of 19,407 meters (63,674 feet) of drilling conducted in 81 drill holes on the Eaglehead Property. During the past two years the Company drilled a total of 22 holes representing 7,174 meters (23,537 feet). Previous operators drilled a total of 59 holes for a total of 12, 233 meters (40,135 feet).

The 2007 3D IP geophysical survey indicates that mineralization from the Pass Zone to the East Zone is continuous for a distance of 2,750 meters (9,022 feet). The section between the Bornite Zone and the East Zone, an area 500 meters (1,640 feet) wide has not been drill tested.

DDH #79 has extended the known mineralization for a distance of 340 meters (1,116 feet) to the east of the historic discovery hole DDH #55. (DDH #55 assayed 0.51% Cu, 0.007% Mo, 2.38 Ag gm/t, 0.089 Au gm/t over 138 meters (453 feet) (copper equivalent of 0.639%).

DDH #69A completed in 2006, testing the down dip projection of DDH #55 returned a 165.35 meter (542.48 feet) interval assaying 0.358% Cu, 0.017% Mo, 1.14 Ag gm/t, 0.054 Au gm/t (Copper equivalent of 0.56%).

DDH #74 located 165 meters (541 feet) east of DDH #55 returned an average of 334.4 meters (1,097 feet) at 0.38% copper equivalent or 264.87 meters (869 feet) at 0.422% copper equivalent. DDH #62 completed in 2006 which was lost at 240 meters because of caving assayed 0.386% Cu, 0.0039% Mo, 0.51 Ag gm/t, 0.015 Au gm/t (Cu Eq 0.43) for 50.6 meters (166.0 feet).

Assay results from DDH's #80 and #81 drilled on the Far East Zone together with 58 soil samples should be available within the next few weeks.

Assays were conducted by Acme Analytical Laboratories Ltd. Assay method - 1.000 GM sample, Aqua - Regia (HCL - HN03 - H20) digestion to 100 ml, analysed by ICP-ES. Ag & Au by fire assay from 1 A.T. sample.

Updated plans covering the results of the 2007 programs will be posted shortly on the company's website www.carmaxex.com.

John R. Poloni, P.Eng. is the qualified person responsible for the technical data presented in this News Release.

ERNEST S. PETERS, PRESIDENT/DIRECTOR

The Company relies upon litigation protection for "forward-looking" statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Carmax Explorations Ltd.
    Chuck Underhill
    (604) 408-2212 or Toll Free: 1-888-408-2212
    (604) 689-4143 (FAX)
    Website: www.carmaxex.com