Carmax Mining Corp.
TSX VENTURE : CXM

Carmax Mining Corp.

January 24, 2012 09:00 ET

Carmax Drills 0.54% Cu, 0.029% Mo, 2.30 g/t Ag, and 0.284 g/t Au Over 161 m at Eaglehead Property, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2012) - Carmax Mining Corp. (TSX VENTURE:CXM) ("Carmax") is pleased to announce that it has now received results from the remaining 16 of the 25 holes drilled in the 2011 exploration season on the East Zone and Bornite Zone target areas of its flagship Eaglehead Cu-Mo project located in northwestern British Columbia. The total program consisted of the drilling of 8,300 metres in 25 holes. Results from the first 8 holes were released in Carmax's release of December 7th, 2011. All samples of split diamond drill core from the 2011 program were forwarded to and assayed by ACME labs of Vancouver.

The Eaglehead Property hosts at least six areas of porphyry style Cu-Mo mineralization extending to more than 8 km along strike. The 2011 summer exploration program focused on two of these target areas; being the East Zone and the Bornite Zone. In general, low grade gold and silver values are associated with Cu-Mo mineralization. Future drilling programs will be designed to further delineate the East Zone and the Bornite Zone mineralization, as well as to drill test the remaining four major target areas of the vast Eaglehead Property.

The company has engaged Roscoe Postle Associates Inc. (RPA) of Toronto to complete an independent estimate of NI 43-101 complaint Mineral Resources of these two areas taking into consideration the results now received from the 2011 program. Completion of the report is anticipated for April 2012.

The East Zone hosts at least ten subvertical zones of west-northwest trending porphyry type Cu-Mo mineralization within variably hydrothermally altered granodioritic rocks. The Bornite Zone also contains at least eight areas of Cu-Mo mineralization with similar orientation to the East Zone.

The results to date indicate extensions to previously known mineralized zones with Cu, Mo, Ag, and Au values with grades ranging from 0.16% Cu to 3.33% Cu over drill core intervals ranging from 3 m to 161 m. The individual mineralized zones in both areas range in horizontal (true) thickness from 5 m to 80 m.

The mineralized zones in both areas extend more than 400 m at depth within hydrothermally altered and mineralized zones that are approximately 500 m wide and 700 m to 800 m long. The table below summarizes the results received from the last 16 holes of the 2011 summer drilling program.

Highlights of the results are as follows:

East Zone

  • 0.99% Cu, 0.001% Mo, 4.90 g/t Ag, and 0.060 g/t Au over 21 m in Hole 99A.
  • 0.84% Cu, 0.022% Mo, 1.80 g/t Ag, and 0.051 g/t Au over 11 m in Hole 100.
  • 0.47% Cu, 0.004% Mo, 0.80 g/t Ag, and 0.028 g/t Au over 35 m in Hole 105.
  • 0.27% Cu, 0.006% Mo, 1.40 g/t Ag, and 0.063 g/t Au over 66 m in Hole 107.

Bornite Zone

  • 0.45% Cu, 0.007% Mo, 1.00 g/t Ag, and 0.034 g/t Au over 37 m in Hole 110.
  • 0.47% Cu, 0.004% Mo, 3.60 g/t Ag, and 0.082 g/t Au over 35 m also in Hole 110.
  • 0.58% Cu, 0.013% Mo, 6.40 g/t Ag, and 0.202 g/t Au over 34 m in Hole 112B.
  • 0.54% Cu, 0.029% Mo, 2.30 g/t Ag, and 0.284 g/t Au over 161 m in Hole 114.
  • 0.55% Cu, 0.009% Mo, 1.20 g/t Ag, and 0.015 g/t Au over 20 m in Hole 120.
  • 0.45% Cu, 0.013% Mo, 1.30 g/t Ag, and 0.132 g/t Au over 31 m also in Hole 120.

Detailed results of the mineralized intersections are presented in the table below.

EAST ZONE DRILL HOLES
Hole ID Intersection (m) Interval (m) Azimuth (°) Inclination (°) % Cu % Mo g/t Ag g/t Au
From To
99A 40.0 65.0 25.0 358.2 -64 0.19 0.000 0.40 0.015
182.0 203.0 21.0 0.99 0.001 4.90 0.060
419.0 422.0 3.0 0.21 0.004 0.60 0.010
100 22.0 54.0 32.0 3.5 -50 0.24 0.000 0.60 0.010
138.0 149.0 11.0 0.84 0.022 1.80 0.051
Including 143.0 148.0 5.0 1.27 0.023 2.90 0.071
169.0 197.0 28.0 0.37 0.024 1.10 0.131
239.0 244.0 5.0 0.28 0.002 0.50 0.010
251.0 304.0 53.0 0.47 0.010 1.90 0.056
Including 285.0 297.0 12.0 1.05 0.038 5.60 0.201
309.0 313.0 4.0 0.43 0.001 0.70 0.010
321.0 334.0 13.0 0.18 0.001 0.60 0.010
351.0 375.0 24.0 0.24 0.003 0.70 0.010
414.0 423.0 9.0 0.42 0.023 3.70 0.218
436.0 450.0 14.0 0.22 0.015 0.80 0.027
473.0 518.0 45.0 0.28 0.010 1.20 0.040
105 36.0 55.0 19.0 22 -60 0.68 0.002 2.20 0.023
Including 39.0 44.0 5.0 1.56 0.001 5.10 0.025
70.0 81.0 11.0 0.18 0.004 0.40 0.008
98.0 103.0 5.0 0.25 0.004 1.10 0.010
108.0 113.0 5.0 0.22 0.002 0.60 0.031
181.0 187.0 6.0 0.17 0.001 0.50 0.007
214.0 219.0 5.0 0.31 0.002 1.40 0.014
295.0 330.0 35.0 0.47 0.004 0.80 0.028
Including 296.0 299.0 3.0 3.33 0.008 2.40 0.038
339.0 343.0 4.0 0.33 0.001 2.30 0.082
370.0 375.0 5.0 0.24 0.003 1.30 0.024
393.0 401.0 8.0 0.28 0.004 0.50 0.179
106 60.0 69.0 9.0 8.1 -49 0.23 0.000 0.70 0.022
87.0 94.0 7.0 0.36 0.001 1.80 0.048
102.0 111.0 9.0 0.24 0.005 1.20 0.013
142.0 150.0 8.0 0.33 0.014 0.70 0.022
157.0 160.0 3.0 0.33 0.018 1.30 0.045
166.0 171.0 5.0 0.36 0.001 1.20 0.018
189.0 207.0 18.0 0.35 0.033 2.80 0.166
Including 202.0 205.0 3.0 1.16 0.022 8.40 0.637
217.0 233.0 16.0 0.39 0.018 2.10 0.040
Including 217.0 220.0 3.0 0.91 0.033 6.20 0.041
281.0 296.0 15.0 0.37 0.012 1.70 0.236
107 131.0 144.0 13.0 6.2 -49 0.23 0.002 0.70 0.011
156.0 222.0 66.0 0.27 0.006 1.40 0.063
Including 200.0 208.0 8.0 0.48 0.012 2.60 0.279
233.0 241.0 8.0 0.22 0.004 1.10 0.015
260.0 278.0 18.0 0.26 0.004 1.10 0.041
284.0 291.0 7.0 0.70 0.004 1.60 0.092
108 30.0 40.0 10.0 22 -50 0.25 0.003 1.40 0.133
56.0 62.0 6.0 0.19 0.007 1.70 0.062
85.0 100.0 15.0 0.38 0.001 2.30 0.033
119.0 122.0 3.0 0.93 0.003 3.20 0.018
260.0 264.0 4.0 0.22 0.001 0.70 0.020
109 102.0 115.0 13.0 3.5 -55 0.34 0.005 2.00 0.048
Including 109.0 115.0 6.0 0.57 0.009 3.60 0.082
130.0 149.0 19.0 0.19 0.003 0.90 0.031
161.0 164.0 3.0 0.26 0.002 0.50 0.012
BORNITE ZONE DRILL HOLES
Hole ID Intersection (m) Interval (m) Azimuth (°) Inclination (°) % Cu % Mo g/t Ag g/t Au
From To
110 32.0 58.0 26.0 7.3 -65 0.25 0.000 0.60 0.014
Including 40.0 44.0 4.0 0.47 0.000 1.40 0.027
71.0 74.0 3.0 0.42 0.001 1.10 0.065
104.0 107.0 3.0 0.34 0.001 1.00 0.027
117.0 128.0 11.0 0.24 0.001 0.60 0.029
138.0 153.0 15.0 0.27 0.001 0.80 0.025
Including 151.0 153.0 2.0 0.60 0.003 1.10 0.015
159.0 176.0 17.0 0.30 0.001 0.50 0.023
194.0 231.0 37.0 0.45 0.007 1.00 0.034
Including 200.0 202.0 2.0 1.52 0.020 2.40 0.094
& Including 208.0 211.0 3.0 1.45 0.023 3.80 0.248
239.0 258.0 19.0 0.28 0.003 1.70 0.019
267.0 302.0 35.0 0.47 0.004 3.60 0.082
Including 273.0 275.0 2.0 1.20 0.001 3.60 0.157
& Including 297.0 299.0 2.0 2.24 0.002 14.50 0.337
311.0 329.0 18.0 0.31 0.004 1.30 0.048
344.0 361.0 17.0 0.32 0.004 2.30 0.107
111 31.0 46.0 15.0 0 -47 0.30 0.000 2.80 0.036
62.0 82.0 20.0 2.04 0.005 9.30 0.208
Including 74.0 82.0 8.0 4.81 0.011 22.00 0.499
87.0 101.0 14.0 0.28 0.002 3.40 0.113
113.0 137.0 24.0 0.29 0.009 1.90 0.134
190.0 196.0 6.0 0.36 0.002 0.80 0.136
112B 70.0 91.0 21.0 2.2 -65 0.71 0.009 6.20 0.597
Including 74.0 82.0 8.0 1.04 0.016 10.00 0.130
111.0 145.0 34.0 0.58 0.013 6.40 0.202
Including 126.0 135.0 9.0 1.23 0.017 16.50 0.285
151.0 162.0 11.0 0.33 0.002 1.70 0.093
167.0 170.0 3.0 0.22 0.009 0.90 0.026
207.0 219.0 12.0 0.21 0.000 0.70 0.027
251.0 260.0 9.0 0.14 0.001 2.20 1.265
113 9.7 16.0 6.3 6.7 -50 0.36 0.001 1.80 0.111
34.0 47.0 13.0 0.29 0.001 0.50 0.019
92.0 178.0 86.0 0.30 0.014 1.00 0.137
Including 110.0 118.0 8.0 0.75 0.017 1.40 0.099
198.0 215.0 17.0 0.19 0.001 1.40 0.069
114 15.0 22.0 7.0 5.2 -62 0.18 0.000 0.30 0.001
50.0 55.0 5.0 0.52 0.004 4.10 0.070
134.0 295.0 161.0 0.54 0.029 2.30 0.284
Including 134.0 137.0 3.0 1.77 0.016 15.80 0.571
& Including 160.0 164.0 4.0 1.01 0.139 5.00 0.272
& Including 195.0 204.0 9.0 1.30 0.058 2.60 0.078
& Including 209.0 215.0 6.0 1.06 0.020 2.20 0.899
& Including 225.0 233.0 8.0 1.17 0.065 4.10 1.088
& Including 288.0 294.0 6.0 0.85 0.034 4.60 0.399
117 7.0 12.0 5.0 2 -54 0.22 0.001 1.20 0.031
21.0 26.0 5.0 0.26 0.000 0.50 0.022
127.0 133.0 6.0 0.19 0.002 0.30 0.006
187.0 192.0 5.0 0.44 0.002 1.40 0.022
200.0 212.0 12.0 0.16 0.005 1.40 0.055
226.0 231.0 5.0 0.24 0.001 0.80 0.036
279.0 284.0 5.0 0.73 0.008 1.50 0.017
292.0 303.0 11.0 0.18 0.003 0.20 0.010
322.0 329.0 7.0 0.16 0.002 0.50 0.027
118 30.0 34.0 4.0 5.3 -53 0.16 0.000 0.40 0.006
71.0 79.0 8.0 0.21 0.001 0.70 0.011
132.0 142.0 10.0 0.22 0.001 2.00 0.049
200.0 209.0 9.0 0.19 0.000 0.50 0.005
120 31.0 51.0 20.0 1.4 -50 0.55 0.009 1.20 0.015
Including 36.0 40.0 4.0 1.42 0.013 3.20 0.022
61.0 92.0 30.0 0.45 0.013 1.30 0.132
Including 71.0 73.0 2.0 1.03 0.006 2.90 0.142
99.0 102.0 3.0 0.23 0.011 1.60 0.009
122.0 129.0 7.0 0.25 0.001 1.20 0.218
141.0 146.0 5.0 0.83 0.003 1.20 0.026
160.0 164.0 4.0 0.20 0.003 0.70 0.049

Hrayr Agnerian, P.Geo., a Director of Carmax, is the qualified person as defined in NI 43-101, and has reviewed the technical information contained in this news release.

Jevin Werbes, President of Carmax, states, "We are very pleased with the results received from the 2011 summer exploration program. The results indicate a potential for bulk mineable porphyry style copper-molybdenum mineralization. Carmax is anticipating its resource estimate from RPA around April 2012, and with Copper prices appreciating once again, we look forward to planning and sharing our 2012 exploration plans."

Jevin Werbes, President

About the Eaglehead Project

The Eaglehead Cu-Mo Project is located approximately 1,100 km north of Vancouver and approximately 48 km east of Dease Lake, a town of approximately 200 people, in northwestern British Columbia. The northwest-southeast oriented property extends approximately 28 km along strike from Eaglehead Lake at its northwestern extremity to approximately 8 km past Tournigan River in the southeastern part of the property. The property comprises 31 mineral claims consisting of 613 cells covering a total area of approximately 11,410 ha in the Liard Mining Division of British Columbia.

Copper and molybdenum mineralization on the Eaglehead Property is typical of porphyry Cu-Mo systems associated with hydrothermal alteration assemblages within intermediate volcanic rocks and granodioritic and monzonitic rocks. Mineralization is contained in altered rocks, which are localized by geological structures, and range in size from 5 m to more than 100 m wide and more than three kilometres long. Two mineralized structures trend northwest, and the third one trends east-southeast. Mineralization is comprised of altered zones, quartz stockworks, and hydrothermal breccia zones that contain disseminated chalcopyrite and other sulphide minerals.

About Carmax

Carmax is a Canadian company engaged in exploration for bulk tonnage copper-molybdenum deposits in northwestern British Columbia. The company also has the Whiskey Jack gold project in Ontario and the Gold Tip gold project in BC. During the 2011 summer exploration program, the company's objective was to better outline the mineralized areas at the East Zone and Bornite Zone of the Eaglehead Project, and has engaged Roscoe Postle Associates Inc. (RPA) of Toronto to estimate NI 43-101 complaint Mineral Resources of these two areas. Carmax has 27,515,998 shares outstanding and trades on the TSX Venture Exchange (TSX-V) under the symbol CXM.

For further information, please visit the Company's website at www.carmaxmining.com.

Cautionary Statement on Forward-Looking Statements

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.

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.

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