British Columbia's Golden Triangle
In the northwest corner of British Columbia there is an area known as the Golden Triangle. This triangle covers thousands of square miles. This triangular shaped area is a resource rich area with timber, base metals, precious metals and coal. There has even been drilling by large oil and gas companies over the years looking for liquids and gas in this same area.
Today though we are going to take a look at a small copper-moly-gold junior. This junior is Carmax Mining CXM and Carmax is also the junior miners featured miner here at the moment.
Carmax Mining has the Eaglehead property and owns this property outright 100%. This property is 613 cells covering a total area of approximately 11,410 hectares. There are six (6) identified mineralized zones on the Eaglehead property. In 2012 the company completed it's first NI 43-101 Inferred Resource Estimate on this property.
In the companies NI 43-101 report, the estimate totals 102.5 million tonnes at an average grade of 0.29% Cu, 0.010% Mo and 0.08 g/t Au. This translates to approximately 662 million pounds copper, 22 million pounds molybdenum and 265,000 ounces gold. You can see why so many other players are in this area. Players like Imperial Metals with it's Red Chris deposit, Capstone Mining's Kutcho mine (now in the development stage), Copper Fox's Schaft Creek project (resource estimate of 7.1 billion pounds copper)and Hard Creek Nickel's Turnagain project.
In May of this year Desert Fox Copper Inc. became strategic shareholder in Carmax. Desert Fox is a subsidiary of Copper Fox Minerals Inc. This season's work called for 4000 meters of drilling along with some line cutting, ground geophysics, metallurgical testing and old core re-logging. This work is to upgrade the classification from Inferred to Indicated Mineral Resources of the Eaglehead deposit on the property.
Carmax has about 52 million shares, 1.6 million in cash and zero debt. Stock price is around 10 cents a share. Trading volumes are on the thin side.
The company is going to be publishing assays sometime in October from drilling that was done this season. Investors will not have to wait 3-6 months to get results.
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