Business
CARMAX ACQUIRES 100% IN THE EAGLEHEAD CU-MO-AU PROJECT
(via Thenewswire.ca) Carmax Mining Corp. ("Carmax") is pleased to announce that it has comple...
About this update from District Copper Corp.
[{"type":"text","content":"\nCARMAX ACQUIRES 100% IN THE EAGLEHEAD CU-MO-AU PROJECT\n\n(via Thenewswire.ca)\n\n \nCarmax Mining Corp. (\"Carmax\") is pleased to announce that it has completed the majority of the 2011 diamond drill program on its Eaglehead Cu-Mo-Au project located in the vicinity of Dease Lake in northwestern BC. Fourteen holes have been completed for a total of 4,985 m on the East Zone, and five holes for a total 1,400 m have been completed on the Bornite Zone. The present program is expected to be completed in early September 2011 and results will follow.\n\n\n \nBy virtue of the expenditures incurred during the 2011 exploration season, Carmax has spent more than $6,000,000 in exploring and developing the Eaglehead property as a result of which Carmax has now exercised its right to acquire the final 40% interest in and to the property. This gives Carmax 100% in the Eaglehead project subject to a 2.5 % Net Smelter Return Royalty.\n\n\n \nExploration to date has outlined at least six areas with porphyry-type copper-molybdenum-gold mineralization on the property. Prior published drill results had indicated that the East Zone hosts at least ten zones of west-northwest trending porphyry type Cu-Mo-Au mineralization. The fourteen additional holes drilled in 2011 are expected to further delineate the size and extent of the mineralization.\n\n\n \nPast exploration on the Bornite Zone has revealed at least eight areas of Cu-Mo-Au mineralization with similar orientation as the East Zone. The mineralized areas in both zones range in horizontal thickness from 5 m to 70 m.\n\n\n \nMuch of the drill core from the 2011 drill program has been sampled and sent to Acme Laboratories in North Vancouver, but results are not yet available. After receipt and interpretation of the data from the 2011 exploration season, further drilling will be undertaken on the Eaglehead property.\n\n\n \nHrayr Agnerian, P.Geo., a Director of Carmax, is the qualified person as defined in NI 43-101, and is responsible for preparation of the technical information contained in this news release.\n\n\n \nJevin Werbes, President of Carmax states \"we are very pleased with the progress of the current exploration program and look forward to the continued development of the Eaglehead copper-molybdenum-gold property.\"\n\n\n \nJevin Werbes, President\n\n\n \nFor further information, ple...