Carmax Explorations Ltd.: News Release
May 06 2010 - 4:43PM
Marketwired
Carmax Explorations Ltd. ("Carmax") (TSX VENTURE: CMX) is pleased
to announce that it has agreed to acquire a 100% interest in and to
59 mineral tenures encompassing approximately 22, 480 hectares of
mineral exploration lands located in the Atlin Mining Division of
north-western British Columbia from an arms length Vendor for and
in consideration of the sum of $90,000 and 10,000,000 common shares
of Carmax subject to TSX Venture Exchange approval.
In order to secure the claims, Carmax has paid a non refundable
deposit of $25,000 on account of the purchase price.
The newly acquired claims are located in close proximity to the
Silvertip silver-lead-zinc property that was recently purchased by
Silvercorp Metals Inc. from Silver Standard Resources Inc. for $15
million in cash and shares.
The advanced stage Silvertip property is located 25 km from the
Alaska Highway and has a history of exploration commencing in 1955
when it was explored by Conwest Exploration and others by means of
underground adits with total length of 2400 metres and by 71,472
metres of surface and underground drilling in 491 holes. Imperial
Metals held the Silvertip property from 1996 to 2002 when it was
acquired by Silver Standard. A 2002 technical report was updated in
2010 to NI 43-101 compliant standards.
A summary of the technical report as extracted from the
Silvercorp website provides current resource estimates on the
Silvertip property as:
at greater than 200 g/t silver equivalent cut-off:
indicated category - 2,349,055 tonnes grading 352 g/t silver
equivalent, 6.73% lead, 9.41% zinc and 0.54 g/t gold
inferred category - 459,896 tonnes grading 343 g/t silver
equivalent, 6.18% lead, 9.81% zinc and 0.23 g/t gold.
The recent revival of exploration interest in the Silvertip area
has attracted several junior companies and at least one senior
company, Agnico Eagle Mines Ltd., to the area. Silvercorp has
stated that the company will pursue a regional exploration program
concurrent with applying for a small mine permit that will enable
it to generate cash flow by mining high grade zones.
BC government geologists (Bulletin B083, 1993) have determined
that the Silvertip area mineral zones are "manto" type carbonate
replacement deposits similar to those found at many important
silver mines in Mexico and western United States. In addition to
the Silvertip/Midway deposits, at least four other prospects have
been identified in the district.
Carmax's newly acquired tenures are located in geologically
similar areas that will be explored by technical surveys and, if
warranted, by drilling.
Carmax's acquisition of the 59 mineral claims will hopefully
allow Carmax to continue with British Columbia exploration programs
eligible for flow through benefits in future financings.
A Finder's fee is due and payable in connection with the
transaction.
John R. Poloni, P. Eng., the Company's Independent Qualified
Person as defined by National Instrument 43-101, has reviewed and
accepts responsibility for technical information contained 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.
Contacts: Carmax Explorations Ltd. Ernest S. Peters
President/Director (604) 408-2212 or Toll Free: (888) 408-2212
(604) 689-4143 (FAX) www.carmaxex.com
Chilean Metals (TSXV:CMX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Chilean Metals (TSXV:CMX)
Historical Stock Chart
From Jul 2023 to Jul 2024