Carmax Mining has reported an initial mineral resource for its Eaglehead porphyry copper-molybdenum project in northwestern British Columbia, 1,100 km north of Vancouver. The estimated inferred mineral resource totals 102.5 million mt at an average grade of 0.29% copper, 0.010% molybdenum, 1.9 g/mt silver and 0.08 g/mt gold, estimated at a cut-off grade of 0.16% copper equivalent. Metal content is estimated at 662 million lb of copper, 22 million lb of molybdenum, 6.3 million oz of silver and 265,000 oz gold.

The Eaglehead resource is contained within two conceptual open-pits and includes approximately 69% of total mineralization identified on the property above the cut-off grade. The mineralized zones in both pit areas range in horizontal thickness from 5 m to 70 m within a hydrothermally altered mineralized zone ranging from 200 m to 250 m in total width. The resource is based on diamond drilling during 2011 totaling 8,300 m in 25 holes, as well as historical drilling.

The mineralization is open along strike and at depth, and extends across the contact zone between granodiorite and felsic volcanic rocks. Carmax’s 2012 summer exploration program is targeting an increase in tonnage for the Eaglehead deposit and an upgrade in the classification of the resources from inferred to indicated. (