Goldtip Project
Carmax Explorations Ltd. has agreed to acquire a 100 % interest in to 59 mineral tenures encompassing approximately 27783.63 hectares of mineral exploration lands located in the Atlin mining division of northwestern British Columbia.
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 2,400 m and by 71,472 m 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 National Instrument 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-gram-per-tonne silver equivalent cut-off:
- Indicated category: 2,349,055 tonnes grading 352-gram-per-tonne silver equivalent, 6.73 per cent lead, 9.41 per cent zinc and 0.54 gram per tonne gold.
- Inferred category: 459,896 tonnes grading 343 gram-per-tonne silver equivalent, 6.18 per cent lead, 9.81 per cent zinc and 0.23 gram per tonne 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.
British Columbia 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.
Maps