VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 30, 2016) – Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to provide its shareholders with an outline of the 2016 program planned for the Schaft Creek project located in northwestern British Columbia.
- Estimated cost of the 2016 program is approximately $0.7 million,
- Resource modelling of the Schaft Creek deposit,
- Environmental monitoring, and
- Permitting and Social aspects of the project.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The work planned for 2016 is an extension of the past three years of work at Schaft Creek and will provide the Schaft Creek Joint Venture (“SCJV”) with a better understanding of the project. We are very pleased with the progress to date on the Schaft Creek project.”
This aspect of the 2016 work program includes incorporating the work completed in 2014 and 2015 to update the resource model for the Schaft Creek deposit. This phase of the program will emphasize getting a better understanding of the precious metals content of the deposit.
Ongoing environmental monitoring of the project is planned in 2016. This work will include the services of external consultants and will continue with field data collection including humidity cell tests and other environmental base line data.
This consists of an application for a Multi-Year Area Based Permit. These permits are for a period of five years and are intended to streamline the consultation and application process related to exploration of resource properties. The 2016 program also includes ongoing consultation with the Tahltan First Nations on social and cultural matters.
Environmental Assessment/BC Hydro
The SCJV has voluntarily withdrawn the Schaft Creek project from the Environmental Assessment (“EA”) process. The SCJV is of the opinion that keeping the EA active would not be significantly beneficial to the project at this time and there are no technical or procedural disadvantages to leaving the EA process and then re-entering at a later date. Separately, the SCJV has agreed that BC Hydro’s current planning for overall transmission system upgrades would be facilitated in the shorter term by not including the specific load profile of the Schaft Creek project, which is still under evaluation. The project has therefore agreed to be removed from the interconnection queue, and it is expected that re-initiation of the load interconnection process in the future will not be an impediment to the project.
The 2015-2016 throughput modelling for the Schaft Creek project has been completed. Throughput estimates for the various GeoMet Units (based on 50th percentile of hardness) range from 118 to 153 kt/d, while maintaining a 150 micron flotation feed size.
Compilation of the results from the 2015 drilling program indicated that the short intervals of higher grade copper mineralization intersected in 2015 and the 74m at 0.5% Cu in DDH 2012CF427 in the Discovery zone are analogous to the styles of mineralization in the Paramount zone. This suggests potential for discovering larger zones of mineralization in the LaCasse-Discovery target areas.
Mapping and geophysical and geochemical surveys have identified the Grizzly target located north of the LaCasse target area as well as the Wolverine Creek target area adjacent to but south of the Schaft Creek deposit.
The 3D lithology model has been updated and incorporates the re-logging efforts over the past three field seasons. Over 40% of the drill core from the deposit has now been re-logged. Further work includes upgrading the 3D structural model as well as 3D models for alteration, mineralization and geo-metallurgical zones.
The surficial geological mapping of the proposed tailings impoundment area in the Skeeter Lake Valley has identified various surficial materials that could impact the infrastructure design. The 2015 mapping did not find any evidence to support the existence of a large slope sagging feature east of Skeeter Lake, previously reported in 2011.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX VENTURE:CUU) focused on copper exploration and development in Canada and the United States. Copper Fox and its wholly owned Canadian and United States subsidiaries, being Desert Fox Copper Inc. and Northern Fox Copper Inc., hold the assets listed below:
- 25% interest in the SCJV with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia.
- 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona.
- 65.4% of the shares of Carmax Mining Corp. who in turn own 100% of the Eaglehead copper-molybdenum-gold project located in northern British Columbia.
- 100% ownership of the Sombrero Butte copper project located east of Mammoth, Arizona.
- 100% ownership of the Mineral Mountain copper project located east of Florence, Arizona.
|Mineral Reserves||Reserve Estimate Data||Copper Fox Share Metal Holdings|
|Project||Reserve Category||Tonnes (Mt)||Cu (%)||Mo (%)||Au (g/t)||Ag (g/t)||Cu (Blb)||Mo (Mlb)||Au (Moz)||Ag (Moz)|
|Schaft Creek (1)||Proven||135.40||0.31||0.018||0.25||1.81||0.23||13.43||0.27||1.97|
|P & P*||940.81||0.27||0.018||0.19||1.72||1.41||93.31||1.51||12.98|
|Mineral Resources||Resource Estimate Data||Copper Fox Share Metal Holdings|
|Project||Resource Category||Tonnes (Mt)||Cu (%)||Mo (%)||Au (g/t)||Ag (g/t)||Cu (Blb)||Mo (Mlb)||Au (Moz)||Ag (Moz)|
|Schaft Creek (2)||Measured||146.62||0.31||0.017||0.24||1.78||0.25||13.73||0.29||2.10|
|M & I**||1,228.56||0.26||0.017||0.19||1.69||1.78||115.08||1.85||16.70|
|Schaft Creek (2)||Inferred||597.19||0.22||0.02||0.17||1.65||0.72||50.73||0.84||7.90|
|Van Dyke (3)||Inferred||261.68||0.25||0.00||0.00||0.00||1.44||0.00||0.00||0.00|
|*Proven & Probable|
|**Measured & Indicated|
|Copper expressed in billions of pounds, molybdenum in millions of pounds, gold and silver in millions of ounces.|
|Numbers rounded to reflect best practise principles.|
|Note: Above stated Proven and Probable reserves are included in the Measured and Indicated resources reported for the Schaft Creek Project.|
|United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability.|
|All figures are rounded to reflect the relative accuracy of the estimate and in keeping with “best practice principles”.|
|(1) & (2) Technical Report “Feasibility Study on the Schaft Creek Project, BC, Canada”, dated January 23, 2013, prepared by Tetra Tech, A. Farah, P. Eng.; et al as Qualified Persons; at 0.15% CuEq cut-off. Reserves reported at $6.60/tonne net smelter return (NSR) cut-off.|
|(3) “Technical Report and Resource Estimation for the Van Dyke Copper Project”, dated January 30, 2015 prepared by Moose Mountain Technical Services, S. Bird, P.Eng and R. Lane, P. Geo as Qualified Persons; at 0.05% TCu cut-off.|
|(4) “Technical Report on the Eaglehead Cu-Mo-Au Project, British Columbia; Canada”, dated June 29, 2012, prepared by Roscoe Postle Associates Inc., B. Donough, P.Geo and D. Rennie, P.Eng as Qualified Persons; at 0.16% CuEq cut-off.|
Cautionary Note to Investors
While the terms “measured (mineral) resource”, “indicated (mineral) resource” and “inferred (mineral) resource” are recognized and required by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.
On behalf of the Board of Directors
Elmer B. Stewart, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, “forward-looking information”). Forward-looking information in this news release include statements about an estimated cost of $0.7 million for the 2016 program; gaining a better understanding of the Schaft Creek project; ongoing environmental monitoring of the Schaft Creek project, including external consultants, field data collection including humidity cell tests, and other environmental base line data; applying for a Multi-Year Area Based Permit; ongoing consultation with the Tahltan First Nations; postponing the Environmental Assessment process and the interconnection process; the potential for discovering larger zones of mineralization in the LaCasse-Discovery target areas; potential new targets; upgrading the 3D structural model as well as 3D models for alteration, mineralization and geo-metallurgical zones; and statements about Copper Fox’s strategy, future operations, prospects and the plans of management.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: exploration of the projects may not find copper mineralization in significant quantities or at all; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.