VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 6, 2015) – Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX VENTURE:CUU)(OTC PINK:CPFXF) and its wholly owned subsidiary Desert Fox Copper Inc. (“Desert Fox“) and Northern Fox Copper Inc. (“Northern Fox“) are pleased to provide an update on activities. Highlights are as follows:
- The management committee meeting of the Schaft Creek Joint Venture was held in late October,
- A total of 2,634 metres (‘m’) were completed in five diamond drill holes in the LaCasse zone,
- Drilling in the LaCasse zone intersected numerous intervals of low grade copper mineralization. The mineralized intervals where present were intruded by a considerable number of late stage barren syenite and andesite dikes,
- A study of the surficial geology of the proposed tailing impoundment area in the Skeeter Valley was completed, results pending,
- 100 samples were collected for geometallurgical testwork representing the variation of the lithologies and alteration across the Schaft Creek deposit, results pending,
- The results of geotechnical, comminution and electrical optimization studies are similar to those presented in the feasibility study completed in 2012, and
- An additional 11,800m of historical core has been logged and the data is being incorporated into the geological model. This work over the past several years has identified several targets located north and south of the Schaft Creek deposit that require additional evaluation.
- The results of the Preliminary Economic Assessment (‘PEA’) on the Van Dyke project are expected to be released on or before the end of November.
- The field program at Eaglehead consisted of two diamond drill holes (1,186m) and re-logging and sampling of nine historical drill holes,
- The 2015 drilling and re-sampling has intersected and identified significant intervals of copper mineralization over a strike length of 700m in the Pass Zone. The copper mineralization is open along strike, and
- Trace element geochemical studies and updating of the geological model is ongoing.
Elmer B. Stewart, President and CEO of Copper Fox stated, “We are pleased with the results to date on all projects. Our current focus is to finalize the Van Dyke PEA and compilation and interpretation of the Eaglehead data. Those aspects of the optimization studies currently underway at Schaft Creek are confirming the previous findings and the balance of this work is expected to be completed by the end of 2015.”
Schaft Creek Drill Program:
The drill program was completed to test the mineralization located in 2014 in the LaCasse zone and to test the intrusive/volcanic contact between the LaCasse zone and the Discovery zone located to the south.
The drilling intersected chalcopyrite and bornite mineralization hosted as disseminations and veinlets in granodiorite and quartz monzonite as well as hydrothermal and intrusive breccia. These mineralized intervals have been intruded by a number of late stage non-mineralized syenite and andesite dikes.
The core intervals in the above table do not represent true thickness. Numbers are rounded for presentation purposes.
Average gold grade of 0.69g/t commencing at 121.5m core interval in DDH SCK-15-440 mostly due to two assays of 1.1g/t and 6.7 g/t gold.
Diamond Drilling and Sampling Procedures:
The diamond drilling was completed using HQ and NQ core size. Overall core recovery was estimated to be greater than 96%. After cutting with a diamond saw, one half of the core is collected for sample preparation and analysis and the other half is retained for future reference. Sample intervals were selected based on lithology changes/alteration intensity/estimated mineral content and ranged from 0.5 to 3.0m. Sample preparation was completed by Bureau Veritas Minerals Laboratory located in Smithers, British Columbia and analyses were completed by Bureau Veritas Minerals Laboratory in Vancouver, British Columbia.
Base metals were assayed using the ACME’s FA430 procedure for gold analysis and MA370 for copper and molybdenum. Lower detection limits for the analytical procedures used are: Cu: 0.001%, Mo: 0.001%, gold 0.005 g/t. ACME has an 9001:2008 International Standard Organization rating.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company’s nominated non-independent Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has approved 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 in Canada and the United States with offices in Calgary, Alberta and Miami, Arizona. Copper Fox has four primary assets with associated resources and reserves as noted below:
- 25% interest in the Schaft Creek Joint Venture 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.
- 50.97% of the shares of Carmax Mining Corp. who in turn own 100% of the Eaglehead copper-molybdenum-gold project located in northwestern British Columbia.
- 100% ownership of the Sombrero Butte copper project located east of Mammoth, Arizona.
|Mineral Reserves||Reserve Estimate Data||Copper Fox Share Metal Holdings|
|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|
|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|
|Copper in billions of pounds, molybdenum in millions of pounds, gold and silver in millions of ounces.|
|Numbers rounded to reflect best practise principles.|
|*Proven & Probable|
|**Measured & Indicated|
|(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 cutoff. Reserves reported at $6.60/tonne net smelter return (NSR) cutoff.|
|(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 cutoff.|
|(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 cutoff.|
Note: Above stated Proven and Probable reserves are included in the Measured and Indicated resources reported for the Schaft Creek Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
For further information please refer to the Company’s website at www.copperfoxmetals.com.
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 is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about finalizing the Van Dyke project PEA with results expected to be released on or before the end of November; compiling and interpreting the Eaglehead data; and completing the balance of the Schaft Creek optimization studies by the end of 2015. Information concerning mineral resource and mineral reserve estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. 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, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social 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: studies and assessments on the project may take longer than expected to produce results, if at all; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration; the uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and conditions in the financial markets and the overall economy may deteriorate.
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.
Copper Fox Metals Inc.