Copper Fox Announces Commencement of Preliminary Economic Assessment on Van Dyke Oxide Copper Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 2015) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU) and its wholly owned subsidiary Desert Fox Copper Inc. ("Desert Fox") are pleased to announce the commencement of a Preliminary Economic Assessment ("PEA") on the Van Dyke oxide copper project. Work on the PEA by Moose Mountain Technical Services ("MMTS") will commence immediately. The main objectives of the PEA are:
Objectives:
- completion of a conceptual study (Scoping Study) that includes an independent preliminary scoping level engineering analysis of the project,
- provide an estimate of potential value of the project based on certain input parameters,
- provide an estimate of operating costs; as well as capital and sustaining costs,
- provide a conceptual plan on the timeline and development of the project as well as an operations plan,
- the study is expected to be completed during or before the fourth quarter of 2015, and
- the study is estimated to cost in the order of $750,000.
Mr. Stewart, President of Copper Fox stated, "We are pleased that the work completed in 2014 including the recovery and review of the historical data is sufficient to allow completion of a Preliminary Economic Assessment on the Van Dyke oxide copper deposit. The work on the Preliminary Economic Assessment will commence immediately with the view of completing the study in 2015."
In addition to MMTS, Knight Piesold Ltd., Greenwood Environmental Inc., Schlumberger Water Service and Ray V. Huff and Associates have been retained to provide input on various portions of the PEA.
Van Dyke Project:
The 1,100 acre Van Dyke project (100% owned by Desert Fox) is located in the Globe-Miami Mining District, 90 miles east of Phoenix, Arizona. This district hosts the Pinto Valley, Carlota, Miami-East and Miami-Inspiration copper projects and the mined-out Copper Cities and Old Dominion copper deposits. The Van Dyke oxide copper deposit is located immediately adjacent to the Miami-East and Miami-Inspiration copper projects.
The Van Dyke property is reported to have produced 11.8 million pounds of copper from copper oxide mineralization with a reported grade of 5.0% copper utilizing underground mining methods between 1929 and 1945. The project was explored by Occidental Minerals Corporation ("Occidental") between 1968 and 1980. Occidental completed a considerable amount of exploration including an historical estimate and two in situ-leaching ("ISL") tests. The first test consisted of two wells spaced 75 feet apart as well as hydrogeological and permeability tests. The second test consisted of five injection and recovery wells and eight monitoring wells with a well pattern spacing of 100 feet. The second test commenced in 1978 and lasted until May 1980 and demonstrated the technical viability of an in-situ leach operation on the Van Dyke oxide copper deposit.
A NI 43-101 resource estimate for the Van Dyke copper project (see news release dated December 19, 2014) prepared by Ms. Sue Bird - P. Eng., of MMTS as the Qualified Person shows a current Inferred Mineral Resource (Base Case at 0.05% total copper cut-off) of 261.7 million tonnes grading 0.25% total copper containing an estimated 1.44 billion pounds copper.
The In-Situ Leaching Simulation Study completed on the oxide copper mineralization from the Van Dyke deposit in 2014 (see news release dated December 3, 2014) simulated the underground hydraulic pressure that would be expected in an in-situ leaching process yielded preliminary average estimated copper extractions of 63%.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Corporation's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed and approved the 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-V: CUU) focused on copper exploration and development in North America with offices in Calgary, Alberta and Miami, Arizona.
Copper Fox holds a 25% interest in a joint venture (the "Schaft Creek Joint Venture") with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. On January 23, 2013, a National Instrument 43-101 Technical Report was prepared by Tetra Tech under the direction of Copper Fox comprising a feasibility study of a 130,000 tonne per day-open pit mine with a Proven and Probable Reserve of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver over a 21 year mine life with contained metal of 5.6 billion pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver.
The Schaft Creek deposit hosts a Measured and Indicated Resource of 1.2 billion tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 g/t gold and 1.69 g/t silver and a 597.2 million tonne Inferred Resource grading 0.22% copper, 0.016% molybdenum, 0.17 g/t gold and 1.65 g/t silver. The Proven and Probable Reserves for the Schaft Creek project are included within the stated Measured & Indicated Resources for this project.
In addition to Copper Fox's 25% interest in the Schaft Creek Joint Venture, Copper Fox holds, through Desert Fox and its wholly-owned subsidiaries, a 100% interest in the Sombrero Butte copper project in the Bunker Hill Mining District, Arizona and the Van Dyke oxide copper project in the Globe-Miami Mining District, Arizona. Copper Fox holds, through Northern Fox Copper Inc. (a wholly owned subsidiary of Copper Fox), a 42% interest in the Eaglehead copper/gold/molybdenum project located in northwestern British Columbia through its equity ownership of Carmax Mining Corp. (TSX VENTURE:CXM). For further information on these projects, 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 information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes, but is not limited to, statements about; the results of the Preliminary In-Situ Leach Study on core samples from the Van Dyke project; the commencement and completion of a resource estimate by Desert Fox on the Van Dyke oxide copper project; recommended additional test work on samples from the Van Dyke project; 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. 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: the resource estimate by Desert Fox on the Van Dyke oxide copper project may not be reliable or indicative of any commercial benefit to Copper Fox; additional metallurgical test work on the Van Dyke copper deposit may not result in copper recoveries as favorable as presented by the 2014 tests or in the historical information or recover any copper at all; the Preliminary Economic Assessment may not be completed as planned or at all; the results of the Preliminary Economic Assessment may indicate that the Van Dyke project may have no economic value; fluctuations in copper prices and demand; currency exchange rates; conditions in the financial markets and the overall economy may continue to deteriorate; uncertainties relating to interpretation of the previous drill results and the geology, continuity and grade of Van Dyke deposit; the previous metallurgical test work and metal recovery rates; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; 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.
Contact
Copper Fox Metals Inc.
Investor line
1-844-484-2820
Copper Fox Metals Inc.
Lynn Ball
1-403-264-2820
www.copperfoxmetals.com