Copper Fox Provides Update of Activities
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 28, 2015) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) and its wholly owned subsidiaries 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:
Schaft Creek:
- The management committee meeting of the Schaft Creek Joint Venture was held in mid-July,
- Drilling has commenced on the LaCasse zone, one hole has been completed and the second drill hole of the program is in progress,
- Collection of the samples for geometallurgical studies is underway, and
- Work on the other aspects of the optimization studies undertaken in 2015 are ongoing.
Van Dyke:
- The main concepts for the various aspects of the Preliminary Economic Assessment have been established,
- Optimization of the various components of the main concepts are now underway, and
- The Preliminary Economic Assessment is expected to be completed before the end of 2015.
Eaglehead:
- The first drill hole; DDH-125 tested the chargeability signature on Line-4, outlined by the 2014 Titan-24 survey, and was completed to a depth of 609m. Detailed core logging and sampling of this hole is in progress, and
- Detailed core logging and either sampling for the first time or re-sampling previously sampled intervals of the historical drill holes located within the Pass Zone is ongoing.
Sombrero Butte:
- The Quantec Titan 24 geophysical exploration program over the 4,000m long surface target identified in 2013 has been completed, results for the survey are pending.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are pleased to be advancing exploration on all four of our projects. In addition to our exploration activities, the optimization studies currently underway at Schaft Creek and the Preliminary Economic Assessment on the Van Dyke project are more detailed in nature and are focused on improving the estimated value of both projects. Results of the work on all of the projects will be released when received."
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 reviewed 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 Ltd. 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 | |||||||||||||||||
| Project | Reserve Category | Tonnes (Mt) | Cu (%) | Mo (%) | Au (g/t) | Ag (g/t) | Cu (Blbs) | Mo (Mlbs) | Au (Mozs) | Ag (Mozs) | |||||||||
| Schaft Creek (1) | Proven & Probable | 940.81 | 0.27 | 0.02 | 0.19 | 1.72 | 1.40 | 93.31 | 1.44 | 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 (Blbs) | Mo (Mlbs) | Au (Mozs) | Ag (Mozs) | |||||||||
| Schaft Creek (2) | Measured & Indicated | 1,228.60 | 0.26 | 0.02 | 0.19 | 1.69 | 1.78 | 113.60 | 1.84 | 16.70 | |||||||||
| Project | Resource Category | Tonnes (Mt) | Cu (%) | Mo (%) | Au (g/t) | Ag (g/t) | Cu (Blbs) | Mo (Mlbs) | Au (Mozs) | Ag (Mozs) | |||||||||
| 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 | |||||||||
| Eaglehead (4) | Inferred | 102.50 | 0.29 | 0.01 | 0.08 | 0.00 | 0.33 | 11.52 | 0.13 | 0.00 | |||||||||
| Total | Inferred | 961.37 | 2.49 | 62.25 | 0.97 | 7.90 | |||||||||||||
Copper in billions of pounds, molybdenum in millions of pounds, gold and silver in millions of ounces.
Numbers rounded to reflect best practise 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 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 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 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 the diamond drilling, collection of geometallurgical samples and ongoing optimization studies of the Schaft Creek project; the main concepts for the Preliminary Economic Assessment ("PEA") on the Van Dyke project; the optimization of the various aspects of the main concepts for the PEA on the Van Dyke project; completing the PEA before the end of 2015; ongoing detailed core logging and sampling within the Pass Zone of the Eaglehead project; the results of the Quentec Titan 24 survey on the Sombrero Butte project; releasing the results of the optimization studies currently underway at Schaft Creek and the Preliminary Economic Assessment on the Van Dyke project; geological interpretations and statements about Copper Fox's strategy, future operations, prospects and the plans of management. 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 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 diamond drilling on the LaCasse zone on the Schaft Creek project may not intersect copper mineralization; the diamond drilling program on the Schaft Creek project may not be completed as planned or at all; the main concepts for the PEA on the Van Dyke project may not be the best method in which to complete the PEA; the PEA for the Van Dyke project may not be completed as planned or at all; the optimization of the main concepts for the PEA may not demonstrate economic viability of the Van Dyke project; the diamond drilling on the Eaglehead project may not intersect copper mineralization; the diamond drilling program on the Eaglehead project may not be completed as planned or at all; the re-logging and sampling or re-sampling of historical diamond drill core from the Eaglehead project may not return significant copper mineralization or any copper mineralization at all; the Quentec Titan 24 DCIP survey may not locate chargeability or resistivity signatures that would suggest buried porphyry copper mineralization on the Sombrero Butte project; the uncertainties relating to interpretation of the copper mineralization reported in the historical drill core; uncertainties relating to the drill results and the geology, continuity and grade of the mineralization; 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; and uncertainty as to timely availability of permits and other governmental approvals.
Known risk factors also include fluctuations in copper prices and demand; currency exchange rates; 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.
Contact
Copper Fox Metals Inc.
Lynn Ball
1-403-264-2820
Copper Fox Metals Inc.
Investor line
1-844-464-2820
www.copperfoxmetals.com