Copper Fox Reports Large Chargeablity Signature on Sombrero Butte Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 8, 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") are pleased to announce the results of the deep penetrating Quantec Titan-24 DCIP ("IP") survey on the Sombrero Butte copper project located in the Bunker Hill Mining District, Arizona. The Titan-24 DCIP survey is a "state of the art" geophysical exploration technique used to explore for chargeability and resistivity signatures that are commonly associated with porphyry copper deposits.
The objective of the IP survey was to determine if chargeability and/or resistivity signatures, which are typically associated with porphyry copper deposits, occur below the area explored in 2013. The 2013 exploration program on the Sombrero Butte project outlined an area that measures approximately 4,000 meters ("m") (13,000 feet) long by 1,200m (4,000 feet) wide that exhibits the alteration types, copper-molybdenite veining, geochemical signatures and a number of mineralized breccia pipes (commonly associated with porphyry copper deposits in this part of Arizona), all of which suggest the presence of a porphyry copper system at depth (see News Release dated November 19, 2013). Some of the breccia pipes located within this area were previously tested by diamond drilling prior to Desert Fox's involvement in this project. This diamond drilling intersected higher grade copper mineralization over considerable widths (see News Release dated July 9, 2012) in some of the breccia pipes tested.
Highlights of the survey are:
- Line 1 hosts a strong chargeability signature (> +10 mrds) that is estimated to be 3,400m long, extends to a depth of at least 500m below surface and is open to the south;
- a strong chargeability signature (> +10 mrds) on Line 2 is estimated to be 4,300m long, extends to a depth of at least 500m below surface and is open to the north beyond the property boundary; and
- the chargeability signature is at least 600m wide and is open to the east and west.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The results of the IP survey support our interpretation of the presence of a buried porphyry copper system. The large chargeability signature exhibits a strong positive correlation with the alteration, mineralization and copper-molybdenite geochemical anomalies outlined in 2013 and with historical drill results."
IP Results
The survey includes two northwest oriented survey lines with 600m line spacing and 150m station intervals over the area defined in 2013. A total of 12.3 kilometers ("kms") were surveyed using a pole-dipole configuration for the direct current ("DC") and induced polarization ("IP") measurements. In the northwestern part of the grid, the survey lines extend from the Sombrero Butte property onto the neighboring property. This news release presents only the survey results for Sombrero Butte property.
Based on the reliability and repeatability of the DC and IP inversion results, a total of nine zones of exploration interests have been resolved in the Sombrero Butte project. Any drilling efforts based on these interpretations must incorporate other geological, geophysical and geochemical results. For instance, diamond drill hole SB-03 completed in 2007 is located between survey station points 4350 and 4425 on Line 2. This drill hole intersected two intervals of copper mineralization in breccia (from 272 to 294m that averaged 0.58% copper and from 470 to 392m that averaged 1.31% copper). The interval from 492 to 645m averaged 0.086% copper in weakly altered granodiorite and is reported to contain minor concentrations of chalcopyrite-bornite and molybdenite mineralization based on the drill core log description. This drill hole is interpreted to have intersected the outer edge of the chargeability signature commencing at survey station 4425 on Line 2.
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's nominated non-independent Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has prepared 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 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 northern 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 (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 | |
| Probable | 805.41 | 0.27 | 0.018 | 0.19 | 1.70 | 1.18 | 79.88 | 1.24 | 11.01 | ||
| 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 | |
| Indicated | 1,081.94 | 0.26 | 0.017 | 0.18 | 1.68 | 1.53 | 101.35 | 1.56 | 14.58 | ||
| 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 | |
| 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 | |||||
| *Proven & Probable |
| **Measured & Indicated |
| 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. |
The Company's website can be accessed at www.copperfoxmetals.com.
On behalf of the Board of Directors,
Elmer B. Stewart, President and Chief Executive Officer
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) 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 the geophysical exploration of the Sombrero Butte project, and the results and interpretation of the historical diamond drill holes from the Sombrero Butte project. 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. 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: the chargeability or resistivity signatures located by the IP survey may not represent copper mineralization associated with a buried porphyry copper mineralization; 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; 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.