Copper Fox Extends Size of Exploration Target on Sombrero Butte Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 25, 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 a recently completed geochemical survey (Niton XRF) on its Sombrero Butte copper project. The Sombrero Butte project is located at the southern end of the Copper Creek (Bunker Hill) mining district in the Laramide porphyry copper province of southwestern Arizona. The Copper Creek district is located 65 km North of Tucson, Arizona. This survey was completed in conjunction with the recent Quantec Titan-24 DCIP ("IP") survey (see news release dated September 8, 2015).
The 2015 Titan-24 DCIP survey identified chargeability and resistivity signatures that extended a considerable distance to the southeast beyond the limits of the large surface exploration target outlined in 2013. The objective of this geochemical survey was to explore the southeast portion of the project for the presence of geochemical anomalies that may indicate the presence of buried copper-molybdenum mineralization.
Highlights:
- The geochemical survey locating a number of coincident multiple element anomalies that occur within an area that measures approximately 2,500 metres (m) long by 800m wide,
- The geochemical anomalies show a positive correlation with the chargeability signature outlined in the recently completed Titan-24 DCIP survey, and
- The geochemical anomalies are underlain by the rocks of the Copper Creek granodiorite, Gray porphyry, Glory Hole Volcanics, Pinal Schist and breccia pipes.
Mr. Elmer Stewart, President of Copper Fox stated, "Our initial exploration target focused on the central and northern portion of the property where a significant number of mineralized breccia pipes are located. Since 2013 our exploration programs have identified a large surface exploration target that extends to the southeast which exhibits a positive correlation with the large chargeability/resistivity signatures defined by the 2015 Titan-24 DCIP survey. The combination of the surface target and the chargeability/resistivity signatures suggests the presence of a porphyry copper environment."
Survey Parameters:
The geochemical survey was completed over the southeast portion of the area covered by the recent Titan-24 DCIP survey. The median values for copper and molybdenum was used as the threshold for anomalous values. The geochemical survey consisted of five lines (oriented northeast to southwest with line spacing of between 400m to 600m) and two additional lines oriented north-south located at the ends of the northeast-southwest lines. The northeast-southwest oriented lines range in length from 800m to 1,200m and the north-south lines were approximately 1,600m long and 2,400m long respectively. A total of 350 samples were collected during the survey. Each sample consisted of approximately 40 grams of leaves from a mesquite tree. The mesquite tree was selected as the sample medium due to their deep root systems. The samples were tested for a suite of 16 elements including copper, molybdenum, sulfur, iron, zinc and potassium with element concentrations measured in parts per million using a Niton XRF unit. Prior to commencing the survey, a sample from one mesquite tree was collected and analyzed daily at the start and end of each survey line to test calibration of Niton XRF unit.
No independent laboratory confirmation of the Niton XRF geochemical results from these sample sites will be undertaken. Niton XRF values reported are only indicative of the introduction of metals. They are not intended to be comparable to standard laboratory assays and should not be relied upon.
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 and its wholly owned Canadian and United States subsidiaries, being Desert Fox Copper Inc. and Northern Fox Copper Inc., hold the assets listed below:
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 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. |
| 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 presence of a porphyry copper environment at the Sombrero Butte project; and not undertaking independent laboratory confirmation of the Niton XRF geochemical results from the sample sites. 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 anomalies located by geochemical survey may not represent copper mineralization associated with a buried porphyry copper 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.