Copper Fox Announces Mineral Mountain Copper Project in Arizona
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 25, 2016) - 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 that it has developed a new exploration stage porphyry copper project located in the Mineral Mountain area of central Arizona.
Location:
The Laramide porphyry copper province in Arizona is one of the most prolific copper mineralized districts in the world. The Globe-Miami, Resolution, Florence and Casa Grande copper districts are located in Central Arizona and occur along a northeast trend; essentially in a straight line (see table below). The Mineral Mountain copper project is located on this trend between the Florence copper deposit and the Resolution copper deposit. Public information on the copper resources in each of the above listed districts is set out below:
| District | tonnes | copper (%) | contained copper (lb) |
| Globe-Miami | 1,594,000,000 | 0.64 | 22,484,326,400 |
| Resolution | 1,624,000,000 | 1.47 | 52,615,651,200 |
| Florence* | 490,000,000 | 0.33 | 3,234,000,000 |
| Casa Grande* | 740,000,000 | 0.90 | 14,678,640,000 |
In-Situ Leach ("ISL") project. Only oxide portion* of the deposit.
The porphyry copper deposits in the Globe-Miami and Resolution deposits are reported to contain significant concentrations of molybdenum.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The discovery of new porphyry copper districts in geopolitical stable areas is fundamental to the future of the copper industry. The discovery of new porphyry copper deposits in jurisdictions such as Arizona requires an integrated more scientific approach including deep exploration such as the Resolution copper deposit. The Mineral Mountain project exhibits the surface characteristics of a buried porphyry copper deposit and provides Copper Fox considerable exposure to copper exploration in the Laramide porphyry copper province of Arizona in an easily accessible location".
Mineral Mountain Project:
The Mineral Mountain copper project consists of 209 mineral lode claims covering the interpreted surface expression of a buried porphyry copper system. This interpretation is based on published geology and geochemical data collected by Copper Fox.
The initial focus on the Mineral Mountain area was primarily due to several factors being;
- it was a former gold-silver mining district with numerous small underground mines and
- numerous occurrences of copper mineralization in outcrop.
The published geology for the area showed that the majority of the known mineralized fissures, veins etc. are exposed over an area that measures approximately 3 kilometres by 3 kilometres.
The Mineral Mountain area is underlain by Precambrian rocks that include Pinal schist, diabase and granite that have been intruded by Laramide age quartz monzonite, granodiorite and hornblende dacite dikes. Laramide age intrusive rocks and their associated country rocks are the host to the porphyry copper deposits in Arizona. The center of the property is cut by a prominent northwest trending system of faults along which the Laramide age quartz monzonite and granodiorite have intruded. North of this structural feature the area is primarily underlain by Precambrian rocks.
A preliminary geochemical stream sediment sampling survey completed by Copper Fox returned trace to abundant copper oxide mineralization with a suite of pathfinder minerals typically indicative of a porphyry copper environment (epidote, rutile, tourmaline, and pyrite) over an area that measured approximately 7 kilometres by 15 kilometres.
A follow-up systematic outcrop sampling program within the area outlined by the stream sediment sampling delineated three separate, stacked copper-molybdenum-gold-silver-tungsten geochemical anomalies within a maximum area of approximately 6 kilometres long and 3.0 kilometres wide. Metal values greater than copper 100 ppm, gold 10 ppb, silver 2 ppm, molybdenum 2ppm and tungsten 5ppm are considered anomalous. The range of values and Median Value for each element are set out below.
| Element | Minimum | Maximum | Median Value |
| Copper | 6 | 90,570 | 50 |
| Molybdenum | 0.7 | 345 | 2 |
| Gold | 2.5 | 7,030 | 10 |
| Silver | 0.1 | 169 | 3 |
| Tungsten | 0.2 | 444 | 1 |
Note: All values expressed in parts per million ("ppm") except gold which is expressed in parts per billion ("ppb").
The first zone shows more gold-silver enrichment and is underlain by Precambrian age Pinal Schist. The second zone is copper-molybdenum dominant and is underlain primarily by Laramide age quartz monzonite and granodiorite. The third zone is copper-molybdenum dominated and is underlain by Laramide age quartz monzonite and Precambrian granite and diabase. The project covers all three zones.
Alteration Assemblages:
The crude alteration assemblages observed in outcrop suggests a porphyry environment and consists of a central core of sericite that show good correlation with zones 2 and 3. Epidote alteration was observed on the periphery of zones 2 and 3. Specularite hematite and fluorite exhibits a correlation with zone 1.
A considerable number of vein assemblages typical of a porphyry environment were also observed during the field work. Sheeted biotite, epidote-quartz-hematite, quartz-hematite, quartz with sericite and albite selvages, chlorite, epidote-chlorite, quartz-magnetite, quartz-pyrite-jarosite, siderite-barite, fluorite-quartz with sericite selvages, quartz-tourmaline, hematite-quartz with potassic selvages and D veins were noted to occur in bedrock.
Supergene Mineralogy:
Supergene copper minerals consisting of malachite, chryscolla, chalcocite, melaconite and aurichalcite occur primarily in quartz veinlets hosted in the Precambrian rocks and Laramide intrusive rocks.
Analytical and Sampling Procedures:
A total of 171 outcrop samples were collected during the field work. Approximately one kilogram of selected rock chips was collected from mineralized outcropping material on a rough 400 meter by 400 meter grid to characterize the metals present in veins and other mineralized structures. Significant mine workings that did not fall near a grid sample site were also sampled. The samples were transported to Skyline Laboratories in Tucson, Arizona and delivered in person.
Samples were crushed to plus 75% -10 mesh, split and pulverized with standard steel to plus 95% -150 mesh. Pulps were subjected to a multi-acid digest (HNO3, HF, HClO4) followed by analysis by ICP/OES. Gold was analyzed on a 30-gram charge by fire assay with an atomic absorption finish. Fluorine was analyzed by an ion-selective electrode.
Quality Control
The first sample of each batch was a field blank. One certified standard pulp was inserted into the sample stream for each laboratory batch of twenty samples. A total of 13 blanks and standards were inserted with the sample batches for analysis. All standards were certified for copper, silver, and molybdenum, and one standard was certified for gold. All analytical results of standard pulps were within ±5% of accepted values.
Elmer B. Stewart, P. Geo., M.Sc., President of Copper Fox, is the Company's non-independent nominated Qualified Person, pursuant to National Instrument 43-101 Standards for Disclosure for Mineral Projects, and 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 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.
- 65.4% 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 (Mlb) | Mo (Mlb) | Au (Moz) | Ag (Moz) | |
| Schaft Creek (1) | Proven | 135.40 | 0.31 | 0.018 | 0.25 | 1.81 | 231.28 | 13.43 | 0.27 | 1.97 | |
| Probable | 805.41 | 0.27 | 0.018 | 0.19 | 1.70 | 1,176.00 | 79.88 | 1.24 | 11.01 | ||
| P & P* | 940.81 | 0.27 | 0.018 | 0.19 | 1.72 | 1,407.28 | 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 (Mlb) | Mo (Mlb) | Au (Moz) | Ag (Moz) | |
| Schaft Creek (2) | Measured | 146.62 | 0.31 | 0.017 | 0.24 | 1.78 | 250.43 | 13.73 | 0.29 | 2.10 | |
| Indicated | 1,081.94 | 0.26 | 0.017 | 0.18 | 1.68 | 1,526.14 | 101.35 | 1.56 | 14.58 | ||
| M & I** | 1,228.56 | 0.26 | 0.017 | 0.19 | 1.69 | 1,776.57 | 115.08 | 1.85 | 16.68 | ||
| Schaft Creek (2) | Inferred | 597.19 | 0.22 | 0.02 | 0.17 | 1.65 | 717.18 | 50.73 | 0.84 | 7.90 | |
| Van Dyke (3) | Inferred | 261.68 | 0.25 | 0.00 | 0.00 | 0.00 | 1,441.87 | 0.00 | 0.00 | 0.00 | |
| Eaglehead (4) | Inferred | 102.50 | 0.29 | 0.01 | 0.08 | 0.00 | 428.46 | 14.77 | 0.17 | 0.00 | |
| Total | Inferred | 961.37 | 2,587.51 | 65.50 | 1.01 | 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. |
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 includes statements about porphyry copper deposits in the Globe-Miami and Resolution deposits containing significant concentrations of molybdenum; the size, layout, and composition of the buried porphyry copper system at the Mineral Mountain copper project.
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, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards and the stability of economic and market conditions. 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: location of the mineral claims, the alteration, the vein assemblages and the pathfinder minerals may not be indicative of a buried porphyry copper system; exploration of the project may not find copper mineralization is significant quantities or at all; the Company may require additional working capital sooner than predicted; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; 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.