Copper Fox Announces Positive Sampling Results From Mineral Mountain Copper-Molybdenum-Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 18, 2017) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to announce preliminary sampling results (51 samples) from its 100% owned Mineral Mountain porphyry copper project, located in central Arizona. The results for additional samples from the project are pending.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The preliminary results are defining what looks like a large zone of porphyry style copper-molybdenum-gold-silver mineralization; the extent of which has yet to be defined. These results are encouraging and significantly advance our understanding of the copper potential of the project and will be used to establish the next work program to be completed. An interpretation of the results of the sampling program will be provided when all results are received and reviewed."
Highlights:
- The average metal concentrations for the samples within the mineralized zone are: 0.884% copper, 0.011% molybdenum, 0.122 g/t gold, and 29.8 g/t silver.
- The high copper concentration is interpreted to be due to the presence of chalcocite within the seventeen samples that assayed over 1% copper.
- The mineralized area outlined by these sample results covers approximately 800m by 600m and is open in three directions.
- Host rocks to the mineralization are Granodiorite, Aplite/Quartz Monzonite dikes, and Hornblende Diorite dikes, all of Laramide age.
- The mineralized area coincides with the previously reported historical chargeability anomaly.
- The mineralization exhibits a positive rhenium-tellurium association.
Mineral Mountain Project:
The Mineral Mountain project is located in a northeast trending structural lineament that hosts the porphyry copper deposits at Casa Grande, Resolution and in the Miami-Globe district in Arizona. The program was completed in that area of the project where historical exploration reports indicated the presence of a large area of copper +/- molybdenite mineralization and a coincident positive chargeability anomaly hosted in a Laramide age Granodiorite intrusion.
Analytical results for 51 samples from the area of reported mineralization have been received. The results for an additional 70 samples are pending. The range of values from within the sampled area for the 51 samples is shown below:
| Analytical Values | |||
| Element | Minimum | Maximum | Average |
| Copper (%) | 0.021 | 4.28 | 0.884 |
| Molybdenum (%) | 0.0002 | 0.11 | 0.011 |
| Gold (ppm) | 0.005 | 0.903 | 0.122 |
| Silver (ppm) | 0.2 | 329 | 29.8 |
| Rhenium (ppb) | 5 | 493 | 20.1 |
| Tellurium (ppm) | 0.6 | 39.9 | 11.32 |
| Notes: ppm = parts per million; ppb = parts per billion | |||
Seventeen of the 51 outcrop samples contain over 1% copper. The high grade nature of these samples is attributed to the presence of chalcocite. Chalcocite is a product of supergene leaching, a process common in porphyry copper systems in arid environments. Ten of the 51 samples contain between 0.5% - 1.0% copper. The average concentrations of the molybdenum-gold for these samples are in the range expected in a porphyry copper system. The relatively high silver concentration, although a positive parameter, is higher than would be expected in a porphyry copper system and is being further investigated.
Analytical and Sampling Procedures:
Outcrop and trench sampling (where applicable) as well as mapping lithologies, alterations, and vein assemblages were completed. Rock chip samples (approximately one kilogram) were collected from outcropping material to characterize the metals present in veins and other mineralized structures. Outcrop exposures within the sampled area are estimated to 10-15%. The samples were transported and delivered in person to Skyline Laboratories in Tucson, Arizona.
Samples were crushed to plus 75% -10 mesh, split and pulverized 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. The Skyline's package code Te-5 was used to analyze the samples for the base and other trace elements. Skyline has an ISO/IEC 17025/2005 accreditation.
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 4 blanks and certified reference standards were inserted with the sample batches for which analysis have been received.
Elmer B. Stewart, MSc. P. Geol., 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 reviewed and approves 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-V: 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 Northern Fox Copper Inc. and Desert Fox Copper Inc. hold the assets listed 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 northwestern British Columbia.
- 100% ownership of the Sombrero Butte copper project located east of Mammoth, Arizona.
- 100% ownership of the Mineral Mountain copper project located east of Florence, Arizona.
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 regarding the presence of a large zone of porphyry style copper-molybdenum-gold-silver mineralization; establishing the next work program once sampling results are completed, with an interpretation of the results of the sampling program will be provided when all results are received and reviewed; the presence of chalcocite; the location and dimensions of the mineralization; the mineralization being located within the reported historical chargeability anomaly; the host rocks to the mineralization being the Granodiorite, Aplite/Quartz Monzonite dikes and Hornblende Diorite dikes; and the positive rhenium-tellurium association of the mineralization.
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; the usefulness of historical reports; 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: the sampling program at the Mineral Mountain project may not yield additional mineralized samples; the average copper, molybdenum, gold and silver concentrations may not be present as estimated or at all; the rhenium-tellurium geochemical association may not be present as estimated or at all; the pending additional samples may not contain copper mineralization and may not define areas of porphyry copper mineralization; and results for the balance sampling program at Mineral Mountain may not be received on a timely basis, or at all.
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
Lynn Ball
1-844-464-2820
1-403-264-2820