Copper Fox Announces Expanded Copper-Molybdenum Footprint at Mineral Mountain
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 2, 2017) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to report the results of the compilation of the 2015 and 2016 rock sampling programs on its 100% owned Mineral Mountain property, a Laramide age copper-molybdenum-gold project located in central Arizona.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The compilation work indicates that a large area of porphyry style copper-molybdenum-gold mineralization hosted in Laramide age rocks has been identified at Mineral Mountain. This porphyry copper environment is located in the same northeast trending structural lineament that hosts the porphyry copper deposits at Casa Grande, Florence, Resolution and in the Globe-Miami district, Arizona."
Highlights:
| a) | A 2.5km by 1.1km northeast trending zone of porphyry style copper-molybdenum-gold mineralization has been identified. This zone includes the mineralized area delineated in 2016 (see news release dated February 8, 2017). | |
| b) | The mineralized zone is hosted in potassic and phyllic altered rocks that cover an area of approximately 3.0km by 2.0km. | |
| c) | The mineralization and potassic/phyllic alteration is terminated to the north by an interpreted graben. Laramide age rocks are not known to outcrop north of this structure. | |
| d) | The alteration pattern is consistent with a porphyry system: a potassic core, an intermediate phyllic zone surrounded by regionally extensive propylitic alteration. | |
| e) | The previously reported historical chargeability anomaly exhibits a good correlation with mineralized potassic and sericitic altered Laramide age rocks. |
Mineral Mountain Project:
The Mineral Mountain project is located in the northeast trending Jemez structural lineament, the same trend that hosts the porphyry copper deposits at Casa Grande, Florence, Resolution and in the Globe-Miami district in Arizona.
Compilation:
In 2015 Copper Fox conducted a bedrock mapping and sampling program on a 400m spaced sampling grid. The results of the 2015 and 2016 bedrock sampling programs were compiled and interpreted. A brief synopsis of the review is presented below.
Alteration:
The portion of the project discussed in this news release displays a classical porphyry style alteration pattern consisting of a potassic core, an intermediate phyllic zone and an outer more extensive propylitic alteration. The mineralized trend identified as a result of the compilation work is located within potassic and phyllic altered rocks.
Potassic Alteration:
The area of copper-molybdenite-gold mineralization outlined in 2016 is hosted in potassic altered Laramide age rocks. The potassic alteration zone (potassic envelopes, secondary biotite) measures approximately 1,200m by 900m and is terminated to the northeast by an interpreted graben. The potassic alteration is restricted to Laramide age rocks and follows the same trend as the Laramide age hornblende diorite dikes located within the mineralized area.
Phyllic Alteration:
The phyllic zone (quartz-sericite +/- pyrite) surrounds the potassic zone and is terminated to the north by the same graben that terminated the potassic alteration zone. Phyllic alteration extends to the southwest over a horizontal distance of approximately 3.0km and ranges in width from 1.4 to 2.0km. At the south end of this zone, sericitic alteration extends a considerable distance into the Precambrian rocks.
Propylitic Alteration:
This alteration (hematite-epidote-late stage epidote veining) is not mineralized and surrounds the zone of sericitic alteration.
Mineralization:
The compilation of the 2015 bedrock sampling results has outlined two areas of mineralized rock located to the northeast and southwest of the mineralized zone outlined in 2016. These two areas of mineralized rock plus the area of mineralization outlined in 2016 define the mineralized trend.
Northeast Zone:
The delineation of this zone is based on 10 samples located northeast of the mineralized area identified in 2016. The mineralized samples are hosted in potassic and phyllic altered Laramide age granodiorite and quartz monzonite. The zone covers an area of approximately 1,000m by 500m and terminates against the interpreted graben. The range, average and median values for this zone are shown in the table below.
| Analytical Values | ||||
| Element | Minimum | Maximum | Average | Median |
| Copper (ppm) | 21 | 8,620 | 1,371 | 127 |
| Molybdenum (ppm) | 2 | 168 | 54 | 36 |
| Gold (ppb) | 10 | 733 | 129 | 37 |
| Silver (ppm) | 0.1 | 57.5 | 9.39 | 1.7 |
The mineralization in this zone is hosted in classical "A" veins, as well as in veins with sericitic and potassic envelopes. Hematite is common to the veins. Jarosite, pyrite and secondary biotite have also been observed in association with the mineralized quartz veins.
Southwest Zone:
This zone is located to the southwest of the 2016 sampled area and is defined by 18 samples, 12 of which contain either greater than 1,000 ppm copper or greater than 60 ppm molybdenum. The mineralization is hosted in steeply dipping quartz veins with sericitic envelopes. Chlorite and late stage epidote veinlets have been observed at several sample sites. Hematite is common to the mineralized veins. The range, average and median values for this zone are shown below.
| Analytical Values | ||||
| Element | Minimum | Maximum | Average | Median |
| Copper (ppm) | 45 | 90,570 | 10,084 | 401 |
| Molybdenum (ppm) | 1.1 | 326 | 56 | 14.6 |
| Gold (ppb) | 6 | 323 | 59 | 16.5 |
| Silver (ppm) | 0.1 | 54.9 | 9.05 | 2.55 |
The average and median copper concentration for this zone is strongly influenced by the sample that contained 90,570 ppm copper. Assigning a zero value to this sample, the average copper content of the zone is reduced by 50% to 5,052 ppm copper and the median value is reduced by 45% to 221 ppm copper.
The addition to the metal assemblage and alteration, the mineralized trend is characterized by a rhenium-bismuth-tellurium geochemical association, porphyry style "A" and "D" veins and chalcocite veins (with minor covellite). The main copper minerals are chalcocite, chryscolla and malachite.
Analytical and Sampling Procedures:
The sampling of outcrops, trenches and pits (where applicable) as well as mapping lithologies, alterations, and vein assemblages were completed. Rock chip samples (approximately one kilogram) were collected from bedrock 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. Over limits for copper, silver, arsenic and barium were determined using the TCu, FA-04 and SEA analytical code employed by Skyline. 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 5 field blanks and 12 certified reference standards were inserted with the sample batches for which analyses have been received. All standards were within +/-5% of accepted value for the standard.
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 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 Northern Fox Copper Inc. and Desert Fox Copper Inc. hold the assets listed below:
| 1) | 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. | |
| 2) | 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. | |
| 3) | 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. | |
| 4) | 100% ownership of the Sombrero Butte copper project located east of Mammoth, Arizona. | |
| 5) | 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 includes statements regarding the existence of a large area of porphyry style copper-molybdenum-gold mineralization; the dimensions, shape, and location of the mineralized and altered areas and the average and median concentrations for copper, molybdenum, gold, and silver.
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 reliability of historical reports. 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 dimensions, shape, or location of the mineralized and altered areas may not be as estimated; the average and median copper, molybdenum, gold and silver concentrations may not be accurate: and the existence of a porphyry copper system may not be established.
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.