Copper Fox Commences Exploration Program on Sombrero Butte Copper Project
Calgary, October 9, 2019 - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Copper Inc. ("Desert Fox") are pleased to announce that the proposed 2019 mapping and sampling program on the Sombrero Butte project is underway.
The Sombrero Butte project is underlain by Precambrian age Pinal Schist, older Laramide age Glory Hole Volcanics, younger Laramide age Copper Creek granodiorite and much younger Galiuro Volcanics. The Copper Creek granodiorite is the host rock to the Copper Creek porphyry copper deposit located approximately 3.0 kilometers north of the Sombrero Butte property. A distinctive feature of the Copper Creek deposit is the abundance of mineralized breccia pipes exposed in outcrop overlying the porphyry deposit. This relationship has been observed at several other porphyry copper deposits/mines in southwest Arizona.
In 2015, Copper Fox completed a Titan 24 geophysical that survey outlined two chargeability bodies within the Sombrero Butte project. The northern chargeability body is interpreted to be approximately 400m below surface under the area of mineralized breccia pipes. The southern chargeability body (interpreted to be 2,500m long by 600m wide) occurs within a portion of the Copper Creek granodiorite and is the focus of the 2019 program. The Copper Creek granodiorite to the north and south of the southern chargeability body returned low to background chargeability responses.
Preliminary observations from the work completed to date are:
Highlights:
- Potassic alteration (K-spar-magnetite-chlorite veining) is exposed in the Copper Creek granodiorite within the chargeability anomaly.
- Widespread goethite veining (oxidization product of pyrite due to weathering) occurs in both the Copper Creek granodiorite and Glory Hole Volcanics. In places goethite vein density of up to 15 veins/m have been observed.
- Multiple breccia pipes (which in some cases host secondary copper mineralization) exhibit intense goethite stained argillic alteration occur within the Glory Hole Volcanics and Copper Creek granodiorite.
- Chalcopyrite and pyrite as well as malachite and chrysocolla (copper carbonate/copper silicate minerals) occur in a few outcrops and breccia pipes within the chargeability body.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The objective of the program is to map and sample outcrops to determine the source of the southern chargeability body located within the Copper Creek granodiorite and assess the chargeability anomaly as to its potential to host porphyry copper mineralization. Although preliminary at this stage, results are encouraging and indicate an alteration and mineral assemblage typical of the upper portions of a porphyry copper system. The program is expected to be completed by mid-October."
The work is being completed on the three Arizona Mineral Exploration Permits that make up a portion of the Sombrero Butte project. Outcrop sampling and recording lithologies, alterations, and styles of mineralization exposed in outcrops of Copper Creek granodiorite, Glory Hole Volcanics and, breccia pipes as well as veins assemblages and other structures is underway. Selected rock chip samples are being collected to characterize the base metals and trace element geochemistry present in veins, other mineralized structures and outcrops. Outcrop exposures within the area sampled are estimated to be approximately 2%.
The work to date shows potassic alteration associated with the Copper Creek intrusive and sericite envelopes on veining in the Glory Hole Volcanics overlying the chargeability body. Potassic alteration, intense goethite veining, sporadic gypsum veining and sporadic copper mineralization (chalcopyrite/malachite/chrysocolla) are exposed in outcrops within the chargeability anomaly.
To date 139 samples have been collected and the mapping and sampling program is ongoing. Analytical results will be reported when received.
Analytical Procedures:
The samples collected to date have been submitted to Skyline Assayers & Laboratories located in Tucson, Arizona.
Sample will be crushed to plus 75% -10 mesh, split and pulverized to plus 95% -150 mesh. Sample Pulps will be subjected to a multi-acid digest (HNO3, HF, and HClO4) digestion. Analyses will be completed utilizing Skyline analytical package code FA-01 fire assay for gold and code TE-5 a multi-package for base and other trace elements. Metal concentration in samples exceeding the upper limit of detection were assayed for copper using (MEA) and silver (FA-04). Skyline has an ISO/IEC 17025/2005 accreditation.
Quality Control:
Field blanks have been inserted with the samples for which analyses are being reported.
Elmer B. Stewart, MSc. P. Geol., President and CEO 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 (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at http://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact:
Copper Fox Metals Inc.
Lynn Ball: investor@copperfoxmetals.com
(844) 464-2820 or (403) 264-2820
Neither the 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 is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding: potassic alteration and widespread goethite veining; multiple breccia pipes exhibiting intense goethite stained argillic alteration; and chalcopyrite and pyrite as well as malachite and chrysocolla (copper carbonate/copper silicate minerals) in outcrop.
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 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 and shape of the mineralized areas may not be as estimated; the surface mineralization, alteration and goethite veining may not represent buried porphyry style mineralization; uncertainties relating to interpretation of the outcrop sampling results; the geology, continuity and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing; 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.
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