Copper Fox Announces Corporate Update on 2020 Activities
Calgary, June 19, 2020 - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSXV: CUU) (OTC Pink: CPFXF) is pleased to provide a corporate update of activities and its preliminary exploration plans for 2020.
Highlights:
- Preparation of the 2019 report of activities for the Schaft Creek Joint Venture is ongoing. It is expected that the report should be completed by mid-July.
- District Copper has received conditional approval from the TSX Venture Exchange for the sale of their Eaglehead copper project to Northern Fox, a wholly owned subsidiary of Copper Fox Metals Inc. The process of transferring the project permit and replacement of the reclamation bond is progressing.
- Geological Field Operations Plans have been submitted to the authorities to perform further exploration work on the Mineral Mountain and Sombrero Butte projects in Arizona.
- The Annual General Meeting of Shareholders for Copper Fox is to be held on August 20, 2020.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The COVID-19 pandemic has had a significant impact on the mineral industry by slowing and or delaying planned field activities. Completion of the 2019 Schaft Creek report by the Schaft Creek Joint Venture is our main priority. The Company is working on a number of initiatives including completing the acquisition of the Eaglehead copper project located in the Liard Mining District in British Columbia. On the operations front, Copper Fox is cautiously optimistic that limited field activities may still be possible in late 2020 on its Arizona projects".
Schaft Creek Project:
The Schaft Creek Joint Venture (SCJV) continues to work on summarizing results and conclusions from a sizing and infrastructure alternatives study derived from 2019 investigations on the 133kptd (same as 2013 feasibility study) mine plan scenario for the Schaft Creek Project. The 2020 budget, in part a result of yet to be defined next steps for program work and COVID-19 pandemic-related restrictions, does not allow for a full field program to be carried out in 2020. However, the SCJV is still planning to conduct a reduced environmental field program in 2020. Copper Fox may, upon completion of the sizing and infrastructure alternatives study and its review and approval by the SCJV and securities and regulatory authorities, release key results and conclusions of the 2019 investigations.
Eaglehead Acquisition:
The proposed acquisition of a 100% interest in the Eaglehead porphyry copper-gold-molybdenum project located in northern British Columbia has received the conditional approval of the TSX Venture Exchange. Closing of the proposed transaction is subject to Copper Fox obtaining a permit issued by the Ministry of Energy and Mines for the province of British Columbia to complete the transfer of mineral title and replacement of the reclamation bond for the project. It is not known when this process will be completed.
Mineral Mountain & Sombrero Butte Projects:
The 2019 exploration results on both copper projects has significantly advanced the technical understanding and mineral potential of each project. Copper Fox has submitted their Geological Field Operations Plan with the Arizona State Land Department and the Bureau of Land Management to obtain the permits required to conduct exploration activities.
Annual General Meeting:
The Annual General Meeting of Shareholder ("AGM") is scheduled to be held on August 20, 2020. The AGM will be held by way of a webcast meeting whereby shareholders are invited to attend. Meeting material and instructions on how to attend the meeting will be provided in advance of the meeting date.
Qualified Person
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release. Mr. Stewart is not independent of Copper Fox.
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 Ltd. 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.
For additional information contact: Investor line 1-844-464-2820 or Lynn Ball, at 1-403-264-2820.
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 information" within the meaning of the Canadian securities laws. 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 include statements about completion of the 2019 report of activities for the Schaft Creek Project is ongoing; closing of the Eaglehead acquisition is subject to transferring the project permit and replacement of the reclamation bond; that Geological Field Operations Plans have been filed for the Mineral Mountain and Sombrero Butte projects in Arizona, and; the Annual General Meeting is to be held on August 20, 2020.
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 standards. 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: completion of the 2019 report of activities for the SCJV may not be completed on time or at all; closing of the Eaglehead acquisition may not be completed as contemplated or at all; the permits may not be received for the Mineral Mountain and Sombrero Butte projects; the Annual General Meeting may be changed, delayed or not held at all; 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 or development programs and uncertainty of meeting anticipated program milestones; 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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