Copper Fox to Complete Airborne Magnetic Survey on Sombrero Butte Project
Calgary, July 28, 2020 - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Copper Inc., are pleased to provide an update of compilation work and exploration plans for its 100% owned Sombrero Butte porphyry copper project located approximately 70 kilometers ('kms') northeast of Tucson, Arizona.
The Sombrero Butte property is located approximately 3 kms south of the Copper Creek porphyry copper deposit. Copper Creek is in the NNW structural trend that hosts the Ray, San Manuel and Bisbee porphyry copper deposits in Arizona. This deposit is hosted in the Copper Creek granodiorite and is characterized by an abundance of mineralized breccia pipes exposed in outcrop overlying the porphyry deposit. These breccia pipes are a significant geological feature of this and other porphyry copper deposits and mines throughout Arizona.
Highlights:
- A 150-line km drone-based magnetometer survey is planned to outline the magnetic signatures over two large porphyry copper targets hosted in the Laramide age Copper Creek granodiorite.
- The magnetic survey should further define and constrain the distribution of alteration patterns and structures within the two targets.
- The results from diamond drill hole ('DDH') SB-03, completed in 2008, suggest proximity to a mineralized chargeability body within Target #1, the magnetic survey could better define this target.
- The porphyry targets exhibit swarms of mineralized breccia pipes, alteration patterns, mineralized structures, and chargeability signatures typical of a porphyry copper system.
- The geochemical mapping, pathfinder elements and alteration indicator minerals also support the presence of one or more cupolas of buried porphyry systems.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The magnetic survey is expected to better define the geometry, structural control and alteration patterns associated with both targets. The work to date continues to update the geological model, identify significant structural control, and constrains the distribution of the mineralization and alteration patterns in both targets. The objective of the magnetic survey is to confirm the current interpretation and based on size and location, Target #2 would be the priority target to establish drill locations for the next phase of exploration."
Rationale for Magnetic Survey
Exploration Model:
The Sombrero Butte project covers the southern portion of the Copper Creek granodiorite intrusive. Historical surface exploration and diamond drilling (2006 to 2008) combined with the chargeability/resistivity survey completed by Copper Fox in 2015 has identified two, large Laramide age porphyry copper exploration targets based on the Copper Creek deposit exploration model.
Target #1 covers the area of historical mining activities and is characterized by a swarm of mineralized breccia pipes in potassic and phyllic altered Copper Creek granodiorite overlying a 500 by 500 meter ('m') chargeability body at a depth of 400m below surface. Historical deep drilling in this area focussed on the mineralized breccia pipes.
The deepest zone of porphyry style mineralization within Target #1 was encountered in DDH SB-03 collared approximately 200m south of the identified chargeability body. This drill hole intersected a mineralized breccia pipe from 466 to 492m that returned a weighted average grade of 1.19% copper, 0.013% molybdenum, 0.08g/t gold and 4.83g/t silver.
The Copper Creek granodiorite below the mineralized breccia pipe from 500 to 610m contains stockwork style veins of quartz + K-feldspar + chalcopyrite and from 610 to 645m, the quartz + K-feldspar veins continue as thin, hairline veinlets containing minor chalcopyrite. The mineralized veins and veinlets in the Copper Creek granodiorite are associated with pervasive K-feldspar flooding and locally, with selvages of advanced argillic and phyllic alteration. The data suggests that DDH SB-03 intersected the outer edge of a mineralized porphyry system.
Target #2 is a near surface 2,000m long chargeability body characterized by copper-molybdenum mineralization in steep and shallow dipping veins and veinlets, mineralized breccia pipes and extensive goethite veining (after pyrite) in Copper Creek granodiorite and Glory Hole Volcanics displaying potassic, phyllic and advanced argillic alteration. The distribution of the mineralization, alteration and geometry of the chargeability body suggest a significant structural component present in Target #2.
The geometry and distribution of the chargeability component of the chargeability/resistivity signature suggests the "potassic core" (low chargeability <10 mrad/high resistivity) of a porphyry system transitioning outward to a broad zone of moderate chargeability (10-30mrad) "phyllic alteration zone" and then to a wide zone of high chargeability (>30mrad) interpreted to be a "pyritic shell" commonly observed in porphyry copper systems. The compositional variations of the late stage intrusive dikes within this target is interpreted to represent the cupola of the porphyry system.
Copper Fox has submitted their Geological Field Operations Plan ("GFOP") with the Arizona State Land Department to conduct the magnetometer survey. The survey is expected to commence in September subject to receipt of approval of the GFOP.
Survey Parameters:
The drone/magnetic system consists of a GEM Systems GSMP-35UC UAV Potassium magnetometer onboard a battery operated DJI Matrice 600 Pro Hexacopter. GPS positions and total field intensity data are recorded continuously at 10 Hz which provides a sampling interval of approximately 0.5-meter data points along flight lines. Flight altitude will be set at 85m above ground level. A second magnetometer will record continuously at a fixed ground location to allow for diurnal corrections
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 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.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact:
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: a 150-line km high sensitivity airborne geophysical survey, the distribution of alteration patterns and structures; the results of DDH SB-03 suggesting proximity to a mineralized chargeability body within Target #1; and features characteristic of a porphyry copper system.
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 150 km of magnetic survey may not be completed as planned or at all; the magnetic survey may not outline alteration and structural features; the results obtained from DDH SB-03 may not be indicative of a porphyry copper system; the dimensions and shape of the mineralized areas may not be as estimated; the surface mineralization 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 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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