Copper Fox Announces 2020 Third Quarter Operating and Financial Results
Calgary, September 25, 2020 - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated July 31, 2020 financial statements have been filed on SEDAR.
All the Company's material subsidiaries are wholly owned, except for District Copper Corp. ("District"), of which the Company owns 24.30% of the outstanding common shares as of September 25, 2020.
For the nine months ended July 31, 2020, Copper Fox had a net loss of $845,158 (July 31, 2019 - $5,438,843) which equated to a loss per share of $0.00 (July 31, 2019 - $0.01 loss per share).
During the nine months ended July 31, 2020, the Company incurred $221,704 in expenditures toward furthering the development of its Schaft Creek, Van Dyke, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company's web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained within this news release have previously been announced in preceding news releases. All amounts are expressed in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The Company continues to experience delays due to the COVID-19 pandemic. During the Quarter activities included preparation of the 2019 Report of Activities for the Schaft Creek Joint Venture, a limited environmental baseline monitoring field program at Schaft Creek and commencement of the Preliminary Economic Assessment for the Van Dyke project. Delays in permitting and receipt of regulatory authorization have affected the timelines on the acquisition of the Eaglehead project, the environmental assessment at Mineral Mountain and the drone magnetic survey at Sombrero Butte."
Q3 2020 Highlights:
- The 2019 Report of Activities for the Schaft Creek Joint Venture is expected to be completed by year-end. A limited environmental baseline monitoring field program focusing on Climatology and Hydrology data collection was completed in early September.
- The Preliminary Economic Assessment of the Van Dyke project to quantify the economic impact of the increased soluble copper content and projected increased soluble copper recovery as highlighted in the 2020 resource estimate commenced.
- At the request of the Bureau of Land Management ("BLM"), the company commissioned an Environmental Assessment ("EA") of the Mineral Mountain project. Copper Fox views this early stage assessment as an opportunity to identify potential issues, if any; prior to commencing future drilling programs.
- The process to acquire the Eaglehead copper-gold project continued, with ongoing discussions with the BC Ministry of Energy and Mines and the relevant First Nations Groups, in an effort to obtain approval for the Notice of Work ("NOW") for the project. Subsequent to Q3 2020, the Company was advised that additional delays in approving the NOW were expected because of the ongoing consultations between the province of BC and First Nations groups.
- Subsequent to Q3 2020, Copper Fox retained SWCA Consulting to conduct the requested EA of the Mineral Mountain project. Commencement of the EA is contingent on receipt of authorization from the BLM to complete the survey.
- Subsequent to Q3 2020, due to delays in receipt of regulatory approval for the Sombrero Butte field program and operational delays on other projects, the contractor was not able to complete the drone magnetic survey prior to the deadline dates for the three Arizona exploration permits. The survey has been re-scheduled for early 2021, the timing of which will be announced on approval of an updated Geologic Field Operations Plan from the Arizona State Land Department.
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.
Selected Financial Results
| July 31, 2020 | April 30, 2020 | January 31, 2020 | October 31, 2019 | |||||||||
| 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
| Loss before taxes | $ | 248,589 | $ | 375,725 | $ | 205,572 | $ | 289,922 | ||||
| Net loss | 248,589 | 375,725 | 205,572 | 188,765 | ||||||||
| Comprehensive (gain)/loss | 940,165 | (283,957) | 139,438 | 257,746 | ||||||||
| Comprehensive (gain)/loss per share, basic and diluted | 0.00 | (0.00) | 0.00 | 0.00 | ||||||||
| July 31, 2019 | April 30, 2019 | January 31, 2019 | October 31, 2018 | |||||||||
| 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
| Loss before taxes | $ | 270,252 | $ | 1,974,306 | $ | 195,607 | $ | 256,899 | ||||
| Net (gain)/loss | 270,252 | 1,974,306 | 195,607 | (8,001) | ||||||||
| Comprehensive loss | 528,250 | 1,732,808 | 197,607 | 226,205 | ||||||||
| Comprehensive loss per share, basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 |
Liquidity
As of July 31, 2020, the Company had $869,274 in cash (October 31, 2019 - $374,507).
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 please contact Lynn Ball at 1-844-464-2820 or 1-403-264-2820.
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 completing the 2019 Schaft Creek report; the Preliminary Economic Assessment for the Van Dyke project; the property sales agreement with District Copper on the Eaglehead project; advancement of the Mineral Mountain and Sombrero Butte projects.
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 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 Company may decide to change its strategic focus; the completion of the 2019 Report of Activities on the Schaft Creek Project may not be completed on a time; the Preliminary Economic Assessment on the Van Dyke project may not be completed in a timely basis or at all; the Environmental Assessment on the Mineral Mountain project may not be completed in a timely basis or at all; the proposed acquisition of the Eaglehead copper project may not be completed in a timely basis, or at all; the magnetic drone survey on the Sombrero Butte project may not be completed in a timely basis, or at all; exploration of the projects may not find copper mineralization in significant quantities or at all; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; and 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64651