Copper Fox Metals Inc.
TSX VENTURE : CUU

Copper Fox Metals Inc.

October 28, 2014 06:00 ET

Copper Fox Announces Commencement of Resource Estimate at Van Dyke Copper Deposit and Preliminary Eaglehead Drilling Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 28, 2014) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU) and its wholly owned subsidiaries Desert Fox Copper Inc. ("Desert Fox") and Northern Fox Copper Inc. ("Northern Fox") are pleased to announce updates on; the Van Dyke oxide copper project and preliminary observations on the 2014 diamond drilling program on Northern Fox's 42% investment in Carmax Mining Corp's ("Carmax") Eaglehead project and other corporate activities.

Highlights:

  • Moose Mountain Technical Services ("MMTS") has commenced a resource estimate on the Van Dyke copper deposit pursuant to National Instrument 43-101 ("NI-43-101") standards,
  • Metallurgical testwork on samples of copper mineralization from the Van Dyke deposit are ongoing, and a preliminary report highlighting percentage copper recoveries should be available in a few weeks,
  • At Eaglehead diamond drill hole ("DDH") 0121 intersected 0.23% copper, 0.013% molybdenum, 0.06g/t gold and 0.91g/t silver (0.37% copper equivalent "CuEq")) over a core interval of 521.2m that included,
    1. 0.21% copper, 0.003% molybdenum, 0.02g/t gold and 0.51g/t silver (0.25% CuEq) over a core interval of 278.1 metre ("m") from the top of the hole at 29.9m to a core interval of 308.0m, and
    2. 0.27% copper, 0.025% molybdenum, 0.09g/t gold and 1.36g/t silver (0.48% CuEq) over a core interval of 243.1m that extends from 308.0m to the end of the hole at 551.1m, and
  • DDH0122 intersected 0.28% copper, 0.016% molybdenum, 0.14g/t gold and 1.52g/t silver (0.43% copper equivalent) over an interval of 116m starting at a core length of 141m within a 304m interval that averaged 0.18% copper, 0.005% molybdenum, 0.07g/t gold and 0.82g/t silver.

Mr. Stewart, President of Copper Fox stated, "We are pleased to see the Van Dyke project advance to the resource estimation stage. This is a significant milestone in the development of the project and is in line with our 2014 goals and objectives. The ongoing metallurgical test work combined with the assessment of the historical information and the results of the 2014 exploration program has provided our consultants with a considerable amount of data for which to assess the Van Dyke copper deposit. The length, copper equivalent grades of the mineralized intervals along with the different styles the mineralization support our interpretation of the presence of a potential large, complex porphyry copper deposit on the Eaglehead project."

Van Dyke Resource Estimate:

MMTS has commenced a resource estimate on the Van Dyke copper deposit. The estimate will incorporate results of the 2014 verification drilling program and those elements of the historical data base that are applicable. The resource estimate is expected to be completed by mid-December or sooner and the National Instrument 43-101 Technical Report containing the current resource estimate will be filed on SEDAR when completed.

The 1,100 acre Van Dyke project is located in the Globe-Miami Mining district of Arizona, 90 miles east of Phoenix, Arizona. This mining district hosts the Pinto Valley, Carlota, Miami-East and Miami-Inspiration copper projects (all currently producing mines) and the mined-out Copper Cities and Old Dominion copper deposits. The Van Dyke oxide copper deposit is located immediately adjacent to the Miami-East and Miami-Inspiration operations. (see the Company's news release dated April 12, 2013 for further detail with respect to the historical work completed on the Van Dyke oxide copper deposit).

Eaglehead Drill Results:

DDH0121: was completed in the East zone and intersected continuous mineralization from overburden/bedrock contact and to the end of the hole at 551.1m. Two distinct styles of mineralization occur in this hole based on the gold-molybdenum content. The increased content of all the metals in the bottom portion of the hole especially gold and molybdenum suggests a second higher grade phase of mineralization. The mineralization in this hole has been extended approximately 115m deeper than previously tested on this section and is open at depth.

DDH0122: completed in the Bornite zone is an inclined hole that was completed to a core length of 441.96m (vertical depth of approximately 420m). The upper 6m of core from this hole contains a 16m interval that averages 0.11% copper and 0.37g/t silver. The mineralization in this hole exhibits a pattern similar to that in DDH0121 with the copper, molybdenum, gold and silver content increasing significantly in the hole below the 141m core interval.

The copper-molybdenum-gold-silver mineralization at Eaglehead is hosted in potassic and phyllic altered biotite granodiorite and quartz feldspar porphyry and is reported to occur along fractures and as stringers, veinlets, disseminations, discrete blebs and in the matrix of the host rock. Analytical results for the remainder of the 2014 drill program on the Eaglehead project will be announced on receipt thereof.

Copper equivalent calculations are based on 100% of metal content. Metal prices are: copper $US2.75/pound, gold $US1,445.00/ounce, molybdenum $US14.00/pound and silver $US20.00/ounce.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Corporation's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed and approved the 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 North America with offices in Calgary, Alberta and Miami, Arizona.

Copper Fox holds a 25% interest in a joint venture (the "Schaft Creek Joint Venture") with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. On January 23, 2013, a National Instrument 43-101 Technical Report was prepared by Tetra Tech under the direction of Copper Fox comprising a feasibility study of a 130,000 tonne per day-open pit mine with a Proven and Probable Reserve of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver; recoverable CuEq 0.40 over a 21 year mine life with contained metal of 5.6 billion pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver.

The Schaft Creek deposit hosts a Measured and Indicated Resource of 1.2 billion tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 g/t gold and 1.69 g/t silver and a 597.2 million tonne Inferred Resource grading 0.22% copper, 0.016% molybdenum, 0.17 g/t gold and 1.65 g/t silver. The above stated Proven and Probable Reserves for the Schaft Creek project are included within the stated Measured & Indicated Resources for this project.

In addition to Copper Fox's 25% interest in the Schaft Creek Joint Venture, Copper Fox holds, through Desert Fox and its wholly-owned subsidiaries, a 100% interest in the Sombrero Butte copper project in the Bunker Hill Mining District, Arizona and the Van Dyke oxide copper project in the Globe-Miami Mining District, Arizona. Copper Fox holds, through Northern Fox Copper Inc. (a wholly owned subsidiary of Copper Fox), a 42% interest in the Eaglehead copper/gold/molybdenum project located in northwestern British Columbia through its equity ownership of Carmax Mining Corp. (TSX VENTURE:CXM). For further information on these projects, please refer to the Company's website at www.copperfoxmetals.com.

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 includes, but is not limited to, statements about: the commencement of a NI 43-101 compliant current resource estimate on the Van Dyke project, including the expected completion date by mid-December or sooner and the filing of an NI 43-101 technical report thereafter; the partial diamond drilling results of exploration on the Eaglehead copper project held by Carmax Mining Corp; a potential large, complex porphyry copper deposit on the Eaglehead project; and statements about Copper Fox's strategy, future operations, prospects and the plans of management.

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: a NI 43-101 compliant current resource estimate on the Van Dyke project may not be completed in the currently anticipated timeframe, or at all; the anticipated mineral resource estimate on the Van Dyke project may not contain mineralization or a resource as favorable as suggested by the historical estimate; the metallurgical test work on the Van Dyke copper deposit may not result in copper recoveries as favorable as presented in the historical information or recover any copper at all; the actual mineralization on the Van Dyke deposit may not be of any commercial benefit to Copper Fox; the actual mineralization on the Eaglehead project may not contain any significant copper mineralization or be related to copper mineralization at all; a commercial mining operation may never become operation at the Schaft Creek project; fluctuations in copper prices and demand; currency exchange rates; conditions in the financial markets and the overall economy may continue to deteriorate; uncertainties relating to interpretation of the previous drill results and the geology, continuity and grade of Van Dyke deposit; the previous metallurgical test work and metal recovery rates; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; 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.

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