VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2016) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to provide its shareholders with an update of corporate activities.
Over the past few weeks, spot copper prices have shown some significant gains. This much needed correction in price, while still too early to call, could be the early stages of the long awaited positive metal cycle. As indicated in our last corporate update, Copper Fox has been positioning itself to take advantage of this long-expected move to higher copper prices.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "We are very pleased with the approach and progress on the updated resource block model for the Schaft Creek deposit. The positive results of the preliminary metallurgical testwork from Carmax's Eaglehead project and the preliminary results of the mapping and sampling program from the Mineral Mountain project are encouraging."
- The resource block modelling for the Schaft Creek deposit is ongoing. The results of this work are expected to be made available during the latter half of the first quarter of 2017.
- Upon completion of the resource block modeling, a decision will be taken on whether an updated resource estimate for Schaft Creek is required.
- On Carmax's Eaglehead project, locked cycle testwork has yielded recoveries of 89.9% copper, 71.1% molybdenite, 78.6% gold, and 78.1% silver.
- The mineralization at the Mineral Mountain project shows a strong northeast structural control as well as a Cu-Mo-Ag-Au-Bi-Te geochemical association, a typical signature of porphyry copper systems.
Schaft Creek Project:
Since our update on November 9, 2016, the work required to update the resource model for the Schaft Creek deposit continues. This work includes a full review of all data generated on the Schaft Creek deposit since the late 1960s up to and including the work completed by the Schaft Creek Joint Venture between 2013 and 2016. This work also includes incorporating updated geological model information which provides a better understanding of the lithological and structural controls on the mineralization. As previously stated, one of the objectives of this work is to better understand the content and distribution of precious metals in the deposit and whether or not an updated resource estimate for the Schaft Creek deposit is required. The results of the resource modelling work should be available during the first quarter of 2017, after which a decision to update the resource estimate will be taken.
Carmax Mining Corp:
Carmax has released the results of the preliminary test work completed on their Eaglehead copper project located in northwest British Columbia. The work by SGS shows that the copper mineralization consists mainly of chalcopyrite with lesser amounts of bornite.
Based on locked cycle testwork, the final copper-molybdenite bulk concentrate assayed 29.6% Cu, 2.72% Mo, 28.2 g/t Au, and 175.9 g/t Ag with estimated metal recoveries of 89.9% copper, 71.1% molybdenite, 78.6% gold, and 78.1% silver. The copper-molybdenite concentrate contained very low concentrations of arsenic, selenium and tin.
Carmax also reports that tests to upgrade molybdenum recovery in a separate molybdenum cleaner circuit were not completed.
Mineral Mountain Project:
The Mineral Mountain project is located in a northeast trending structural lineament that hosts the porphyry copper deposits at Casa Grande, Resolution and in the Miami-Globe district in Arizona. Bedrock exposures within the project are estimated to be approximately 10-15%. The recently completed program consisted of outcrop and trench sampling (where applicable) as well as mapping lithologies, alterations, and vein assemblages. The work was completed within the area (approximately 3,000ft X 2,000ft) reported to contain copper +/- molybdenite mineralization hosted in a Laramide age Granodiorite intrusion.
Analytical results for 51 of the samples collected have been received. A number of these samples had to be re-submitted for assays due to over limits on the initial geochemical analytical method. The balance of the sampling results will be reported when received. Preliminary results are positive and indicate the following:
- A zone of significant (greater than 1,000 ppm), northeast structurally controlled copper mineralization is emerging (pending further sample results) in the Granodiorite;
- The mineralization exhibits a Cu-Mo-Au-Ag-Bi-Te geochemical association along with anomalous Re values;
- The mineralization occurs in a series of quartz-chlorite-Kspar veins and veinlets (A-type) that carry a combination of chrysocolla, chalcocite and malachite; and
- The interpretation of the results will be provided when analytical results (including over limit samples) for all samples have been received.
Analytical and Sampling Procedures:
Rock chip samples (approximately one kilogram) were collected from outcropping material to characterize the metals present in veins and other mineralized structures. The samples were transported to Skyline Laboratories in Tucson, Arizona and delivered in person.
Samples were crushed to plus 75% -10 mesh, split and pulverized to plus 95% -150 mesh. Pulps were subjected to a multi-acid digest (HNO3, HF, HClO4) followed by analysis by ICP/OES. Gold was analyzed on a 30-gram charge by fire assay with an atomic absorption finish. Fluorine was analyzed by an ion-selective electrode. The Skyline's package code Te-5 was used to analyze the samples for the base and other trace elements. Skyline has an ISO/IEC 17025/2005 accreditation.
The first sample of each batch was a field blank. One certified standard pulp was inserted into the sample stream for each laboratory batch of twenty samples. A total of 4 blanks and certified reference standards were inserted with the sample batches for which analyses have been received.
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.
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 Canada and the United States. Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc. hold the assets listed below:
- 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.
- 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona.
- 65.4% of the shares of Carmax Mining Corp. who in turn own 100% of the Eaglehead copper-molybdenum-gold project located in northwestern British Columbia.
- 100% ownership of the Sombrero Butte copper project located east of Mammoth, Arizona.
- 100% ownership of the Mineral Mountain copper project located east of Florence, Arizona.
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 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 a positive metal cycle, with higher copper prices; receiving results from the Schaft Creek resource block modeling in the latter half of 1Q17, along with a decision on whether an updated resource estimate is required; the existence of porphyry copper systems at the Mineral Mountain project; mineral estimates and indications based on testwork; and providing the interpretation of Mineral Mountain testwork once analytical results for all samples have been received.
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; the speed of field studies; the usefulness of historical reports; 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: copper prices may not increase in 2017; the uncertainty of the timing of completing the resource modelling on the Schaft Creek deposit, or at all; the Mineral Mountain mineralization may not be as preliminary testwork suggests; and results of the Mineral Mountain testwork may not be received on a timely basis, or at all.
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.