VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2016) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) and its wholly owned subsidiary, Desert Fox Copper Inc. ("Desert Fox"), are pleased to provide an update on the Mineral Mountain copper project located approximately 15 miles east of Florence, Arizona.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The review of a number of historical exploration reports has significantly advanced our understanding of the property and has identified both porphyry copper and precious metal targets. The porphyry copper target is hosted in a Laramide age Quartz Monzonite, the main host rock for porphyry copper deposits in Arizona. The precious metal targets were previously mined for higher-grade gold-silver-base metal mineralization, but do not appear to have been explored for lower-grade precious metal mineralization."
- Copper mineralization reported as copper carbonates, copper silicates, pyrite, chalcopyrite, chalcocite, and a few areas of disseminated molybdenite occurs over a 3,000 feet (ft) by 2,000 ft area of the Quartz Monzonite.
- A 6,000 ft long by 2,500 ft wide chargeability/resistivity anomaly ("IP survey") is associated with the zone of surface copper-molybdenite mineralization in the Quartz Monzonite.
- Soil geochemical surveys outlined five large areas of anomalous (greater than 100 ppm copper) copper values within the IP survey area.
- Precious metal targets include four 10,000 ft to 15,000 ft long north-south oriented fissure vein systems that were previously mined for higher grade gold-silver mineralization.
Over the past few months a number of historical exploration reports (late 1960's to early 1980's) were obtained. The work completed in these reports covered various portions of the Mineral Mountain project. Historical exploration activities included bulldozer trenching, soil geochemical sampling, mapping, and Induced Polarization/Resistivity surveys.
The work completed by Copper Fox at Mineral Mountain indicated the presence of abundant copper oxides/copper silicates and chalcocite on surface within the above referenced trenched/mineralized areas. The presence of chalcocite suggests that supergene leaching has taken place and indicates the possibility for a higher grade chalcocite "blanket" at depth. Chalcocite blankets are a characteristic of some porphyry copper deposits in Arizona.
The precious metals targets consist of a series of four, 10,000 to 15,000 ft long and from 3 to 30 ft. wide, sub-parallel fissure vein systems (silicified wall rock, quartz veins, jasper) hosted in the Pre Cambrian Pinal Schist. These fissure vein systems were previously mined for pockets of higher grade gold-silver -base metal mineralization. A considerable number of shallow shafts, adits, and pits have been excavated along these fissure vein systems.
An Induced Polarization/Resistivity survey was completed at a line spacing of 1,000 ft. The geophysical survey outlined a 6,000 ft long by 2,500 ft wide (open) chargeability/resistivity anomaly (greater than 10 millivolts/second ("mvs")) that coincides with four previously identified copper in soil geochemical anomalies. The interpretation of the surveys concluded that the chargeability/resistivity anomaly was due to a disseminated sulphide body with greater than 1% sulphide and that additional work was warranted.
A soil geochemical survey completed over a portion of the project area identified five anomalies (greater than 100 ppm copper) described as i) Main Area (1,500 ft by 1,200 ft), ii) North Central (2,500 ft by 200 ft), iii) Vein Area (1,500 ft by 200 ft), and Zones 4 & 5 (no dimensions for these zones were noted in the report). These geochemical anomalies occur in the vicinity of the surface copper mineralization exposed in the Quartz Monzonite.
- Historic information on mineralization within the Quartz Monzonite and soil geochemical surveys sourced from: report prepared for Charter Mining Corporation entitled "Preliminary Geological Survey, Mineral Mountain Project, Mineral Mountain Mining District, Pinal County, Arizona," dated March 12, 1981 prepared by L. Kersey (Geologist).
- Historic information on the geophysical survey sourced from: report prepared for Metals Petroleum and Hydraulic Resources Consulting Ltd. entitled "Report on Induced Polarization Survey, Gorilla Property, Pinal County, Arizona," dated November 15, 1970 prepared by F.J. Seyberg (Geophysicist).
- Historic information on the geochemical survey sourced from: report prepared for Marguerite Mines Ltd. (N.P.L.) entitled "Preliminary Report on Gorilla Property, Florence, Arizona," dated November 30, 1970 prepared by J.R. Glass (Geologist).
- Historic information on fissure vein systems sourced from: Masters of Science thesis, University of Arizona 1967 entitled "Geology of the Mineral Mountain Quadrangle, Pinal County, Arizona," prepared by E.A. Schmidt, pp. 64-65 and pp 69-82.
- Historic information on the location of the fissure vein systems sourced from: map attached to report prepared for Miami Copper Company entitled "Induced Polarization Survey Area 1, (Florence), Pinal County, Arizona," dated July 12, 1967 prepared by C.S. Ludwig (Geophysicist).
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-V: 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 Desert Fox Copper Inc. and Northern 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 northern 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 about the data, observations, and interpretations related to the presence of mineralization at the Mineral Mountain project including comments on the zone of surface copper mineralization, the chargeability/resistivity anomaly, the five zones of anomalous copper values in soils, the gold-silver mineralization in the fissure veins, and the low grade mineralization in the Quartz Monzonite.
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 zone of surface copper mineralization, the chargeability/resistivity anomaly, and the five zones of anomalous copper values in soils may not be indicative of a buried porphyry copper system; exploration of the project may not find copper mineralization in significant quantities or at all; the gold-silver mineralization in the fissure veins and the low grade mineralization in the Quartz Monzonite may not be indicative of a precious metal system; exploration of the project may not find precious metal mineralization in significant quantities or at all; the Company may require additional working capital sooner than predicted; 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.