Copper Fox Metals Inc.
TSX VENTURE : CUU

Copper Fox Metals Inc.

September 10, 2014 06:00 ET

Copper Fox Announces Van Dyke Drill Results and Provides Other Project Updates

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 10, 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 Schaft Creek joint venture with Teck Resources Limited ("Teck"), analytical results for the last three drill holes from the verification drilling program on the Van Dyke oxide copper deposit and the results of the Quantec Titan-24 DCIP survey on the Eaglehead copper project competed by Carmax Mining Corp. ("Carmax"). Northern Fox owns 42.09% of the shares of Carmax.

Highlights:

  • At Schaft Creek, the 2014 mapping outcrop and core re-logging program to collect information for pit slope stability as part of the ongoing optimization work was completed at the end of August,
  • At the Van Dyke copper project, all three drill holes returned significant concentrations of copper mineralization over broad intervals including 2.09% total copper over a 31 foot (9.5 metre ('m')) interval in DDH VD14-06,
  • At the Eaglehead copper project; the Quantec Titan 24 survey outlined a large chargeability anomaly consisting of two distinct chargeability signatures over a 5,600m long horizontal distance,
  • The first signature at the Eaglehead project (>20 mRad chargeability signature) ranges from 500m to 1,000m wide, is open at depth below the -550m level and is surrounded by a broad >10mRad chargeability signature from Line 1 to Line 8 (horizontal distance of 4,500m) and covers four of the six zones of mineralization identified to date. This chargeability signature is open to the northwest towards the West zone,
  • The copper mineralization reported at the Eaglehead project in the historical (where sampled) and current drill holes in the Pass, Camp, Bornite and East zones of mineralization, (horizontal distance of 3,000m) either on or in proximity to the geophysical survey lines, shows a good correlation to the >10 mRad chargeability signature, and
  • The second signature at the Eaglehead project occurs on Line-9 and Line-10 (horizontal distance 1,100m) is a distinct >10 mRads chargeability signature that is approximately 1,000m wide and is open at depth below the -550m level. This chargeability signature has not been drill tested and is open to the southeast towards the Far East zone.

Mr. Stewart, President of Copper Fox stated, "August has been a busy month for Copper Fox. The assay results for the last three holes from the Van Dyke project has yielded good copper grades over significant intervals as well as one interval of high grade copper mineralization. These assay results have been transferred to Moose Mountain Technical Services for review with the objective of commencing a resource estimation in September. Now that the summer field program at Schaft Creek has been completed the results can be incorporated into the 2014 optimization work currently underway on the Schaft Creek Joint Venture. The geophysical work on the Eaglehead copper project has outlined a large, strong positive chargeability anomaly that exhibits an excellent correlation with the historical and current assay results over a 4.5 km long horizontal distance."

Van Dyke Project:

The Globe-Miami District hosts the Pinto Valley, Carlota, Miami-East and Miami-Inspiration copper projects (all currently producing copper 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).

Diamond Drilling Results:

The weighted average grades for the three diamond drill holes were estimated using a 0.05% copper cutoff; in line with the cutoff grade used in other in-situ recoverable copper deposits currently under evaluation in Arizona. The correlation of the analytical results for the verification drilling program with the historical analytical results is expected to be completed in September at which point a decision on the resource estimate will be made. The below table shows the total copper and soluble copper concentrations in the core samples. The total soluble copper concentration is the total amount of copper that could be recovered utilizing solutions.

All three drill holes included in this news release returned significant intervals of total copper mineralization with a very high percentage of soluble copper. Analyses for other metals present returned low concentrations.

Results for the mineralized intervals in the last three holes at the Van Dyke project are tabulated below:

DDH
ID
Zone
Azimuth
Dip
From
(m)
To
(m)
Interval
(m)
Total
Copper
(%)
Total
Soluble

Copper
(%)
Total/
Soluble

Copper
(%)
VD14-04 Oxide 0 90 452.4 596.6 144.2 0.38 0.33 86.8
VD14-05 Oxide 0 90 401.4 450.6 49.2 0.56 0.52 92.9
VD14-06 Oxide 0 90 249.1 383.8 134.8 0.33 0.24 72.7
Including 268.0 277.4 9.5 2.09 1.94 92.8
Core interval does not represent true thickness of the mineralized zone

Sampling Procedures:

Sample preparation and analytical work was completed by Skyline Assayers & Laboratories located in Tucson, Arizona. The sequential copper analysis uses a 0.25 gram sample digested (at room temperature) in 5% sulfuric acid and the solution is then diluted to 100 mL with deionized water. The residue from the sample is digested in 10% sodium cyanide solution and diluted to 100 mL. The samples are placed in a lateral shaking machine as follows: i) 5% H2SO4 for one hour; and ii) 10% NaCN for thirty minutes.

The gold and silver analyses were completed using Skyline's FA-1 and FA-8 analytical procedures. The other base metals such as molybdenum, lead and zinc were analyzed utilizing a 20 gram sample and Skyline's TE-2 procedure and a three acid digestion followed by ICP/OES finish. Skyline is independent of Copper Fox and has a 17025-2005 International Standard Organization rating.

Quality Control:

Desert Fox follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates at regular intervals into the sample stream submitted to the laboratory for analysis.

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-V: 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 partial results of the drilling program at the Van Dyke project; the transfer of assay results to Moose Mountain Technical Services for review with the objective of commencing a resource estimation in September; the expected completion in September of the correlation of analytical results for the verification drilling program with historical analytical results and the decision on the resource estimate; the results of the summer field program at the Shaft Creek project and the 2014 optimization work currently underway on the Schaft Creek Joint Venture; results of Quantec Titan-24 DCIP survey exploration on the Eaglehead copper project held by Carmax Mining Corp; 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 has made numerous assumptions. 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 drill holes from the verification drilling program completed by Desert Fox on the Van Dyke oxide copper project may not contain mineralization as favorable as suggested by the historical estimate; the historical estimates for the Van Dyke deposit may not be reliable or indicative of any commercial benefit to Copper Fox; a resource estimation for Van Dyke may not be completed on a timely basis, or at all; the results of the 2014 summer field program at Schaft Creek may not yield positive results or any significant results at all; that the chargeability anomaly outlined on the Eaglehead project may not contain any significant copper mineralization or be related to copper mineralization at all; 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.

Contact Information

  • Copper Fox Metals Inc.
    Investor line
    1-844-484-2820

    Copper Fox Metals Inc.
    Lynn Ball
    1-403-264-2820
    www.copperfoxmetals.com