VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 19, 2014) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU) is pleased announce the 2014 program for the Schaft Creek Joint Venture as well as Desert Fox Copper Inc.'s ("Desert Fox") plans for the verification diamond drilling program on the Van Dyke oxide copper deposit along with an update on other activities of Desert Fox.
- Layne Christensen Company has been contracted to complete the 7 hole; 5,100 meter ("m") diamond drilling program on the Van Dyke oxide copper deposit. The drilling will commence immediately,
- The recently completed analytical results for the original Van Dyke pulps show that:
- the 2014 weighted averages for total copper range from 93% to 97.5% of the original weighted averages based on the historical data of Occidental Minerals,
- the 2014 weighted averages for soluble copper range from 94% to 150% of the historical weighted averages,
- The recently completed analytical results for the re-sampling of the core from DDH-OXY-27 show that;
- the 2014 weighted average for total copper is the same as the historical weighted average,
- the 2014 weighted average for soluble copper is 107% of the historical weighted average, and
- The permit to complete the proposed Titan-24 survey over the Sombrero Butte copper-molybdenum project has been received.
Mr. Stewart, President of Copper Fox stated, "We are pleased with the direction and look forward to the results of the 2014 Schaft Creek program. The Van Dyke oxide copper deposit verification drilling program is designed to confirm the historical data in advance of completing a resource estimation; the first step in working toward completion of a Preliminary Economic Assessment ("PEA"). The positive correlation between the 2014 analytical results from the original pulps and re-sampling of the core strongly support the copper grades stated in the historical estimate."
Schaft Creek Joint Venture:
Teck Resources Limited ("Teck") as operator of the Schaft Creek Joint Venture has recommended a comprehensive series of studies to review all aspects (including metallurgical, pit slope design, geological modelling and environmental) of the Schaft Creek project. The objective is to review all data collected on the Schaft Creek project to the end of 2013 to update and optimize various parameters of the project. The studies will be conducted internally by Teck and outside consultants will be retained if and when necessary.
The 2014 program also has a field program planned of mapping and re-logging core to obtain a better structural understanding of the Schaft Creek deposit for pit slope design purposes. Environmental monitoring studies will continue through 2014. The 2014 program is estimated to cost approximately $2.5 million.
Van Dyke Project:
The results from the previously mentioned re-assay of selected intervals from certain diamond drill holes have been received (see news release dated January 9, 2014). A comparison of the historical and 2014 assays is shown below:
|Note: The core intervals listed in the above tables do not represent true widths.
The historical estimate for the Van Dyke oxide copper deposit is quoted as 119.2 million tons that averaged 0.52% copper using a 0.20% copper cutoff (estimated to contain 1.2 billion pounds of copper - see news release dated April 12, 2013). To verify a portion of the reported historical copper grades; in January, 2014, 406 of the original pulp samples from five DDH and 67 splits of the core from DDH-OXY-27 were submitted to ALS Minerals for analysis. The original copper grades and the 2014 results show a strong positive correlation. The analysis performed in 2014 did not detect any appreciable concentrations of gold-silver-molybdenum.
Van Dyke PEA:
Moose Mountain Technical Services has been selected as the primary contractor for the PEA. Knight Piésold Ltd. will provide certain engineering and hydrogeological design inputs and Greenwood Environmental Inc. will provide the environmental design inputs for the PEA. Greenwood Environmental has also been retained to help the Company with longer item studies related to environmental monitoring, assessment and permitting. In addition to the 2014 verification drilling program, additional metallurgical studies, environmental baseline and surface water hydrology monitoring, geochemical characterization of the lithologies surrounding the deposit and scoping level engineering studies are also planned. The resource estimate is to be completed based on the verification drilling program and the results from the above work program will form the basis of the PEA to be completed in 2014.
Sombrero Butte Project:
The permit to complete the three line Titan-24 DCIP & MT survey over two targets (over a 4 kilometer ("km") strike length) outlined in 2013 has been received.
The first target area is located in the northwest part of the 4km long zone and measures 1,000m by 1,200m and shows copper values (associated with malachite, a copper oxide mineral) ranging from 76 parts per million ("ppm") to greater than 2,450ppm with molybdenum values ranging from 7ppm up to 252ppm and is open to the west.
The second target area, located in the southeast portion of the 4km long zone measures 1,600m by 2,800m and shows copper values (associated with malachite and chalcopyrite, a copper sulphide mineral) ranging from 76ppm to greater than 2,450ppm with molybdenum values ranging from 7ppm up to 489ppm and is open to the south.
Within this 4km long trend, three phases of cross-cutting porphyry dikes and at least 15 new mineralized breccia pipes carrying abundant copper veinlets and extensive dickite (a hypogene clay mineral related to acid alteration under advanced argillic conditions in porphyry copper environments) alteration occurs in a number of breccia pipes that appear to form a halo surrounding Area #2.
Sample preparation was conducted by ALS Minerals located in Reno, Nevada with the analyses being completed by ALS Minerals in Vancouver, British Columbia.
Copper concentrations were determined using aqua regia ICPMS-MEMS41, AA and 08Q packages. Lower detection limits are as follows: copper 0.2 ppm, molybdenum 0.05 ppm, silver 0.01g/t. Gold is being determined by AA-23 on a 30-gram sample followed by ICP-ES finish; with a lower detection limit of 0.005 g/t. ALS has a 9001:2008 International Standard Organization rating.
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 the technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Canadian resource development company listed on the TSX-Venture Exchange (TSX VENTURE:CUU) with offices in Calgary, Alberta and through its wholly owned subsidiary Desert Fox, an office in Miami, Arizona.
Copper Fox holds a 25% interest in the Schaft Creek Joint Venture with Teck on the Schaft Creek project in northwestern British Columbia. On January 23, 2013, a National Instrument 43-101 technical report (feasibility study) was completed on the Schaft Creek copper-gold-molybdenum-silver project that recommended a 130,000 tonne per day open pit mine with proven and probable reserves of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver with a 21 year mine life. The proven and probable reserves are estimated to contain 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.
In addition to its interest in the Schaft Creek Joint Venture, Copper Fox holds, through Desert Fox and its wholly-owned subsidiaries, the Sombrero Butte copper project located in the Bunker Hill District, Pinal County, Arizona and the Van Dyke copper project located in the Globe-Miami District, Gila County, Arizona immediately adjacent to the mining operations of BHP Billiton and Freeport McMoRan copper mining operations. The Sombrero Butte copper project is located 9 miles east of the San Manuel Mine (14 billion lbs of Cu), and 2 miles south of Redhawk Resources' Copper Creek project (7 billion lbs of Cu).
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 statements about work towards completion of a Preliminary Economic Assessment; the 2014 program for the Schaft Creek Joint Venture; the expected commencement of drilling on the Van Dyke oxide copper deposit; the objectives of the 2014 program at the Van Dyke copper deposit; proposed diamond drilling; 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 proposed Titan-24 survey planned for the Sombrero Butte project maybe delayed or not completed at all; the proposed diamond drilling in the Van Dyke Deposit may not contain any mineralization or mineralization as favorable as suggested by the original pulps and re-sampling results and historical estimates; the original pulps and re-sampling results and historical estimates may not be reliable or indicative of any commercial benefit to Copper Fox; Copper Fox may not be able to comply with its ongoing obligations regarding the Van Dyke Deposit; a Preliminary Economic Assessment may not be prepared for the Van Dyke Deposit as currently contemplated, or 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; 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.