Copper Fox Commences Drilling Program at Van Dyke and Announces the 2014 Schaft Creek Joint Venture Program
20 March 2014 - 2:58AM
Marketwired Canada
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.
Highlights:
-- 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:
----------------------------------------------------------------------------
Van Dyke From To Interval Total Copper Soluble Copper
----------------------------------------------------------------------------
Drillhole ID (m) (m) (m) 2014 Pulp Original 2014 Pulp Original
----------------------------------------------------------------------------
OXY-6 376.12 460.25 84.13 0.444 0.456 0.418 0.390
and 463.30 583.69 120.39 0.670 0.706 0.556 0.546
----------------------------------------------------------------------------
----------------------------------------------------------------------------
OXY-8 313.94 404.77 90.83 0.533 0.563 0.334 0.222
and 406.30 439.22 32.92 0.861 0.883 0.704 0.544
----------------------------------------------------------------------------
----------------------------------------------------------------------------
OXY-15 402.64 455.07 52.43 0.503 0.537 0.458 0.489
----------------------------------------------------------------------------
----------------------------------------------------------------------------
OXY-17B 324.61 396.85 72.24 0.662 0.699 0.482 0.427
----------------------------------------------------------------------------
----------------------------------------------------------------------------
VD-73-6 359.97 497.13 137.16 0.341 0.367 0.299 0.278
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2014 Core Original 2014 Core Original
----------------------------------------------------------------------------
----------------------------------------------------------------------------
OXY-27 527.40 620.70 93.30 0.408 0.407 0.329 0.308
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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 Piesold 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.
Sampling Procedures:
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.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Copper Fox Metals Inc.
Investor line
1-866-913-1910
Copper Fox Metals Inc.
Lynn Ball
1-403-264-2820
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