Copper Fox Commences Drilling Program at Van Dyke and Announces the
2014 Schaft Creek Joint Venture Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 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.
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 PiƩsold 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.
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