Copper Fox Commences Drilling Program and Finalizes Consultants for
Van Dyke Prelimnary Economic Assessment
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 17, 2014) -
Copper Fox Metals Inc. ("Copper Fox" or the "Company")
(TSX-VENTURE:CUU) and its wholly owned subsidiary Desert Fox Copper
Inc. ("Desert Fox") are pleased to provide an update on activities
at the Van Dyke oxide copper deposit located in the Globe-Miami
District, Gila Co., Arizona.
Highlights:
- Diamond drilling has commenced on the first hole of the
verification drilling program into the Van Dyke oxide copper
deposit,
- Two additional drill holes have been pre-collared into bedrock.
Pre-collaring of drill holes is a preventative measure employed to
protect the environment,
- A second diamond drill is expected to join the drilling program
when all surface access agreements are in place,
- SGS Metcon/KD Engineering has been selected to provide
metallurgical design inputs and consulting for the proposed
Preliminary Economic Assessment, and
- Southwest Exploration Services, LLC will complete down hole
geotechnical and geophysical surveys.
Mr. Stewart, President of Copper Fox stated, "The verification
drilling program to confirm the historical estimate for the oxide
copper mineralization is underway. The work completed by Occidental
Minerals at Van Dyke concentrated on the oxide copper
mineralization. The current drill program is designed to verify the
historical data from Occidental as well as test the potential for
sulphide copper-molybdenum mineralization below the oxide zone.
With the addition of SGS Metcon/KD Engineering and Southwest
Exploration Services, the main consulting groups required to
complete the Preliminary Economic Assessment on the Van Dyke oxide
copper deposit are in place."
Van Dyke Project:
The Globe-Miami District hosts the Pinto Valley, Carlota,
Miami-East, and Miami-Inspiration projects, all currently in
operation 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 operations.
The historical production (in-situ leaching ("ISL") method in
the late 1980's) and general characteristics of the Van Dyke oxide
copper deposit are comparable to the Florence and Gunnison oxide
copper deposits located in the southwest Arizona copper belt.
In the early 1970's Occidental Minerals Corporation
("Occidental") completed an historical estimate for the Van Dyke
oxide copper deposit. The historical estimate* 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 total copper - see news
release dated April 12, 2013). Occidental estimated that
approximately 62% of the deposit was oxidized. Occidental did not
explore for sulphide copper mineralization below the oxide
zone.
In the late 1970's Occidental conducted ISL testing on the Van
Dyke oxide copper deposit consisting of drilling injection and
recovery wells into the deposit and circulating solution to recover
copper. This test work suggested that up to 80% of the oxide copper
should be recovered using enhanced stimulation of the deposit. In
the late 1980's Kocide Chemicals reported the production of 4
million pounds of copper from the Van Dyke oxide copper deposit
also utilizing ISL.
*The historical estimate reported for the Van Dyke Deposit is
historical in nature, Copper Fox wishes to clarify that an
independent Qualified Person has not done sufficient work to
classify the historical estimate as current mineral resources or
mineral reserves, and accordingly, Copper Fox is not treating the
above historical estimate as current mineral resources or mineral
reserves. In order to verify the historical estimate additional
diamond drilling, metallurgical testwork, updated cost assumption
and metal pricing would be required.
Van Dyke Preliminary Economic Assessment ("PEA"):
SGS Metcon/KD Engineering located in Tucson, Arizona has been
selected to provide certain metallurgical design inputs and
consulting on the metallurgical aspects of the PEA. The consulting
work includes but is not limited to suggestions on mineralogical
analysis, metallurgical test work on cores from the 2014
verification drilling program.
Southwest Exploration Services, LLC located in Chandler, Arizona
has been contracted to complete downhole geophysical surveys
(includes Caliper, Gyro, E-logs, Magnetic susceptibility, Flowmeter
and Televiewer) to better define the geotechnical characteristics
of the rocks and hydrogeology around the deposit.
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 Miami, Arizona. 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, the Sombrero
Butte copper project in the Bunker Hill District, Arizona and the
Van Dyke oxide copper project in the Globe-Miami District, Arizona.
Desert Fox has opened an operations office in Miami, Arizona to
advance the work required on the Van Dyke project to a Preliminary
Economic Assessment. 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
statements about work towards completion of a Preliminary Economic
Assessment; the work to be conducted by SGS Metcon/KD Engineering
and Southwest Exploration Services, LLC; the expected commencement
of drilling on the Van Dyke oxide copper deposit; the objectives of
the drilling 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 diamond drilling on the Van
Dyke Deposit may not contain any mineralization or mineralization
as favorable as suggested by the historical estimate; the proposed
metallurgical test work may not be able to recover copper; 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.
Copper Fox Metals Inc.Investor line1-866-913-1910Copper Fox
Metals Inc.Lynn Ball1-403-264-2820www.copperfoxmetals.com
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