Copper Fox Adds Second Drill to Van Dyke Project and Provides
Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) -
Copper Fox Metals Inc. ("Copper Fox" or the "Company")
(TSX-VENTURE:CUU) and its wholly owned subsidiary Desert Fox Copper
Inc. ("Desert Fox") is pleased to provide an update on the progress
of the verification drilling program at its Van Dyke copper project
in Arizona and other corporate activities. The Van Dyke oxide
copper deposit is located in the Globe-Miami District, Gila Co.,
Arizona.
Highlights:
a) The first diamond drill hole ("DDH") VD14-01 has been
completed to a depth of 639.3 metres ("m") (2,097 feet) in the
vicinity of the Van Dyke head frame and intersected a 167m thick
zone with visible oxide copper minerals in the Pinal Schist, this
interval corresponds to the original hole drilled by Occidental
Minerals Corporation ("Occidental"),
b) DDH VD14-01 intersected (from 338.8m to end of hole at
639.3m) and ended in weakly mineralized (vein and fracture
controlled chalcopyrite-molybdenite mineralization) Pinal Schist
and granodiorite/quartz monzonite porphyry below the zone of oxide
copper mineralization,
c) A second diamond drill has been added to the program and is
expected to commence drilling this week, and
d) Carmax Mining Corp ("Carmax") has received conditional
approval for the proposed private placement by Desert Fox from the
TSX Venture Exchange subject to delivery of certain documentation
and undertakings. Carmax has scheduled a meeting of its
shareholders to approve the private placement for May 22, 2014.
Mr. Stewart, President of Copper Fox stated, "The second diamond
drill allows acceleration of the verification drilling program by
increasing our production rate per day and at the same time
decreasing our overhead costs per metre drilled. The occurrence of
weakly mineralized schist and intrusive porphyry at the bottom of
the first drill hole is encouraging, however, until the analytical
results from the sampling completed within this zone are received,
it is difficult to place any significance on this mineralization.
We are pleased with the progress Carmax is making toward completion
of the proposed private placement and look forward to completing
this transaction in late May 2014."
Van Dyke Project:
The Globe-Miami District hosts the Pinto Valley, Carlota,
Miami-East and Miami-Inspiration copper projects (all currently in
operation) and the mined out Copper Cities and Old Dominion copper
deposits. The Van Dyke oxide copper deposit is located adjacent to
the Miami-East and Miami-Inspiration operations.
Occidental completed an historical estimate for the Van Dyke
oxide copper deposit in a report authored by Clyde R. Caviness
dated March 1, 1976 and entitled "Van Dyke Ore Reserve Report" (the
"Caviness Report"). 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 for further detail). The Caviness
Report was completed using 34 diamond drill holes and cutoff grades
that ranged from 0.10% to 0.40% copper, and was based on diamond
drilling and information compiled by other companies who reviewed
the data for the Van Dyke Deposit. Caviness estimated the volume of
the mineralization on each cross-section within the deposit and
estimated the volume of the mineralization between the
cross-sections. The maximum distance of extrapolation used for the
estimation was 400 feet between drill holes. Caviness used the
extension of the mineralized trend, geology and grade of adjacent
drill holes to extrapolate between the drill holes. The tonnage
factor for the estimate was 12.5 cubic feet per ton. Copper assays
over 2.5% were not used in the estimate. Caviness considered the
estimate to be a geological ore reserve as no mining method was
selected for the deposit. Caviness also identified several possible
extensions to the deposit based on drill results.
*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 reserves a current
Feasibility Study would be required which would include additional
diamond drilling, metallurgical testwork, updated cost assumption
and metal pricing.
From 1970 to 1979 Occidental conducted two in situ-leaching
("ISL") tests on the Van Dyke oxide copper deposit consisting of
drilling injection and recovery wells into the deposit and
circulating solution to recover copper. The first test consisted of
two wells spaced 75 feet apart as well as hydrogeological and
permeability test. The second test consisted of a five well pattern
spaced at 100 feet apart. The second test was conducted for a
period of approximately one year, the conclusions of which are
summarized below:
- Maximum injection rates were 450 gallon per minute ("gpm") (at
95% of design capacity) and 275 gpm on a continuous basis,
- Maximum loading of pregnant solution for a one month period was
3.4 gram per litre ("gpl") from a portion of the deposit that
assayed less than 0.5% copper,
- Leach curves developed predicted a mine life recovery average
of 3 gpl for the entire deposit,
- Total copper recovery should be 58.8% extraction from total
available copper after 36 months leaching per gallery, clean up
leaching should bring total to 75% extraction,
- Demonstrated hydraulic connection for a distance of up to 249
feet (76m),
- The fluid flow followed the principal stress axis and fracture
pattern of the rock,
- Recovered leachate is clean of impurities and acid consumption
per pound of copper was less than predicted,
- Porosity and permeability of the formation is suitable for full
scale production,
- No apparent reason why full scale production cannot be
accomplished, and
- Over 100,000 pounds of copper was produced during the test in
pregnant solutions.
The information on the historical metallurgical test work on the
Van Dyke deposit was taken from a report prepared for Occidental
titled "Summary of In-Situ Leach Testing on the Van Dyke Copper
Deposit Through 1981" by C.R. Caviness dated June 1986. As
previously announced SGS Metcon/KD Engineering has been retained to
design and manage the metallurgical test work required to for the
Preliminary Economic Assessment on the Van Dyke oxide copper
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 Tier 1 Canadian resource company listed on the
TSX-Venture Exchange (TSX-VENTURE:CUU) focused on copper
exploration and development in North America 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 Mining District, Arizona
and the Van Dyke oxide copper project in the Globe-Miami Mining
District, Arizona. 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 the drilling program at the Van Dyke project and
the expected commencement of a second diamond drill thereon; the
private placement by Desert Fox in Carmax and related Carmax
shareholders meeting; the historical estimate at the Van Dyke
project; the historical metallurgical test work on the Van Dyke
project; 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,
regarding, among other things, the reported historical estimate and
historical metallurgical test work on the Van Dyke deposit. 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 drilling program, including the addition
of a second drill, may not proceed as anticipated, or at all; the
private placement by Desert Fox in Carmax and related Carmax
shareholders meeting may not complete as currently anticipated, or
at all; the actual mineralization on the Van Dyke Deposit may not
contain any mineralization or mineralization as favorable as
suggested by the historical estimate; 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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