Welcome!

News Feed Item

Copper Fox Completes Van Dyke Drilling Program and Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/21/14 -- 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 announce that Desert Fox has completed 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:

--  Six diamond drill holes (3,211.7m) were completed across the Van Dyke
    oxide copper deposit, 
--  Broad intervals of copper oxide and copper carbonate minerals were
    intersected in all holes, The copper mineralization is hosted in
    intrusive breccia, Pinal schist and granite porphyry, 
--  Two of the drill holes intersected weak quartz veinlet hosted
    chalcopyrite+/-molybdenite mineralization below the oxide copper
    mineralization, 
--  Copper Fox has requested that it be allowed to exercise its pre-emptive
    right and participate, through its wholly owned subsidiary Northern Fox
    Copper Inc., in a top-up of its investment in Carmax Mining Corp
    ("Carmax") (TSX VENTURE:CXM) by subscribing for an additional 1,960,878
    units of Carmax at a price of $0.05 per unit (each unit will consist of
    one common share and one common share purchase warrant), and 
--  Copper Fox has purchased and located a total of 2,130 ha of mineral
    tenures contiguous to the Eaglehead project held by Carmax. This land
    will be sold to Carmax at cost. 

Mr. Stewart, President of Copper Fox stated, "The visual observations of the core from Van Dyke are encouraging. Receipt of the assays utilizing different copper analytical methodologies are required to determine if a resource estimation should be commenced. All holes have been sampled for metallurgical testwork purposes and these tests are underway. The acquisition of the additional land contiguous to the Eaglehead project was completed to cover favorable volcanic rock on the west side of the project and intrusive rocks east and north of the Pass and Camp mineralized zones."

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.

The drilling program was completed with the objective to verify the historical estimate for the Van Dyke oxide copper deposit stated in a report authored by Clyde R. Caviness dated March 1, 1976 and entitled "Van Dyke Ore Reserve Report" (the "Caviness Report") on behalf of Occidental Minerals Corporation. 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 the Company's 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.

(i)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.

Rationale for the Mineral Tenure Acquisitions:

The 1,149 ha of mineral tenures located by Copper Fox are contiguous to the Eaglehead copper-molybdenum-gold-silver project located in northern British Columbia. The mineral tenures cover favorable volcanics located to the west and intrusive rocks to the east of the Pass and Camp mineralized zones. Details of the transactions are provided below and the Purchase Agreement will be filed on SEDAR.

Marko/Mott Acquisition:

The mineral claim blocks (consisting of three mineral tenures totaling 981 ha) purchased from Randy Marko and Paul Mott ("Marko/Mott") are contiguous to Carmax's Eaglehead project. Consideration paid by Copper Fox was $9,000 cash and a 2% net smelter return (NSR) royalty on the mineral claims subject to a "Partial NSR Buyout Option". The Partial NSR Buyout Option allows Copper Fox at any time to purchase half of the NSR for a cash payment of $1.0 million such that the NSR is reduced from 2% to 1%. The Purchase Agreement will be filed on SEDAR.

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 its wholly-owned subsidiaries, Desert Fox and Northern Fox; the Sombrero Butte copper project in the Bunker Hill Mining District, Arizona, the Van Dyke oxide copper project in the Globe-Miami Mining District, Arizona and a 42.09% equity interest in Carmax which holds the Eaglehead copper-molybdenum-gold-silver project in northern British Columbia, Canada. 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, but is not limited to, statements about, the drilling program at the Van Dyke project: the proposed top-up investement by Northern Fox in Carmax; the work required to verify the historical estimate at the Van Dyke project; the historical metallurgical testwork on the Van Dyke project; the acquisition of mineral tenures contiguous to the Eaglehead 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 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 verification drilling program completed by Desert Fox on the Van Dyke oxide copper project may not yield significant copper mineralization; the actual mineralization on the Van Dyke deposit may not contain mineralization as favorable as suggested by the historical estimate; the historical estimates for the Van Dyke deposit may not be reliable or indicative of any commercial benefit to Copper Fox; the top-up investment by Northern Fox in Carmax may not close as complete as currently anticipated; 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. In addition, the mineral tenures acquired by Copper Fox around the Eaglehead project may not contain any significant mineralization or any mineralization at all or be of any benefit to Copper Fox.

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.

Contacts:
Copper Fox Metals Inc.
Investor line
1-844-484-2820

Copper Fox Metals Inc.
Lynn Ball
1-403-264-2820
www.copperfoxmetals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...