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.


--  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
--  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.

Copper Fox Metals Inc.
Investor line

Copper Fox Metals Inc.
Lynn Ball

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
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
In his session at 19th Cloud Expo, Nick Son, Vice President of Cyber Risk & Public Sector at Coalfire, will discuss the latest information on the FedRAMP Program. Topics will cover: FedRAMP Readiness Assessment Report (RAR). This new process is designed to streamline and accelerate the FedRAMP process from the traditional timeline by initially focusing on technical capability instead of documentation preparedness. FedRAMP for High-impact level systems. Early in 2016 FedRAMP officially publishe...
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.