Click here to close now.

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
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes. In his session at DevOps Summit, Michael Demmer, VP of Engineering at Jut, will discuss how this can...
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgenthal...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...