|By Marketwired .||
|August 7, 2014 06:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/07/14 -- 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 the analytical results for the first three drill holes from the verification drilling program on the Van Dyke oxide copper deposit located in the Globe-Miami District, Gila Co., Arizona as well as other corporate activities. Copper Fox is also pleased to report that on July 25, 2014, BC Hydro announced the completion of the Northwest Transmission Line extending from Terrace to Bob Quinn, British Columbia, Canada. The hydroelectricity from this 287Kv line is expected to provide power to the large, advanced stage mineral projects in this area, such as the Schaft Creek project, a Joint Venture between Teck Resources Limited and Copper Fox.
-- Diamond drill hole (DDH) VD14-01 has extended the western limits of the copper mineralization in the Van Dyke oxide copper deposit approximately 40 meters (m). This hole intersected 0.33% total copper over an interval of 139.9m. The copper mineralization is open to the west, -- DDH VD14-02 intersected an average of 0.56% total copper over a core interval of 216.4m, including 1.98% total copper over a 16.7m core interval. This 16.7m core interval contains one sample that returned 20.74% total copper over a core interval of 0.91m, -- DDH VD14-03 intersected an average of 0.68% total copper, over a core interval of 120.7m starting at a core length of 314.0m, including a 17.1m core interval of 1.27% total copper, and -- The total soluble copper in these drill holes ranged from 73% to 97% of the total copper content in the drill holes.
Results for the mineralized intervals are tabulated below:
Total DDH Zone Azimuth Dip From To Interval Total Soluble ---------------------------------------------------------------------------- Copper Copper ID (m) (m) (m) (%) (%) ---------------------------------------------------------------------------- VD14-01 Oxide 0 90 228.7 368.6 139.9 0.33 0.24 ---------------------------------------------------------------------------- VD14-02 Oxide 0 90 375.2 591.6 216.4 0.56 0.39 ---------------------------------------------------------------------------- including 381.5 398.2 16.7 1.98 1.86 ---------------------------------------------------------------------------- including 427.4 436.3 8.9 1.12 1.09 ---------------------------------------------------------------------------- Including 560.4 568.4 8.0 0.84 0.77 ---------------------------------------------------------------------------- VD14-03 Oxide 0 90 314.0 434.7 120.7 0.68 0.53 ---------------------------------------------------------------------------- including 384.9 402.0 17.1 1.27 1.08 ---------------------------------------------------------------------------- Including 413.7 434.8 21.1 1.08 0.93
Core interval does not represent true thickness of the mineralized zone
Mr. Stewart, President of Copper Fox stated, "The total copper and total soluble copper concentrations in these three holes are encouraging. Testwork to determine the percentage copper recovery is in progress and an interim progress report is expected shortly. The combination of assay results and percentage copper recovery are required before commencing a resource estimation and are the first steps in accessing the potential value of the Van Dyke oxide copper deposit."
Diamond Drilling Analytical Results:
The weighted average grades for the three diamond drill holes were estimated using a 0.05% copper cutoff; in line with the cutoff used to estimate the average grade used in other in-situ recoverable copper deposits currently under evaluation in Arizona. The correlation of the analytical results for the verification drilling program with the historical analytical results will be completed on receipt of all the analysis from the current drilling program. The above table shows the total copper and soluble copper concentrations in the core samples. The total soluble copper concentration is the total amount of copper that could be recovered utilizing solutions.
DDH VD14-01 is a step out drill hole located approximately 40m west of the previously interpreted western edge of the Van Dyke oxide copper deposit. The mineralized zone is open to the west. Below the oxide zone of mineralization, the interval from 379.0 to 609.6m (230.6m) averaged 0.17% copper and 0.026% molybdenum. This zone of sulphide mineralization is open at depth.
DDH VD14-02 was completed to verify the oxide copper mineralization reported in DDH OXY-6. The mineralized interval in DDH VD14-02 includes three intervals of higher grade total copper mineralization. In addition to the high grade copper sample mentioned in the Highlights, one sample in this hole returned 7.54% total copper over a 0.33m interval. This sample is not included in the three intervals of higher grade total copper mineralization reported in the above table.
DDH VD14-03 was completed to verify the oxide copper mineralization reported in DDH OXY-8. The mineralized interval in this hole includes two intervals of higher grade total copper mineralization. The copper concentration in the samples from the higher grade intervals reported for this hole ranges from 0.50% to 2.61%.
Van Dyke Project:
The Globe-Miami District hosts the Pinto Valley, Carlota, Miami-East and Miami-Inspiration copper projects (all currently producing copper mines) 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 and Miami-Inspiration operations.
The Van Dyke oxide copper deposit is described 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 with respect to the Caviness Report and the historical estimate reported therein). 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 test work, updated cost assumption and metal pricing would be required.
Sample preparation and analytical work was completed by Skyline Assayers & Laboratories located in Tucson, Arizona. The sequential copper analysis uses a 0.25 gram sample digested (at room temperature) in 5% sulfuric acid and the solution is then diluted to 100 mL with deionized water. The residue from the sample is digested in 10% sodium cyanide solution and diluted to 100 mL. The samples are placed in a lateral shaking machine as follows: i) 5% H2SO4 for one hour; and ii) 10% NaCN for thirty minutes.
The gold and silver analyses were completed using Skyline's FA-1 and FA-8 analytical procedures. The other base metals such as molybdenum, lead and zinc were analyzed utilizing a 20 gram sample and Skyline's TE-2 procedure and a three acid digestion followed by ICP/OES finish. Skyline is independent of Copper Fox and has a 17025-2005 International Standard Organization rating.
Desert Fox follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates at regular intervals into the sample stream submitted to the laboratory for analysis.
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 and approved 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.
Copper Fox holds a 25% interest in a joint venture (the "Schaft Creek Joint Venture") with Teck Resources Limited on the Schaft Creek copper/gold/molybdenum/silver project located in northwestern British Columbia. On January 23, 2013, a National Instrument 43-101 Technical Report was prepared by Tetra Tech under the direction of Copper Fox comprising a feasibility study of a 130,000 tonne per day-open pit mine with a Proven and Probable Reserve of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0,018% molybdenum and 1.72 g/t silver, over a 21 year mine life with contained metal of 5.6 billion pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver.
The Schaft Creek deposit hosts a Measured and Indicated Resource of 1.2 billion tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 g/t gold and 1.69 g/t silver and a 597.2 million tonne Inferred Resource grading 0.22% copper, 0.016% molybdenum, 0.17 g/t gold and 1.65 g/t silver. The above stated Proven and Probable Reserves for the Schaft Creek project are included within the stated Measured & Indicated Resources for this project.
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, a 100% interest in 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. Copper Fox holds, through Northern Fox Copper Inc. (a wholly owned subsidiary of Copper Fox), a 40% interest in the Eaglehead copper/gold/molybdenum project located in northwestern British Columbia through its equity ownership of Carmax Mining Corp. (TSX-V: CXM). 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 partial results of the drilling program at the Van Dyke project; the availability of hydroelectricity from the Northern Transmission Line; the work required to verify the historical estimate at the Van Dyke project; the metallurgical testwork 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 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 remaining drill holes from 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; Copper Fox may not be able to secure hydroelectricity from the Northern Transmission Line; 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; and 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.
Copper Fox Metals Inc.
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