VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 3, 2014) - 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 preliminary results of the in-situ leaching tests completed on samples of the oxide copper mineralization from the Van Dyke oxide copper project. The main objective of the test work was to evaluate copper dissolution kinetics, total soluble copper extraction, acid consumption and to simulate the underground hydraulic pressure in an in-situ leaching process over a 120 day leach period.
Highlights:
- Calculated total copper grades ranged from 0.35% to 2.03% and averaged 0.76%,
- Approximately 89% of the copper contained in the samples reports as soluble copper,
- Gangue acid consumption ranged from 0.72 kg/kg copper to 23.69 kg/kg copper and averaged 7.72 kg/kg copper,
- Copper extractions ranged from approximately 87% to 24% and averaged 63%, and
- The relative difference between the percentage copper extractions and the percentage of soluble copper (acid soluble copper and cyanide soluble copper) reported could be due to lack of solution diffusion, lack of ferric iron generation, mass transfer or solution channeling in the test vessels used to complete the tests.
Mr. Stewart, President of Copper Fox stated, "We are pleased with the preliminary in-situ leach test work results for the Van Dyke oxide copper deposit. The high percentage of soluble copper in the test samples combined with the reported acid consumption is very encouraging and considered a significant milestone in the advancement of the project. These results combined with the resource estimation that is currently underway will be used to determine the next phase of work to be completed at the Van Dyke project."
Van Dyke Project:
The 1,100 acre Van Dyke project is located in the Globe-Miami Mining District, 90 miles east of Phoenix, Arizona. This district hosts the Pinto Valley, Carlota, Miami-East and Miami-Inspiration copper projects 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 copper projects (see the Company's news release dated April 12, 2013 for further detail with respect to the historical work completed on the Van Dyke oxide copper deposit).
Moose Mountain Technical Services is working toward completion of a resource estimate on the Van Dyke oxide copper deposit. The estimate will incorporate results of the 2014 verification drilling program and those elements of the historical data base that are applicable (see the Company's news release dated October 28, 2014 for further details with respect to the resource estimate).
In-Situ Leach Results:
The In-Situ Copper Leaching Simulation Study (the "Study") was completed by SGS E&S Engineering Solutions Inc. ("SGS") located in Tucson, Arizona. The Study was completed on eight samples selected from five of the six confirmation diamond drill holes completed on the Van Dyke project in 2014. These samples were subjected to leaching under a nominal pressure of 120 pounds per square inch ("psi") to maintain carbonates in solution over 120 days of a locked cycle type of leaching regime to simulate the underground hydraulic pressure in the in-situ leaching process. The combination of acid soluble and cyanide soluble copper are used to determine the total soluble copper in the samples.
Sample PRT-03 yielded the lowest (approximately 24%) copper extraction of all samples tested. This sample returned the lowest solubility in sulfuric acid and the highest solubility in cyanide indicating that the main copper mineralization could be chalcocite and covellite. This sample also demonstrated the highest acid consumption of all samples tested. SGS suggests that ferric iron generation will be required for dissolving the cyanide soluble copper contained in this sample.
A mineralogical examination on the test samples showed that chrysocolla and malachite are the primary copper bearing minerals. Native copper, azurite and chalcocite are present in minor concentrations.
Recommendations:
SGS has recommended additional test work on samples from the Van Dyke project to evaluate:
- the effect of ferric iron addition on dissolution of the secondary copper mineralization (cyanide soluble copper), and
- the effect of the surfactant addition to modify the surface tension of the lixiviant which may help on the dissolution of the un-leachable soluble copper,
In-Situ Leach Test Work:
The samples of the oxide copper mineralization from the Van Dyke deposit were cut into 60 centimeter long sections, wrapped and inside a stainless steel vessel, sealed with paraffin wax and subjected to pressure leach testing. A 1,000 gram sub-sample of each sample was crushed and submitted for mineralogical examination. On completion of the 120 day leach cycle, each sample (referred to as residue) was dried, crushed and subjected to sequential copper analysis. The soluble copper in the residue combined with the copper extracted during the leach cycle were added to obtain the calculated head grade for each sample. The mineralogical examination was completed at the Center for Advanced Mineral and Metallurgical Processing of the University of Montana. The chemical analysis for all samples was completed by SGS using Induced Couple Plasma ("ICP").
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 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 42% interest in the Eaglehead copper/gold/molybdenum project located in northwestern British Columbia through its equity ownership of Carmax Mining Corp. (CXM.V). 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 results of the Preliminary In-Situ Leach Study on core samples from the Van Dyke project; the commencement and completion of a resource estimate by Desert Fox on the Van Dyke oxide copper project; recommended additional test work on samples from 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 and its subsidiaries have made numerous assumptions. 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 resource estimate by Desert Fox on the Van Dyke oxide copper project may not be completed as currently anticipated, or may not contain mineralization or a resource 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; additional metallurgical test work on the Van Dyke copper deposit may not result in copper recoveries as favorable as presented in the historical information or recover any copper at all; 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.