VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2015) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) and its wholly owned subsidiary Desert Fox Copper Inc. ("Desert Fox") are pleased to report that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") Technical Report which includes a resource estimation for the Van Dyke copper project located in the Miami-Globe mining district of Arizona. The Technical Report is titled "Technical Report and Resource Estimate for the Van Dyke Copper Project" dated January 30, 2015 was prepared by Moose Mountain Technical Services ("MMTS"). The authors of the report are Susan Bird, P.Eng., and R.A. (Bob) Lane, P.Geo., of MMTS who are "Qualified Persons" as defined by NI 43-101 standards. The resource estimate for the Van Dyke project was disclosed in a previous news release dated December 19, 2014.
The recommendations for future work on the Van Dyke project set out in the Technical Report are:
- An exploration program estimated to cost $4.675 million,
- The purpose of the exploration program is two-fold: 1) to expand the area of mineralization laterally from the present deposit area that is not confined by property boundaries, and 2) to upgrade the quality of the resource from the Inferred category,
- An 8-hole, 4,200-metre diamond drill program to evaluate the untested area south of the Van Dyke Shaft where the deposit is open for possible expansion,
- A 10-hole, 6,000-metre program of infill diamond drilling to allow for a higher level of confidence in future resource estimates,
- Any remaining stored historic drill core and/or drill core pulps should be assayed in order to further enhance the data set, and
- That a Preliminary Economic Assessment be completed to determine the practicality of the proposed in situ leach method, the layout of injection and recovery wells required for optimum recovery of copper from the oxide zone, and the approximate costs of ISL for the Van Dyke Project.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are very pleased with the recommendations of the Technical Report. The existing resource and the fact that the mineralization remains open indicates the possibility of increasing the potential size of the Van Dyke deposit. The recommendation to proceed to preparation of a Preliminary Economic Assessment (PEA) at this stage of the project is encouraging."
Van Dyke Project:
On December 19, 2014, Copper Fox announced the results of the resource estimate for the Van Dyke copper project. Several of the highlights of that news release are set out below:
- The Inferred Resource using a 0.05% total copper cut-off (Base Case) consists of 261.7 million tonnes grading 0.25% total copper containing 1.44 billion pounds copper, and
- The copper mineralization on the Van Dyke property is open to the west and southwest.
On January 27, 2015, the Company convened a meeting of the main contractors involved in the Van Dyke 2014 exploration program to determine if the data (including but not limited to; resource estimate, geotechnical, metallurgical and environmental) would support the preparation of a PEA. It is expected that a decision regarding the preparation of a PEA would be made before the end of February 2015.
Elmer B. Stewart, M.Sc., P.Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.
Cautionary Note to Investors
While the terms "measured (mineral) resource", "indicated (mineral) resource" and "inferred (mineral) resource" are recognized and required by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.
*United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with "best practice principles".
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 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. (TSX VENTURE: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 include statements about the inferred resource estimate for the Van Dyke project; the National Instrument 43-101 technical report related to the Van Dyke inferred resource estimate; potential existence and size of mineralization within the Van Dyke project; estimated timing and amounts of future expenditures; recommendations for future work on the Van Dyke project; the decision to prepare and the preparation of a Preliminary Economic Assessment for the Van Dyke project; geological interpretations and potential mineral recovery processes and statements about Copper Fox's strategy, future operations, prospects and the plans of management. Information concerning inferred mineral resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Information concerning inferred mineral resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiary have made numerous assumptions regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards. 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 recommended additional metallurgical test work on the Van Dyke copper deposit may not result in copper recoveries as favorable as presented in the metallurgical test work or recover any copper at all; uncertainties relating to interpretation of the previous drill results and the geology, continuity and grade of Van Dyke deposit; the recommendations of the Technical Report may not be completed as suggested, or at all; the actual mineralization in the Van Dyke deposit may not be as favorable as suggested by the inferred resource estimate; the inferred resource estimate for the Van Dyke deposit may not be reliable or indicative of any commercial benefit to Copper Fox; or at all; the inferred resource estimate may not be included in a preliminary economic assessment; the preliminary economic assessment may not be completed within the contemplated time frame, or at all; the possibility that future drilling on the Van Dyke project may not occur on a timely basis, or at all; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects the uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals.
Known risk factors also include; fluctuations in copper prices and demand; currency exchange rates; conditions in the financial markets and the overall economy may continue to deteriorate; and statements about Copper Fox's strategy, future operations, prospects and the plans of management.
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.