Copper Fox aims for drilling approval in Arizona
Copper Fox Metals Inc. [CUU-TSXV, CPFXF-OTC] has released an update on its 100%-owned Mineral Mountain porphyry copper property in Arizona, and said it is seeking permits to drill the project from the Bureau of Land Management.
The Mineral Mountain project is located in the northeast trending, regional scale, porphyry copper belt that hosts some of the largest copper deposits in Arizona. The project is located approximately 25 kilometres southwest of Rio Tinto Plc’s [RIO-NYSE] and BHP Billiton Ltd’s. [BHP-NYSE, BHPLF-OTCPK] giant Resolution porphyry-copper-molybdenum deposit and approximately 25 kilometres northeast of Taseko Mines Ltd.’s [TKO-TSE] Florence porphyry copper deposit.
“The geological setting, geophysical signatures and porphyry footprint represents a compelling example of a buried porphyry copper target, like the giant Resolution porphyry copper-molybdenum deposit,” said Copper Fox President and CEO Elmer Stewart. He said the company is aiming to secure BLM approval to conduct drilling operations at the project to test two targets, Target #1 and Target #2.
Target #1 displays a prominent “leakage” halo estimated to be approximately 1,200 metres long by 900 metres wide, characterized by abundant secondary copper mineralization., alteration patterns, intrusive rocks indicative of buried porphyry copper system and strong associated molybdenum signature.
Target #2 represents the top of a chargeability anomaly that is estimated to occur at 300 metres below surface and extends below the 600-metre depth of geophysical investigation.
Copper Fox shares were unchanged at 23.5 cents Thursdayand trade in a 52-week range of 30.5 cents and $0.08.
Copper Fox is a Canadian resource company with a focus on copper exploration and development in Canada and the U.S.
Copper Fox is a company that is set up to acquire potentially large, low-cost porphyry copper projects and advance them to a point where they can be sold for development to larger mine operators.
It is a strategy that aims to capitalize on the growing recognition of the role that copper could play in the evolving green economy as investments by governments around the world increase the demand for the red metal in electric vehicles and renewable energy.
The company was in the news last year when it announced an updated mineral resource estimate for its Eaglehead project in British Columbia.
According to the updated estimate, Eaglehead hosts an indicated resource of 70.8 million tonnes of 0.326% copper equivalent (CuEq). On top of that is an inferred resource of 242 million tonnes of 0.246% CuEq.
“This mineral resource estimate is a key milestone for Eaglehead as it is the first time an indicated mineral resource has been reported on the project,’’ said Copper Fox President and CEO Elmer Stewart.
Copper Fox holds a 25% carried interest in the Schaft Creek joint venture in northwestern British Columbia. It ranks as one of the largest undeveloped porphyry copper-gold-molybdenum-silver deposits in North America.
Vancouver-based metals giant Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE), owns the other 75%.