Copper Fox Metals provides year-end project reviews
Copper Fox Metals Inc. [TSXV-CUU; OTCQX-CPFXF] provided an overview of project activities including the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture (SCJV) where Teck Resources Limited [TSX-TECK.A and TECK.B, NYSE-TECK] is the Operator of the SCJV holding a 75% interest with Copper Fox holding the remaining 25% interest.
The Schaft Creek copper-gold-molybdenum-silver deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America. The Schaft Creek program budgeted at $17.2 million is fully funded by Teck, pursuant to the SCJV Agreement.
Schaft Creek: The SCJV completed the 2023 field program in October. The multi-faceted program focused on geotechnical drilling to improve the pit design, life of mine strip ratio, and hydrogeological model of the proposed mine site. The metallurgical portion of the program is designed to better inform metal recoveries, process, comminution, concentrate quality and tailings characterization. In addition, environmental, archeological, wildlife, and ecosystem field studies and social baseline work were completed. Results of the various 2023 activities will be released upon receipt of the data from service providers.
Van Dyke: Two crucial factors in advancing the Van Dyke project are understanding solution chemistry and successfully advancing a decline to access the Van Dyke oxide copper deposit. The solubility/mineralogical testwork data substantially reduces the risk of the generation of carbon dioxide gas and precipitation of gypsum during leaching, two factors that could significantly disrupt the leaching kinetics and projected copper production. The geotechnical investigation of the Gila conglomerate related to the proposed decline is underway and completion of the rehabilitation of selected drill holes is expected to commence in January 2024. On successful completion of these activities, six hydrogeological monitoring and three water sampling stations would have been established to allow collection of hydrogeological data and sampling to monitor changes in water quality over time.
Eaglehead: The 2023 pit constrained mineral resource estimation on the Eaglehead project outlined an “at surface” deposit and resulted in a combination of Indicated and Inferred resources. This resource estimate demonstrated a significant increase in tonnes and copper-gold-molybdenum-silver content and the open-ended nature of the mineralization. The study also indicated that approximately 50% of the chargeability anomaly (both laterally and horizontally) hosting the mineralization in the Bornite and East zones has been tested by drilling.
Mineral Mountain: The deep penetrating geophysical survey in combination with lithology, alteration and copper-molybdenum mineralization identified a near surface drill target that measures approximately 1,200 metres by 900 metres within a deeper, northeast trending open-ended positive (>18mrad) chargeability/resistivity anomaly measuring approximately 3,200 metres by 1,200 metres. The result of the geophysical survey suggests that the porphyry footprint could extend up to 3,000 metres northeast into an area hosting several Laramide age quartz monzonite and granodioritic stocks and dikes containing porphyry style mineralization in oxidized, leached, quartz veins and veinlets. To protect the interpreted extension of the porphyry footprint, 80 additional BLM mining claims and one Arizona Exploration Permit (610.5 ha) has been acquired along the northeast portion of the project.
Sombrero Butte: Interpretation of the results of the 2023 hyperspectral survey and incorporation of these results into the project database is ongoing. Results of the compilation will be announced when completed.
The company formed a new wholly owned subsidiary, Desert Fox Mineral Mountain Co., in May to hold its interest in the Mineral Mountain project. In July, the company strengthened its executive by appointing Lynn Ball as VP of Corporate Affairs. The company closed a $1,878,010 private placement in September to continue funding its exploration and development activities. The company is currently assessing its Investor Relations plans which will be announced when finalized.
Elmer B. Stewart, President, and CEO of Copper Fox, stated, “On Copper Fox operated projects, our 2023 activities have achieved and, in some cases, exceeded program objectives and we look forward to continuing our success in 2024. At Schaft Creek, the SCJV completed the largest program undertaken since formation of the SCJV and was designed to investigate several project enhancements and augment the environmental, aquatic, wildlife, archeological, and hydrogeological baseline data and establish stronger communal and business relationships with the Tahltan Nation.”
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 100% ownership of the Van Dyke oxide copper project located in Miami, AZ, the 100% interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects located in Arizona, the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project and the 100%-owned Eaglehead polymetallic porphyry copper project each located in northwestern British Columbia.