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 shares were unchanged at 19.5 cents, and currently trade in a 52-week range of 30.5 cents and 12.5 cents.
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.
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.
The Eaglehead project is located in northern British Columbia. Copper Fox acquired the project from District Copper Corp., saying at the technical data for the project indicates the potential for it to host a sizable porphyry copper system, the company has said.
The company said it is currently evaluating the mineral resource estimate and plans to use the latest results to develop a program to continue testing the resource potential of the project. It said the zones of porphyry-style mineralization are open at depth and along strike, indicating the potential for expansion of the project’s resource base.
Meanwhile, in a press release on August 28, 2023, Copper Fox said it intends to reprice a previously announced non-brokered private placement financing designed to raise $2.0 million. It said the offering will now consist of 10 million units priced at 20 cents per unit. Each unit will consist of one common share and one half of a common share purchase warrant.
Each whole warrant will entitle the holder to purchase one common share for a two-year term, for an exercise price of at 25 cents during the first year after closing and 30 cents during the second year.
The expiry date of the warrants may be accelerated if the shares trade above 30 cents in the first year after closing or 35 cents in the second year. The offering is expected to close by September 8, 2023.