COPPER FOX UPDATES ACTIVITIES AND PLANS AT SCHAFT CREEK
September 17 2010 - 8:30AM
PR Newswire (Canada)
CALGARY, Sept. 17 /CNW/ -- CALGARY, Sept. 17 /CNW/ - Copper Fox
Metals Inc. (TSX-Venture: CUU) is pleased to provide its
shareholders with an update on the current diamond drilling
program, on the feasibility study of the Schaft Creek
copper-gold-molybdenum-silver deposit located in Northwest British
Columbia and future plans to further test the mineral potential of
the Schaft Creek project and extensions of the Schaft Creek
deposit. Highlights: -- Diamond drill hole (DDH) 2010CF398 with a
core length of 539.5 m intersected visible bornite-chalcopyrite
mineralization over approximately 90% of its core length. The
diamond drill hole ended in visible chalcopyrite-bornite +/-
molybdenite mineralization and the mineralization remains open at
depth, -- DDH 2010CF398 intersected visible copper mineralization
to a vertical depth of 450 m below surface thereby confirming the
mineralized nature of the chargeability anomaly identified in July
2010. This nomaly and the mineralization remains open at depth, --
An updated National Instrument 43-101 compliant resource estimate
with an effective date of December 31, 2009 is expected to be
completed in October 2010, -- Stantec has been retained to manage
the Environmental Assessment application process for the Schaft
Creek deposit, and -- A Quantec Titan-24 deep penetrating DCIP and
MT survey is planned to explore the area situated between the
apparent north end of the Schaft Creek deposit and the property
boundary a distance of 1,600 m for potential extensions of the
Schaft Creek. Mr. Stewart, President of Copper Fox stated that "I
am pleased with the progress to date on the feasibility study and
the Environmental Assessment of the Schaft Creek deposit. The
2010 field work and the Titan-24 DCIP and MT survey strongly
suggest that the Schaft Creek deposit is open along strike to the
north, to the east under Mount La Casse and at depth. The
recently completed drill hole intersected visible copper +/-
molybdenite mineralization to a vertical depth of 450 m below
surface, twice the average depth of previous drill holes on this
section of the Schaft Creek deposit. Diamond Drilling
Update:The objectives of the current diamond drilling program are:
-- to better define the distribution of the
copper-gold-molybdenum-silver grades in the vertical dipping West
Breccia zone (see News Release dated June 1, 2010) as a possible
higher-grade "starter pit", and -- test the deep Induced
Polarization/Resistivity ("IP") anomalies recently identified by
the Quantec Titan-24 survey completed and announced in July 2010.
Diamond drill hole (DDH) 2010CF 398 is an inclined (-55 degrees) HQ
diameter hole that has been completed to core length of 539.5 m
(vertical depth of 450m). This hole intersected variable
concentrations of visible bornite and chalcopyrite over 90% of the
core length of the hole. In addition to the bornite and
chalcopyrite mineralization; visible molybdenite mineralization
occurs sporadically throughout the core length in quartz veinlets
and in some instances also with bornite-chalcopyrite
mineralization. The bornite-chalcopyrite mineralization occurs as
disseminations, veins and veinlets in variably potassic altered
volcanic and intrusive rocks. DDH 2010CF398 was completed to test
the upper 200 m of this section of the Schaft Creek deposit as a
potential higher-grade "starter pit". This drill hole is also
located on one of the Titan-24 chargeability anomalies identified
in July 2010. This drill hole has extended the copper
mineralization on this section from an average vertical depth of
225 m to a vertical depth of 450 m. DDH2010CF398 ended in
visible copper +/- molydenite mineralization and remains open at
depth. Core logging, sawing and sampling of DDH 2010CF398 is
in progress and analytical results will be reported on receipt
thereof. The reader is cautioned that visible copper and
molybdenite mineralization does not necessarily equate to
significant concentrations of either copper or molybdenum and there
is no assurance that the assay results of the samples from this
drill hole will yield significant copper or molybdenum grades.
Resource Estimation:AMEC Americas Limited is working toward
completion of a National Instrument 43-101 compliant resource
estimation for the Schaft Creek deposit which is expected to be
received in October 2010. The effective date of the updated
resource estimate is December 31, 2009 and will not include any of
the analytical results from the current diamond drilling
program. The data base used in the resource estimate covers
the analytical data base collected from the deposit from 1957 to
2008. Environmental Assessment Update:Copper Fox is pleased to
announce that it has engaged Stantec Consulting Ltd. (Stantec) to
assemble the environmental data collected to date and prepare the
EA Application for Schaft Creek. Copper Fox continues
to advance the Schaft Creek Project through the British Columbia
(BC) and federal environmental assessment (EA) process.
Copper Fox is working closely with the Canadian Environmental
Assessment Agency and the BC Environmental Assessment Office to
harmonize the EA process for Schaft Creek. A draft
Application Information Requirements (AIR) document that meets both
the federal and provincial requirements of the EA Application will
be released for a formal 30 day public comment period in October
2010. Stantec, founded in 1954, provides professional
environmental and engineering services across Canada and the United
States. Stantec's Environmental Management practice
specializes in environmental assessments under the Canadian
Environmental Assessment Act and the British Columbia Environmental
Assessment Act and has exceptional experience in the mining sector
from regulatory approvals through construction, operation, closure,
and decommissioning. Stantec brings strong environmental
experience in the mineral industry to the Schaft Creek Project.
Additional Quantec Titan-24 DCIP and MT survey:Copper Fox plans to
complete an additional Quantec Titan-24 DCIP and MT survey over the
area that extends from the apparent north end of the Schaft Creek
deposit to the northern boundary of the Schaft Creek Project a
horizontal distance of 1,600 m. The Titan-24 survey is scheduled to
commence before the end of September and preliminary results are
expected before mid-October. Contingent on the results of the
Quantec Titan-24 survey, diamond drilling of identified
chargeability anomalies is planned immediately thereafter. 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 the technical information disclosed in this news
release. About Copper FoxCopper Fox is a Canadian-based resource
company listed on the TSX-Venture Exchange (CUU). Copper Fox
is focused exclusively on completing the Feasibility Study on
Schaft Creek located in Northwest British Columbia, one of the
largest undeveloped copper, gold, molybdenum and silver deposits in
Canada. Copper Fox has earned a 100% working interest in the
Schaft Creek project subject to a 30% net proceeds interest held by
Liard Copper Mines Limited ("Liard") a private company 78% owned by
Teck Resources Limited ("Teck") and a 3.5% net profits interest
held by Royal Gold Inc. Teck's 78% equity interest in Liard
represents 23.4% of Liard's 30% net proceeds interest in the Schaft
Creek project referred to as " Teck's indirect interest". Copper
Fox can earn Teck's "indirect interest" by completing a "positive"
Feasibility Study, under the terms of the 2002 Option Agreement
with Teck. Teck may at any time elect to exercise one of its
"earn-back options" pursuant to the terms and conditions of 2002
Option Agreement. On receipt of a Positive Bankable Feasibility
Study, as defined, Teck has 120 days in which to elect to
either: i) exercise one of its earn-back options, or ii)
retain a 1% net smelter return royalty, or iii) receive shares of
Copper Fox to a value of $1,000,000. If Teck exercises its
earn-back option, then Teck can elect to acquire either 20%, 40% or
75% of Copper Fox's interest in the Schaft Creek Project from
Copper Fox by solely funding subsequent expenditures equal to
either 100%, 300% or 400% of Copper Fox's prior expenditures of
which approximately $50. Million have been incurred to date.
If Teck elects to earn-back a 75% working interest, Teck will be
responsible for arranging Copper Fox's share of project financing
and will recover such project financing funds from Copper Fox's
share of metal sales until payout is reached. The Schaft Creek
Project is a contiguous land package of claims that comprises
21,025 hectares and a further contiguous group of 3,947 hectares
that is not subject to Teck's earn-back, situated in northwest
British Columbia, Canada. On September 15, 2008, Copper Fox
announced the results of a Preliminary Feasibility Study ("PFS") on
the Schaft Creek deposit that contemplated processing 100,000 tonne
per day from an open pit mine using a standard flotation recovery
process. The PFS estimated the current Mineral Resources* (using a
0.2% copper equivalent cutoff) at Schaft Creek includes; Measured
Resources of 436.5 million tonnes grading 0.30% copper, 0.23 g/t
gold, 0.02% molybdenum and 1.55 g/t silver, Indicated Resources of
929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02%
molybdenum and 1.56 g/t silver. *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 principals". On behalf
of the Board of Directors Elmer B. StewartPresident & 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 anticipated analytical results of the core
sampling of the current diamond drill hole, the anticipated timing
and results of the proposed Quantec Titan-24 DCIP and MT survey
being able to located additional anomalies, anticipated results of
the proposed updated resource estimate, of feasibility studies, ;
the possible higher grade starter pit in the West Breccia zone; the
environmental implications of the Schaft Creek project; the timing,
approvals and anticipated results of an Environmental Assessment
Application for the Schaft Creek project; estimated timing and
amounts of future expenditures and "earn-back" options; geological
interpretations and potential mineral recovery processes
Information concerning mineral reserve and 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. The forward-looking
information contained in this news release, Copper Fox has 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 the positive environmental impact that the watershed
areas around the Schaft Creek deposit being non fish bearing and
the existence of low net acid generating potential from waste rock
mined will have on obtaining an Environmental Assessment
Certificate; and the continued financing of the Feasibility Study;
and the anticipated analytical results of the current drilling
program, the ability of the proposed Quantec Titan-24 DCIP and MT
survey to extend the geophysical anomalies. 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 Quantec Titan-24 DCIP and MT
survey do not extend the Induced Polarization/Resistivity anomalies
outlined in 2010; the Feasibility Study may not be completed within
the contemplated time frame, or at all; the possibility that the
analytical results from the core sampling does not return
significant grades of copper minerlaization; the possibility that
an Environmental Assessment Certificate may not be obtained on a
timely basis, or at all, or that additional approvals will be
necessary in order to obtain an Environmental Assessment
Certificate; fluctuations in copper and other commodity prices and
currency exchange rates; uncertainties relating to interpretation
of drill results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
recovery rates, and estimated economic return; 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 and uncertainty of meeting anticipated program milestones;
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. pbFor additional information contact/b:
Investor line 1.866.913.1910/p
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