Copper Fox Locates a New Zone of Copper Mineralization 1,200m North of the Known Schaft Creek Deposit; Drilling Extends the Par
February 16 2012 - 8:00AM
PR Newswire (Canada)
VANCOUVER, Feb. 16, 2012 /CNW/ - Copper Fox Metals Inc.
(TSX-Venture: CUU) is pleased to announce the balance of the assay
results from the 2011 diamond drilling program completed on the
Schaft Creek deposit. The locations of 2011 drill holes are shown
on the Copper Fox website at www.copperfoxmetals.com.
Highlights are: -- Diamond Drill Hole ("DDH") DDHCF418B-2011
intersected 0.30% copper, 0.06g/t gold, 0.038% molybdenum and
1.57g/t silver (0.56% CuEq) over a 324m core interval starting at a
core length of 255.6m. This hole also contains a 52m interval
grading 0.72g/t gold and 2.29g/t silver starting at a core depth of
580.4m, -- DDH CF422-2011 located 1,200m north of the Paramount
zone intersected a new zone of mineralization that averaged 0.15%
copper, 0.06g/t gold, 0.010% molybdenum and 1.01g/t silver (0.25%
copper equivalent) over an interval of 235m starting at a core
length of 83.0m, -- DDH CF422-2011 intersected the western edge (a
75m wide portion) of a large 1,800m long by 800m wide chargeability
anomaly located within the Schaft Creek Mineral Trend and --
DDHCF420-2011 intersected 0.31% copper, 0.10g/t gold, 0.014%
molybdenum and 1.25g/t silver -- (0.46% CuEq) over a core interval
of 328.0m starting at a core depth of 326.0m including a 127m
interval of 0.42% copper, 0.15 g/t gold, 0.025% molybdenum and 2.44
g/t silver (0.67% CuEq) starting at a core depth of 527.0m, --
DDHCF425-2011intersected two intervals of mineralization including
0.38% copper, 0.12g/t gold, 0.021% molybdenum and 2.20g/t silver
(0.58% CuEq) over a core interval of 63.7m starting at a core
length of 566.0m. Mr. Stewart, President of Copper Fox stated, "The
interpretation that the Schaft Creek Mineral Resource could host
other deposits is strongly supported by the mineralization in
DDHCF422-2011. Although a considerable amount of drilling is
required to delineate and determine the significance of this
discovery, the continuity of the mineralization and its location on
the western edge of a large strong chargeability anomaly suggests
that this zone has considerable potential. This discovery
marks a significant milestone in understanding the mineral
potential of the Schaft Creek project. DDHCF418B,
DDHCF420-2011 and DDHCF425-2011 were drilled between the Paramount
and Liard zones and demonstrate continuity of the mineralization
along strike and at depth. These holes contain higher grade
intervals which although narrowing to the south are hosted in broad
zones of copper mineralization with lower gold and molybdenum
concentrations." Diamond Drilling Analytical Results: The weighted
average grade for the mineralized intervals was estimated using a
zero cutoff grade. Internal intervals that exceed 20 metres in
length are excluded from the weighted average calculation, see
table below. DDH418-2011 was terminated due to drilling
difficulties. DDH418B-2011 is located at the same collar as
DDH418-2011
__________________________________________________________________________________________
| | | | | | | | | | | | | | | | | | | | | | | Cu | | | | |From | To
|Interval| |gold |silver|molybdenum|Eq | | DDH ID |Dip| Azimuth |
(m) | (m) | (m) | copper (%) |(g/t)|(g/t) | (%) |(%) |
|___________|___|_________|_____|_____|________|______________|_____|______|__________|____|
|CF418B-2011|-60| 270 |41.6 |117.6| 76.0 | 0.150 |0.030| 0.46 |
0.003 |0.19| | | | |117.6|255.6| 138.0 | 0.214 |0.060| 1.08 | 0.017
|0.35| | | | |255.6|580.4| 324.8 | 0.301 |0.060| 1.57 | 0.038
|0.56| | | | |580.4|632.4| 52.0 | 0.065 |0.710| 2.29 | 0.002 |0.51|
|___________|___|_________|_____|_____|________|______________|_____|______|__________|____|
|CF422-2011 |-50| 90 |83.0 |318.0| 235.0 | 0.146 |0.060| 1.01 |
0.010 |0.25| | | |including|119.3|157.4| 38.1 | 0.273 |0.092| 2.10
| 0.010 |0.36|
|___________|___|_________|_____|_____|________|______________|_____|______|__________|____|
|CF421-2011 |-60| 90 | | | |No Significant| | | | | | | | | | |
|Mineralization| | | | |
|___________|___|_________|_____|_____|________|______________|_____|______|__________|____|
|CF420-2011 |-55| 270 |326.0|654.0| 328.0 | 0.306 |0.100| 1.25 |
0.014 |0.46| | | |including|527.0|654.0| 127.0 | 0.416 |0.150| 2.44
| 0.025 |0.67|
|___________|___|_________|_____|_____|________|______________|_____|______|__________|____|
|CF424-2011 |-55| 270 |31.3 |51.5 | 20.2 | 0.297 |0.034| 1.65 |
0.002 |0.34| | | | |112.8|122.8| 10.0 | 0.154 |trace| 0.66 | trace
|0.16|
|___________|___|_________|_____|_____|________|______________|_____|______|__________|____|
|CF425-2011 |-55| 260 |186.0|450.6| 264.6 | 0.247 |0.050| 0.86 |
0.007 |0.32| | | | |502.3|566.0| 63.7 | 0.376 |0.120| 2.2 | 0.021
|0.58|
|___________|___|_________|_____|_____|________|______________|_____|______|__________|____|
Mineralized intervals included in the above table do not
represent true thickness DDH CF418B-2011: was completed to test the
continuity of the mineralization in an area between the Paramount
and Liard zones where very little information previously
existed. This hole intersected a significant zone of
higher-grade mineralization below DDHCF403-2010 (see News Release
dated February 13, 2011). Disseminated and fracture/veinlet
controlled chalcopyrite, bornite and molybdenite occur in phyllic
altered polylithic breccia and andesite. The significant interval
of higher grade gold-silver mineralization at the bottom of this
hole appears to represent a new style of mineralization that was
not previously intersected in the 2010 and 2011 drilling programs.
DDH CF420-2011: was also completed to test the continuity of the
mineralization in an area between the Paramount and Liard
zones. This hole intersected a broad zone of copper
mineralization which includes a 127.0m interval of higher-grade
mineralization. Disseminated and fracture/veinlet controlled
chalcopyrite, bornite and molybdenite occur in phyllic altered
andesite including an interval of higher grade gold-silver
mineralization in the interval from 527.0m to 654.0m. DDH
CF425-2011: was also completed to test the continuity of the
mineralization in an area between the Paramount and Liard
zones. This hole intersected two significant intervals of
mineralization in phyllic altered andesite and tourmaline breccia.
The 52m interval between the mineralized intervals reported in the
above table contained low grade (0.10%) copper values hosted in
andesite. The extent of the mineralization in this hole to
the west has been delineated. DDH CF422-2011: is located
approximately 1,200m north of the Paramount Zone and was drilled
for geotechnical/exploration purposes. This hole intersected
copper-molybdenum mineralization at a core interval of 83m and
remained in a similar style mineralization to the bottom of the
hole at 318m. The mineralization shows a strong correlation
to the outer edge (and weaker chargeability) of a large (1,800m by
800m) Titan-24 chargeability anomaly, the strongest portion of
which occurs east of the drill hole collar location and remains
untested by drilling. DDH CF421-2011: was drilled for geotechnical
purposes south of the Liard zone to sterilize this area for waste
dump planning for the feasibility study. This hole
intersected several narrow (less than 4m apparent thickness) of low
grade (0.10% to 0.15%) copper mineralization. DDH CF424-2011: was
completed to test the continuity of the mineralization intersected
in DDHCF423-2011 (see News Release dated January 13, 2012). This
hole intersected one significant interval of mineralization that
appears to correlate with the mineralization in DDHCF423-2011.
Diamond Drilling and Sampling Procedures: The diamond drilling was
completed using an HQ and NQ core size. Overall core recovery was
estimated to be greater than 99%. After cutting, one half of the
core is collected for sample preparation and analysis and the other
half is retained for future reference. Sample intervals were
selected based on lithology changes/alteration intensity/estimated
mineral content and ranged from 0.90 to 3.10 metres. The majority
of the sample intervals were 2.0m. Sample preparation was
completed by ACME Analytical Laboratories Ltd ("ACME") located in
Smithers, British Columbia and analyses were completed by ACME in
Vancouver, British Columbia. Base metals were assayed using
the ACME's 7TD package which includes 4-acid digestion and ICP-ES
finish. Lower detection limits are as follows: Cu 0.001%, Mo
0.001%, Silver values are determined by the 1EX with a lower
detection limit of 0.1g/t. Gold is assayed by the G6 fire
assay package - fusion of a 30-gram followed by ICP-ES finish; with
a lower detection limit of 0.005 g/t. ACME has an 9001:2008
International Standard Organization rating. Recoverable copper
equivalent calculations are based on 88% for copper plus 81% for
gold, 72% for molybdenum and 71% for silver. Metal prices are
copper $US2.50/pound, gold $US1,075.00/ounce, molybdenum
$US17.00/pound and silver $US16.10/ounce. Copper Fox is using these
input data to allow the reader to relate the average grades of the
mineralized intervals reported in 2010 and in 2011. Quality Control
Copper Fox follows a rigorous Quality Assurance/Quality Control
program consisting of inserting standards, blanks and duplicates
into the sample stream submitted to the laboratory for analysis.
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 Fox Copper Fox is a Canadian based resource
company listed on the TSX-Venture Exchange (CUU-TSX-V) with a
corporate office in Calgary and operations office in Vancouver. The
Company is working on completing a feasibility study on the "giant
porphyry' Schaft Creek Mineral Deposit, one of the largest
undeveloped copper, gold, molybdenum and silver deposits in North
America. The feasibility study is being led by Tetra Tech WEI
Inc. on a minimum 120,000 tpd open pit mine and is expected to be
completed during the first quarter of 2012. Copper Fox holds title
and a 100% working interest in a contiguous 21,024.96 hectare
(51,954 acre) property which includes the Schaft Creek deposit
subject to a 3.5% Net Profits Interest held by Royal Gold, Inc., a
30% carried Net Proceed Interest held by Liard and an earn back
option held by Teck Resources Limited ("Teck"). Copper Fox is
currently earning a 78% interest in Liard from Teck. Teck's
earn back option to acquire 20%, 40% or 75% of the Copper Fox
interest in the Schaft Creek project is triggered upon completion
of a positive feasibility study. Should Teck elect to
exercise its option for 75% they are required to fund subsequent
property expenditures up to a total of 400% of those incurred by
Copper Fox ($74.2 as of December 1, 2011) and arrange for project
financing, including the Copper Fox portion. For full details
of the option please refer to the Company's website
www.copperfoxmetals.com. In March 2011, the Company acquired
mineral claims located adjacent to the Schaft Creek property
totaling 2,978.32 hectares (7,360 acres) (the "March 2011 Mineral
Claims") which are subject to a 2% Net Smelter Return
("NSR"). Copper Fox has the option to repurchase, at any
time, one-half of the NSR on the March 2011 Mineral Claims for a
total purchase price of $3 million. In September 2011, the
Company acquired mineral claims located adjacent to the Schaft
Creek property totaling 6,115.11 hectares (15,111 acres) (the
"September 2011 Mineral Claims") which are subject to a 2%
NSR. Copper Fox has the option to repurchase, at any time,
one-half of the NSR on the September 2011 Mineral Claims for a
purchase price of $1 million. The March 2011 Mineral Claims and the
September 2011 Mineral Claims are subject to inclusion with the
Schaft Creek project under the terms of the Area of Interest
provisions of the Teck Option Agreement. Additionally Copper Fox
holds mineral claims totaling 3,947.06 hectares (9,753 acres) in
the Liard Mining District of BC not subject to the Teck earn-back.
On behalf of the Board of Directors Elmer B. Stewart President
& 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 diamond drill results of
the 2011 drilling program which included the discovery of a new
mineralization Zone 1,200 metres north of the Schaft Creek Deposit
the resource estimate for the Schaft Creek deposit; the receipt and
filing of a National Instrument 43-101 compliant report related to
the updated resource estimate the timing and scope of expected
diamond drilling; the completion of the Feasibility Study and
Environmental Assessment application for the development of the
Schaft Creek project; potential existence and size of
mineralization within 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. In connection with 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; and the continued
financing of the Feasibility Study; and the anticipated analytical
results of the current drilling. 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 actual mineralization in the
Schaft Creek deposit may not be as favourable as suggested by the
updated resource estimate; another deposit may never be discovered
on Copper Fox's property, or contain anticipated mineralization, or
mineralization of any significance at all; the Feasibility Study or
the Environmental Assessment may not be completed within the
contemplated time frame, or at all; the possibility that the
metallurgical test work on the core samples does not recover
significant percentages of copper mineralization; the possibility
that future drilling on the Schaft Creek project may not occur on a
timely basis, or at all; fluctuations in copper, the completed
drill holes for which analytical results are not available may not
return significant concentrations of either copper, gold,
molybdenum or silver; commodity prices and currency exchange rates;
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits and there is no
guarantee that either additional drilling around DDHCF422-2011 or
drilling of the Titan-24 chargeability anomaly will intersect
significant mineralization, the uncertainty of the 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.
Copper Fox Metals Inc. CONTACT: Investor line 1-866-913-1910
or J. Michael Smith, EVP, at1-604-689-5080
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