Copper Fox Annnounces 2015 Schaft Creek Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2015) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to provide its shareholders an outline of the 2015 program on the Schaft Creek Joint Venture project located in northwestern, British Columbia. In 2014 the Schaft Creek Joint Venture commenced a series of Optimization studies on the Schaft Creek project. The objectives of the 2015 program are to continue these Optimization studies and to test the LaCasse copper-gold mineralization located in 2014. Highlights of the 2015 program are outlined below.
Highlights
Estimated budget of the 2015 work program is $4.8 million,
Geotechnical/Geometallurgical modelling and domain definition,
Evaluation of Key Economic Drivers, and
Exploration of the LaCasse zone.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are very pleased with the scope and scale of the 2015 program for the Schaft Creek Joint Venture. The continuation of the Optimization studies, commenced in 2014, as well as drilling the LaCasse zone are expected to deliver the results required to advance the Schaft Creek project."
Geotechnical/Geometallurgical modeling
The scope of these studies include additional infill sampling and re-logging of diamond drill cores that will be used for geometallurgical modelling and definition of geometallurgical domains, sampling for lithogeochemistry and acid rock drainage investigations and additional field mapping.
Evaluation of Key Economic Drivers
This aspect of the 2015 program includes studies on comminution (grinding) throughput rates, electrical demand, mine planning to match throughput rates, land use concepts, resource model review, site planning, water management and various concepts related to tailings and tailings storage.
Exploration
This work includes an estimated 1,500m of diamond drilling focusing on copper-gold mineralization located in the LaCasse zone.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX-Venture Exchange (TSX VENTURE:CUU) focused on copper exploration and development in North America with offices in Calgary, Alberta and Miami, Arizona.
Copper Fox holds a 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. On January 23, 2013, a National Instrument 43-101 Technical Report was prepared by Tetra Tech under the direction of Copper Fox comprising a feasibility study of a 130,000 tonne per day-open pit mine with a Proven and Probable Reserve of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver over a 21 year mine life with contained metal of 5.6 billion pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver.
The Schaft Creek deposit hosts a Measured and Indicated Resource of 1.2 billion tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 g/t gold and 1.69 g/t silver and a 597.2 million tonne Inferred Resource grading 0.22% copper, 0.016% molybdenum, 0.17 g/t gold and 1.65 g/t silver. The Proven and Probable Reserves for the Schaft Creek project are included within the stated Measured & Indicated Resources for this project.
In addition to Copper Fox's 25% interest in the Schaft Creek Joint Venture, Copper Fox holds, through Desert Fox and its wholly-owned subsidiaries, a 100% interest in the Sombrero Butte copper project in the Bunker Hill Mining District, Arizona and the Van Dyke oxide copper project in the Globe-Miami mining district, Arizona. Copper Fox holds, through Northern Fox Copper Inc. (a wholly owned subsidiary of Copper Fox), a 42% interest in the Eaglehead copper/gold/molybdenum project located in northwestern British Columbia through its equity ownership of Carmax Mining Corp. (TSX VENTURE:CXM). For further information on these projects, please refer to the Company's website at www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart, President and 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: the results of the Joint Venture activities at the Schaft Creek project; statements about the ongoing optimization studies, estimated timing and amounts of future expenditures; geological interpretations and potential mineral recovery processes and statements about Copper Fox's strategy, future operations, prospects and the plans of management.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have 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. 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 results of the Joint Venture activities at the Schaft Creek project including; additional infill sampling for geometallurgical modelling, re-logging of diamond drill cores; definition of geometallurgical domains, lithogeochemistry and acid rock drainage investigations; additional field mapping; comminution (grinding) studies; throughput rates; electrical demand; mine planning to match throughput rates; land use concepts; updating the resource model; sit planning; water management; various concepts related to tails and tails storage and diamond drilling on the LaCasse zone may not occur within the time expected frame or not all; uncertainties relating to interpretation of the previous drill results and the geology; the overall economy may continue to deteriorate; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects; fluctuations in copper prices and demand; currency exchange rates; conditions in the financial markets and uncertainty as to timely availability of permits and other governmental approvals.
* Cautionary Note to Investors
While the terms "measured (mineral) resource", "indicated (mineral) resource" and "inferred (mineral) resource" are recognized and required by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.
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 principles".
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.
