Copper Fox Metals Inc. is pleased to provide its shareholders an update on activities on the Schaft Creek Joint Venture project located in northwestern, British Columbia and its 100% owned Van Dyke In-Situ Leach copper project in Arizona.
The objectives of the 2015 Schaft Creek program are to advance the Optimization studies on the Schaft Creek deposit and to drill test copper mineralization observed in veins on surface and in hydrothermal breccia on the LaCasse zone. The objective at the Van Dyke ISL project is to complete a Preliminary Economic Assessment ("PEA") on the Van Dyke oxide copper deposit. Highlights are:
Highlights:
- Work on the comminution and geometallurgical studies is ongoing at Schaft Creek,
- The proposed diamond drilling program on the LaCasse zone at Schaft Creek is expected to commence on or before the end of June,
- Underground development has been selected as the method to access the main portion of the deposit and installation of the injection and recovery wells at Van Dyke, and
- Moose Mountain Technical Services ("MMTS") will complete the metallurgical aspects of the PEA for the Van Dyke project.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are pleased with the progress of the 2015 program of the Schaft Creek joint venture. The various studies focusing on the key economic drivers are ongoing. The diamond drilling on the LaCasse zone is testing a geological setting similar to that in the Paramount zone of the Schaft Creek deposit located approximately 3 kilometres to the south. The PEA for the Van Dyke ISL project is progressing. Several trade-off studies have been completed to focus on the concepts to be studied in the PEA. All Qualified Persons related to the PEA have visited the site."
Schaft Creek Joint Venture:
The summer field program for the Schaft Creek project is expected to start in early June subject to snow and weather conditions. The Joint Venture is planning a diamond drill program on the LaCasse zone to test the depth extension of the copper-gold mineralization located in potassic-phyllic altered outcrop and in hydrothermal breccia. Approximately 2,500m (five holes) of drilling is planned with the last two holes of the proposed drilling program contingent on results.
Work on the comminution study to determine power requirements and circuit design as well as modelling of the geomet domains for the Schaft Creek deposit is ongoing. Selection of additional samples from existing diamond drill core for the geometallurgical portion of the 2015 program is planned during the summer field season.
The other studies related to the Optimization work on the Schaft Creek deposit to be advanced in 2015 (see news release dated February 4, 2015) include Geomet Unit definition, generation of new Whittle pits, and preparation of mine schedules. If warranted by the new studies, updating of operating and capital costs, flowsheet design criteria, and a new financial simulation are planned for later in the year.
Van Dyke ISL Project:
Moose Mountain Technical Services ("MMTS") convened a meeting at site with representatives from Desert Fox, MMTS, Huff and Associates and Knight Piesold to discuss potential methods to access the deposit and location of the injection, recovery and monitoring wells. The options considered were either drilling from surface or using underground development to locate the wells required to leach the deposit. MMTS has recommended that the underground option by completion of a decline to access the oxide copper deposit be selected for the purposes of the PEA. The plan and spacing for the injection and recovery wells using both options for leaching the deposit were outlined in a trade-off study completed by Schlumberger Water Services. MMTS has taken on the metallurgical portion of the PEA.
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, and has reviewed the scientific and technical information disclosed in this news release.
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.
Source: http://www.copperfoxmetals.com/