Copper Fox Metals Inc. and its wholly owned subsidiaries want to provide its shareholders with a year-end update of technical activities related to its copper projects. The technical information contained in this news release has been previously disseminated to the public by way of earlier news releases.
Schaft Creek Project:
The Optimization studies commenced in 2014 are expected to continue into 2015. The 2014 field program located the LaCasse zone of copper-gold mineralization at the north end of the Discovery zone which is situated immediately north of the Schaft Creek deposit. The management committee meeting for the Schaft Creek joint venture has been scheduled for the third week of January 2015. It is expected that Teck Resources Limited, as operator of the Schaft Creek joint venture, would present at that meeting their proposed 2015 plans for review and consideration.
Van Dyke Project:
The resource estimation completed by Moose Mountain Technical Services has defined an inferred mineral resource of 261.7 million tonnes at an average grade of 0.25% total copper containing approximately 1.44 billion pounds of copper (see news release dated December 19, 2014). The National Instrument 43-101 Technical Report for the Van Dyke deposit is expected to be filed before the end of January 2015 and should contain recommendations as to further work on the project.
The In-Situ Pressure Leaching tests completed by SGS indicate that approximately 89% of the copper in these samples is soluble with an average of 63% of the copper recovered over a 120 day leach cycle.
The hydrogeological and geotechnical information collected during the 2014 diamond drilling program has been compiled. This information is required to complete a Preliminary Economic Assessment.
In January 2015 the Company plans to convene a meeting of the contractors involved in the Van Dyke project to determine if the data would support the preparation of a Preliminary Economic Assessment.
Carmax Mining Corp:
In 2014, Copper Fox's subsidiary, Northern Fox Copper Inc., by way of private placement, acquired 42% of the equity in Carmax which owns 100% of the Eaglehead porphyry copper-molybdenum-gold project located in northern British Columbia. The 2014 exploration program yielded the following results:
- An open-ended 6,000m long chargeability anomaly that includes four of the six previously known zones of mineralization. This anomaly averages 900m wide and is open below a depth of 500m,
- A positive correlation between chargeability signature and copper mineralization (similar to other copper porphyry deposits in northern British Columbia),
- The Far East zone located approximately 3,000m from the southeast end of the chargeability anomaly exhibits a 1,000m long by 1,000m wide copper and molybdenum in soil anomaly and numerous mineralized drill holes. The area between the East zone and the Far East zone has not been drilled,
- Re-logging of selected diamond drill cores from all six mineralized zones suggests that Eaglehead could be a 9,000m long porphyry copper system,
- Mineralized drill holes (120 historical and current) occur over a horizontal distance of 5,000m within the 6,000m long chargeability anomaly,
- The current inferred mineral resource (Bornite and East zones only) of 102.5 million tonnes grading 0.30% copper, 0.01% molybdenum and 0.09g/t gold contains approximately 662 million pounds of copper, 22 million pounds molybdenum and 265,000 ounces gold is interpreted to represent a small portion of the mineral potential of the Eaglehead project.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are very pleased with the technical progress of the Company over the past year. The establishment of an inferred mineral resource at Van Dyke (1.44 billion pounds of copper) and the acquisition of the equity interest in the Carmax (Copper Fox share equals 278 million pounds of copper) has added a total of 1.72 billion pounds of copper as well as molybdenum and gold all contained in the inferred resource category to our balance sheet at minimal cost. Going forward, the Company will continue to focus on large or potentially large copper project in North America."
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 and approves the content.