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Copper Fox Metals Reports Assay Results from Hole CF398 at Schaft Creek Deposit

Copper Fox Metals Inc. (TSX-Venture: CUU) has announced the assay results for the recently completed diamond drill hole CF398.

Two diamond drills are currently working at Schaft Creek to test the extensions of the mineralization intersected in DDH CF398 and to test the deposit at depth for higher grade copper-gold mineralization.

Highlights:

  • Diamond drill hole (DDH) CF398 has intersected 0.70% copper, 0.42 g/t gold, 2.80 g/t silver and 0.04% molybdenum (1.13% copper equivalent) over an interval of 54.3 metres (m) of copper mineralization starting at 7.1 m below surface confirming the potential to outline a higher-grade "starter pit",
  • DDH CF398 intersected a higher grade of mineralization that assayed 0.47% copper, 0.37g/t gold, 3.00 g/t silver and 0.02% molybdenum (0.78% copper equivalent) over a 213.7 m interval from 325 m to the bottom of the hole at a depth of 538.7 m.  The copper-gold-molybdenum-silver mineralization is open at depth and the assay results confirm the mineralized nature of the chargeability anomaly identified in July 2010,
  • The analytical results show that the copper grades and notably the gold grades increase significantly toward the bottom of DDH CF398,
  • The re-sampling of approximately 40 historical diamond drill holes that contain higher grade copper mineralization is progressing well,
  • Held public open house sessions on the draft Application Information Requirements (AIR) in Tahltan communities, Terrace and Stewart B.C.  The public comment period on the draft AIR will close on November 5, 2010, and
  • The Quantec Titan-24 deep penetrating DCIP and MT survey over the interpreted north and south extensions of the Schaft Creek deposit has been completed.

Mr. Stewart, President of Copper Fox stated that "The decision to add another diamond drill at Schaft Creek was based on the visible mineralization encountered in DDH CF398 and DDH CF399. DDH CF398 has confirmed two very significant aspects of the Schaft Creek deposit being a zone of high grade copper mineralization at surface; potentially a "starter pit" and a substantial increase in the copper and gold grades towards the bottom of the hole.  Drilling is now underway to test the down dip extension of the mineralization at the bottom of DDH CF398.  

Diamond Drilling Update:

DDH CF398 is located in an area that is approximately 500 metres long by 200 metres wide that is being tested as a potential higher grade "starter pit" for the feasibility study that is currently underway.

The mineralization in DDH CF398 is hosted potassic altered upper intrusive breccia, in andesite, granodiorite and an intrusive breccia at the bottom of the hole. The potassic alteration is overprinted by abundant vein controlled prophylitic alteration.

The copper-gold-molybdenum-silver mineralization located below the 325.5 metres in DDH CF398 corresponds to a moderate Induced Potential response that is open at depth.  The Quantec survey shows that this anomaly extends for at least an additional 600 metres to the east of DDH CF398.  The 600 m wide eastern portion of the Induced Polarization anomaly has not yet been tested by diamond drilling.

DDH CF399 located approximately 250 metres south of DDH CF398 intersected variable concentrations of visible bornite-chalcopyrite and chalcopyrite mineralization along with sporadic molybdenite over the length of the hole. The hole stopped in visible copper mineralization.

DDH CF400 is located approximately 650 metres east of DDH CF398 to test a strong induced polarization anomaly identified earlier in 2010.  The hole was lost due to drilling difficulties before reaching the upper edge of the anomaly.

DDH CF401 is located 104 m south of DDH CF398 has intersected variable concentrations of visible bornite-chalcopyrite and chalcopyrite mineralization along with sporadic molybdenite over the length of the hole.

Core logging, sawing and sampling of the completed DDH CF399 and DDH CF401 is in progress and analytical results will be reported on receipt thereof. DDH CF402 and DDH CF403 are currently being drilled to test the strike extension of the copper-gold-molybdenum-silver mineralization intersected in DDH CF398 and DDH CF399.

Re-sampling Historical Diamond Drill Holes;

Copper Fox has commenced the re-sampling of 40 historical diamond drill holes (completed between 1960 and 1985) to check the previously reported copper-gold-molybdenum-silver content.  The samples from these holes were not systematically assayed for gold possibly due to the low value of gold at that time. The historical analytical results for these holes contain high grade copper mineralization which shows a positive correlation with gold content.

Quantec Titan-24 DCIP and MT survey:

The recently announced Titan-24 DCIP and MT survey to test the possible extension of the Schaft Creek deposit to the north and south has been completed. The survey covered an additional 800 metres to the north and 800 metres south of the Schaft Creek deposit.  Results for the survey are expected to be received by mid November.

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 December 2010.   The Corporation is currently considering extending the time to complete the updated resource estimate to include the analytical results from the current diamond drilling and re-sampling programs.

Environmental Assessment Update:

Copper Fox is pleased to announce that the 30 day public comment period for the draft Application Information Requirements (AIR) will end on November 5, 2010.  In support of the draft AIR, Copper Fox held public open house sessions in Telegraph Creek, Dease Lake, Iskut, Terrace and Stewart.  Copper Fox will incorporate comments from the public and the Tahltan Nation into the draft AIR and seek to finalize the document in November 2010.  The final AIR will be used to prepare the Environmental Assessment application.

Diamond Drilling and Sampling Procedures:

The diamond drilling was completed using an HQ core barrel. Core recovery was estimated to be greater than 97%. After cutting with a diamond saw, one half of the core was 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. Sample intervals ranged from 0.58 to 2.49 metres. 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%, Ag >2 g/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.

Copper equivalent calculations are based on 100% of the copper content plus 81% of the gold content, 72% of the molybdenum content and 71% of the silver content.  Metal prices are copper $US2.50/pound, gold $US1,075.00/ounce, molybdenum $US17.00/pound and silver $US16.10/ounce.

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.

Source: Copper Fox Metals Inc.

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