Dec 14 2015
Copper Fox Metals Inc.is pleased to announce that the Schaft Creek Joint Venture has entered into agreements to acquire an additional 140,100 common shares of Liard Copper Mines Ltd.
The principal asset of Liard Copper Mines Ltd. ("Liard") is a 30% net proceeds royalty in the Schaft Creek copper-gold-molybdenum-silver deposit, one of British Columbia's largest known porphyry copper deposits.
In 2002, Teck Resources Limited ("Teck") entered into an option agreement whereby Copper Fox could earn 100% of Teck's interest in the Schaft Creek property and 100% interest in Teck's (78.05%) shareholdings of Liard Copper Mines Ltd., subject to a "back-in-right" in the Schaft Creek property by meeting the obligation set out in the option agreement.
In July 2013, Teck and Copper Fox entered into an agreement for the formation of the Schaft Creek Joint Venture whereby Teck holds a 75% interest and Copper Fox holds a 25% interest in the Schaft Creek property and Liard shares (see news release dated July 16, 2013). Teck is the operator of the SCJV.
Highlights are:
- Teck has entered into a share purchase agreement to purchase the Liard shares,
- Pursuant to Section 24.2 of the Schaft Creek Joint Venture Agreement, dated July 15, 2013, Teck has offered to Copper Fox the right to have the Liard shares contributed to SCJV provided that Copper Fox pays its proportionate share of the purchase price,
- Copper Fox has accepted its right to have the Liard shares contributed to SCJV, and Copper Fox's share of the purchase price will be deemed to be included in the Pre-Production Costs as that term is defined in the Schaft Creek Joint Venture Agreement,
- The 140,100 common shares of Liard represent 7.41% of the issued and outstanding shares of Liard, and
- Upon completion of the arrangements set out above the SCJV will own approximately 85.5% of the issued and outstanding shares of Liard.
Schaft Creek Project:
The SCJV approved a $4.9 million budget for 2015. Work completed during the year included a drilling program on the LaCasse zone which intersected numerous intervals of low grade copper mineralization as well as surface mapping and geophysical surveying outside the Schaft Creek deposit. Work on the Schaft Creek deposit included geometallurgical sampling and 11,800 metres of core re-logging. Work is continuing on a number of studies undertaken by the SCJV in 2014 to enhance project economics.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are very pleased that the Schaft Creek Joint Venture was able to acquire the additional shares of Liard. This acquisition further consolidates the joint venture's interest in this project."
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 approved the scientific and technical disclosure in this news release.
Source: http://www.copperfoxmetals.com/