VANCOUVER, Jan. 9, 2014 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V: CUU) through its wholly owned subsidiary, Desert Fox Minerals Co. ("Desert Fox") is pleased to provide an update on its 2014 exploration plans for the Van Dyke copper project. Desert Fox holds a 100% interest in the Van Dyke copper project located in the Globe-Miami Mining District in Arizona subject to certain underlying agreements.
Mr. Stewart, President of Copper Fox stated, "The re-sampling and proposed diamond drilling programs are designed to confirm the historical data in advance of completing a NI 43-101 compliant resource estimation. The resource estimation is the first step towards completion of a Preliminary Economic Assessment of the Van Dyke copper deposit. The gold and silver concentrations available from the historical data are of significant interest and dictate that the distribution and concentration of these elements over the entire deposit need to be determined in order to select the best method in which to evaluate this deposit."
During December 2013, personnel from Moose Mountain Technical Services ("MMTS") and Knight Piésold Ltd. ("KP") conducted a site visit and preliminary review of the historical data from the Van Dyke copper deposit. The objective of this work was to assess the quality of the data and to propose a program to complete the geological, engineering and environmental work necessary to prepare a Preliminary Economic Assessment.
Diamond Drilling Program:
MMTS has recommended a minimum 5,000m (approximately seven holes) diamond drilling program for the Van Dyke copper deposit to confirm the historical drilling results. The program consists of twinning seven historical drill holes, re-submitting pulps from original drill core samples and splitting the mineralized core interval for certain historical drill holes to confirm the historical analytical results (see table below). Based on the results of this sampling, MMTS plans to use the new data to verify the accuracy of the historical information and then complete a NI 43-101 compliant resource estimation for the Van Dyke copper deposit.
Contingent on the results of the initial drilling program, a follow-up 25 hole drilling program has been proposed for the Van Dyke copper deposit.
On completion of each drill hole, hydrogeological and geotechnical surveys will be conducted to collect the information required for a Preliminary Economic Assessment. This information will be incorporated into the project database and form part of the environmental and geotechnical assessment of the Van Dyke copper deposit.
|DDH ID||From (m)||To (m)||Interval (m)||Total Cu %||Oxide Cu%||Sulfide Cu%|
Note: The core intervals listed in the above tables do not represent true widths.
*The analytical results reported in this news release from the Van Dyke deposit are historical in nature. Copper Fox wishes to clarify that insufficient work has been completed to verify the reported historical data and that no mineral resource occurs within the Van Dyke property. The reported historical mineralized intersections have not been verified and the historical data has not been adequately reviewed by an independent Qualified Person.
The proposed drill holes cover an 800m wide east-west and 500m long north-south section through the deposit. All samples (2014 core, and pulp and split samples from the historical core) will be assayed for total copper, soluble copper, gold, molybdenum and silver as well as a suite of 51 elements for baseline and environmental assessment purposes.
Applications for the various permits required to conduct a diamond drilling program and selection of a diamond drill contractor are expected to commence immediately.
Historical Gold - Silver Analysis:
As recommended by MMTS, selected intervals of the historical drill holes were sampled by Desert Fox to determine the gold, silver and molybdenum concentrations. The samples collected by Occidental Minerals Corp. and the Van Dyke Copper Company from the Van Dyke deposit were not systematically analyzed for gold and silver. Several drill holes were systematically sampled for silver over the mineralized interval. Diamond drill hole (DDH) OXY-6 averaged 3.04 g/t silver over a core length of 206.25m and DDH OXY-8 averaged 4.46g/t silver over a core length of 128.32m (after conversion from ounce per ton to grams per tonne). In addition to the above drill holes, the table below shows the significant intervals of silver mineralization reported in DDH OXY-1.
|DDH ID||From (m)||To (m)||Interval (m)||silver (opt)||silver (g/t)|
Note: The core intervals listed in the above tables do not represent true widths.
The core interval in DDH OXY-1 from 340.6m to 357.23m returned an average of 0.085 ounces (2.65g/t) gold per ton. The detection limits for gold and silver used for the historical analytical results are not known but most likely were considerably higher than in use today.
Based on the analytical results, a trade off study will be completed to determine the method to be used to evaluate the deposit.
A total of 406 of the original pulp samples from DDH OXY-6, OXY-8, OXY-15 and VD-6 have been submitted to ALS Chemex to determine the total copper, soluble copper, gold, silver and molybdenum concentration.
Sixty-seven (67) splits of the remaining core from DDH OXY-27 have been collected by Desert Fox and submitted to ALS Chemex to determine total copper, soluble copper, gold, silver and molybdenum concentrations.
Sample preparation is being conducted by ALS Minerals located in Reno, Nevada and analyses will be completed by ALS Minerals in Vancouver, British Columbia.
Copper concentrations are being determined using aqua regia ICPMS-MEMS41, AA and 08Q packages. Lower detection limits are as follows: copper 0.2 ppm, molybdenum 0.05 ppm, silver 0.01g/t. Gold is being determined by AA-23 on a 30-gram sample followed by ICP-ES finish; with a lower detection limit of 0.005 g/t. ALS has a 9001:2008 International Standard Organization rating.
Desert Fox follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates at regular intervals 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.
About Copper Fox
Copper Fox is a Canadian resource development company listed on the TSX-Venture Exchange (TSX-V: CUU) with offices in Calgary, Alberta and Vancouver, British Columbia. 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, the Sombrero Butte copper project in the Bunker Hill Mining District, Arizona and the Van Dyke copper project in the Globe-Miami Mining District, Arizona. Desert Fox has opened an operations office in Miami, Arizona to advance the work required on the Van Dyke copper project to a Preliminary Economic Assessment. 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 includes statements about work towards and completion of a Preliminary Economic Assessment: the objectives of the 2014 program at the Van Dyke copper deposit: completion of geological, engineering and environmental work to prepare a Preliminary Economic Assessment: re-sampling and proposed diamond drilling: applications for required permits and selection of a contractor for a diamond drilling program at the Van Dyke copper deposit: 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 has made numerous assumptions. 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 re-sampling and proposed diamond drilling in the Van Dyke Deposit may not contain any mineralization or mineralization as favorable as suggested by the historical estimates; the historical estimates may not be reliable or indicative of any commercial benefit to Copper Fox; Copper Fox may not be able to comply with its ongoing obligations regarding the Van Dyke Deposit; a Preliminary Economic Assessment may not be prepared for the Van Dyke Deposit as currently contemplated, or at all; fluctuations in copper prices and demand; currency exchange rates; conditions in the financial markets and the overall economy may continue to deteriorate; uncertainties relating to interpretation of the previous drill results and the geology, continuity and grade of Van Dyke Deposit; the previous metallurgical testwork and metal recovery rates; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals.
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.
SOURCE: Copper Fox Metals Inc.
For further information:
For additional information contact: Investor line 1-866-913-1910 or Lynn Ball, at 1-403-264-2820.