VANCOUVER, Oct. 17, 2012 /CNW/ - Copper Fox Metals Inc. (TSXV: CUU) is pleased to announce the following diamond drill results from the Schaft Creek copper-gold-molybdenum-silver project located in northern British Columbia. Highlights are as follows:
- In the Mike zone, Diamond drill hole (DDH) CF429-2012 intersected an average of 0.02% copper, 0.02g/t gold and 1.09 g/t silver over a core length of 84.49m starting at a core interval of 94.12 m, with individual maximum sample concentrations of 0.05% copper, 0.15 g/t gold, 16.9 g/t silver and 0.006% molybdenum; and
- In the Discovery zone, DDH CF430-2012 located approximately 300m east of DDH CF427-2012 intersected 0.14% copper, 0.01g/t gold, 0.006% molybdenum and 5.55g/t silver (0.36% copper equivalent) over a core length of 9.40m m starting at a core interval of 122.75m; including a 1.4m core interval that assayed 0.16% copper, 0.03g/t gold and 414 g/t (13.31 ounces per tonne) silver.
Mr. Stewart, President of Copper Fox stated, "Over the past three years we have seen a strong correlation of copper mineralization with positive chargeability signatures at the Schaft Creek deposit. We are now seeing the same correlation between the positive chargeability signature and mineralization in the Discovery zone. The assays results for the last of the drill holes from the 2012 drilling program while low grade provide valuable information regarding the copper potential of the Discovery and Mike zones located north of the Schaft Creek deposit. These holes were terminated before reaching the interpreted edge of the chargeability targets due to drilling difficulties but show specific intervals of highly elevated copper-gold-silver concentrations. The combination of these drill results, the chargeability anomalies and mineralization in outcrop lend considerable support to the mineral potential of the Schaft Creek mineral trend."
Discovery Zone Drilling:
The weighted average grades for all drill holes completed in 2012 on the Discovery zone and the Mike zone are outlined in the table below. The assay intervals for Diamond Drill Holes (DDH) CF426-2012 and CF427-2012 were previously reported and are shown here for reference purposes. Intervals were estimated using a zero cutoff grade, for copper, see table below:
|DDH ID||Azumuth||Dip||From (m)||To (m)||Interval (m)||Copper (%)||Gold (g/t)||Silver (g/t)||Molybdenum (%)||CuEq (%)|
|CF428-2012||No Significant Assays|
Note: The core intervals listed in the above table do not represent true widths. Copper Equivalent for the metals in DDH 428, 429 and 430 were not estimated due to either the low grade nature or the narrow intervals of the mineralization.
** silver assay cut from 414g/t to 31.1 g/t to estimate weighted average of interval.
To view the location of 2012 drill holes completed to date, please visit the Copper Fox website at www.copperfoxmetals.com.
Diamond drill hole (DDH) CF-429-2012 tested the chargeability signature referred to as the Mike zone. Although the mineralized interval is relatively narrow, the data suggests that the low grade copper mineralization in the volcanics represents a leakage halo from a deeper source. This drill hole was terminated at a depth of 178m and did not test the target chargeability signature.
DDH CF-430-2012 located approximately 300m east of DDH CF-427-2012 was completed to test the chargeability anomaly associated with the Discovery Zone. This hole was terminated due to drilling difficulties and did not test the target chargeability signature that was intersected in DDHCF427-2012. The overall average grade of the silver concentration in this mineralized interval is significantly affected by one sample that assayed 414 g/t (13.31ounces per tonne) silver. In determining the weighted average grade of this interval, the 414 g/t silver assay was arbitrarily cut to 31.1 g/t silver.
Diamond Drilling and Sampling Procedures:
The diamond drilling was completed using an HQ and NQ core size. Overall core recovery was estimated to be greater than 98%. After cutting with a diamond saw, one half of the core is 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 and ranged from 0.73 to 3.10m. The majority of the sample intervals were 2.0m. 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%, Silver values are determined by the 1EX with a lower detection limit of 0.1g/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.
Recoverable copper equivalent calculations are based on 88% 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/ounce, molybdenum $US17.00/pound and silver $US16.10/ounce.
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.
About Copper Fox
Copper Fox is a Canadian-based resource development company listed on the TSX Venture Exchange (TSX-V:CUU) with a corporate office in Calgary and an operations office in Vancouver and is involved in the exploration and development of the Schaft Creek copper-gold-molybdenum-silver deposit located in northwest British Columbia, Canada.
The Company is working on completing a feasibility study on the Schaft Creek mineral deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. The feasibility study is being led by Tetra Tech Wardrop on a minimum 120,000 tpd open pit mine.
Copper Fox holds title and a 100% working interest in the Schaft Creek project consisting of 52,843.36 hectares (130,579 acres). Included in this total are the "Schedule A" mineral tenures originally conveyed to Copper Fox pursuant to the option agreement dated January 1, 2002 between Teck Resources Limited ("Teck") and Copper Fox (the "Teck Option Agreement"), which consist of 8,334.34 hectares (20,594 acres). The "Schedule A" mineral tenures are subject to a 3.5% Net Profits Interest held by Royal Gold, Inc., a 30% carried Net Proceeds Interest held by Liard Copper Mines Limited ("Liard") and, together with the additional mineral tenures held by Copper Fox within the "Area of Interest" provided for in the Teck Option Agreement, an earn back option held by Teck. On completion of the feasibility study, Copper Fox will earn Teck's 78% interest in Liard. Teck's earn back option to acquire either, 20%, 40% or 75%, of Copper Fox's interest in the Schaft Creek property is triggered upon delivery of a positive feasibility study to Teck. Should Teck elect to exercise its option for 75%, Teck is required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($80.8 million to June 30, 2012) and arrange for project financing, including the Copper Fox portion. For full details of the Teck earn back option please refer to the Company's website www.copperfoxmetals.com.
The remainder of Copper Fox's registered interests in mineral tenures in British Columbia total 44,509.02 hectares (109,484 acres). These interests have been acquired by Copper Fox through mineral tenure acquisitions and mineral tenure purchase agreements subsequent to Copper Fox entering into the Teck Option Agreement. Certain portions of these registered mineral tenures are subject to inclusion within the Schaft Creek project pursuant to the terms of the Teck Option Agreement.
Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (CUU-TSX-V). Copper Fox was recently recognized by TSX Venture Exchange Inc. as a member of the distinguished TSX Venture 50® group where it had the distinction of being ranked first overall for 2010.
On behalf of the Board of Directors
Elmer B. Stewart
President & 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 include statements about the recently completed drilling program; mineralization in the Discovery zone; expected results of the in-depth interpretation of the airborne and Titan-24 surveys over the Schaft Creek project; the timing and scope of expected diamond drilling; the completion of the Feasibility Study for the Schaft Creek project; potential existence and size of mineralization within the Schaft Creek project; estimated timing and amounts of future expenditures and "earn-back" options; geological interpretations and potential mineral recoveries. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined.
In connection with the forward-looking information contained in this news release, Copper Fox has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards; and the continued financing of the Feasibility Study. 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: another deposit may never be discovered on Copper Fox's property, or contain anticipated mineralization, or mineralization of any significance at all; the Feasibility Study or the Environmental Assessment may not be completed within the contemplated time frame, or at all; the possibility that future drilling on either the Schaft Creek project may not occur on a timely basis, or at all; additional drilling may not locate additional mineralization, or at all; the additional drilling on either the Discovery zone and/or the Mike zone may not intersect significant copper mineralization; fluctuations in copper, commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, and estimated economic return; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects 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:
Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080