CALGARY, Nov. 18 /CNW/ - Copper Fox Metals Inc. (TSX-Venture: CUU) is pleased to announce the results of an Induced Polarization/Resistivity survey ("IP Survey") on the Schaft Creek project located in northwest British Columbia, Canada. The IP Survey was completed over a 6.2 square kilometer (sq km) area located between the Schaft Creek copper-molybdenum-gold-silver deposit and More Creek a distance of 2,800 meters (m). The IP Survey has outlined seven new chargeability and resistivity anomalies. The IP Survey was designed to explore the area east of the Schaft Creek deposit for additional zones of copper-molybdenum-gold mineralization. The report on the results and interpretation of the IP survey was received in November 2009. The anomalies occur in two distinct areas separated by an interpreted fault. Highlights of the IP Survey are set out below and the locations of the IP anomalies are shown in Figure-1. (see http://files.newswire.ca/835/copperfox1118.pdf)
This area contains two large partially defined irregular shaped zones of high chargeability. Anomaly No. 1 is located approximately 600 m east of the Schaft Creek copper-molybdenum-gold-silver deposit (see Figure-1) and is open to the northwest. Anomaly No.2 occurs approximately 200 m east of anomaly No. 1 and is also open to the northwest. The IP anomalies in this area are characterized by a shallow (close to surface) high chargeability signature with associated higher resistivity values extending at depth.
The anomalies (anomaly numbers 3 to 8) in this zone are of smaller size, amplitude and are better defined. Anomaly No. 7 is interpreted to be an extension of anomaly No. 1. At depth, the anomaly is approximately 600 m wide and is characterized by a moderate chargeability which correlates with a zone of high resistivity bounded by areas of lower resistivity. Anomaly No. 8 is located at the east end of the profile that contains anomaly No. 7 and is characterized by a strong chargeability anomaly with a moderate to strong resistivity signature.
Anomalies No. 3 and 4 are characterized by a west dipping, wide zone (450 m) of high chargeability at depth which is cross cut by a strong east dipping high resistivity signature which may be due to either a zone of silicification or a silicified fault.
Mr. Elmer B. Stewart, MSc., P. Geol, President and Chief Executive Officer stated, "The IP Survey has located a substantial number of targets that have to be diamond drilled to determine the source of the anomalies. The proximity of the anomalies to the Schaft Creek deposit demonstrates the potential to find additional copper-molybdenum-gold mineralization outside the limits of the known mineralized zones defined to date."
Details of Geophysical Program:
The geophysical program was completed by Associated Geosciences Ltd. during the period July 15 to October 2, 2008 on behalf of Copper Fox. A total of nine profiles were surveyed for a total of 14.1 line kilometers. The IP data was collected using an IRIS Instrument Syscal Pro multi-electrode receiver and an IRIS VIP 3000 transmitter as a source. A pole-dipole configuration was used for all profiles.
Elmer B. Stewart, MSc., P. Geol., President of Copper Fox, is the Corporation's nominated Qualified Person pursuant to National Instrument No. 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.
About Copper Fox
Copper Fox's activities are focused exclusively on Schaft Creek, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox has earned a direct 70% interest in Schaft Creek and pursuant to the option agreement with Teck Resources Limited may acquire an additional 23.4% interest (totaling 93.4% direct and indirect interest in the property) subject to certain back-in rights to Teck.
Schaft Creek is located within a contiguous land package that comprises 20,932 hectares situated in northwest British Columbia, Canada. On September 15, 2008, Copper Fox released the results of a preliminary feasibility study ("PFS") on the Schaft Creek deposit which contemplated processing 100,000 tonne of ore per day from an open pit mine. The PFS estimated the minable reserves at Schaft Creek to be 821 million tonnes grading 0.301% copper, 0.212g/t gold, 0.020% molybdenum, 1.76g/t silver at a Copper Equivalent cutoff of 0.20% and that this deposit could produce 4.8 billion pounds of copper, 255.1 million pounds of molybdenum, 4.5 million ounces of gold and 32.5 million ounces of silver over a 23 year mine life.
On behalf of the Board of Directors
Elmer B. Stewart
President & Chief Executive Officer
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Cautionary Note Regarding Forward-Looking Information
This news release includes "forward-looking information" within the meaning of the Canadian securities laws. All statements, other than statements of historical fact, included herein and including, without limitation; anticipated results of geophysical surveys or drilling programs, anticipated availability and terms of future financings; estimated timing and amounts of future expenditures; Copper Fox's future production, operating and capital costs; operating or financial performance; geological interpretations and potential mineral recovery processes, are forward-looking statements. 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. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. For any forward looking information given, management has assumed that the geological, metallurgical, engineering, financial and economic advice it has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Copper Fox's expectations include: fluctuations in copper and other 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, production estimates and estimated economic return; the need for co-operation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; 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; and other risks and uncertainties disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on Copper Fox's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.
SOURCE Copper Fox Metals Inc.
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