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Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide 2022 exploration plans for its 100% owned exploration stage projects. The plans and budgets for Copper Fox's 100% owned Van Dyke project and the Schaft Creek Joint Venture (25% interest) are expected to be announced in late February.
Elmer B. Stewart, President and CEO of Copper Fox stated, "Connecting the mineralization between the Bornite and East zones at Eaglehead and advancing the project towards completion of an updated resource estimate is our primary focus in 2022. The recent success of utilizing Magnetic Vector Inversion of magnetic data to identify interpreted buried intrusives with associated potassic alteration at Eaglehead has modified our approach to the definition and screening of drilling targets. Utilizing this technique at Mineral Mountain and Sombrero Butte can more precisely locate potassic altered, late stage intrusives and their estimated depth below surface within the large porphyry footprints defined on both projects. The ability to more precisely locate these late-stage intrusives, better defines drill targets and increases the chance of success associated with initial drilling programs."
Eaglehead Project
The program is focussed on demonstrating continuity of the polymetallic porphyry mineralization between the East and Bornite zones, approximately 500 meters ('m'). Four drill holes, spaced at 125m intervals, totalling 2,500m are planned to test the 500m long zone. Continuity of the mineralization between these zones, would yield a mineralized zone exceeding 2,000m in strike length. Metallurgical testwork (lock-cycle testing, BWi and Ab) water quality and archeological surveys are also planned. The Notice of Work and application for the Archeological permit have been submitted for review and approval and completion of the 2022 work program is contingent on receipt of these permits. The 2022 program has been budgeted at $830,000.
Arizona Exploration Projects
At Mineral Mountain and Sombrero Butte, large porphyry footprints have been identified on both projects. The results of the recent Magnetic Vector Inversion ('MVI') study on the Eaglehead project identified interpreted buried late stage intrusives with associated potassic alteration halos. The ability to precisely locate late-stage intrusives, prior to drilling, significantly improves modelling and reduces drilling risk associated with initial drilling programs. The Geological Field Operating Plan ('GFOP') has been submitted to the Bureau of Land Management and Arizona State Land Department for approval prior to commencing the 2022 work programs on both projects.
Mineral Mountain
Target #1 covers a porphyry footprint that is approximately 4,500m long by 2,000m wide. Geochemical vectoring and mineralogical associations suggest that the main part of the porphyry system lies at an undetermined depth below surface.
A high sensitivity airborne magnetic and radiometric survey is planned. MVI of the magnetic data to locate interpreted late-stage buried intrusives with associated potassic alteration halos and identification of low Th/K anomalies due to an increase in potassium concentration related to potassic alteration are planned. It is expected that the combination of magnetic and radiometric data would more precisely locate the core of the porphyry system at depth.
In addition to the airborne magnetic survey, the GFOP for the Mineral Mountain project includes a property wide deep penetrating Induced Polarization ("IP") survey to better define the chargeability and resistivity signatures associated with any late-stage intrusive stocks identified by the MVI study. Completion of the IP survey will be decided after receipt of the results of the airborne survey. The estimated cost of the 2022 airborne survey is C$45,000. The budget increases to C$220,000 if the IP survey is completed.
Sombrero Butte
A high sensitivity airborne magnetic and radiometric survey over the property and mapping of a Laramide age stock located on the south end of the project is planned. Two large areas of chargeability and resistivity have been defined on the property. The largest chargeability anomaly measures approximately 3,000m in strike length and is overlain by Laramide age Galiuro Volcanics. MVI of the magnetic data to locate interpreted potassic altered, late-stage buried intrusives and identification of low Th/K anomalies due to an increase in potassium concentration related to potassic alteration are planned. It is expected that this approach would more precisely locate, the potential core of the porphyry system within the 3,000m long chargeability target, in advance of a drilling program. The area around the small Laramide age stock at the south end of the property has not been either mapped or prospected. The budget for the Sombrero Butte project is C$35,000.
Qualified Person
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at https://www.copperfoxmetals.com.
For additional information contact: Investor line 1-844-464-2820 or Lynn Ball, at 1-403-264-2820.
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 include statements about: a drilling program at Eaglehead, establishing continuity of mineralization, metallurgical testwork; airborne geophysical surveys on the Sombrero Butte and Mineral Mountain projects and mapping on the Sombrero Butte project.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have 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; the speed of field studies; and the stability of economic and market conditions. 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 Eaglehead drilling program may not intersect additional mineralization; the drilling program may not be completed within the timeline or at all; the metallurgical testwork at Eaglehead may not be completed as planned or at all; the metallurgical testwork may not yield positive test results; the airborne geophysical surveys at Mineral Mountain and Sombrero Butte may not be completed as planned or at all; certainties relating to interpretation of the previous results; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113187
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