Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on the geophysical modelling on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers ('km') east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (15,956 ha) of the late Jurassic age, Eaglehead stock located at the southern margin of the Quesnel terrane. The Quesnel terrane hosts several porphyry copper deposits including Lorraine, Mt. Milligan, and Mount Polly to the south.
In preparation for a 2022 field season, compilation and re-interpretation of current and historical exploration data resulted in completion of a Magnetization Vector Inversion (MVI) analyses of the airborne magnetic and radiometric data collected in 2014. Magnetization Vector Inversion is an exploration technique used to locate magnetite bearing, high temperature hydrothermal centres indicative of potassic (K-spar-magnetite-secondary biotite) altered zones associated with porphyry systems.
Highlights
The MVI analyses identified five areas, interpreted to represent late-stage intrusive plugs with associated potassic (magnetite) alteration.
Four of the interpreted late-stage intrusive plugs exhibit a strong spatial correlation to the Thibert Fault system.
The four interpreted intrusives located along the Thibert Fault exhibit a strong positive correlation to known areas of copper mineralization and copper-molybdenum ('Cu-Mo') in soil geochemical anomalies.
The compilation indicates the main portion of the porphyry could be to the north and at depth below the near surface mineralized zones.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The MVI study has identified a 10km long linear trend with four late-stage intrusive plugs exhibiting the magnetic characteristics of a porphyry copper system. These late-stage intrusives are located at depth below the surface zones of mineralization distributed along or in proximity to the Thibert Fault and show a very strong correlation with all known areas of copper mineralization and Cu-Mo in soil geochemical anomalies. The MVI study also identified two previously unknown targets and identified priority areas in which to focus future exploration.
Geological Model
The historical drilling intersected six, open ended zones of near surface, intrusion hosted polymetallic porphyry style mineralization. Modelling (3D) of the mineralization in the Bornite and East zones and the three distinct, overlapping episodes of copper mineralization suggests that the drilling intersected the very upper level of an evolving porphyry system.
The MVI study, and trace element ratios (fertility indices) indicate late-stage, intrusive/hydrothermal activity at depth, the upper levels of which are represented by the near surface zones of porphyry mineralization. The spatial association of the copper mineralization and interpreted buried intrusives suggests the Thibert Fault exerted significant control on the emplacement of the late stage intrusives and porphyry mineralization. The model provides an explanation for the MVI study results, area/zones of mineralization and distribution of Cu-Mo in soil anomalies in relation to the intrusive plugs and structures. The data suggest that the main portion of the porphyry system could be to the north and at depth below the surface mineralization, see Figure 1.
Figure 1. MVI signature at 600 m depth with soil geochemistry, mineralization, and structures. Scale is 1:50,000.
The MVI analysis was completed using Geosoft's VOXI Magnetic Vector Inversion software. Multiple inversions were carried out to find a model that fit the observed data within the allocated noise threshold while not adding unnecessary features to the model. The final model was generated by applying the VOXI IRI focussing method to recover a sharper model. Horizontal slices ranging from 200 to 600 meters below surface were generated during the modelling, the 600-depth slice was used for the current interpretation. Highlights of the study are listed below:
Five positive magnetic signatures were identified.
The magnetic signatures are interpreted to represent potassic (magnetite) alteration associated with late-stage intrusive plugs within the Eaglehead intrusive.
The plugs are located at depth below the Bornite-East zone, West-Camp zone, between the East zone and the Far East zone, on the west side of the Thibert Fault and to the north of the mineralized area.
Four of the five intrusive plugs exhibit a strong spatial association with the Thibert Fault system.
The shape of the magnetic signature on the west side of the Thibert Fault suggests that the Thibert Fault offset the mineralization in the Bornite and East zones potentially up to 1km to the east. The MVI anomaly on the west side of the Thibert Fault has not been tested by drilling.
A large, NNW trending arcuate shaped area of positive magnetization extends north of the Camp-Pass zones crosscutting the regional trend of the Eaglehead intrusive. The cause of this feature is unknown and will be fact checked during the 2022 field program.
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 listed on the TSX Venture Exchange 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: the results of an MVI study; a large, arcuate magnetic signature; interpreted deeply buried intrusives; strong spatial correlation of the interpreted intrusives to the Thibert Fault system; the main portion of the porphyry is to the north and at depth; and fertility indices.
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 results of an MVI study may not be accurate; the arcuate magnetic signature may not represent deeply buried intrusives; the strong spatial correlation of the interpreted intrusives to the Thibert Fault system areas of copper mineralization and soil geochemical anomalies may not be representative of an actual geological setting; comments on the location and depth of the main portion of the porphyry may not be accurate; the fertility indices may not be related to a magmatic system; uncertainties 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.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide analytical results for the last five (5) of eleven (11) drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products.
The 2022 metallurgical drill program completed 4,688 meters ("m") with the objective of collecting samples to complement historical metallurgical test work. The drill program expanded the metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. Eleven (11) drill holes were completed across the project's mineralized zones; Liard (six holes), Paramount (three holes) and West Breccia (two holes). Highlights and additional details regarding the analytical results received are summarized below.
Highlights
The analytical results from the last five drill holes intersected copper-gold-molybdenum-silver mineralization across a range of grades representative of the project life of mine for metallurgical test work. Below are selected mineralized intervals from the drilling results reported in this news release.
DDH SCK-22-456 in the Liard zone intersected 144.70 m grading 0.442% copper, 0.552g/t gold, 0.032% molybdenum and 3.46g/t silver (CuEq 0.778%) starting at 112.30 m downhole. This interval includes 70.30 m of 0.670% copper, 0.859g/t gold, 0.043% molybdenum and 5.41g/t silver (CuEq 1.180%) starting at 116.70 m.
DDH SCK-22-457 in the Paramount zone intersected 270.00 m grading 0.371% copper, 0.090g/t gold, 0.054% molybdenum and 1.60g/t silver (CuEq 0.520%) starting at 377.0 m downhole. This interval includes 45.63 m of 0.442% copper, 0.095g/t gold, 0.088% molybdenum and 1.63g/t silver (CuEq 0.656%) starting at 377.00 m and 90.00 m of 0.447% copper, 0.106g/t gold, 0.058% molybdenum and 1.82g/t silver (CuEq 0.612%) starting at 536.00 m.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The mineralized intervals from drill holes in the Liard zone reported in this news release further extend the continuity of previously reported zones of near-surface higher-grade mineralization between existing drill holes within the Liard zone. Paramount zone drill hole, SCK-22-457 demonstrated an interval of higher-grade copper-gold-molybdenum-silver mineralization representative of mineralization within the Paramount zone. With all analytical results from the 2022 metallurgical drilling program in hand, sample selection for metallurgical test work has commenced."
2022 Metallurgical Drilling Program Mineralized intervals reported in this news release were calculated using a 0.10 CuEq % copper equivalent cut-off grade. Samples lower than the selected cut-off grade were included in the weighted average interval provided that the sample interval below the cut-off did not exceed 10.0 m in core length. Intervals of lower grade mineralization are reported to demonstrate metal distribution within the drill holes. Information on the drill holes completed, including the weighted average grades of the mineralized intervals, are tabulated below.
Mineralized
DDH
TD
From
To
Interval
Cu
Au
Mo
Ag
CuEq
Zone
ID
(m)
(m)
(m)
(m)
(%)
(g/t)
(%)
(g/t)
(%)
Liard
SCK-22-456
401.00
73.30
81.00
7.70
0.151
0.176
0.011
1.15
0.260
112.30
257.00
144.70
0.442
0.552
0.032
3.46
0.778
includes
116.70
187.00
70.30
0.670
0.859
0.043
5.41
1.180
292.00
305.00
13.00
0.170
0.072
0.005
0.95
0.217
372.00
401.00
29.00
0.193
0.037
0.01
0.83
0.232
Paramount
SCK-22.457
647.00
11.40
90.00
78.60
0.188
0.050
0.009
0.65
0.231
174.00
183.00
9.00
0.109
0.041
0.003
0.46
0.136
199.00
291.35
92.35
0.212
0.026
0.006
1.29
0.240
312.00
339.58
27.58
0.102
0.007
0.003
0.57
0.113
377.00
647.00
270.00
0.371
0.090
0.054
1.60
0.520
includes
377.00
422.63
45.63
0.442
0.095
0.088
1.63
0.656
includes
536.00
626.00
90.00
0.447
0.106
0.058
1.82
0.612
Paramount
SCK-22-458
500.00
19.00
299.60
280.60
0.316
0.088
0.020
1.12
0.399
343.65
356.00
12.35
0.290
0.054
0.016
1.04
0.318
372.80
422.40
49.60
0.235
0.104
0.015
1.55
0.142
452.00
480.00
28.00
0.123
0.028
0.002
0.60
0.142
West Breccia
SCK-22-459
46.00
6.00
46.00
40.00
0.145
0.126
0.003
0.76
0.214
Liard
SCK-22-460
356.00
5.80
268.00
262.20
0.251
0.096
0.007
0.77
0.313
includes
21.85
36.00
14.15
0.548
0.290
0.008
2.30
0.710
Note: The core intervals listed in the above table do not represent true widths, CuEq = copper equivalent, % = percent, g/t = grams per tonne, m = meters, TD = total depth of drill hole. Int = interval in meters. Copper equivalent calculations are based on:100.0% of the copper content plus 71% of the gold content, 60.1% of the molybdenum content and 40.3% of the silver content. Metal prices used in the copper equivalent calculation are copper US$3.25/pound, gold US$1,500/ounce, molybdenum US$10.00/pound and silver US$20.00/ounce.
Drill hole data for holes reported in this news release are as follows:
Mineralized Zone
DDH ID
Easting (m)
Northing (m)
Elev (m)
Azimuth (degrees)
Dip (degrees)
Total Depth (m)
Liard
SCK-22-456
379808
6359996
933
270
-60
401
Paramount
SCK-22.457
379247
6360689
891
100
-50
647
Paramount
SCK-22-458
379480
6360338
904
90
-70
500
West Breccia
SCK-22-459
379557
6359713
883
90
-65
46
Liard
SCK-22-460
380421
6359707
1116
90
-55
356
The drill hole locations and hole traces of the 2021 and the 2022 program are shown in Figure-1:
Figure 1:Plan map of the Schaft Creek deposit outlining the five-year pit shell and life-of-mine pit shell as set out in the"Schaft Creek Preliminary Economic Assessment( PEA), a NI 43-101 Technical Report", with an effective date of September 10, 2021, prepared by Tetra Tech Canada Inc. ("Tetra Tech"), H. Ghaffari. M.A.Sc., P.Eng et. al. as Qualified Persons (see news release dated September 20, 2021).
Discussion of Diamond Drill Results The 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence and increases metallurgical sample coverage across the Schaft Creek deposit to better inform metal recoveries and comminution characteristics. The mineralized intervals reported from this drilling program further extend the near-surface higher-grade mineralization zones reported in 2021 and increase continuity of this type of mineralization between existing drill holes.
Liard Zone Drill holes SCK-22-456, and DDH SCK-22-460 intersected broad intervals (ranging from 14.15 m to 70.30 m) of near-surface higher-grade copper-gold-molybdenum-silver mineralization. These mineralized intervals further extend the lateral continuity of near-surface higher-grade mineralization zones reported in 2021 between existing drill holes within the Liard zone. The last sample at the bottom of DDH SCK-22-456 returned 0.127% Cu, 0.107g/t Au, 0.001%Mo and 0.73g/t Ag.
Paramount Zone DDH SCK-22-457 intersected a 270.00 m interval of higher-grade mineralization starting at a depth of 377.00 m. This deeper interval of higher-grade copper-gold-molybdenum-silver mineralization is representative of mineralization within the Paramount zone. The last sample in this drill hole returned 0.127% Cu, 0.049g/t Au, 0.002% Mo and 0.57g/t Ag.
West Breccia Zone DDH SCK-22-459 was completed to a depth of 46.00 m. The mineralized interval reported in the above table includes a 9.00 m interval (from 15.00 m to 24.00 m) for which no core was recovered. The last sample in DDH SCK-22-459 contained 0.231% Cu, 0.082g/t Au, 0.002% Mo and 1.20g/t Ag.
Diamond Drilling and Sampling Procedures The diamond drilling was completed using HQ diameter core. Overall core recovery was estimated to be greater than 90%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half was retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.50 to 2.60 m in length, with most intervals being an average of 2.0 m long. A total of 1,356 samples analyzed at ALS Canada Ltd.("ALS") located in Vancouver, British Columbia are reported in this news release.
Base metal and silver concentrations were determined by ALS MEMS61 package and a 4-acid digestion. Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.
Quality Control The Joint Venture follows a rigorous Quality Assurance/Quality Control program. Of the 1,356 core samples collected, 163 field blanks and certified reference materials and 107 duplicates were inserted into the sample batches submitted to ALS.
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 a 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 www.copperfoxmetals.com.
For additional information contact: Jason Shepherd at 1-844-464-2820.
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 regarding average grade of mineralized intervals; sample selection and drill holes ending in mineralization.
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. 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 average grade of mineralized intervals may not be significant; the mineralization at the end of the drill holes may not continue at depth; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.
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.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its audited annual consolidated October 31, 2022 financial statements have been filed on SEDAR.
All the Company's subsidiaries are wholly owned.
For the year ended October 31, 2022, Copper Fox had a net loss of $1,290,966 (October 31, 2021 - $861,228) which equated to $0.00 loss per share (October 31, 2021 - $0.00 loss per share).
During the year ended October 31, 2022, the Company incurred $1,312,952 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects as well as exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company's web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "Activities during and subsequent to the year ended included analytical results of the 2022 metallurgical drilling program at Schaft Creek which extended and increased continuity of the near-surface higher-grade mineralized zones reported in 2021. These results allow for the metallurgical testwork, one of the main project enhancements identified in the 2021 Preliminary Economic Assessment, to commence. Following the positive results from the biological evaluation (BE) of the Van Dyke project, field operations to determine the possibility of re-habilitating selected drill holes is underway. The positive exploration results from the Sombrero Butte and Mineral Mountain porphyry copper projects continued to upgrade and support the porphyry potential on both projects. At Eaglehead, despite the delay of the planned 2022 drill program, the field operations resulted in expanding the limits of the porphyry style mineralization and provided the information to allow the 3D modelling of the four open-ended porphyry deposits located within the project area to begin."
2022 Q4 Highlights
On August 2, 2022, the Company provided a summary of operations at the Eaglehead project.
On August 18, 2022, the Company announced an update at the Mineral Mountain project detailing the 3D modelling results.
On August 25, 2022, the Company provided a summary of activities completed at the Eaglehead project in anticipation of receipt of the permit to conduct drilling operations.
On September 8, 2022, the Company released the results of an early-stage BE of certain parts of the Van Dyke project and announced plans to commence Phase 1 activities of the hydrogeologic monitoring program.
On September 14, 2022, the Company announced that the proposed 2,500-metre drilling program on its Eaglehead project would be delayed due to non-receipt of the drilling permit.
On October 17, 2022, the Company announced the completion of metallurgical drilling program at the Schaft Creek project by completing 4,688 meters in eleven drill holes focusing on collecting samples to complement historical metallurgical testwork.
Subsequent to the Year Ended
On November 10, 2022, the Company provided an update as well as detailing plans for its Van Dyke project.
On November 29, 2022, the Company provided an update on the Eaglehead project including receiving the Mines Act permit to conduct activities set out in the Notice of Work dated February 1, 2022 from the BC Ministry of Mines.
On January 18, 2023, the Companyprovided the analytical results for six (6) of the eleven (11) drill holes completed as part of the 2022 metallurgical drill program at the Schaft Creek project. The program expanded the coverage across the Schaft Creek deposit with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. A wide range of metal concentrations were intersected in the six drill holes.
Warrant Exercises
Subsequent to the fiscal year ended, the Company has received 23,451,667 exercised warrants for total proceeds of $2,110,650.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
Selected Financial Results
October 31, 2022
July 31, 2022
April 30, 2022
January 31, 2022
3 Months Ended
3 Months Ended
3 Months Ended
3 Months Ended
Loss before taxes
$
461,137
$
277,827
$
363,283
$
248,719
Net loss
401,137
277,827
363,283
248,719
Comprehensive (gain)/loss
(668,062
)
832,007
(116,314
)
140,436
Comprehensive (gain)/loss per share, basic and diluted
0.00
0.00
0.00
0.00
October 31, 2021
July 31, 2021
April 30, 2021
January 31, 2021
3 Months Ended
3 Months Ended
3 Months Ended
3 Months Ended
Loss before taxes
$
367,608
$
205,040
$
343,256
$
199,324
Net loss
113,608
205,040
343,256
199,324
Comprehensive loss
133,849
32,777
842,711
791,658
Comprehensive loss per share, basic and diluted
0.00
0.00
0.00
0.00
Liquidity
As at October 31, 2022, the Company's cash position was $132,192 (October 31, 2021- $2,646,608) and as of the date of this News Release the Company's cash position is $1,516,528.
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 a 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 www.copperfoxmetals.com.
For additional information please contact Jason Shepherd at 1-844-464-2820.
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 statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). 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 regarding; analytical results and commencement of metallurgical testwork on the Schaft Creek project; results of the Biological Evaluation on the Van Dyke project, commencement of field operations at Van Dyke; delay of the drilling program at Eaglehead; positive results from exploration on its Eaglehead, Mineral Mountain and Sombrero Butte projects.
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, 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 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 metallurgical testwork on the Schaft Creek project may not be completed as planned or at all; the metallurgical testwork may not produce the results anticipated; field operations on the Van Dyke project may not proceed as planned or at all; planned activities at Van Dyke may not produce the results anticipated; the deferred drilling program at Eaglehead may not be completed as planned or at all; and the results from exploration on Eaglehead, Mineral Mountain and Sombrero Butte projects the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; 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.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide the analytical results for six (6) of the eleven (11) drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products.
The 2022 metallurgical drill program completed 4,688 meters ("m") with the objective of collecting samples to complement historical metallurgical test work. The drill program expanded the metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. Eleven (11) drill holes were completed across the project's mineralized zones; Liard (six holes), Paramount (three holes) and West Breccia (two holes). Highlights and additional details regarding the analytical results received to date are summarized below.
Highlights
The drilling intersected copper-gold-molybdenum-silver mineralization across a range of grades representative of the project life of mine for metallurgical test work. Below are selected intervals from the Liard mineralized zone.
DDH SCK-22-450 intersected 88.0 m grading 0.443% copper, 0.292 g/t gold, 0.022% molybdenum and 1.91 g/t silver starting at 21.0 m downhole. This interval includes 39.0 m of 0.533% copper, 0.250 g/t gold, 0.037% molybdenum and 1.97 g/t silver starting at 21.0 m.
DDH SCK-22-452 intersected 234.55 m grading 0.450% copper, 0.274 g/t gold, 0.019% molybdenum and 2.05 g/t silver starting at 16.0 m downhole. This interval includes 117.0 m of 0.679% copper, 0.558 g/t gold, 0.080% molybdenum and 2.60 g/t silver starting at 46.0 m.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The mineralized intervals reported in this news release further extend the near-surface higher-grade mineralized zones reported in 2021 and increase the continuity of this type of mineralization between existing drill holes. Receipt of the analytical results from the 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence. Analytical results for the remaining five (5) drill holes will be reported when available."
2022 Metallurgical Drilling Program Mineralized intervals reported in this news release were calculated using a 0.10 CuEq % copper equivalent cut-off grade. Samples lower than the selected cut-off grade were included in the weighted average interval provided that the sample interval below the cut-off did not exceed 10.0 m in core length. Intervals of lower grade mineralization are reported to demonstrate metal distribution within the drill holes. Information on the drill holes completed, including the weighted average grades of the mineralized intervals, are tabulated below.
Mineralized Zone
DDH ID
Azi
Dip
TD (m)
From (m)
To (m)
Int. (m)
Cu (%)
Au (g/t)
Mo (%)
Ag (g/t)
CuEq (%)
Liard
SCK-22-450
90
-70
539
21.00
109.00
88.00
0.433
0.292
0.022
1.91
0.620
Includes
21.00
60.00
39.00
0.533
0.250
0.037
1.97
0.728
133.00
319.80
186.80
0.213
0.232
0.012
1.42
0.351
319.80
433.20
113.40
0.330
0.308
0.051
2.04
0.579
433.20
472.40
39.20
0.083
0.033
0.001
0.43
0.102
472.40
514.00
41.60
0.497
0.418
0.007
4.25
0.725
538.00
539.00
1.00
0.214
0.265
0.000
3.05
0.352
Liard
SCK-22-451
90
-65
371
15.70
249.92
234.22
0.347
0.117
0.019
1.44
0.443
Includes
19.10
78.00
58.90
0.443
0.414
0.047
2.41
0.737
Includes
183.00
244.00
61.00
0.419
0.091
0.005
1.21
0.476
249.20
371.00
121.80
0.098
0.053
0.000
0.44
0.125
Liard
SCK-22-452
270
-60
755
16.00
250.55
234.55
0.450
0.274
0.019
2.05
0.624
Includes
46.00
163.00
117.00
0.678
0.558
0.080
2.60
1.102
261.00
377.00
116.00
0.082
0.109
0.002
0.51
0.140
377.00
573.00
196.00
0.220
0.225
0.023
1.37
0.375
573.00
600.25
27.25
0.067
0.041
0.038
0.57
0.159
600.25
719.60
119.35
0.215
0.057
0.014
0.95
0.272
Liard
SCK-22-453
270
-70
248
21.00
144.00
123.00
0.237
0.100
0.017
0.94
0.320
Includes
45.00
95.00
50.00
0.330
0.173
0.039
1.42
0.490
162.00
213.00
51.00
0.134
0.110
0.001
0.88
0.192
227.00
240.00
13.00
0.177
0.275
0.020
0.80
0.348
West Breccia
SCK-22-454
100
-60
302
5.25
206.00
200.75
0.261
0.117
0.010
3.47
0.348
Includes
112.23
141.35
29.12
0.374
0.206
0.010
4.16
0.506
241.10
302.00
60.90
0.152
0.020
0.001
0.50
0.165
Paramount
SCK-22-455
245
-70
476
43.45
94.25
50.80
0.130
0.063
0.012
1.76
0.189
94.25
141.00
46.75
0.179
0.356
0.026
1.59
0.403
141.00
211.00
70.00
0.123
0.232
0.020
1.02
0.275
211.00
232.72
21.72
0.443
0.519
0.015
3.08
0.730
232.72
383.00
150.28
0.168
0.100
0.010
0.62
0.237
395.00
443.00
48.00
0.158
0.047
0.014
0.63
0.209
Note: The core intervals listed in the above table do not represent true widths, CuEq = copper equivalent, % = percent, g/t = grams per tonne, m = meters, TD = total depth of drill hole. Int = interval in meters.
Copper equivalent calculations are based on: 100.0% of the copper content plus 71% of the gold content, 60.1% of the molybdenum content and 40.3% of the silver content. Metal prices used in the copper equivalent calculation are: copper US$3.25/pound, gold US$1,500/ounce, molybdenum US$10.00/pound and silver US$20.00/ounce.
The drill hole locations and hole traces of the 2021 and the 2022 program are shown in Figure-1:
Figure 1:Plan map of the Schaft Creek deposit outlining the five-year pit shell and life-of-mine pit shell as set out in the"Schaft Creek Preliminary Economic Assessment( PEA), a NI 43-101 Technical Report", with an effective date of September 10, 2021, prepared by Tetra Tech Canada Inc. ("Tetra Tech"), H. Ghaffari. M.A.Sc., P.Eng et. al. as Qualified Persons (see news release dated September 20, 2021).
Discussion of Diamond Drill Results The 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence and increases metallurgical sample coverage across the Schaft Creek deposit to better inform metal recoveries and comminution characteristics. The mineralized intervals reported in this news release further extend the near-surface higher-grade mineralization zones reported in 2021 and increase continuity of this type of mineralization between existing drill holes.
Liard Zone Drill Holes SCK-22-450, DDH SCK-22-451 and DDH SCK-22-452 intersected broad intervals (ranging from 88.0 m to 234.55 m) of near-surface higher-grade copper-gold-molybdenum-silver mineralization. DDH SCK-22-450 also intersected an interval (113.4 m) of higher-grade mineralization starting at 319.8 m downhole. The last sample in DDH SCK-22-450 contained 0.247% copper, 0.265 g/t gold, trace molybdenum and 3.05 g/t silver.
DDH SCK-22-450 was completed at the collar location of DDH SCK-21-448. An attempt to re-enter DDH SCK-21-448, as hole number DDH SCK-22-449, was abandoned due to difficult ground conditions. DDH SCK-22-450 was collared at the same location and was successfully completed to a planned depth of 500m.
Paramount Zone DDH SCK-22-455 encountered poor ground conditions in the core interval 44.80-94.25 m that resulted in 47% core recovery over this interval. The weighted average grade of the metals for the interval included the estimated core loss.
West Breccia Zone DDH SCK-22-454 intersected two intervals of copper-gold-molybdenum-silver mineralization separated by a 35.1 m core interval of low metal concentrations. This drill hole extended the limits of the mineralization within this portion of the West Breccia zone. The last sample in DDH SCK-22-454 contained 0.162% copper, 0.016 g/t gold, trace molybdenum and 0.89 g/t silver.
Diamond Drilling and Sampling Procedures The diamond drilling was completed using HQ diameter core. Overall core recovery was estimated to be greater than 90%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half was retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.50 to 2.60 m in length, with most intervals being an average of 2.0 m long. A total of 1,356 samples analyzed at ALS Canada Ltd.("ALS") located in Vancouver, British Columbia are reported in this news release.
Base metal and silver concentrations were determined by ALS MEMS61 package and a 4-acid digestion. Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.
Quality Control The Joint Venture follows a rigorous Quality Assurance/Quality Control program. Of the 1,356 core samples collected, 163 field blanks and certified reference materials and 107 duplicates were inserted into the sample batches submitted to ALS.
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 a 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 www.copperfoxmetals.com.
For additional information contact: Jason Shepherd at 1-844-464-2820.
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 regarding average grade of mineralized intervals; sample selection and drill holes ending in mineralization.
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. 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 average grade of mineralized intervals may not be significant; the mineralization at the end of the drill holes may not continue at depth; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.
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.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers ('km') east of Dease Lake, British Columbia. The Eaglehead project is in the prolific Quesnellia terrane in British Columbia and covers a large portion (16,492.62 ha) of the Lower Jurassic age (+-195Ma), Eaglehead Intrusive.
Highlights:
The Mines Act Permit to conduct the activities set out in the February 1, 2022, Notice of Work ('NoW') has been received from the BC Ministry of Energy, Mines and Low Carbon Innovation.
The re-log and sampling program returned additional intervals of significant copper mineralization.
The geological modelling of the mineralized zones and surface mapping program has better informed the controls on mineralization and revised the geology of the southwest portion of the Eaglehead Intrusive.
The water quality sampling shows no appreciable changes in water quality over the season.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The 2022 program eliminated "legacy data issues" with the project database, expanded the area of surface copper mineralization and revised the geology of the southwest portion of the Eaglehead Intrusive. Eliminating legacy data issues and determining the extent of the mineralized envelope for the mineralized zones is a prerequisite to establishing a database that potentially could be used to initiate a resource estimate. The field mapping program, age dating and geological modelling provided a better understanding of the lithologic control and distribution of the mineralization in the southwest portion of the Eaglehead Intrusive and an updated geological model for the Bornite and East zones."
Analytical Results: The geological modelling included reviewing the lithologies, alteration and mineralization in 34 historical drillholes within the Camp, Pass, Bornite and East zones. This work identified previously unsampled intervals of copper mineralization (chalcopyrite +/- bornite) in 11 drillholes. Sampling of these intervals established the tenor of the copper and associated mineralization and, in several drillholes, extended the limits of the mineralized envelope in these holes. The weighted average grades (0.05% Cu cut-off) of the intervals are set out below:
Zone
DDH #
From (m)
To (m)
Interval (m)
Cu (%)
Mo (%)
Au (g/t)
Ag (g/t)
Camp
24
17.54
30.29
10.29
0.070
0.006
tr
0.21
24
160.00
189.57
27.00
0.060
0.004
tr
0.07
Pass
37
139.00
155.24
16.24
0.133
tr
0.02
0.15
Bornite
40
123.60
131.80
8.20
0.090
tr
0.02
0.17
58
282.00
295.70
13.70
0.100
tr
tr
0.26
East
59
96.85
103.00
6.15
0.051
tr
tr
0.21
59
109.35
115.55
6.20
0.130
tr
tr
0.43
Notes:a) metal concentrations of less than 0.01g/t Au and 5.0 ppm Mo listed as tr. for the purposes of this news release., b) cut-off for mineralized intervals 0.05% Cu., c) capping of higher-grade sample results were not employed. d) weighted average interval includes up to 12m core length of material below the Cu cut-off, e) mineralized intervals in the above table do not represent true thickness.
NoW: On November 9, 2022 the company received the Mines Act Permit approving the activities contained within the February 1, 2022 NoW. The permit expires on March 31st, 2024. Drilling activities pursuant to the conditions of the permit can only be conducted within the period of July 16th to November 15th, 2023.
Re-analysis: The pulps (270 samples) from four drillholes were re-analyzed utilizing a four-acid digestion in 2022. These pulps were originally analyzed using a two-acid digestion which is not the preferred sample digestion method used in porphyry copper exploration. The project database has been updated to include these results.
Water Surveys: Samples collected in early July, and in mid-September (32 water samples from 16 sites) were analyzed for components outlined in the BC Drinking Water Quality and Aesthetic Guidelines. Negligible changes in ionic concentrations were observed in the analytical results.
Regional Samples: Samples from two of the eight copper showings located during the 2022 mapping program were submitted for Cu-Mo-Ag-Au analyses to determine the tenor of the copper and associated mineralization, and the concentration of porphyry copper indicator elements. Both samples exhibited remnant secondary copper (malachite) lining quartz veinlets centers indicating a high degree of leaching of the primary copper mineralization. A sample located 770 meters ('m') northeast of camp yielded 0.11% Cu, trace Mo,
Geology: The 2022 surface mapping program combined with the subsurface modelling of the lithologies within the Bornite and East mineralized zones resulted in updating the distribution of the lithologies within the southwest portion of the Eaglehead Intrusive. Hornblende quartz Diorite is the oldest unit within the Eaglehead Intrusive. The Quartz porphyry is granodiorite in composition and is the most abundant unit with the Eaglehead Intrusive. The youngest unit is granodioritic in composition and is located between the Quartz porphyry and the Hornblende quartz Diorite. The copper-molybdenum-gold-silver mineralization is primarily hosted in the granodiorite (Image #1). Late-stage aplite, quartz feldspar porphyry and mafic dikes also occur with the mineralized zones and in outcrop.
Analytical Procedures: The sample intervals submitted for analyses ranged from 0.3m to 3.0m. Sample preparation and analytical work were completed by ALS Laboratories located in Vancouver BC. ALS's package code PREP-31A was employed to prepare the sample via the use of a riffle splitter, ME-MS61L four-acid analysis was used to determine total copper (as part of a 48-element suite), and Au-AA23 was used for gold content via fire-assay and atomic absorption spectrometry. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation for laboratory analysis.
Quality Control: A total of 270 pulp samples were re-analyzed and 80 samples from historical drill core were submitted for analysis in 2022. A total of 23 field blanks and 23 certified reference standards were inserted (insertion rate 1:7) with the samples sent for analysis. QA/QC procedures completed on the blanks and standards indicate no certified values falling outside of the 2SD of the CV for the standards and blanks.
Image #1: Updated surface geology map of the southwest portion of the Eaglehead Intrusive.
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, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox: Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) and the OTC Market(OTCQX: CPFXF) and is 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, are the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona and 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. For more information on Copper Fox's other mineral properties and investments visit the Company's website at https://www.copperfoxmetals.com.
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: receiving the Mines Act Permit; analytical results from unsampled intervals and drill core pulps; better informed geology; and water quality analytical results.
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: obtaining the NoW approval and permits; 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 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 analytical results from the 2022 program may not be accurate; the work contemplated under the Permit may not be conducted as planned or at all; the new copper targets may not provide any additional exploration potential; uncertainties 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.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ('Copper Fox' or the 'Company'), through its wholly owned subsidiary Desert Fox Copper Inc., are pleased to provide shareholders an update of recent activities on its 100% owned Van Dyke in-situ copper recovery ('ISCR') project.
The Van Dyke project is in the Globe-Miami Mining District in Gila County, Arizona; a Tier 1 mining jurisdiction. The 2020 Preliminary Economic Assessment(' PEA') for the Van Dyke project prepared in accordance with National Instrument 43-101, (click here for the News Release) indicated an after-tax Net Present Value of US$644.7 million, an Internal Rate of Return of 43.4%, based on a 17 year mine life using a US$3.15/lb copper price. The PEA recommended advancing the project to the Preliminary Feasibility Stage ('PFS') and concluded that the project has the potential to become a mid-tier copper mine producing in the order of 85 million pounds (approximately 39kt) of copper per year. Recent activities include:
Highlights:
In late October 2022 meetings with local communities and First Nations within a 40-mile radius of the Van Dyke project were completed.
Upgrading of existing access to the wells selected for rehabilitation and the Van Dyke mine shaft is expected to commence in early December 2022.
Upon completing the access upgrades, a downhole video survey of the selected wells and the shaft is planned to determine if they are in a condition to allow re-entry and further testing.
Successful completion of the downhole video survey would be followed by well development and testing/water sampling activities. These surveys are expected to take up to 3-4 months to complete subject to availability of certain service providers.
Inspection and refurbishment of three vibrating-wire piezometers ('VWP') installed in drill holes completed in 2014 are also planned.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "Following the recommendations set out in the 2020 PEA, Copper Fox's objectives are to foster a meaningful dialogue between the Company and stakeholders as the project advances towards a PFS. The ability to use pre-existing drill holes where possible is both capital and time efficient and our planned activities, if successful, are the first steps in establishing a series of hydrogeological monitoring stations across the property to collect data which would be used to develop a robust hydrogeological model for the project."
Stakeholder Outreach:
In keeping with the Company's ESG policy, the objective of the stakeholder outreach is to introduce the Company and initiate dialogue on the Van Dyke project with local communities and First Nations within a 40-mile radius of the town of Miami, Arizona. Meetings with the Town of Miami, City of Globe, Town of Superior and the San Carlos Apache Nation were held in late October 2022 to inform these groups of Copper Fox's activities and plans for the Van Dyke project.
Well Access:
The existing roads to the wells selected for rehabilitation have been assessed and minor grading to these locations is required for service vehicle access. This work is planned to commence in early December 2022.
Hydrogeologic Program:
Ausenco Engineering USA South Inc. and Ausenco Engineering Canada Inc. have been retained to supervise and monitor Phase I of the Hydrogeologic Monitoring and Testing Program for the Van Dyke project. The objective of Phase I activities is to investigate the possibility of rehabilitating selected drill holes then testing of these drill holes to improve the current understanding of the hydrogeological setting for the project site. The proposed testing program is expected to establish a base level for water quality, a range of hydraulic properties and the hydrogeologic influences from historical and current mining workings located on adjacent properties and on the project site itself. The data obtained from the proposed testing program would identify areas of uncertainty and guide Phase II activities to further refine the hydrogeological model for the purpose of supporting potential future federal and state regulatory applications.
Existing Monitoring Well Rehabilitation and Surveying:
The rehabilitation process consists of initially using a downhole video camera to document and assess the potential of re-entering and instrumenting selected drill holes. Assuming positive results from the down-hole video survey the following activities are planned:
Surge, bail, airlifting and pumping tests to confirm hydrogeological characteristics in the selected wells.
Initial round of groundwater samples will be collected from the wells and Van Dyke mine shaft for submission to a laboratory for select water quality data.
Installation of pressure transducers and data loggers in each well and the mine shaft to collect groundwater levels and to monitor changes over time as part of ongoing baseline data collection.
Quarterly downloads of transducer data and groundwater sampling and analyses.
Wellheads upgraded to protect from debris, surface water, and vandalism.
VWP Refurbishment:
For drill holes VD14-02, VD14-03, and VD-14-05; the condition of previously installed VWPs and data loggers will be inspected, and any repairs or maintenance undertaken. The objective will be to put the VWPs back into active operation to support ongoing data collection and quarterly data downloads.
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, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox:
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) and the OTC Market(OTCQX: CPFXF) in the United States 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, are the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona and 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. For more information on Copper Fox's other mineral properties and investments visit the Company's website at https://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart President and Chief Executive Officer
Neither the 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 statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is 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: stakeholder engagement; timing of upgrading existing access routes to the Van Dyke mine shaft and wells selected for rehabilitation; downhole video surveys; timing of well development and testing/water sampling activities; inspection and refurbishment of three VWP's installed in 2014; and commencing Phase I of the hydrogeologic program.
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: completing the planned hydrogeologic program on time and within budget; the availability of service providers; 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 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: stakeholder engagement may not be continued or produce the desired results; upgrading existing access routes to the Van Dyke shaft and wells selected for rehabilitation might not be completed as planned or at all; the conditions of the selected sites may not be suitable for downhole video surveys; timing of well development and testing/water sampling activities may not be completed as planned or at all; inspection and refurbishment of three VWPs installed in 2014 may not completed as planned or at all; and Phase I of the hydrogeologic program may not be completed as planned or at all; the planned surveys may not provide the results anticipated; uncertainties 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.
The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
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The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
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ABOUT S&P DOW JONES INDICES
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Copper was trading on the COMEX at under US$4 per pound at the beginning of 2024, but by May 21, the red metal's price had surged to a record high of US$5.11 per pound.
Price momentum at the start of the year was owed to several factors, including increasing demand from energy transition sectors, bottlenecks at Chinese refiners and near-zero copper treatment charges.
The price was volatile through the second and third quarters, slipping back below US$4 per pound before soaring above US$4.50 at the end of Q3. Read on for more on how copper performed in 2024, from prices to supply and demand.
Copper price in Q4
Copper started the fourth quarter of the year on a strong note. On October 2, the metal reached its quarterly high of US$4.60 before starting a month-long slide to US$4.31 on October 31.
Volatility was the story at the start of November. Copper soared to US$4.45 on November 5 before dropping to US$4.22 on November 6, then spiked to US$4.41 on November 7; finally, it crashed to US$4.05 on November 15.
While copper did see a couple of rallies as the year ended, it only briefly broke through resistance of US$4.20 from December 9 to 11 before settling toward the US$4 mark at the end of the month.
As of December 23, the copper price was sitting at US$4.02.
Copper concentrate market to stay tight
In an October report, Fastmarkets predicts that the concentrate market will remain tight in 2025.
This tightness will continue to impact refiner treatment charges. Though they are expected to rebound to around US$20 to US$30 per metric ton (MT), they will still be short of the US$80 mark reached in 2023.
The situation has become more challenging as new operations, particularly in China, expand capacity in 2024. Fastmarkets anticipates no change in the situation in 2025, as new smelters are set to come online in China, Indonesia and India. The additional capacity will see more refiners fighting for the available supply.
The research firm says several other factors are contributing to copper concentrate shortages, including the loss of material from First Quantum Minerals' (TSX:FM,NYSE:FM) Cobre Panama mine after it was ordered shut down in November 2023. Other miners that have cut their production forecasts are also adding to supply woes.
For example, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) revised its copper production guidance when it released its third quarter results on October 23. In its release, Teck indicates that the updated range now stands at 420,000 to 455,000 MT, down from the 435,000 to 500,000 MT estimated at the start of the year.
The company said the reduction was due to challenges with labor availability and problems with autonomous systems in its new haul trucks at its Highland Valley mine in BC, Canada.
China’s economy dragging on copper
A significant headwind for copper at the end of 2024 has been the continued challenges posed by China’s faltering economy. Although the country has introduced stimulus measures, they have made little difference.
The most recent stimulus announcement came on December 24, when the Chinese government announced it would issue US$411 billion worth of special treasury bonds in 2025. This package would be the highest on record, and would represent an increase over the US$137 billion issued in the past year.
The move follows President Xi Jinping’s keynote address at the country’s annual economic policy meeting on December 11 and 12. Xi said at the time that the economy was stable, and that the government would be working to boost consumption through looser monetary policy and more active fiscal policy. Few details were given on how the country would achieve its goals, and the US$411 billion debt injection could be the first sign of that policy.
In addition, in September, the Chinese government announced measures to increase credit, support cities in purchasing unsold homes and restructure debt. These efforts have failed to turn around the world’s second largest economy.
China is the world’s largest copper consumer, and any shift in the strength of the nation's economy will have implications for the price trajectory of base metal.
Copper supply was in focus in Q1 as First Quantum provided an update on its Cobre Panama mine.
The mine was forced to close at the end of 2023 after the Panamanian Supreme Court walked back a company-friendly deal initially approved in October 2023.
At the beginning of 2024, First Quantum pursued several avenues to resolve the issue and reopen the mine, including arbitration. It also waited for the results of Panama’s May election in hopes of more mining-friendly leadership.
The second quarter was dominated by news of output curtailments at Chinese smelting operations.
The cuts came as lower production levels from copper miners began to stress treatment charges at refiners as they competed for the limited availability of copper concentrate.
Speaking to the Investing News Network at the time, Joe Mazumdar, editor of Exploration Insights, said that 50 percent of the world’s smelting capacity is in China. For that reason, the end price is dictated by treatment and refining charges, which nearly turned negative due to the lack of available concentrate.
In turn, this pushed the price of copper prices higher at major exchanges.
“So there’s the cathode price. That’s stated in the LME, and Shanghai and the COMEX in the states. But if the market is tight in any of those regions locally, you will see a cathode premium … over the price of the copper,” he said. “People are willing to pay more to incentivize people that have copper inventory to release it into the market."
Copper supply and demand both saw growth during Q3.
The International Copper Study Group reported in an October 21 release that mined production of copper had increased by 2 percent year-on-year to 14.86 million MT during the first eight months of 2024.
Much was owed to 3 percent growth from Chile, with increases at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine, as well as the Collahausi mine, which is a joint venture between Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Mitsui (OTC Pink:MITSF,TSE:8031).
Output from the Democratic Republic of Congo increased 11 percent, while Indonesia's production rose 22 percent.
At the same time, demand increased slightly by 2.5 percent. Much of the additional demand came from 2.7 percent growth in Asian markets, which includes a 0.5 percent increase in Chinese refined copper imports.
Investor takeaway
The copper market has been tight all year, with new demand accelerating beyond new mine supply.
This demand growth is expected to continue as the world transitions from fossil fuels to renewable technologies that require more copper, like wind and solar. However, copper demand is still constrained by weakness in the Chinese economy, particularly in its housing sector, which is an important driver of global demand for the metal.
Ultimately, in the longer term, copper supply will be lacking from new projects and expanded production to meet demand. The base metal is expected enter a supply deficit over the next few years.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Copper Price Forecast: Top Trends for Copper in 2025
Copper prices saw impressive gains in 2024, even breaking the US$5 per pound mark in May. However, the red metal's gains didn't last, and by the end of the year copper had retreated back to the US$4 range.
The start of 2025 could be eventful, with Donald Trump returning to the Oval Office, a new stimulus package coming into effect in China and a continued push for greener technologies around the world.
What will these factors mean for copper prices in the new year? Will they rise, or can investors expect the base metal to remain rangebound? Here's a look at what experts see coming for the important commodity.0
How will Trump's presidency impact US copper projects?
Trump will be sworn in for his second term as US president on January 20.
During his campaign, he made bold promises that could shake up the American resource sector, pushing a "drill, baby, drill" mantra and committing to increasing oil production in the country.
When it comes to copper, Trump's proposed changes to environmental regulations could have key implications. While the Biden administration has sought to toughen these rules, Trump will look to relax them.
In an email to the Investing News Network (INN), Eleni Joannides, Wood Mackenzie's research director for copper, said changes to environmental regulations are likely to benefit the mining sector overall.
“The former president has already pledged to overturn a 20 year moratorium on mining in Northern Minnesota. This pro-mining approach means more mines could be permitted and put into production,” she said.
One project that was being planned before the Biden administration restricted access to federal lands in the Superior National Forest belongs to Twin Metals Minnesota, a subsidiary of Antofagasta (LSE:ANTO,OTC Pink:ANFGF). The company has been working to advance its underground copper, nickel, cobalt and platinum-metals group project since 2006, and has submitted plans to state and federal regulatory agencies.
Another copper-focused project that may benefit from the incoming Trump administration is Northern Dynasty Minerals' (TSX:NDM,NYSEAMERICAN:NAK) controversial Pebble project in Alaska.
The company has been exploring the Bristol Bay region since acquiring the property in 2001, but the US Army Corps of Engineers denied approval in 2020; the Environmental Protection Agency did the same in 2021.
Northern Dynasty has been fighting these decisions at both the state and federal level. It reached the Supreme Court in January 2024, but was denied a hearing until the dispute is examined at the state level.
On December 20, Alaska Governor Mike Dunleavy added his support for the project when he petitioned the incoming president to issue an Alaska-specific executive order on his first day in office. The order would effectively reverse decisions made by the Biden administration, including the permitting of the Pebble project.
In addition to Pebble, projects like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Resolution, and Hudbay Minerals' (TSX:HBM,NYSE:HBM) Copper World, both of which are in Arizona, may benefit from Trump’s plan to reduce permitting times on projects worth over US$1 billion.
Currently, large-scale operations like these can take up to 20 years to move from exploration to production in the US. Copper is considered a critical mineral for the energy transition, and is increasingly becoming a security concern as the US is largely dependent on China for its supply of copper.
Copper price volatility expected under Trump tariff turmoil
As tensions continue to grow between the west and eastern nations like China and Russia, it may not take much to threaten markets for critical materials, including copper.
Trump has already promised to impose a 60 percent tariff on all goods coming from China.
A tariff on copper imports could upend the president-elect's plans for the resource sector. It would increase the prices of copper imports and disrupt the overall economy.
“The risk is that the president-elect’s threatened tariffs, including 60 percent on China and 20 percent on all other nations, could derail global economic growth, lead to higher inflation and, with that, tighten monetary policy and also lead to a change in trade flows. Copper will suffer if demand takes a hit," Joannides said.
"In addition, there is likely to be continued volatility in prices,” she added.
In its recent analysis of Trump’s policies, ING sees an overall negative impact on global metals demand.
The firm believes that many of his plans, including tariffs, will cause the US Federal Reserve take a longer-term approach to reducing interest rates, which could affect investment in large-scale copper projects.
S&P Global expressed a similar view after Trump's win. Immediately after the election, copper prices sank 4 percent to fall under US$4.30, with the firm suggesting that is likely just the beginning. The organization notes that while the market may have already priced in Trump’s tariffs, a larger trade war could impact prices even further.
Economic recovery in China could further boost copper prices
China's faltering economy has been a major headwind for copper over the past several years.
The country's housing market accounts for roughly 30 percent of global demand for the red metal, meaning that any shifts could have significant implications for the copper market.
The sector has been struggling for the past few years as the country deals with economic issues, including fallout from the COVID-19 pandemic, which caused disruptions to supply chains and a spike in unemployment.
Ultimately, economic factors struck China's real estate sector, an important driver of the country’s gross domestic product; this caused the collapse of the nation's top two developers, China Evergrande Group and Country Garden.
So far, the government’s attempts to stimulate the economy and jumpstart the beleaguered real estate sector have largely failed. In September, it announced measures aimed at property buyers, such as reducing interest rates for existing mortgages by 50 points and cutting the minimum downpayment requirement for homes to 15 percent.
Other changes introduced at the time include more help from the People’s Bank of China, which will provide a lending facility for state-owned firms to acquire unsold flats for affordable housing.
China followed this up with an announcement in November that it will provide additional support for local governments by increasing their debt-raising capacity by 6 trillion yuan over the next six years.
While these measures may not be felt for some time, kickstarting the Asian nation's real estate sector could be a boon for copper producers and investors.
“If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting,” said Joannides.
Copper industry needs more investment dollars
With copper demand projected to grow long term, supply-side concerns are rising. According to Joannides, there is already recognition that copper exploration has been underinvested over the past few years.
“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries," she explained to INN.
"Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda."
Joannides pointed to greenfield projects already in the pipeline, including Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Zarfanal in Peru.
There's also Northmet, a Teck and Glencore (LSE:GLEN,OTC Pink:GLCNF) joint venture in Minnesota.
Rising copper prices could also increase the flow of money from the major companies into the junior space, where most of the exploration is currently occurring.
“Copper has become the standout strategic preference for the major mining companies. The risk-adjusted cost of developing organic copper assets is higher than the cost of acquiring them,” Joannides said.
This kind of acquisition activity could help reduce the development time of assets compared to companies starting exploration from scratch.
Investor takeaway
While copper supply and demand conditions are expected to remain tight in 2025, competing forces are at play.
One of the biggest factors is Trump’s return to the White House. If the president-elect takes action as quickly as he has promised, investors could soon gain insight on the long-term implications of his policies.
In terms of China, it will take time to get the property sector back to where it was before the pandemic; however, there may be sparks early in the year as new measures start to work their way through the market.
During 2025 it may be even more prudent than usual for investors to do their due diligence on copper and keep an eye on the forces that may affect the market.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.
Editorial Disclosure: Dore Copper is a client of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Lobo Tiggre: Copper is My Highest-Confidence Trade for 2025 — Here's Why
Lobo Tiggre, CEO of IndependentSpeculator.com, gave the Investing News Network his updated thoughts on the US economy, as well as his outlook for gold, silver and uranium in 2025.
However, he said his highest-confidence trade for next year is copper.
"I think that it's easier to see — and highly likely to see — copper moving higher next year," Tiggre explained.
That said, he's not quite ready to pull the trigger on copper stock purchases.
"I'm not rushing out to buy yet, because I think even in the little time we have left this year we're going to see more bad economic news, and Dr. Copper with a PhD in economics always goes down with that sort of news. So I'm looking to that as a buying opportunity — I'm looking to maximize my upside by taking advantage of that."
Watch the interview above for more from Tiggre on copper, plus gold, silver and uranium. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Gianni Kovacevic: 3 Copper Stocks for Speculators, Watch These Metals Under Trump
Investor and author Gianni Kovacevic shared his thoughts on copper market dynamics, saying that while the long-term trend is up, speculators can create significant shorter-term prices moves.
He also mentioned three copper companies he's interested in right now: CopperNico Metals (TSX:COPR,OTCQB:CPPMF), Entree Resources (TSX:ETG,OTCQB:ERLFF) and Horizon Copper (TSXV:HCU,OTCQX:HNCUF).
In addition to copper, Kovacevic spoke about the growing opportunity he sees in lithium, highlighting how major miners like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) are increasing their exposure to this important battery metal.
"We are going to have a supply shortage. Not in the distant future — in the next 18 to 36 months it'll be a front-page story, and it will be dovetailed with ... oil and gas. And with that comes the oil and gas investor," he said.
Explaining his view, Kovacevic said oil and gas companies are becoming interested in direct lithium extraction.
"(The oil and gas investors) are the ones that are going to really take the speculation in lithium to the next level once again. It'll be 'lithium mania 3.0' coming to a screen near you," he told the Investing News Network.
Watch the interview above for more from Kovacevic on copper and lithium, as well as Donald Trump's second term.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) introduced its Xplor 2025 cohort on Monday (January 6), choosing eight out of hundreds of applicants worldwide.
Under Xplor 2025’s terms, each of the companies is entitled to receive an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The selected companies and the countries they focus on are as follows:
“As the energy transition gathers pace it becomes more urgent that we can identify, develop and commercialize the discoveries required to support the transition,” BHP’s Group Exploration Officer Tim O’Connor said. “The 2025 Xplor cohort are the sorts of explorers that naturally embrace innovation in bringing promising new projects to life.”
BHP opened applications for the 2025 Xplor program last September, once again “seeking visionary teams focused on uncovering new sources of critical minerals crucial for a sustainable future.”
The eight successful applicants are focused on critical metals needed for electrification, with many targeting copper.
Now in its third edition, Xplor helps accelerate the work of promising mineral companies.
The program is often set on a six-month period, with each of the companies collaborating with BHP Xplor to expedite their geological concepts and position the projects for potential further investment and partnership with BHP.
“We were delighted with the strength of applications — the quality of exploration projects was extremely high … Successful applicants demonstrated strong leadership, a commitment to innovation in their exploration programs, and a willingness to push industry boundaries in applying new concepts, data and testing techniques,” BHP Xplor Head Marley Palin said.
According to BHP, this edition holds the most geographically diverse cohort yet. Xplor 2024 had teams focused on Botswana, Australia and Kazakhstan, while Xplor 2023 included companies working in Africa, Australia, Canada, Mongolia, Norway and Finland.
Xplor 2025 also has the highest number of successful applicants at eight; Xplor 2023 included seven companies and 2024 had six.
This month, the 2025 cohort is set to gather in Perth for Bootcamp Week. BHP said the bootcamp will teach them key strategy, operational and technical frameworks that will set them up for success over the next six months.
Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (" Filo " or the " Company ") is pleased to announce that the deadline for registered shareholders (the " Registered Shareholders ") of the issued and outstanding common shares of Filo (the " Filo Shares ") and for holders of stock options of Filo (the " Optionholders ") to make elections in respect of the consideration receivable pursuant to the Arrangement (as defined below) is 5:00 P.M. (Toronto Time) on January 9, 2025 (the " Election Deadline "). PDF Version
The letter of transmittal and election form (the " Letter of Transmittal ") outlines the necessary documentation and information required to be sent to the depositary for the Arrangement, Computershare Investor Services Inc. (the " Depositary "), by each Registered Shareholder and Optionholder in order to receive the consideration to which they are entitled under the Arrangement, and make an election with respect to the form of consideration they wish to receive. For complete instructions, please refer to the Letter of Transmittal previously mailed to Registered Shareholders and Optionholders on December 12, 2024 and also available under Filo's profile on SEDAR+ at www.sedarplus.ca and on the Company's corporate website at http://filocorp.com/investors/corporate-filings/ .
All elections and deposits made under a Letter of Transmittal are irrevocable and may not be withdrawn. However, an election made under a Letter of Transmittal on or prior to the Election Deadline may be changed by depositing a new Letter of Transmittal with the Depositary on or prior to the Election Deadline. Should the Arrangement not proceed for any reason, the deposited certificates and/or DRS advices representing Filo Shares (if applicable) and other relevant documents shall be returned.
The Letter of Transmittal is for use by Registered Shareholders and Optionholders only. Beneficial (nonregistered) shareholders whose Filo Shares are registered in the name of a broker, investment bank, bank, trust company, custodian, nominee or other intermediary (each, an " Intermediary ") should contact that Intermediary for instructions and assistance in making an election.
Shareholders who hold Filo Shares directly or indirectly through the central securities depository in Sweden run by Euroclear Sweden AB (" Euroclear Holders ") do not need to submit a Letter of Transmittal. For complete instructions for Euroclear Holders, please refer to the press release of the Company dated December 11, 2024 .
Filo is also pleased to announce that it has obtained all key regulatory approvals required to complete the previously announced arrangement involving, among others, the Company, BHP Investments Canada Inc. (" BHP "), a wholly-owned subsidiary of BHP Group Limited, and Lundin Mining Corporation (TSX: LUN) (OMX: LUMI) (" Lundin Mining ", and together with BHP, the " Purchaser Parties "), pursuant to which the Purchaser Parties will, among other things, acquire all of the Filo Shares not already owned by the Purchaser Parties and their respective affiliates (the " Arrangement ").
Subject to the satisfaction or waiver of the remaining conditions to implementing the Arrangement, it is expected that the Arrangement will close on or about January 15, 2025 .
Following completion of the Arrangement, the Filo Shares will be delisted from the Toronto Stock Exchange and the Nasdaq First North Growth Market. An application will also be made for the Company to cease to be a reporting issuer in the applicable jurisdictions following completion of the Arrangement.
About Filo Corp.
Filo is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in San Juan Province, Argentina and adjacent Region III, Chile . The Company's shares are listed on the Toronto Stock Exchange and Nasdaq First North Growth Market under the trading symbol "FIL", and on the OTCQX under the symbol "FLMMF".
Additional Information
The Company's certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB, +46 8 506 51703, rutger.ahlerup@bergssecurities.se .
The information contained in this news release was accurate at the time of dissemination, but may be superseded by subsequent news release(s).
The information was submitted for publication by the contact persons below on January 6, 2025 at 1:00 am EST .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This press release may contain certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the consummation and timing of the Arrangement; the satisfaction of the conditions precedent to the Arrangement; the expected timing of closing of the Arrangement; and the expected timing of delisting from stock exchanges, may be forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved.
Forward-looking information involves various risks and uncertainties. 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 the Company's expectations include failure to satisfy or waive the closing conditions to the Arrangement; changes in laws, regulations and government practices; government regulation of mining operations; environmental risks; and other risks and uncertainties disclosed in the Company's periodic filings with Canadian securities regulators and in other Company reports and documents filed with applicable securities regulatory authorities from time to time, including the Company's Annual Information Form available under the Company's profile at www.sedarplus.ca . The Company's forward-looking information reflects the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking information or beliefs, opinions, projections, or other factors, should they change, except as required by law.
Cygnus Metals and Doré Copper Mining said on Wednesday (January 1) that they have completed their merger.
The combined entity will be a critical minerals explorer and developer with two core assets in Québec, Canada.
Cygnus acquired all of the issued and outstanding common shares of Doré on Tuesday (December 31) through a Canadian statutory plan of arrangement, finalizing the deal. Cygnus shares are listed on the ASX under the symbol CY5, and are expected to start trading on the TSXV under the symbol CYG on or about Friday (January 3).
The company has also applied to list on the OTCQB under the ticker symbol CYGGF.
The merger of equals between Cygnus and Doré was announced this past October, with the companies emphasizing at the time that the deal would create value for shareholders on both sides. Under the agreement, each former Doré shareholder will receive 1.8297 Cygnus shares for each share they held before the transaction was finalised.
"By combining the proven exploration and management skills of the Cygnus team with the high-grade resource and immense upside at the Chibougamau Copper-Gold Project, we have the potential to unlock substantial value," Cygnus Executive Chair David Southam said at the time, adding that plans for "aggressive exploration" were in the works.
The new company's two main assets are the Chibougamau copper-gold project and the James Bay lithium project.
Chibougamau currently has a measured and indicated resource of 3.6 million metric tons at 3 percent copper equivalent, and an inferred resource of 7.2 million metric tons at 3.8 percent copper equivalent.
James Bay's Pontax project holds a resource of 10.1 million metric tons at 1.04 percent lithium oxide.
Doré brought the Chibougamau asset to the table, and in Wednesday's release former President and CEO Ernest Mast said the Cygnus team has the ability to maximize the value of the project.
“This merger will provide the funding, additional expertise and the strategy aimed at generating superior shareholder returns with an exciting exploration program at Chibougamau,” he noted.
Southam will now act as executive chair of the new company, while Mast will hold the position of president and managing director in Canada. The board will also have two non-executive directors from each of the merged companies.
Cygnus said that results from a pre-Christmas drill program at Chibougamau are expected to be released early this quarter. Following on from that, the company will begin a drilling and geophysics program at the site.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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