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.
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Copper Fox Provides Schaft Creek Update
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide its shareholders an update of activities on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. 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. Activities currently in progress include:
- Two diamond drill rigs have been secured to complete the 2022 planned 5,000-meter drilling program (~10 drill holes), drilling has commenced.
- The drilling program will focus on collecting samples to complement historical metallurgical test work within the West Breccia, Liard and Paramount mineralized zones.
- Field crews are on site completing camp facilities refurbishment and readying overall logistics for the drilling activities.
- The geotechnical data gap analysis has been completed and will inform the scope of the 2023 geotechnical drill program designed to identify opportunities to further decrease the life of mine ('LOM') strip ratio and strengthen base case overall pit slope design criteria.
- Environmental baseline data collection activities are underway.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "We are pleased to see the 2022 field program getting underway at Schaft Creek. In addition to the field program, the SCJV is advancing several desktop initiatives, including investigating the potential to reduce the construction timeline. The results of the 2022 activities will strengthen project base case metallurgical predictions and guide the potential 2023 geotechnical program, increase density and type of environmental baseline data to better reflect current project configuration and regulatory requirements. The results of the 2022 program will also better inform consultations with the Tahltan Nation on advancing the Schaft Creek project."
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 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: Investor line 1-844-484-2820 or Lynn Ball, at 1-403-264-2820.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither 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 information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: a 5,000m drill program; strengthen project base case metallurgical predictions and guide the potential 2023 geotechnical program; identifying opportunities to decrease LOM strip ratio; increase density and type of environmental baseline data; facilitating consultation with the Tahltan Nation on advancing the Schaft Creek project.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the speed of field studies; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: the load flow and interconnection costing analysis, the operating cost to commodity prices sensitivity analysis, Geotechnical Analysis, the Structural Geology Interpretation and metallurgical test work may not be completed as planned or at all; the 2022 environmental activities, the environmental baseline monitoring and Environmental Baseline Data may not meet regulatory guidelines; engagement with the Tahltan Nation may not be completed within the timeline or at all; 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 Provides Final Analytical Results for 2022 Metallurgical Drilling Program at Schaft Creek Project
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).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2177/155266_fabf624cc417f908_001full.jpg
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155266
News Provided by Newsfile via QuoteMedia
Copper Fox Announces 2022 Fourth Quarter Operating and Financial Results
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155023
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Copper Fox Provides Partial Analytical Results for 2022 Metallurgical Drilling Program at Schaft Creek Project
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).
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2177/151590_566ad928943f286a_001full.jpg.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151590
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Copper Fox Provides Update on Eaglehead Copper Project
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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2177/145976_bd225a24f4e398c0_001full.jpg
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.
For additional information contact: Jason Shepherd at 1-844-464-2820 or investor@copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145976
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Copper Fox Provides Update on the Van Dyke Copper Project
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
For additional information contact:
Jason Shepherd at investor@copperfoxmetals.com or 1-844-464-2820
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143698
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Burrendong Minerals Limited IPO
Impact Minerals Limited (ASX:IPT) is pleased to announce that the Prospectus for an Initial Public Offering of Burrendong Minerals Limited (proposed ASX code: BIG) is now available at the following page on Impact’s InvestorHub:
https://impactminerals.com.au/burrendong-priority-offer and at https://www.burrendongminerals.com.au/
- The Prospectus for an Initial Public Offering (IPO) of shares in Burrendong Minerals Limited, who have the right to earn an interest in Impact’s highly prospective Commonwealth project in the prolific Lachlan copper-gold province in New South Wales, is now available.
- Impact’s shareholders have a priority entitlement of $2 million in the IPO and all shareholders and other interested parties are encouraged to review the prospectus.
- Burrendong will issue shares at 20 cents per share with a one-for-two free attaching option exercisable at 25 cents within 36 months of listing. Enterprise Value of $4.3 million on listing.
- Should Burrendong list on the ASX, Impact will retain a 49% interest in Commonwealth and receive a cash payment of $275,000. It will also be the largest shareholder in Burrendong with a 12.5% shareholding. Burrendong may acquire a further 24% interest in the Commonwealth Project by expending $5 million within three years of listing.
- Burrendong is to own all or a share of three resources at Commonwealth, Silica Hill and Galwadgere that are all open at depth and along trend and which will be the focus of a fully permitted significant drill programme to commence shortly after listing.
- The resources contain a combined 120,000 ounces of gold, 3.3 million ounces of silver and modest tonnages of copper, zinc and lead.
- High-grade drill results from previous work to be followed up in the drill programme include:
Main Shaft: 5.7 metres at 3.8 g/t gold, 347 g/t silver, 10.8% zinc and 3.7% lead including 0.5 metres at 4.9 g/t gold, 917 g/t silver, 10.2% zinc and 4.6% lead.
Commonwealth South: 8 metres at 5.1 g/t gold, 20 g/t silver, 1.3% zinc and 0.5% lead including 0.5 metres at 34.3 g/t gold, 40 g/t silver, 5.8% zinc and 2.3% lead; and 4 metres at 41.8 g/t gold (1.3 ounces per tonne), 93 g/t silver, 5.5% zinc and 2.3% lead.
Silica Hill: 22.5 metres at 1.7 g/t gold and 276 g/t silver; including 0.3 metres at 1.8 g/t gold and 4,200 g/t (135 ounces or 0.42%) silver; and also including 0.8 metres at 13.6 g/t gold and 40 g/t silver.
Galwadgere: 53 metres at 0.55% and 0.75 g/t gold, including 6 metres at 1.0% copper and 2.15 g/t gold; and 5 m at 1.98% copper and 3.9 g/t gold.
Impact Minerals Managing Director Dr. Mike Jones stated, “The Burrendong Minerals IPO presents an exciting opportunity to participate in one of Australia’s most prolific mineral belts—the Lachlan Copper-Gold Belt in New South Wales, which is home to major deposits like Cadia-Ridgeway and recent discoveries such as Boda-Kaiser. Once listed, Burrendong will take control of our exceptionalCommonwealth gold-silver-copper project, which has been on hold due to our focus on the Lake Hope High Purity Alumina project. It is appropriate for Burrendong to conduct further exploration with Impact to maintain a significant interest in both the new company and the project. Burrendong’s maiden drill program will target extensions to known high-grade resources, particularly the very high- grade massive sulphide bodies found at Main Shaft. We have always believed that Main Shaft has strong similarities to the world-class Eskay Creek Project in British Columbia’s Golden Triangle, one of the world’s premier mining sites. This belief is why we have made an effort to retain a significant interest in the new company and the project. I encourage all shareholders and other interested parties to review the Burrendong prospectus on our InvestorHub.”
Burrendong is looking to issue 25 million shares to raise $5 million at $0.20 per share with a free one- for-two attaching option exercisable at 25 cents within 36 months of listing. The funds will be used to explore a prospective tenement package in the prolific Lachlan copper-gold belt in New South Wales, including Impact’s Commonwealth Project under a share sale agreement. This agreement also provides Impact shareholders with a priority entitlement of $2 million, as detailed at the end of this report (ASX Release March 19th 2024).
If Burrendong lists on the ASX, Impact will receive a cash payment of $275,000, a 12.5% shareholding in Burrendong, and a 49% interest in Commonwealth. Within three years of listing, Burrendong can earn a further 24% interest in the project by spending $5 million (ASX Release March 19th, 2024).
Burrendong will have an Enterprise Value of $4.3 million on listing should the minimum amount of $5 million be raised.
About Burrendong’s Projects
Subject to listing, Burrendong will hold tenements covering 675 km2 in the heart of the Lachlan Fold Belt, home to numerous world-class copper-gold mines, such as Cadia-Ridgeway (>30 Moz of gold and > 10 Mt copper), North Parkes (5.5 Moz gold and 4.5 Mt copper), and Cowal (>15 Moz gold). Recent discoveries have also attracted attention to the region, particularly the Boda-Kaiser copper-gold porphyry deposit (8.3 Moz gold and 1.5 Mt copper) located adjacent to Commonwealth (Figure 1).
Burrendong will control three resources, all of which comply with the JORC 2012 Code and contain 120,000 ounces of gold, 3,300,000 ounces of silver, and 30,250 tonnes of copper (Figure 2). The resources are at Commonwealth Mine and Silica Hill, part of the Commonwealth project, and Galwadgere, located 10 km along the trend to the south of Commonwealth (Figure 1). On listing, Burrendong will purchase a 100% interest in Galwadgere from Sky Metals Limited (ASX Release: SKY July 14th 2023).
Click here for the full ASX Release
This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
British Columbia Creates New Ministries for Energy and Mining
British Columbia (BC) has introduced two new ministries designed to focus on advancing its goals for clean energy and critical mineral development.
Premier David Eby announced on November 18 the restructuring of the former Ministry of Energy, Mines, and Low Carbon Innovation, which will now be split into the Ministry of Energy and Climate Solutions and the Ministry of Mining and Critical Minerals.
The changes reflect the province's commitment to addressing climate change and seizing opportunities in critical mineral production to support the global energy transition.
Under the new structure, the Ministry of Energy and Climate Solutions will oversee BC’s energy policies to ensure its alignment with climate goals, specifically under the Paris Agreement. The Climate Action Secretariat, which coordinates the province’s climate initiatives, will also now operate under this ministry. Adrian Dix, previously responsible for health, will lead it.
The ministry will manage the electricity, alternative energy and petroleum resource sectors, while also working to expand the province's electricity and low-carbon energy projects. This will include oversight of major projects such as the North Coast Transmission Line and BC Hydro’s Capital Plan.
Meanwhile, the Ministry of Mining and Critical Minerals, led by Jagrup Brar, will focus on enhancing the province's mining capabilities, particularly in critical minerals like copper, lithium and rare earth elements.
BC’s focus on critical minerals aligns with global trends as the demand for materials such as lithium is projected to grow significantly, driven by the transition to low-carbon energy systems. These materials are essential for the renewable energy infrastructure critical for the ongoing energy transition, as well as technologies such as lithium-ion batteries and electric vehicles.
Government data suggests that copper demand could double by 2050, creating opportunities for BC to attract investment and generate employment, particularly in rural areas.
Brar, who previously served as Minister of State for Trade, is expected to prioritize regulatory reforms and streamline project approvals. The ministry will oversee the advancement of 17 critical mineral projects and work to modernize the Mineral Tenure Act to meet regulatory requirements, including Indigenous consultation standards.
The provincial government sees the critical minerals sector as a driver for economic growth and a contributor to North American energy security goals. However, it has acknowledged the need to address environmental concerns and Indigenous rights as part of the development process.
The creation of a dedicated mining ministry has been welcomed by industry leaders. The Association of Mineral Exploration and the Mining Association of British Columbia (MABC) view the restructuring as a step toward attracting investment and addressing long-standing issues such as permitting delays and regulatory uncertainty.
Michael Goehring, CEO of MABC, stated that the new ministry offers an opportunity to modernize regulations and ensure environmental standards are upheld.
“Recognizing the urgent need to modernize and speed mine permitting, the NDP platform committed to guaranteed permit review timelines while maintaining environmental and safety standards,” he added.
Keerit Jutla, president of the Association of Mineral Exploration, emphasized the significance of streamlining permitting processes and the importance of meeting guaranteed timelines for reviews.
“In order for BC to realize its full potential as a natural resource leader, a whole-of-government approach will be needed to ensure it is built holistically, and representative of all of B.C., urban and rural,” Jutla said.
With more than 1,100 exploration and mining companies headquartered in Vancouver, British Columbia is a hub for the global mining industry.
The province’s ability to meet domestic and international demand for critical minerals is expected to bolster its economy and position it as a leader in sustainable resource development.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Rio Tinto's Ongoing Fight Against Workplace Harassment
Rio Tinto's (ASX:RIO,NYSE:RIO,LSE:RIO) latest review on workplace culture has revealed an increase in reports of harassment and bullying across its global operations, highlighting challenges in the company’s ongoing efforts to implement cultural reforms.
The findings of the 2024 Everyday Respect report, part of a two-year external Progress Review led by former Australian Sex Discrimination Commissioner Elizabeth Broderick following the first Everyday Respect Report, draw attention to the broader complexities of achieving cultural change in a diverse and global organization.
The review incorporated extensive feedback, with over 11,600 contributions from employees and contractors globally. Broderick's team conducted surveys, listening sessions and site visits across Rio Tinto’s operations in countries such as Mongolia, Canada, the United States, New Zealand and Australia.
While Rio Tinto has implemented all 26 recommendations from the first Everyday Respect Report, the data underscores the need for continued vigilance, presenting a complex picture of progress and persistent harmful behaviors within the workplace.
The portion of respondents who experienced bullying in the previous 12 months rose from 31 percent in 2021 to 39 percent in 2024. While the portion that experienced sexual harassment held at 7 percent, eight respondents said they experienced actual or attempted sexual assault or rape, an increase from five in 2021.
Prevalence of sexual harassment was highest for those working in the iron ore and copper product groups, and
Despite the troubling statistics, the review also notes improvements, including greater employee confidence in the company’s ability to create meaningful change and a notable cultural shift towards more open discussions on workplace respect.
Survey results showed that around half of respondents perceived improvements in workplace behavior, with 47 percent reporting that sexual harassment had improved and 46 percent reporting the same for racism.
However, harmful behaviors persist, and the report indicates that women remain disproportionately affected. A greater portion of women in the company's mining workforces experienced bullying, and women were more likely to report experiencing multiple incidences of bullying than men.
Broderick, who conducted the review, noted that resistance to cultural change within the organization remains a challenge. Instances of gendered bullying appear linked to perceived opposition against diversity initiatives.
The report emphasizes that such resistance is common in large-scale reform efforts but reaffirmed the importance of sustained focus to ensure positive change across all levels of the organization.
Building on the recommendations from the 2022 iteration, Rio Tinto is advancing its long-term strategy to address these challenges by outlining new measures to further its cultural transformation efforts.
These include expanding employee engagement initiatives and listening sessions through its employee resource groups and village councils. Another key area of progress is streamlining reporting mechanisms for employees experiencing workplace misconduct and increasing transparency in resolving such cases.
Training programs are also being redesigned, with a focus on raising awareness about harmful behaviors and fostering accountability. The company aims to have over 90 percent of employees and contractors complete this training by the end of 2025.
Despite the challenges, approximately two-thirds of employees expressed confidence in Rio Tinto's ability to foster meaningful change over the next few years. Broderick pointed out that while certain behaviors persist, early indicators suggest that Rio Tinto’s efforts are laying a robust foundation for long-term transformation.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Impact Receives $512,000 from Research and Development Rebate
Impact Minerals Limited (ASX:IPT) is pleased to announce that it has received a rebate of $512,000 before costs from the Research and Development Tax Incentive scheme for the financial year ending June 2024.
These funds will be used to continue the Pre-Feasibility Study on Impact’s flagship Lake Hope High Purity Alumina (HPA) Project, which is scheduled for completion in Q1 2025. They will also contribute to the accelerated start of the recently announced research and development project in conjunction with CPC Engineering and Edith Cowan University to help build a pilot plant for the Lake Hope Project. The project will also be funded by the recently announced grant of $2.87 million under the Federal Government’s CRC- P programme (ASX Releases October 22nd, 2024, and November 18th, 2024).
Impact’s Managing Director, Dr Mike Jones, said,“The unique mineralogy and patented and proprietary processing techniques for the Lake Hope High Purity Alumina project have allowed us to claim back a significant proportion of our expenditures on it through the R and D Tax Incentive programme and this will be the case moving forwards. The funds will be put towards the Lake Hope Pre-Feasibility Study and the start of our exciting research project with CPC Engineering and Edith Cowan University to build a pilot plant to produce HPA from the clays at Lake Hope. The end result will likely be one of the most cost effective feasibility studies in the industry”.
The company would like to thank Ernst and Young and Kate Griffiths, in particular, for their help preparing the R and D applications over the past nine years.
Click here for the full ASX Release
This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Bald Hill Confirmed as a High-Grade Cobalt Opportunity
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that all remaining drill assays have now been received for a step out diamond drilling program completed during the September 2024 Quarter at the 100% - owned Bald Hill Cobalt Copper Prospect which is located approximately 30 kilometres west of Broken Hill, NSW (Figure 1).
Highlights
- Further high-grade cobalt sulphide mineralisation returned from step out diamond drilling 30km west of Broken Hill at Rimfire’s 100% - owned Bald Hill prospect;
- 18m @ 0.16% Co, 0.16% Cu from 110m in FI2612 including 5m @ 0.21% Co, 0.23% Cu
- 29m @ 0.17% Co, 0.10% Cu from 67m in FI2613,
- 17m @ 0.16% Co, 0.11% Cu from 152m in FI2613,
- 16m @ 0.16% Co, 0.11% Cu from 173m in FI2613,
- 63m @ 0.18% Co, 0.08% Cu from 118m in FI2614, including 11m @ 0.21 % Co, 0.1% Cu and 9m @ 0.22% Co, 0.09% Cu,
- 21m @ 0.15% Co, 0.07% Cu from 211m in FI2614,
- 31m @ 0.12% Co, 0.07% Cu from 129m in FI2615. including 10m @ 0.14% Co, 0.08% Cu and 13m @ 0.14% Co, 0.08% Cu,
- Rimfire’s drilling to date indicates that Bald Hill hosts some of the highest-grade cobalt mineralisation in the Broken Hill district
- Strong copper anomalism associated with the cobalt highlights the significant copper potential at Bald Hill
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “The latest drilling has substantially expanded the known sulphide hosted mineralised footprint at Rimfire’s 100%-owned Bald Hill cobalt-copper prospect to over 500m by 200m in area.
We continue to intersect some of the highest-grade cobalt sulphides in the district and the presence of associated copper highlights the potential to find significant copper mineralisation at Bald Hill with further drilling.
While Bald Hill remains open and there are plenty of other cobalt targets to follow up, we are mindful of the current cobalt commodity prices and believe enough work has now been completed to demonstrate the prospect’s significance, which can be leveraged when commodity prices improve in the future.
We will continue to assess the Broken Hill Project but only at a level of activity that doesn’t detract from the company’s flagship Fifield scandium assets, which represent the strategic and commercial priorities for the Company and its shareholders right now.”
Bald Hill diamond drilling results
Cobalt mineralisation and associated copper anomalism at Bald Hill occurs within a folded and faulted sulphide-bearing quartz - albite psammopelitic composite gneiss unit which broadly dips to the east and is underlain by a barren quartz – potassium feldspar gneiss.
Cobalt and copper are associated with disseminated to semi massive sulphides (pyrite – pyrrhotite +/- chalcopyrite) that are locally brecciated, and silica altered.
5 diamond holes (FI2612 – FI2616 / 974 metres) were drilled through August and September 2024 to test for extensions of previously drilled high-grade cobalt (Co) mineralisation at Bald Hill, e.g., 33m @ 0.11% Co from 58 metres in FI2469 including 4m @ 0.23% Co and 2m @ 0.21% Co, and 125m @ 0.13% Co from 198 metres in FI2470 including 97m @ 0.15% Co (see Rimfire’s ASX Announcement dated 8 Augst 2024).
Each of the new drillholes intersected multiple broad zones (downhole widths) of sulphides 100 – 300 metres away from Rimfire’s previous high-grade drill intercepts (see Table 1 for drill hole specifications) with assay results returning (Figures 2 and 3);
- 2m @ 0.37% Cu from 63 metres in FI2612,
- 29m @ 0.12% Co from 66 metres in Fi2612,
- 18m @ 0.16% Co, 0.16% Cu from 110 metres in FI2612 including 5m @ 0.21% Co, 0.23% Cu
- 29m @ 0.17% Co, 0.10% Cu from 67 metres in FI2613,
- 20.6m @ 0.13% Co, 0.09% Cu from 96.4 metres in FI2613,
- 17m @ 0.16% Co, 0.11% Cu from 152 metres in FI2613,
- 16m @ 0.16% Co, 0.11% Cu from 173 metres in FI2613,
- 63m @ 0.18% Co, 0.08% Cu from 118 metres in FI2614, including 11m @ 0.21 % Co, 0.1% Cu and 9m @ 0.22% Co, 0.09% Cu,
- 6m @ 0.14% Co, 0.08% Cu from 185 metres in FI2614,
- 21m @ 0.15% Co, 0.07% Cu from 211 metres in FI2614,
- 9m @ 0.14% Co, 0.04% Cu from 129 metres in FI2615,
- 31m @ 0.12% Co, 0.07% Cu from 129 metres in FI2615, including 10m @ 0.14% Co, 0.08% Cu and 13m @ 0.14% Co, 0.08% Cu,
- 1m @ 0.11% Co, 0.09% Cu from 74 metres in FI2616,
- 1m @ 0.12% Co, 0.06% Cu from 83 metres in FI2616, and
- 1m @ 0.14% Co, 0.05% Cu from 97 metres in FI2616.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Québec's Copper Resource Offers New Opportunities for Investment
As the global journey toward electrification and decarbonization continues to ramp up, Canada’s role as a geopolitically stable source of the key minerals enabling this transition is increasingly evident, driving the need for the development of new and sustainable copper supply across the country.
In 2022, Canadian mine production accounted for approximately 2.4 percent of the global total, which stood at around 22 million metric tons. BC currently leads the nation in copper production, followed by Ontario, which produced approximately 159,432 metric tons of copper in 2022.
Québec, Canada's second largest province, is emerging as a significant player in the global copper industry. With its rich geological formations and strategic location, Québec offers substantial opportunities for copper exploration and mining.
This comprehensive analysis delves into the province's copper resources, exploring the geological settings, copper deposits, economic significance and the current state of the industry.
Analysts at BHP (ASX:BHP,NYSE:BHP,LSE:BHP) estimate that global copper demand will grow 70 percent to more than 50 million metric tons per year by 2050, driven by the metal’s multiple applications and the looming supply crunch as existing copper mines age out of production and fewer new mines come online. The need for stable supply chains is creating a platform for new jurisdictions to emerge and enter the copper supply market.
Québec's current copper landscape
Québec is emerging as a promising contender in Canada's copper industry, with its rich geological formations and favorable mining regulations attracting investments from both domestic and international mining companies.
The province’s unique geological features make it a prime location for copper mineralization. The province is home to several key areas rich in copper resources, including the Lac Doré Complex and the Opemiska deposit. The Lac Doré Complex’s distinctive stratigraphy is predominantly composed of thick anorthosite and gabbro units, showcasing a complex lopolith structure.
The Opemiska deposit, meanwhile, stands out as Canada's highest-grade open-pit copper deposit, boasting resources exceeding 1 billion pounds of copper with a grade of approximately 0.78 percent copper. This exceptional grade makes it a highly attractive prospect for mining companies and investors alike.
Another notable area is the Corner Bay deposit, which offers high-grade copper-gold resources. These geological formations contribute significantly to Québec's potential as a major copper producer on the global stage.
Historical context
Québec's copper-mining history dates back to the mid-1920s, when initial copper and gold discoveries were made in the northwestern part of the province. These discoveries led to the establishment of mining towns like Rouyn and Noranda, marking the beginning of Québec's journey in the copper industry. The town of Chibougamau was established in 1952, and numerous copper and gold mines were developed along the shores of Lac Doré and Lac Chibougamau.
A significant milestone came in 1947 with the formation of the Gaspé Copper Mines. The company commissioned its processing plant in 1955 and expanded operations in 1968 to exploit larger, lower-grade reserves. This expansion played a crucial role in boosting Québec's copper production and establishing its reputation in the global market.
The largest past-producing mine in the Lac Doré region, however, was the Copper Rand mine, which is now owned by Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF). The mine operated from 1959 to 2008 and extracted 16.45 million metric tons at an average grade of 1.8 percent copper and 2.8 grams per metric ton gold.
Falconbridge's underground mines also made a substantial impact on production during this period, further solidifying Québec's position in the copper-mining sector.
Regulatory environment
As the copper industry in Québec continues to grow, it faces increasing scrutiny regarding environmental protection and regulatory compliance. The province has implemented several measures to ensure responsible mining practices, including the regulation respecting the regulatory scheme for environmental impact.
Bill 63, which proposes amendments to Québec's Mining Act, aims to enhance transparency, improve land use coordination and strengthen Indigenous rights. These changes also include enhanced environmental protection measures, reflecting the growing emphasis on sustainable mining practices.
Companies operating in Québec must also comply with environmental and social impact assessment requirements, and adhere to the James Bay and Northern Québec Agreement when operating in relevant territories.
Current state of copper exploration
Today, Québec's copper industry is thriving, with several notable companies leading exploration and efforts. The Opemiska Project, operated by QC Copper and Gold (TSXV:QCCU,OTCQB:QCCUF), has an updated resource estimate that highlights the region's potential. The project boasts a total global resource of 2.24 billion pounds at 0.94 percent copper equivalent.
Another significant development is the revival of the Gaspé copper mine. Osisko Metals (TSXV:OM,OTCQX:OMZNF) has acquired the property and is actively engaged in exploration activities, expanding the known copper mineralization at Mount Copper.
Doré Copper, being acquired by Cygnus Metals, is making strides in the Chibougamau area, consolidating a large land package and progressing with various projects aimed at tapping into the region's rich mineral resources. Doré Copper’s hub-and-spoke strategy is centered around its flagship high-grade copper Corner Bay deposit, leveraging its unique advantage of owning the only mill in the area, while benefiting from supportive communities and existing infrastructures.
Azimut Exploration (TSXV:AZM,OTCQX:AZMTF), while primarily known for gold exploration, is also involved in copper exploration across Québec. The company's diversified approach contributes to the overall development of the province's mining landscape.
Glencore (LSE:GLEN,OTC Pink:GLCNF), a global leader in commodities trading and mining, maintains a significant presence in Québec's copper industry. The company's operations are expected to grow as global demand for copper increases, particularly in the green energy sector.
Prospects and challenges
The future of Québec's copper industry looks promising, driven by technological advancements and growing global demand. Innovations such as coarse particle recovery, sulfide leaching and machine learning for process optimization are enhancing the efficiency and sustainability of mining operations.
Global copper demand is projected to double by 2035, primarily driven by the renewable energy and electric vehicle sectors. This surge in demand presents significant opportunities for Québec's copper industry to expand and thrive.
However, the industry also faces challenges. These include navigating complex regulatory frameworks, addressing environmental concerns and ensuring effective community engagement. Companies must balance economic growth with environmental stewardship to ensure long-term sustainability.
Strategic exploration initiatives, such as collaborations between companies like Midland Exploration (TSXV:MD) and BHP, are paving the way for future discoveries and developments in Québec's copper sector.
Key takeaway
Québec's copper resources represent a golden opportunity for investment and economic growth.
The province's rich geological settings, high-grade deposits and supportive business environment position it as a key player in the global copper market. As the world transitions towards green energy solutions, Quebec's copper industry is poised to play a crucial role in meeting the increasing demand for this essential metal.
While challenges exist, the future outlook for sustainable copper mining practices in Québec remains positive. With continued investment in exploration, technological innovation and responsible mining practices, Québec is well positioned to capitalize on its copper resources and contribute significantly to the global supply chain.
For investors and mining companies alike, Québec's copper industry offers a compelling opportunity to be part of a growing and vital sector that is essential to the future of sustainable technology and infrastructure development.
This INNSpired article is sponsored by Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Doré Copper Miningin order to help investors learn more about the company. Doré Copper Mining is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Doré Copper Miningand seek advice from a qualified investment advisor.
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