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.
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Seismic Disruptions Could Cost Copper and Rhenium Industries Billions, USGS Study Shows
Astudy published by the US Geological Survey shows that earthquakes can have a "substantial" impact on mining, smelting and refining operations, creating lasting impacts for the global economy and supply chains.
Focusing on copper and rhenium, a silver-gray transition metal, the study aims to quantify the risks that earthquakes pose to supply — a variable that has not previously been systematically categorized.
Copper production and risks
According to the study, many of the world's largest copper and rhenium production facilities are located in regions prone to high seismic activity, such as South America, East Asia and the Pacific.
Chile and Peru are particularly significant for copper, taking the first and second spots for global output.
The US Geological Survey notes that 76 out of 101 combined copper-producing facilities in both countries are located in areas with a high probability of experiencing significant seismic activity within the next 50 years.
The analysis estimates the expected annual disruption (EAD) of global copper production due to earthquakes, noting that it ranges from 0.3 to 1.1 percent of worldwide production. Smelters fall between the 1.8 and 4 percent bracket, while refineries are within the 1.5 to 3.3 percent range.
The potential financial impact of these disruptions is substantial. The study estimates revenue loss from earthquake-induced disruptions to range from US$315 million to US$1.29 billion for copper mining, US$1.92 billion to US$4.33 billion for copper smelting and US$2.06 billion to US$4.52 billion for copper refining.
Rhenium production and risks
Rhenium, a by-product of copper and molybdenum mining, is crucial for making superalloys used in jet engines.
The US Geological Survey study identifies 12 major rhenium production facilities globally, with significant capacities located in the US, Chile and South Korea. Like copper facilities, many rhenium production sites are in high-risk seismic zones, such as parts of East Asia, posing a similar threat to their production stability.
In terms of impact, rhenium has an EAD of 0.32 to 1.32 percent. The study tallies estimated revenue loss in disrupted rhenium production to range from US$337,000 to US$1.4 million.
Implications for global supply chain and economy
The study further underscores the tangible effects of disrupted supply chains to the global economy, such as higher prices for commodities, production delays and economic losses across sectors dependent on these minerals.
While the ability of unaffected facilities to ramp up production and compensate for losses is a mitigating factor, the overall economic impact would still be significant, especially for countries heavily reliant on copper and rhenium.
Dr. Kishor Jaiswal, a US Geological Survey research structural engineer and lead author of the study, believes that the framework produced by the study can help national governments and key producers make crucial decisions, and can serve as a template for similar studies on other mineral commodities.
“While our study assessed the potential for the disruption to the supplies of copper and rhenium due to earthquake hazards, this published framework will serve as a template for other mineral commodities of interest around the world,” he explained in a Thursday (July 18) press release.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Top 5 Copper Stocks on the TSX in 2024
Copper prices saw some gains during the first quarter of the year, but supply concerns and rising demand caused the copper price to surge in Q2 to a record high on the COMEX of US$5.20 per pound, or US$11,464 per metric ton, on May 20.
Although strong demand from the energy transition has been expected to impact supply chains for some time, lower treatment charges from Chinese refiners during the first quarter introduced added pressure into the market. The low charges caused cuts to output, ultimately bottlenecking the supply of refined copper to end users.
How have TSX-listed copper companies performed since the start of 2024? Learn about the top 5 best performing copper stocks in 2024 below.
1. Taseko Mines (TSX:TKO)
Year-to-date gain: 75 percent; market cap: C$941.54 million; share price: C$3.22
Taseko Mines is a copper producer and development company and holds a portfolio of assets in British Columbia, Canada and Arizona, US.
Its primary asset is the Gibraltar mine located in Central BC. The mine is Canada’s second largest open-pit copper mine after Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Highland Valley mine. Gibraltar boasts an 85,000 MT per day processing capacity and in 2023 produced 123 million pounds of copper.
On March 25, Taseko acquired 100 percent ownership of the Gibraltar mine after it entered into an agreement with Dowa Metals and Mining (TSE:5714) and Furukawa (TSE:5715) to purchase the remaining 12.5 percent interest in the property. The company said the agreement was made as both Dowa and Furukawa are divesting themselves of their copper-mining investments.
On June 1, Taseko announced that operations at Gibraltar had been suspended due to strike action being carried out by mine workers. The strike lasted approximately two weeks, with the company and union coming to terms on a new agreement.
The company announced on June 19 that the union ratified the agreement and that operations restarted at concentrator 2. It added that concentrator 1 would continue to remain offline while the crusher relocation project and general maintenance are completed.
Shares in Taseko reached a year-to-date high of C$4.05 on May 27.
2. Alta Copper (TSX:ATCU)
Year-to-date gain: 72.22 percent; market cap: C$52.2 million; share price: C$0.62
Alta Copper is a copper exploration company that is working to advance its flagship Cañariaco project in Northern Peru. The project includes the Cañariaco Norte and Cañariaco Sur deposits and the Quebrada Verde prospect.
On May 15, the company released figures from an optimized preliminary economic assessment. In the report, the company indicated a base case pre-tax net present value of US$4.1 billion with an internal rate of return of 32.4 percent based on copper prices of US$4 per pound along with all-in sustaining costs of US$1.96 per pound of copper.
On the production side, Alta reported the projected life of the mine was 27 years, with an average annual metal production in the first 10 years of 347 million pounds of copper, 70,000 ounces of gold and 1.5 million ounces of silver.
In a follow-up technical report released on June 11, Alta shared updated resources for its project at cutoff grades of 0.1 percent copper. According to the report, Cañariaco Norte hosts measured and indicated resources of 9.33 billion pounds copper, 2.16 million ounces of gold and 60.37 million ounces of silver from 1.13 billion metric tons (MT) of ore, as well as additional inferred resources of 2.41 billion pounds of copper, 520,000 ounces gold and 16.9 million ounces of silver from 416 million MT of ore.
The company also reported inferred resources for the Cañariaco Sur deposit, with 2.52 billion pounds of copper, 1.34 million ounces gold, 17.61 million ounces of silver and 24.04 million pounds of molybdenum.
Shares in Alta reached their year-to-date high of C$0.79 on May 20.
3. Hudbay Minerals (TSX:HBM)
Year-to-date gain: 67.61 percent; market cap: C$4.94 billion; share price: C$12.18
Hudbay Minerals is a copper production and development company with producing mines in Peru and Canada, as well as projects in Peru and the US states of Arizona and Nevada.
According to Hudbay’s Q1 results, the Constancia mine and neighboring Pampacancha satellite pit in Peru produced a combined 24,576 MT of copper in the first three months of 2024. Copper Mountain in BC produced 7,024 MT of copper and Snow Lake in Manitoba produced an additional 3,149 MT of copper.
In addition to its mining assets, the company is also working to advance its Copper World project in Arizona. In the Q1 report the company indicated it is continuing to work on receiving the final state permits for the site and expects to receive them sometime in 2024. The company is also in the process of completing a three prerequisites plan that is required for sanctioning which it expects in 2025.
When complete, the mine is expected to have a 20 year life span, and according to a mineral resource estimate included in a March 28 annual reserve and resource update, Hudbay reported proven and probable average grades of 0.54 percent copper from 385 million MT.
The company is also working on its greenfield Mason project in Nevada. Hudbay says it is developing the project as a long-term future asset and expects it to have a 27 year lifespan.
Resource estimates from the site show measured and indicated average grading of 0.29 percent from 2.22 billion MT of ore, with additional inferred grading of 0.24 percent from 237 million MT.
On May 24, the company announced it had completed an upsized bought deal offering, generating proceeds of US$402.5 million for the sale of 42.37 million common shares at US$9.50 per share. The company said it intends to use funds for near-term growth initiatives and accelerate development at its Copper Mountain asset.
Shares in Hudbay reached a year-to-date high of C$14.15 on May 20.
4. First Quantum Minerals (TSX:FM)
Year-to-date gain: 64.23 percent; market cap: C$15.32 billion; share price: C$17.77
First Quantum Minerals is a copper mining and development company with a global portfolio of assets.
Its primary asset has been the Cobre Panama mine located west of Panama City, Panama. The mine boasts 3 billion MT of proven and probable reserves and represents 1 percent of the World’s copper supply. The mine was ordered to close down in November 2023 after the Panamanian Supreme Court invalidated an extension to the mine's license.
In a December 2023 release, the company said it was working on developing a closure plan for the mine that it expects to present in June 2024, but also noted it is pursuing all appropriate legal avenues to protect its investment and rights.
In the company’s Q1 2024 financial update, released on April 24, First Quantum said it was continuing to work on a preservation and safe management plan for Cobre Panama, and was also working to deliver the 121,000 MT of concentrates that remain on site.
Due to the ongoing situation in Panama, the company noted that it has undergone a refinancing program to improve its balance sheet and improve liquidity. This program has included working out a prepayment agreement with Jiangxi Copper for US$500 million, the completion of a US$1.6 billion senior secured second-lien at 9.38 percent due in 2029, and the issuance of 139.93 million common shares to raise proceeds of US$1.15 billion.
In addition to the updates on its mine in Panama, First Quantum reported the production of 100,605 MT of copper through Q1, down 59,595 MT compared to Q4 2023. The production drop was largely attributed to the closure of Cobre Panama.
The company is also operating several mines in Zambia, including its Kansanshi copper-gold mine, Sentinel copper mine and Enterprise nickel mine. First Quantum noted that production may be impacted in 2024 due to severe drought conditions in Zambia caused by El Nino, which reduced water levels in the Kafue and Zambezi rivers. This led the government to declare a national emergency in March, and power generation throughout the country has been impacted.
First Quantum has been working to mitigate these challenges and entered into offtake agreements with third-party traders for power sourced from the Southern African Power Pool for a total of 80 megawatts. The agreements are expected to cost US$25 million.
Shares of First Quantum reached a year-to-date high of C$20.00 on May 20.
5. Capstone Copper (TSX:CS)
Year-to-date gain: 53.3 percent; market cap: C$7.81 billion; share price: C$9.74
Capstone Copper is a mining company with a portfolio of assets in the US, Mexico and Chile.
Capstone's 100 percent owned Pinto Valley copper mine in Arizona, US, is fully permitted until 2039 and is expected to produce 58,000 to 64,000 MT of copper in 2024. Capstone acquired Pinto Valley from BHP in 2013, and the mine has produced more than 4 billion pounds of copper since it began operating in 1972.
It also is the sole owner of the Cozamin copper and silver mine in Zecatacas, Mexico, which boasts a 1,000 MT per day throughput and is projected to generate 22,000 to 24,000 MT of copper in 2024, as well as the Mantos Blancos copper mine in Antofagasta, Chile, which underwent an expansion in 2021 to extend its mine life significantly.
The company also owns a 70 percent stake in the Mantoverde mine in the Atacama region of Chile, with the remaining 30 percent owned by Mitsubishi Materials (OTC Pink:MIMTF,TSE:5711). The mine is currently in the process of ramping up to commercial production, and Capstone announced on June 25 that it produced its first saleable copper concentrate. Capstone expects to achieve nameplate operating rates during Q3 of 2024.
Shares in Capstone reached a year-to-date high of C$11.20 on May 16.
FAQs for investing in copper
Is copper a good investment in 2024?
Many experts have a positive long-term outlook for the red metal based on supply concerns and its growing role in the energy transition. Copper's price has climbed to new all time highs in 2024, bringing many stocks with it.
Investors who are interested in copper should make sure to perform their due diligence, as the volatility and unpredictability of markets and economies at the moment means that nothing is guaranteed.
What is copper used for?
Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2020, 32 percent of copper globally was used in equipment manufacturing and 28 percent in building construction.
Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.
How to invest in copper?
Investors can get exposure to copper in a variety of ways. Holding physical copper is possible, but plenty of storage would be required to hold any significant value of the metal.
For investors looking to invest in the metal without physically holding it, there are a few options. Copper stocks such as those on the TSX, TSXV and ASX are worth looking at. Additionally, there are copper exchange-traded funds and the copper options and futures markets on the London Metal Exchange.
How to invest in a copper ETF?
Copper exchange-traded funds (ETFs) can be a good way to diversify an investment portfolio, and they can be a more stable option compared to individual copper miners or explorers. There are multiple options available on the market, and they can usually be purchased in the same way one could purchase stocks through a broker or trading platform.
In May 2022, Horizons launched Canada’s first copper equities ETF, the Horizons Copper Producers Index ETF (TSX:COPP), which is focused solely on pure-play and diversified copper-mining companies.
There are two ETFs available on the US ARCA exchange as well. The Global X Copper Miners ETF (ARCA:COPX) tracks the Solactive Global Copper Miners Index, which includes copper miners, as well as copper explorers and developers. The other option is the United States Copper Index Fund (ARCA:CPER), which gives investors exposure to copper futures contracts by tracking the SummerHaven Copper Index Total Return (INDEXNYSEGIS:SCITR).
How is copper priced?
The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per metric ton.
How is copper processed?
Once copper is mined, the ore goes through multiple steps to reach a market-ready state. First, the ore is ground to roughly separate the rock from the copper, as copper typically only makes up 1 percent of the mined rock.
The resultant copper is then slurried with water and chemical reagents, after which air is used to float the copper to the top of the mixture. After the copper is removed from this, it is typically at 24 to 40 percent purity.
Lastly, the copper is refined at a refining plant or smelter using one of two methods, pyrometallurgy and hydrometallurgy. Pyrometallurgy is employed for copper ore that is sulfide rich, while hydrometallurgy is used when the ore is oxide rich. The Investing News Network's guide on copper refining goes into further detail about how those processes work. Once these processes are complete, the copper is concentrated to up to 99.99 percent purity.
Where is copper mined?
Copper is mined throughout the world, with significant production found on every continent besides Antarctica. Chile was the top producer in 2022, putting out 5 million metric tons of the metal. Rounding out the top five are Peru with 2.6 million MT, the Democratic Republic of Congo with 2.5 million MT, China with 1.7 million MT and the United States with 1.1 million MT.
Article by Dean Belder; FAQs by Lauren Kelly.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Top 5 Junior Copper Stocks on the TSXV in 2024
Many Canadian junior copper stocks are up significantly in 2024 thanks to a strong copper price.
The second quarter of 2024 saw carried-over momentum from March. Easing inflation and speculation of a manufacturing rebound fueled broad gains in commodity markets, helping to push COMEX copper prices to a record high of US$5.20 per pound, or US$11,464 per metric ton, on May 20.
Prices have found support over demand growth from energy sectors as wind and solar projects see greater uptake, particularly in China and India.
Even though there has been some slow down in the pace of electric vehicle growth, automakers have begun increasing their production of hybrids, which also require more copper than vehicles with internal combustion engines.
With the demand for copper set to soar within the next several years, has this elevated pricing helped small-cap copper explorers on the TSXV?
These are the five best-performing junior copper stocks since the start of 2024. Data for this article was gathered on April 24, using TradingView's stock screener, and all companies had market caps of over C$10 million at that time. Read on to see what's been moving their share prices.
1. Sandfire Resources America (TSXV:SFR)
Year-to-date gain: 283.33 percent; market cap: C$353.06 million; share price: C$0.345
Sandfire Resources America is a copper development company focused on its Black Butte copper project located east of Helena, Montana, in the US. In 2021, a state district court revoked the company's mine operating permit for Black Butte, halting construction activities of the underground mine.
Sandfire describes the project as one of the highest grade undeveloped copper deposits in the world; a resource estimate for the project's Johnny Lee deposit completed in 2020 reported measured and indicated resources of 10.9 million metric tons (MT) grading 2.9 percent copper for a total of 311,000 MT contained copper.
Shares of Sandfire soared following a February 26 decision by the Montana Supreme Court to reinstate the company's mine operating permit. The win is a crucial step for Sandfire to continue the construction of its mine.
Sandfire is working to improve Black Butte's economics as it works towards a final investment decision. The most recent update from the project came on April 30, when the company released an exploration update that highlighted high-grade copper intercepts of 7.4 percent copper over 9.54 meters, including an intersection of 10.7 percent over 6.26 meters.
Shares of Sandfire Resources America reached a year-to-date high of C$0.395 on May 13.
2. Koryx Copper (TSXV:KRY)
Year-to-date gain: 268.89 percent; market cap: C$38.47 million; share price: C$0.83
Formerly Deep-South Resources, the company announced in November 2023 that it would be changing its name to Koryx Copper to better represent its core values. The company is focused on the advancement of copper exploration projects in Namibia and Zambia.
Its flagship asset is the Haib copper project located in Southern Namibia near the border with South Africa. In an amended preliminary economic assessment released on January 8, the company indicated 20 million MT per year of ore processing with 85 percent copper recovery for a yearly production of 38,337 MT of copper and an additional 51,081 MT of copper sulfate.
Since the start of 2024, Koryx has published several assay results from exploration at Haib, with the most recent coming on May 15. In the announcement, the company highlighted grades of 0.51 percent copper over 137.6 meters, including an intersection of 0.68 percent copper over 72 meters.
According to Koryx President and CEO Pierre Léveillé, the results indicate the deposit's average grade may exceed the one reported in its existing mineral resource estimate. Assay results for the remaining eight drill holes from the program have yet to be released.
Shares of Koryx reached a year-to-date high of C$1.13 on June 10.
3. T2 Metals (TSXV:TWO)
Year-to-date gain: 230.43 percent; market cap: C$10.98 million; share price: C$0.38
T2 Metals is a copper exploration company that has spent 2024 focusing on advancing its Sherridon copper, gold and zinc project near Flin Flon, Manitoba, Canada.
T2 holds an option agreement with Halo Resources to earn a 90 percent interest in the property, which consists of 28 mining claims and one mineral lease over 4,968 hectares. The site was home to the Sherridon/Sherritt Gordon mine and hosts multiple volcanogenic massive sulfide-style ore deposits.
Today, Sherridon hosts several inferred resources with near-surface targets discovered having been identified with limited drilling activity. T2 has been working to advance exploration activities in early 2024, with the latest update coming on March 1, when it reported assays of 1.18 percent copper or 7.4 percent copper equivalent over 23.5 meters, including an intersection of 2.48 percent copper or 25 percent copper equivalent over 8.67 meters.
Shares in T2 surged toward the end of the second quarter when the company released news on June 7 that it had received a C$300,000 development grant from Manitoba’s Mineral Development Fund to advance exploration at Sherridon. The company said planning and permitting were underway for both follow-up drilling and testing additional targets on the site.
T2's share price reached a year-to-date high of C$0.41 on July 7.
4. Freeport Resources (TSXV:FRI)
Year-to-date gain: 200 percent; market cap: C$18.45 million; share price: C$0.075
Freeport Resources is focused on the advancement of its Yandera copper, gold and molybdenum project located in Madan, Papua New Guinea. Yandera covers an area of 245.5 square kilometers and has been explored since the 1960s. Freeport acquired the project in August 2021, when it bought out Carpo Resources and its subsidiary Era Resources.
A 2017 prefeasibility study commissioned by Era projects a net present value of US$1.04 billion with an internal rate of return of 23.5 percent and a payback period of five years and eight months. It also shows measured and indicated resources of 2.81 million MT of contained copper equivalent and a projected mine life of 20 years.
This past February, Freeport announced that it had been granted a two year extension for its exploration license from the government of Papua New Guinea.
The most recent news came on July 2, when the company announced that it had closed an oversubscribed private placement and for proceeds of C$5.2 million. Freeport said the funds would be used to complete an internal optimization of the Yandera copper project and to advance a definitive feasibility study.
Shares in Freeport reached a year-to-date high of C$0.09 on July 3.
5. American Eagle Gold (TSXV:AE)
Year-to-date gain: 179.25 percent; market cap: C$75.59 million; share price: C$0.74
American Eagle Gold is a copper and precious metals exploration company working to advance its NAK property in Central BC, Canada.
Hosted within the Babine copper-gold district, the NAK property has seen historical exploration dating back to the 1960s. American Eagle completed the acquisition of the site in December 2021.
On January 8, the company announced results from the final hole of its 2023 program, which returned the highest grading seen in the program. It reported a large 302 meter intersection containing 0.53 grams per metric ton (g/t) gold, 0.4 percent copper, 1.27 g/t silver and 431.4 parts per million molybdenum.
On May 27, the company announced it had commenced its phase 3 drill program at NAK. The company said the 15,000 meter drill program would be focusing on testing areas surrounding existing mineralization and connecting zones drilled in 2022 and 2023 programs.
In an update from the project on July 2, American Eagle said that it had discovered a copper-bearing outcrop in a previously untested zone in the southeastern region of the project area.
Shares of American Eagle reached a year-to-date peak of C$0.81 on May 9.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Chinese Copper Smelters to Trim Output in Response to Falling Margins
Two Chinese copper smelters have announced plans to reduce production next year due to diminishing profit margins caused by an ongoing shortage of ore concentrate, Bloomberg reported on Tuesday (July 16).
These decisions were revealed during a quarterly meeting of Chinese smelters held in Shanghai last week.
Daye Nonferrous Metals, a major smelter based in the country's Hubei province, plans to cut its smelting output by 20 percent in 2025. The company has already implemented smaller reductions, resulting in a decline in its total refined copper production capacity, which now stands at 930,000 metric tons on an annual basis.
Baotou Huading Copper Industry Development, a smaller firm with an annual capacity of 200,000 metric tons of blister and 30,000 metric tons of refined copper, plans to cut its smelting output by 40 percent next year. According to Bloomberg, the company already reduced its output by 20 percent last month due to a concentrate shortage.
The imbalance between mine supply and smelting capacity has been squeezing the profit margins of smelters. This situation has been exacerbated by the continuous expansion of smelting facilities across Asia.
Processing fees, known as treatment charges, have collapsed to near zero in the spot market. Most smelters are able to get the majority of their supply at better annual terms, but these terms may also be set to drop sharply.
These factors have contributed to bullish market sentiment, driving copper to record highs earlier this year. The red metal hit its highest recorded price of US$5.20 per pound, or US$11,464 per metric ton, on May 20 of this year. This move is part of a long-term upward trend, with prices having increased over 500 percent since January 2000.
In addition to production challenges, the global copper market is experiencing shifts in demand patterns.
The State Grid Corporation of China, the world's largest buyer of copper, has slowed its purchases of copper wire this year and increased its purchases of aluminum wire, a cheaper substitute.
However, some traders and industry executives believe the substitution of copper with aluminum is a temporary response to high prices rather than a permanent shift.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Hudbay to Host Conference Call for Second Quarter 2024 Results
Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) senior management will host a conference call on Tuesday, August 13, 2024 at 11:00 a.m. ET to discuss the company's second quarter 2024 results.
Second Quarter 2024 Results Conference Call and Webcast | |
Date: | Tuesday, August 13, 2024 |
Time: | 11:00 a.m. ET |
Webcast: | www.hudbay.com |
Dial in: | 1-844-763-8274 or 647-484-8814 |
Hudbay plans to issue a news release containing the second quarter 2024 results before market open on Tuesday, August 13, 2024 and post it on the company's website. An archived audio webcast will be available on Hudbay's website following the call.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining-friendly jurisdictions of Canada, Peru and the United States.
Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the company, which is complemented by meaningful gold production. Hudbay's growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities." Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Brûlé
Vice President, Investor Relations
(416) 814-4387
investor.relations@hudbay.com
News Provided by GlobeNewswire via QuoteMedia
Noosa Mining Investor Conference
STRATEGY
- To become a significant copper producer and critical metals supplier centered on North-West Queensland
- Execute mining restart at Cloncurry Copper Project to establish profitable operating platform
- Generate cash & fund extensive exploration on Cloncurry and Mt Oxide tenements
- Seek further growth opportunities in the region
- Become a preferred employer in the region and establish a strong reputation within the community
This presentation (Presentation) has been prepared by True North Copper Limited ABN 28 119 421 868 (the Company) and relates to information The Presentation has been prepared as at 03 May 2024.
NOT AN OFFER
The information contained in the Presentation is for information purposes only. The Presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, the Presentation does not constitute an offer to sell or a solicitation to buy, securities in the United States of America.
NOT INVESTMENT ADVICE
The information contained in the Presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing the Presentation, the Company has not considered the objectives, financial position or needs of any particular recipient. The information contained in the Presentation is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company or TNC or its activities.
SUMMARY INFORMATION
The Presentation does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. The Presentation contains summary information about the Company and its activities which is current as at the date of the Presentation. The information in the Presentation is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America.
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This article includes content from True North Copper, 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.
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