Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide analytical results for the last five (5) of eleven (11) drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products.
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Copper Fox Provides Schaft Creek Update
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide its shareholders an update of activities on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. Activities currently in progress include:
- Two diamond drill rigs have been secured to complete the 2022 planned 5,000-meter drilling program (~10 drill holes), drilling has commenced.
- The drilling program will focus on collecting samples to complement historical metallurgical test work within the West Breccia, Liard and Paramount mineralized zones.
- Field crews are on site completing camp facilities refurbishment and readying overall logistics for the drilling activities.
- The geotechnical data gap analysis has been completed and will inform the scope of the 2023 geotechnical drill program designed to identify opportunities to further decrease the life of mine ('LOM') strip ratio and strengthen base case overall pit slope design criteria.
- Environmental baseline data collection activities are underway.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "We are pleased to see the 2022 field program getting underway at Schaft Creek. In addition to the field program, the SCJV is advancing several desktop initiatives, including investigating the potential to reduce the construction timeline. The results of the 2022 activities will strengthen project base case metallurgical predictions and guide the potential 2023 geotechnical program, increase density and type of environmental baseline data to better reflect current project configuration and regulatory requirements. The results of the 2022 program will also better inform consultations with the Tahltan Nation on advancing the Schaft Creek project."
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at www.copperfoxmetals.com.
For additional information contact: Investor line 1-844-484-2820 or Lynn Ball, at 1-403-264-2820.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: a 5,000m drill program; strengthen project base case metallurgical predictions and guide the potential 2023 geotechnical program; identifying opportunities to decrease LOM strip ratio; increase density and type of environmental baseline data; facilitating consultation with the Tahltan Nation on advancing the Schaft Creek project.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the speed of field studies; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: the load flow and interconnection costing analysis, the operating cost to commodity prices sensitivity analysis, Geotechnical Analysis, the Structural Geology Interpretation and metallurgical test work may not be completed as planned or at all; the 2022 environmental activities, the environmental baseline monitoring and Environmental Baseline Data may not meet regulatory guidelines; engagement with the Tahltan Nation may not be completed within the timeline or at all; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
Copper Fox Provides Final Analytical Results for 2022 Metallurgical Drilling Program at Schaft Creek Project
The 2022 metallurgical drill program completed 4,688 meters ("m") with the objective of collecting samples to complement historical metallurgical test work. The drill program expanded the metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. Eleven (11) drill holes were completed across the project's mineralized zones; Liard (six holes), Paramount (three holes) and West Breccia (two holes). Highlights and additional details regarding the analytical results received are summarized below.
Highlights
The analytical results from the last five drill holes intersected copper-gold-molybdenum-silver mineralization across a range of grades representative of the project life of mine for metallurgical test work. Below are selected mineralized intervals from the drilling results reported in this news release.
DDH SCK-22-456 in the Liard zone intersected 144.70 m grading 0.442% copper, 0.552g/t gold, 0.032% molybdenum and 3.46g/t silver (CuEq 0.778%) starting at 112.30 m downhole. This interval includes 70.30 m of 0.670% copper, 0.859g/t gold, 0.043% molybdenum and 5.41g/t silver (CuEq 1.180%) starting at 116.70 m.
DDH SCK-22-457 in the Paramount zone intersected 270.00 m grading 0.371% copper, 0.090g/t gold, 0.054% molybdenum and 1.60g/t silver (CuEq 0.520%) starting at 377.0 m downhole. This interval includes 45.63 m of 0.442% copper, 0.095g/t gold, 0.088% molybdenum and 1.63g/t silver (CuEq 0.656%) starting at 377.00 m and 90.00 m of 0.447% copper, 0.106g/t gold, 0.058% molybdenum and 1.82g/t silver (CuEq 0.612%) starting at 536.00 m.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The mineralized intervals from drill holes in the Liard zone reported in this news release further extend the continuity of previously reported zones of near-surface higher-grade mineralization between existing drill holes within the Liard zone. Paramount zone drill hole, SCK-22-457 demonstrated an interval of higher-grade copper-gold-molybdenum-silver mineralization representative of mineralization within the Paramount zone. With all analytical results from the 2022 metallurgical drilling program in hand, sample selection for metallurgical test work has commenced."
2022 Metallurgical Drilling Program
Mineralized intervals reported in this news release were calculated using a 0.10 CuEq % copper equivalent cut-off grade. Samples lower than the selected cut-off grade were included in the weighted average interval provided that the sample interval below the cut-off did not exceed 10.0 m in core length. Intervals of lower grade mineralization are reported to demonstrate metal distribution within the drill holes. Information on the drill holes completed, including the weighted average grades of the mineralized intervals, are tabulated below.
Mineralized | DDH | TD | From | To | Interval | Cu | Au | Mo | Ag | CuEq |
Zone | ID | (m) | (m) | (m) | (m) | (%) | (g/t) | (%) | (g/t) | (%) |
Liard | SCK-22-456 | 401.00 | 73.30 | 81.00 | 7.70 | 0.151 | 0.176 | 0.011 | 1.15 | 0.260 |
112.30 | 257.00 | 144.70 | 0.442 | 0.552 | 0.032 | 3.46 | 0.778 | |||
includes | 116.70 | 187.00 | 70.30 | 0.670 | 0.859 | 0.043 | 5.41 | 1.180 | ||
292.00 | 305.00 | 13.00 | 0.170 | 0.072 | 0.005 | 0.95 | 0.217 | |||
372.00 | 401.00 | 29.00 | 0.193 | 0.037 | 0.01 | 0.83 | 0.232 | |||
Paramount | SCK-22.457 | 647.00 | 11.40 | 90.00 | 78.60 | 0.188 | 0.050 | 0.009 | 0.65 | 0.231 |
174.00 | 183.00 | 9.00 | 0.109 | 0.041 | 0.003 | 0.46 | 0.136 | |||
199.00 | 291.35 | 92.35 | 0.212 | 0.026 | 0.006 | 1.29 | 0.240 | |||
312.00 | 339.58 | 27.58 | 0.102 | 0.007 | 0.003 | 0.57 | 0.113 | |||
377.00 | 647.00 | 270.00 | 0.371 | 0.090 | 0.054 | 1.60 | 0.520 | |||
includes | 377.00 | 422.63 | 45.63 | 0.442 | 0.095 | 0.088 | 1.63 | 0.656 | ||
includes | 536.00 | 626.00 | 90.00 | 0.447 | 0.106 | 0.058 | 1.82 | 0.612 | ||
Paramount | SCK-22-458 | 500.00 | 19.00 | 299.60 | 280.60 | 0.316 | 0.088 | 0.020 | 1.12 | 0.399 |
343.65 | 356.00 | 12.35 | 0.290 | 0.054 | 0.016 | 1.04 | 0.318 | |||
372.80 | 422.40 | 49.60 | 0.235 | 0.104 | 0.015 | 1.55 | 0.142 | |||
452.00 | 480.00 | 28.00 | 0.123 | 0.028 | 0.002 | 0.60 | 0.142 | |||
West Breccia | SCK-22-459 | 46.00 | 6.00 | 46.00 | 40.00 | 0.145 | 0.126 | 0.003 | 0.76 | 0.214 |
Liard | SCK-22-460 | 356.00 | 5.80 | 268.00 | 262.20 | 0.251 | 0.096 | 0.007 | 0.77 | 0.313 |
includes | 21.85 | 36.00 | 14.15 | 0.548 | 0.290 | 0.008 | 2.30 | 0.710 |
Note: The core intervals listed in the above table do not represent true widths, CuEq = copper equivalent, % = percent, g/t = grams per tonne, m = meters, TD = total depth of drill hole. Int = interval in meters. Copper equivalent calculations are based on:100.0% of the copper content plus 71% of the gold content, 60.1% of the molybdenum content and 40.3% of the silver content. Metal prices used in the copper equivalent calculation are copper US$3.25/pound, gold US$1,500/ounce, molybdenum US$10.00/pound and silver US$20.00/ounce.
Drill hole data for holes reported in this news release are as follows:
Mineralized Zone | DDH ID | Easting (m) | Northing (m) | Elev (m) | Azimuth (degrees) | Dip (degrees) | Total Depth (m) |
Liard | SCK-22-456 | 379808 | 6359996 | 933 | 270 | -60 | 401 |
Paramount | SCK-22.457 | 379247 | 6360689 | 891 | 100 | -50 | 647 |
Paramount | SCK-22-458 | 379480 | 6360338 | 904 | 90 | -70 | 500 |
West Breccia | SCK-22-459 | 379557 | 6359713 | 883 | 90 | -65 | 46 |
Liard | SCK-22-460 | 380421 | 6359707 | 1116 | 90 | -55 | 356 |
The drill hole locations and hole traces of the 2021 and the 2022 program are shown in Figure-1:
Figure 1: Plan map of the Schaft Creek deposit outlining the five-year pit shell and life-of-mine pit shell as set out in the "Schaft Creek Preliminary Economic Assessment (PEA), a NI 43-101 Technical Report", with an effective date of September 10, 2021, prepared by Tetra Tech Canada Inc. ("Tetra Tech"), H. Ghaffari. M.A.Sc., P.Eng et. al. as Qualified Persons (see news release dated September 20, 2021).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2177/155266_fabf624cc417f908_001full.jpg
Discussion of Diamond Drill Results
The 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence and increases metallurgical sample coverage across the Schaft Creek deposit to better inform metal recoveries and comminution characteristics. The mineralized intervals reported from this drilling program further extend the near-surface higher-grade mineralization zones reported in 2021 and increase continuity of this type of mineralization between existing drill holes.
Liard Zone
Drill holes SCK-22-456, and DDH SCK-22-460 intersected broad intervals (ranging from 14.15 m to 70.30 m) of near-surface higher-grade copper-gold-molybdenum-silver mineralization. These mineralized intervals further extend the lateral continuity of near-surface higher-grade mineralization zones reported in 2021 between existing drill holes within the Liard zone. The last sample at the bottom of DDH SCK-22-456 returned 0.127% Cu, 0.107g/t Au, 0.001%Mo and 0.73g/t Ag.
Paramount Zone
DDH SCK-22-457 intersected a 270.00 m interval of higher-grade mineralization starting at a depth of 377.00 m. This deeper interval of higher-grade copper-gold-molybdenum-silver mineralization is representative of mineralization within the Paramount zone. The last sample in this drill hole returned 0.127% Cu, 0.049g/t Au, 0.002% Mo and 0.57g/t Ag.
West Breccia Zone
DDH SCK-22-459 was completed to a depth of 46.00 m. The mineralized interval reported in the above table includes a 9.00 m interval (from 15.00 m to 24.00 m) for which no core was recovered. The last sample in DDH SCK-22-459 contained 0.231% Cu, 0.082g/t Au, 0.002% Mo and 1.20g/t Ag.
Diamond Drilling and Sampling Procedures
The diamond drilling was completed using HQ diameter core. Overall core recovery was estimated to be greater than 90%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half was retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.50 to 2.60 m in length, with most intervals being an average of 2.0 m long. A total of 1,356 samples analyzed at ALS Canada Ltd.("ALS") located in Vancouver, British Columbia are reported in this news release.
Base metal and silver concentrations were determined by ALS MEMS61 package and a 4-acid digestion. Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.
Quality Control
The Joint Venture follows a rigorous Quality Assurance/Quality Control program. Of the 1,356 core samples collected, 163 field blanks and certified reference materials and 107 duplicates were inserted into the sample batches submitted to ALS.
Qualified Person
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at www.copperfoxmetals.com.
For additional information contact: Jason Shepherd at 1-844-464-2820.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements regarding average grade of mineralized intervals; sample selection and drill holes ending in mineralization.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the average grade of mineralized intervals may not be significant; the mineralization at the end of the drill holes may not continue at depth; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155266
News Provided by Newsfile via QuoteMedia
Copper Fox Announces 2022 Fourth Quarter Operating and Financial Results
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its audited annual consolidated October 31, 2022 financial statements have been filed on SEDAR.
All the Company's subsidiaries are wholly owned.
For the year ended October 31, 2022, Copper Fox had a net loss of $1,290,966 (October 31, 2021 - $861,228) which equated to $0.00 loss per share (October 31, 2021 - $0.00 loss per share).
During the year ended October 31, 2022, the Company incurred $1,312,952 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects as well as exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company's web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "Activities during and subsequent to the year ended included analytical results of the 2022 metallurgical drilling program at Schaft Creek which extended and increased continuity of the near-surface higher-grade mineralized zones reported in 2021. These results allow for the metallurgical testwork, one of the main project enhancements identified in the 2021 Preliminary Economic Assessment, to commence. Following the positive results from the biological evaluation (BE) of the Van Dyke project, field operations to determine the possibility of re-habilitating selected drill holes is underway. The positive exploration results from the Sombrero Butte and Mineral Mountain porphyry copper projects continued to upgrade and support the porphyry potential on both projects. At Eaglehead, despite the delay of the planned 2022 drill program, the field operations resulted in expanding the limits of the porphyry style mineralization and provided the information to allow the 3D modelling of the four open-ended porphyry deposits located within the project area to begin."
2022 Q4 Highlights
- On August 2, 2022, the Company provided a summary of operations at the Eaglehead project.
- On August 18, 2022, the Company announced an update at the Mineral Mountain project detailing the 3D modelling results.
- On August 25, 2022, the Company provided a summary of activities completed at the Eaglehead project in anticipation of receipt of the permit to conduct drilling operations.
- On September 8, 2022, the Company released the results of an early-stage BE of certain parts of the Van Dyke project and announced plans to commence Phase 1 activities of the hydrogeologic monitoring program.
- On September 14, 2022, the Company announced that the proposed 2,500-metre drilling program on its Eaglehead project would be delayed due to non-receipt of the drilling permit.
- On October 17, 2022, the Company announced the completion of metallurgical drilling program at the Schaft Creek project by completing 4,688 meters in eleven drill holes focusing on collecting samples to complement historical metallurgical testwork.
Subsequent to the Year Ended
- On November 10, 2022, the Company provided an update as well as detailing plans for its Van Dyke project.
- On November 29, 2022, the Company provided an update on the Eaglehead project including receiving the Mines Act permit to conduct activities set out in the Notice of Work dated February 1, 2022 from the BC Ministry of Mines.
- On January 18, 2023, the Companyprovided the analytical results for six (6) of the eleven (11) drill holes completed as part of the 2022 metallurgical drill program at the Schaft Creek project. The program expanded the coverage across the Schaft Creek deposit with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. A wide range of metal concentrations were intersected in the six drill holes.
Warrant Exercises
Subsequent to the fiscal year ended, the Company has received 23,451,667 exercised warrants for total proceeds of $2,110,650.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
Selected Financial Results
October 31, 2022 | July 31, 2022 | April 30, 2022 | January 31, 2022 | | ||||||||
3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | | ||||||||
Loss before taxes | $ | 461,137 | $ | 277,827 | $ | 363,283 | $ | 248,719 | ||||
Net loss | 401,137 | 277,827 | 363,283 | 248,719 | ||||||||
Comprehensive (gain)/loss | (668,062 | ) | 832,007 | (116,314 | ) | 140,436 | ||||||
Comprehensive (gain)/loss per share, basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 | | |||||||
October 31, 2021 | July 31, 2021 | April 30, 2021 | January 31, 2021 | |||||||||
3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | | ||||||||
Loss before taxes | $ | 367,608 | $ | 205,040 | $ | 343,256 | $ | 199,324 | ||||
Net loss | 113,608 | 205,040 | 343,256 | 199,324 | ||||||||
Comprehensive loss | 133,849 | 32,777 | 842,711 | 791,658 | ||||||||
Comprehensive loss per share, basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 |
Liquidity
As at October 31, 2022, the Company's cash position was $132,192 (October 31, 2021- $2,646,608) and as of the date of this News Release the Company's cash position is $1,516,528.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at www.copperfoxmetals.com.
For additional information please contact Jason Shepherd at 1-844-464-2820.
On behalf of the Board of Directors,
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements regarding; analytical results and commencement of metallurgical testwork on the Schaft Creek project; results of the Biological Evaluation on the Van Dyke project, commencement of field operations at Van Dyke; delay of the drilling program at Eaglehead; positive results from exploration on its Eaglehead, Mineral Mountain and Sombrero Butte projects.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial, and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the metallurgical testwork on the Schaft Creek project may not be completed as planned or at all; the metallurgical testwork may not produce the results anticipated; field operations on the Van Dyke project may not proceed as planned or at all; planned activities at Van Dyke may not produce the results anticipated; the deferred drilling program at Eaglehead may not be completed as planned or at all; and the results from exploration on Eaglehead, Mineral Mountain and Sombrero Butte projects the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155023
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Copper Fox Provides Partial Analytical Results for 2022 Metallurgical Drilling Program at Schaft Creek Project
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide the analytical results for six (6) of the eleven (11) drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products.
The 2022 metallurgical drill program completed 4,688 meters ("m") with the objective of collecting samples to complement historical metallurgical test work. The drill program expanded the metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. Eleven (11) drill holes were completed across the project's mineralized zones; Liard (six holes), Paramount (three holes) and West Breccia (two holes). Highlights and additional details regarding the analytical results received to date are summarized below.
Highlights
The drilling intersected copper-gold-molybdenum-silver mineralization across a range of grades representative of the project life of mine for metallurgical test work. Below are selected intervals from the Liard mineralized zone.
DDH SCK-22-450 intersected 88.0 m grading 0.443% copper, 0.292 g/t gold, 0.022% molybdenum and 1.91 g/t silver starting at 21.0 m downhole. This interval includes 39.0 m of 0.533% copper, 0.250 g/t gold, 0.037% molybdenum and 1.97 g/t silver starting at 21.0 m.
DDH SCK-22-452 intersected 234.55 m grading 0.450% copper, 0.274 g/t gold, 0.019% molybdenum and 2.05 g/t silver starting at 16.0 m downhole. This interval includes 117.0 m of 0.679% copper, 0.558 g/t gold, 0.080% molybdenum and 2.60 g/t silver starting at 46.0 m.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The mineralized intervals reported in this news release further extend the near-surface higher-grade mineralized zones reported in 2021 and increase the continuity of this type of mineralization between existing drill holes. Receipt of the analytical results from the 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence. Analytical results for the remaining five (5) drill holes will be reported when available."
2022 Metallurgical Drilling Program
Mineralized intervals reported in this news release were calculated using a 0.10 CuEq % copper equivalent cut-off grade. Samples lower than the selected cut-off grade were included in the weighted average interval provided that the sample interval below the cut-off did not exceed 10.0 m in core length. Intervals of lower grade mineralization are reported to demonstrate metal distribution within the drill holes. Information on the drill holes completed, including the weighted average grades of the mineralized intervals, are tabulated below.
Mineralized Zone | DDH ID | Azi | Dip | TD (m) | From (m) | To (m) | Int. (m) | Cu (%) | Au (g/t) | Mo (%) | Ag (g/t) | CuEq (%) |
Liard | SCK-22-450 | 90 | -70 | 539 | 21.00 | 109.00 | 88.00 | 0.433 | 0.292 | 0.022 | 1.91 | 0.620 |
Includes | 21.00 | 60.00 | 39.00 | 0.533 | 0.250 | 0.037 | 1.97 | 0.728 | ||||
133.00 | 319.80 | 186.80 | 0.213 | 0.232 | 0.012 | 1.42 | 0.351 | |||||
319.80 | 433.20 | 113.40 | 0.330 | 0.308 | 0.051 | 2.04 | 0.579 | |||||
433.20 | 472.40 | 39.20 | 0.083 | 0.033 | 0.001 | 0.43 | 0.102 | |||||
472.40 | 514.00 | 41.60 | 0.497 | 0.418 | 0.007 | 4.25 | 0.725 | |||||
538.00 | 539.00 | 1.00 | 0.214 | 0.265 | 0.000 | 3.05 | 0.352 | |||||
Liard | SCK-22-451 | 90 | -65 | 371 | 15.70 | 249.92 | 234.22 | 0.347 | 0.117 | 0.019 | 1.44 | 0.443 |
Includes | 19.10 | 78.00 | 58.90 | 0.443 | 0.414 | 0.047 | 2.41 | 0.737 | ||||
Includes | 183.00 | 244.00 | 61.00 | 0.419 | 0.091 | 0.005 | 1.21 | 0.476 | ||||
249.20 | 371.00 | 121.80 | 0.098 | 0.053 | 0.000 | 0.44 | 0.125 | |||||
Liard | SCK-22-452 | 270 | -60 | 755 | 16.00 | 250.55 | 234.55 | 0.450 | 0.274 | 0.019 | 2.05 | 0.624 |
Includes | 46.00 | 163.00 | 117.00 | 0.678 | 0.558 | 0.080 | 2.60 | 1.102 | ||||
261.00 | 377.00 | 116.00 | 0.082 | 0.109 | 0.002 | 0.51 | 0.140 | |||||
377.00 | 573.00 | 196.00 | 0.220 | 0.225 | 0.023 | 1.37 | 0.375 | |||||
573.00 | 600.25 | 27.25 | 0.067 | 0.041 | 0.038 | 0.57 | 0.159 | |||||
600.25 | 719.60 | 119.35 | 0.215 | 0.057 | 0.014 | 0.95 | 0.272 | |||||
Liard | SCK-22-453 | 270 | -70 | 248 | 21.00 | 144.00 | 123.00 | 0.237 | 0.100 | 0.017 | 0.94 | 0.320 |
Includes | 45.00 | 95.00 | 50.00 | 0.330 | 0.173 | 0.039 | 1.42 | 0.490 | ||||
162.00 | 213.00 | 51.00 | 0.134 | 0.110 | 0.001 | 0.88 | 0.192 | |||||
227.00 | 240.00 | 13.00 | 0.177 | 0.275 | 0.020 | 0.80 | 0.348 | |||||
West Breccia | SCK-22-454 | 100 | -60 | 302 | 5.25 | 206.00 | 200.75 | 0.261 | 0.117 | 0.010 | 3.47 | 0.348 |
Includes | 112.23 | 141.35 | 29.12 | 0.374 | 0.206 | 0.010 | 4.16 | 0.506 | ||||
241.10 | 302.00 | 60.90 | 0.152 | 0.020 | 0.001 | 0.50 | 0.165 | |||||
Paramount | SCK-22-455 | 245 | -70 | 476 | 43.45 | 94.25 | 50.80 | 0.130 | 0.063 | 0.012 | 1.76 | 0.189 |
94.25 | 141.00 | 46.75 | 0.179 | 0.356 | 0.026 | 1.59 | 0.403 | |||||
141.00 | 211.00 | 70.00 | 0.123 | 0.232 | 0.020 | 1.02 | 0.275 | |||||
211.00 | 232.72 | 21.72 | 0.443 | 0.519 | 0.015 | 3.08 | 0.730 | |||||
232.72 | 383.00 | 150.28 | 0.168 | 0.100 | 0.010 | 0.62 | 0.237 | |||||
395.00 | 443.00 | 48.00 | 0.158 | 0.047 | 0.014 | 0.63 | 0.209 |
Note: The core intervals listed in the above table do not represent true widths, CuEq = copper equivalent, % = percent, g/t = grams per tonne, m = meters, TD = total depth of drill hole. Int = interval in meters.
Copper equivalent calculations are based on:
100.0% of the copper content plus 71% of the gold content, 60.1% of the molybdenum content and 40.3% of the silver content.
Metal prices used in the copper equivalent calculation are:
copper US$3.25/pound, gold US$1,500/ounce, molybdenum US$10.00/pound and silver US$20.00/ounce.
The drill hole locations and hole traces of the 2021 and the 2022 program are shown in Figure-1:
Figure 1: Plan map of the Schaft Creek deposit outlining the five-year pit shell and life-of-mine pit shell as set out in the "Schaft Creek Preliminary Economic Assessment( PEA), a NI 43-101 Technical Report", with an effective date of September 10, 2021, prepared by Tetra Tech Canada Inc. ("Tetra Tech"), H. Ghaffari. M.A.Sc., P.Eng et. al. as Qualified Persons (see news release dated September 20, 2021).
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2177/151590_566ad928943f286a_001full.jpg.
Discussion of Diamond Drill Results
The 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence and increases metallurgical sample coverage across the Schaft Creek deposit to better inform metal recoveries and comminution characteristics. The mineralized intervals reported in this news release further extend the near-surface higher-grade mineralization zones reported in 2021 and increase continuity of this type of mineralization between existing drill holes.
Liard Zone
Drill Holes SCK-22-450, DDH SCK-22-451 and DDH SCK-22-452 intersected broad intervals (ranging from 88.0 m to 234.55 m) of near-surface higher-grade copper-gold-molybdenum-silver mineralization. DDH SCK-22-450 also intersected an interval (113.4 m) of higher-grade mineralization starting at 319.8 m downhole. The last sample in DDH SCK-22-450 contained 0.247% copper, 0.265 g/t gold, trace molybdenum and 3.05 g/t silver.
DDH SCK-22-450 was completed at the collar location of DDH SCK-21-448. An attempt to re-enter DDH SCK-21-448, as hole number DDH SCK-22-449, was abandoned due to difficult ground conditions. DDH SCK-22-450 was collared at the same location and was successfully completed to a planned depth of 500m.
Paramount Zone
DDH SCK-22-455 encountered poor ground conditions in the core interval 44.80-94.25 m that resulted in 47% core recovery over this interval. The weighted average grade of the metals for the interval included the estimated core loss.
West Breccia Zone
DDH SCK-22-454 intersected two intervals of copper-gold-molybdenum-silver mineralization separated by a 35.1 m core interval of low metal concentrations. This drill hole extended the limits of the mineralization within this portion of the West Breccia zone. The last sample in DDH SCK-22-454 contained 0.162% copper, 0.016 g/t gold, trace molybdenum and 0.89 g/t silver.
Diamond Drilling and Sampling Procedures
The diamond drilling was completed using HQ diameter core. Overall core recovery was estimated to be greater than 90%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half was retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.50 to 2.60 m in length, with most intervals being an average of 2.0 m long. A total of 1,356 samples analyzed at ALS Canada Ltd.("ALS") located in Vancouver, British Columbia are reported in this news release.
Base metal and silver concentrations were determined by ALS MEMS61 package and a 4-acid digestion. Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.
Quality Control
The Joint Venture follows a rigorous Quality Assurance/Quality Control program. Of the 1,356 core samples collected, 163 field blanks and certified reference materials and 107 duplicates were inserted into the sample batches submitted to ALS.
Qualified Person
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at www.copperfoxmetals.com.
For additional information contact: Jason Shepherd at 1-844-464-2820.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements regarding average grade of mineralized intervals; sample selection and drill holes ending in mineralization.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the average grade of mineralized intervals may not be significant; the mineralization at the end of the drill holes may not continue at depth; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151590
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Copper Fox Provides Update on Eaglehead Copper Project
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers ('km') east of Dease Lake, British Columbia. The Eaglehead project is in the prolific Quesnellia terrane in British Columbia and covers a large portion (16,492.62 ha) of the Lower Jurassic age (+-195Ma), Eaglehead Intrusive.
Highlights:
- The Mines Act Permit to conduct the activities set out in the February 1, 2022, Notice of Work ('NoW') has been received from the BC Ministry of Energy, Mines and Low Carbon Innovation.
- The re-log and sampling program returned additional intervals of significant copper mineralization.
- The geological modelling of the mineralized zones and surface mapping program has better informed the controls on mineralization and revised the geology of the southwest portion of the Eaglehead Intrusive.
- The water quality sampling shows no appreciable changes in water quality over the season.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The 2022 program eliminated "legacy data issues" with the project database, expanded the area of surface copper mineralization and revised the geology of the southwest portion of the Eaglehead Intrusive. Eliminating legacy data issues and determining the extent of the mineralized envelope for the mineralized zones is a prerequisite to establishing a database that potentially could be used to initiate a resource estimate. The field mapping program, age dating and geological modelling provided a better understanding of the lithologic control and distribution of the mineralization in the southwest portion of the Eaglehead Intrusive and an updated geological model for the Bornite and East zones."
Analytical Results:
The geological modelling included reviewing the lithologies, alteration and mineralization in 34 historical drillholes within the Camp, Pass, Bornite and East zones. This work identified previously unsampled intervals of copper mineralization (chalcopyrite +/- bornite) in 11 drillholes. Sampling of these intervals established the tenor of the copper and associated mineralization and, in several drillholes, extended the limits of the mineralized envelope in these holes. The weighted average grades (0.05% Cu cut-off) of the intervals are set out below:
Zone | DDH # | From (m) | To (m) | Interval (m) | Cu (%) | Mo (%) | Au (g/t) | Ag (g/t) |
Camp | 24 | 17.54 | 30.29 | 10.29 | 0.070 | 0.006 | tr | 0.21 |
24 | 160.00 | 189.57 | 27.00 | 0.060 | 0.004 | tr | 0.07 | |
Pass | 37 | 139.00 | 155.24 | 16.24 | 0.133 | tr | 0.02 | 0.15 |
Bornite | 40 | 123.60 | 131.80 | 8.20 | 0.090 | tr | 0.02 | 0.17 |
58 | 282.00 | 295.70 | 13.70 | 0.100 | tr | tr | 0.26 | |
East | 59 | 96.85 | 103.00 | 6.15 | 0.051 | tr | tr | 0.21 |
59 | 109.35 | 115.55 | 6.20 | 0.130 | tr | tr | 0.43 |
Notes:a) metal concentrations of less than 0.01g/t Au and 5.0 ppm Mo listed as tr. for the purposes of this news release., b) cut-off for mineralized intervals 0.05% Cu., c) capping of higher-grade sample results were not employed. d) weighted average interval includes up to 12m core length of material below the Cu cut-off, e) mineralized intervals in the above table do not represent true thickness.
NoW:
On November 9, 2022 the company received the Mines Act Permit approving the activities contained within the February 1, 2022 NoW. The permit expires on March 31st, 2024. Drilling activities pursuant to the conditions of the permit can only be conducted within the period of July 16th to November 15th, 2023.
Re-analysis:
The pulps (270 samples) from four drillholes were re-analyzed utilizing a four-acid digestion in 2022. These pulps were originally analyzed using a two-acid digestion which is not the preferred sample digestion method used in porphyry copper exploration. The project database has been updated to include these results.
Water Surveys:
Samples collected in early July, and in mid-September (32 water samples from 16 sites) were analyzed for components outlined in the BC Drinking Water Quality and Aesthetic Guidelines. Negligible changes in ionic concentrations were observed in the analytical results.
Regional Samples:
Samples from two of the eight copper showings located during the 2022 mapping program were submitted for Cu-Mo-Ag-Au analyses to determine the tenor of the copper and associated mineralization, and the concentration of porphyry copper indicator elements. Both samples exhibited remnant secondary copper (malachite) lining quartz veinlets centers indicating a high degree of leaching of the primary copper mineralization. A sample located 770 meters ('m') northeast of camp yielded 0.11% Cu, trace Mo,
Geology:
The 2022 surface mapping program combined with the subsurface modelling of the lithologies within the Bornite and East mineralized zones resulted in updating the distribution of the lithologies within the southwest portion of the Eaglehead Intrusive. Hornblende quartz Diorite is the oldest unit within the Eaglehead Intrusive. The Quartz porphyry is granodiorite in composition and is the most abundant unit with the Eaglehead Intrusive. The youngest unit is granodioritic in composition and is located between the Quartz porphyry and the Hornblende quartz Diorite. The copper-molybdenum-gold-silver mineralization is primarily hosted in the granodiorite (Image #1). Late-stage aplite, quartz feldspar porphyry and mafic dikes also occur with the mineralized zones and in outcrop.
Analytical Procedures:
The sample intervals submitted for analyses ranged from 0.3m to 3.0m. Sample preparation and analytical work were completed by ALS Laboratories located in Vancouver BC. ALS's package code PREP-31A was employed to prepare the sample via the use of a riffle splitter, ME-MS61L four-acid analysis was used to determine total copper (as part of a 48-element suite), and Au-AA23 was used for gold content via fire-assay and atomic absorption spectrometry. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation for laboratory analysis.
Quality Control:
A total of 270 pulp samples were re-analyzed and 80 samples from historical drill core were submitted for analysis in 2022. A total of 23 field blanks and 23 certified reference standards were inserted (insertion rate 1:7) with the samples sent for analysis. QA/QC procedures completed on the blanks and standards indicate no certified values falling outside of the 2SD of the CV for the standards and blanks.
Image #1: Updated surface geology map of the southwest portion of the Eaglehead Intrusive.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2177/145976_bd225a24f4e398c0_001full.jpg
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox:
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) and the OTC Market(OTCQX: CPFXF) and is focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, are the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona and the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. For more information on Copper Fox's other mineral properties and investments visit the Company's website at https://www.copperfoxmetals.com.
For additional information contact: Jason Shepherd at 1-844-464-2820 or investor@copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: receiving the Mines Act Permit; analytical results from unsampled intervals and drill core pulps; better informed geology; and water quality analytical results.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: obtaining the NoW approval and permits; the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: the analytical results from the 2022 program may not be accurate; the work contemplated under the Permit may not be conducted as planned or at all; the new copper targets may not provide any additional exploration potential; uncertainties relating to interpretation of the previous results; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145976
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Copper Fox Provides Update on the Van Dyke Copper Project
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ('Copper Fox' or the 'Company'), through its wholly owned subsidiary Desert Fox Copper Inc., are pleased to provide shareholders an update of recent activities on its 100% owned Van Dyke in-situ copper recovery ('ISCR') project.
The Van Dyke project is in the Globe-Miami Mining District in Gila County, Arizona; a Tier 1 mining jurisdiction. The 2020 Preliminary Economic Assessment(' PEA') for the Van Dyke project prepared in accordance with National Instrument 43-101, (click here for the News Release) indicated an after-tax Net Present Value of US$644.7 million, an Internal Rate of Return of 43.4%, based on a 17 year mine life using a US$3.15/lb copper price. The PEA recommended advancing the project to the Preliminary Feasibility Stage ('PFS') and concluded that the project has the potential to become a mid-tier copper mine producing in the order of 85 million pounds (approximately 39kt) of copper per year. Recent activities include:
Highlights:
- In late October 2022 meetings with local communities and First Nations within a 40-mile radius of the Van Dyke project were completed.
- Upgrading of existing access to the wells selected for rehabilitation and the Van Dyke mine shaft is expected to commence in early December 2022.
- Upon completing the access upgrades, a downhole video survey of the selected wells and the shaft is planned to determine if they are in a condition to allow re-entry and further testing.
- Successful completion of the downhole video survey would be followed by well development and testing/water sampling activities. These surveys are expected to take up to 3-4 months to complete subject to availability of certain service providers.
- Inspection and refurbishment of three vibrating-wire piezometers ('VWP') installed in drill holes completed in 2014 are also planned.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "Following the recommendations set out in the 2020 PEA, Copper Fox's objectives are to foster a meaningful dialogue between the Company and stakeholders as the project advances towards a PFS. The ability to use pre-existing drill holes where possible is both capital and time efficient and our planned activities, if successful, are the first steps in establishing a series of hydrogeological monitoring stations across the property to collect data which would be used to develop a robust hydrogeological model for the project."
Stakeholder Outreach:
In keeping with the Company's ESG policy, the objective of the stakeholder outreach is to introduce the Company and initiate dialogue on the Van Dyke project with local communities and First Nations within a 40-mile radius of the town of Miami, Arizona. Meetings with the Town of Miami, City of Globe, Town of Superior and the San Carlos Apache Nation were held in late October 2022 to inform these groups of Copper Fox's activities and plans for the Van Dyke project.
Well Access:
The existing roads to the wells selected for rehabilitation have been assessed and minor grading to these locations is required for service vehicle access. This work is planned to commence in early December 2022.
Hydrogeologic Program:
Ausenco Engineering USA South Inc. and Ausenco Engineering Canada Inc. have been retained to supervise and monitor Phase I of the Hydrogeologic Monitoring and Testing Program for the Van Dyke project. The objective of Phase I activities is to investigate the possibility of rehabilitating selected drill holes then testing of these drill holes to improve the current understanding of the hydrogeological setting for the project site. The proposed testing program is expected to establish a base level for water quality, a range of hydraulic properties and the hydrogeologic influences from historical and current mining workings located on adjacent properties and on the project site itself. The data obtained from the proposed testing program would identify areas of uncertainty and guide Phase II activities to further refine the hydrogeological model for the purpose of supporting potential future federal and state regulatory applications.
Existing Monitoring Well Rehabilitation and Surveying:
The rehabilitation process consists of initially using a downhole video camera to document and assess the potential of re-entering and instrumenting selected drill holes. Assuming positive results from the down-hole video survey the following activities are planned:
- Surge, bail, airlifting and pumping tests to confirm hydrogeological characteristics in the selected wells.
- Initial round of groundwater samples will be collected from the wells and Van Dyke mine shaft for submission to a laboratory for select water quality data.
- Installation of pressure transducers and data loggers in each well and the mine shaft to collect groundwater levels and to monitor changes over time as part of ongoing baseline data collection.
- Quarterly downloads of transducer data and groundwater sampling and analyses.
- Wellheads upgraded to protect from debris, surface water, and vandalism.
VWP Refurbishment:
For drill holes VD14-02, VD14-03, and VD-14-05; the condition of previously installed VWPs and data loggers will be inspected, and any repairs or maintenance undertaken. The objective will be to put the VWPs back into active operation to support ongoing data collection and quarterly data downloads.
Elmer B. Stewart, MSc. P. Geol., President, and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox:
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) and the OTC Market(OTCQX: CPFXF) in the United States focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, are the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona and the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. For more information on Copper Fox's other mineral properties and investments visit the Company's website at https://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact:
Jason Shepherd at investor@copperfoxmetals.com or 1-844-464-2820
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets," "could," "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: stakeholder engagement; timing of upgrading existing access routes to the Van Dyke mine shaft and wells selected for rehabilitation; downhole video surveys; timing of well development and testing/water sampling activities; inspection and refurbishment of three VWP's installed in 2014; and commencing Phase I of the hydrogeologic program.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: completing the planned hydrogeologic program on time and within budget; the availability of service providers; the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: stakeholder engagement may not be continued or produce the desired results; upgrading existing access routes to the Van Dyke shaft and wells selected for rehabilitation might not be completed as planned or at all; the conditions of the selected sites may not be suitable for downhole video surveys; timing of well development and testing/water sampling activities may not be completed as planned or at all; inspection and refurbishment of three VWPs installed in 2014 may not completed as planned or at all; and Phase I of the hydrogeologic program may not be completed as planned or at all; the planned surveys may not provide the results anticipated; uncertainties relating to interpretation of the previous results; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143698
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Lundin Mining Announces Updated Share Capital and Voting Rights
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act: View PDF version
The number of issued and outstanding shares of the Company has increased by 14,353 to 776,876,973 common shares with voting rights as of October 31, 2024 . The increase in the number of issued and outstanding shares from October 1, 2024 to date is a result of the exercise of employee stock options or the vesting of employee share units.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on October 31, 2024 at 14:30 Pacific Time .
SOURCE Lundin Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/31/c9663.html
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Ero Copper Publishes 2023 Sustainability Report
Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce the publication of its 2023 Sustainability Report (the "Report"), titled Born in Brazil, Built for Tomorrow . This Report provides an update on the Company's strategy, practices, performance and management approach to key environmental, social and governance ("ESG") topics. The Report is available on the Sustainability section of Ero's website ( www.erocopper.com) .
"Our 2023 Sustainability Report showcases our commitment to responsibly producing the metals essential for global decarbonization," said David Strang, Ero's Chief Executive Officer. "With our operations rooted in Brazil, we benefit from access to electricity generated from approximately 85% renewable energy sources. This allows us to produce lower carbon- intensity copper that contributes to a cleaner, more sustainable future.
"Driven by our responsibility to operate sustainably, we are also deeply invested in the well- being of our workforce and the communities in which we operate. Key initiatives, such as the renovation of the Curaçá Valley Polyclinic and educational programs like Project Hope, underscore our commitment to local development, health, and safety.
"Sustainability is at the heart of our business strategy, and we remain dedicated to creating value for all stakeholders as we Build for Tomorrow."
2023 SUSTAINABILITY HIGHLIGHTS
- Advanced implementation of the Towards Sustainable Mining program with a self- assessment completed at the Caraíba Operations and a gap assessment completed at the Xavantina Operations
- Completed a $4.5 million multi-year renovation and expansion of the Curaçá Valley Polyclinic near the Caraíba Operations, supporting the health and well-being of more than 70,000 people across the broader region
- Expanded learning opportunities for local children through Project Hope at the Xavantina Operations, with support from Royal Gold Inc.
- Reclaimed 13 hectares of land using native plant species, bringing total land revegetated since 2016 to 445 hectares
- Progressed the construction of a dry-stack tailings facility and advanced safe project development at the Tucumã Project
- Achieved a consolidated process water recycling rate of 89%
ABOUT ERO COPPER CORP
Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Operation (formerly known as Boa Esperança), an open pit copper mine located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Operation, can be found on SEDAR+ ( www.sedarplus.ca/landingpage/) and on EDGAR ( www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, SVP, Corporate Development, Investor Relations & Sustainability
(604) 335-7504
info@erocopper.com
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Rimfire Expands Scandium Exposure in Central NSW
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has expanded its scandium exposure in central NSW following the execution of an Option to Purchase Agreement with Javelin Minerals Limited (JAV: ASX) for their Exploration Licence 8666 located approximately 50km north of Fifield (see figure 1). If Rimfire elects to exercise the Option to Purchase, then the exploration licence will become 100% owned by Rimfire and will add to Rimfire’s 100% owned project portfolio.
Highlights
- Rimfire expands its exposure to scandium, with a Buy Option Agreement to purchase 100% of Exploration Licence 8666 from Javelin Minerals Limited (JAV:ASX)
- The licence – located some 50km from (Fifield hamlet) Rimfire’s 100% owned Fifield & Avondale Scandium Projects – has seen historical reconnaissance drilling intersect anomalous scandium in single 3-metre composite aircore drill samples of up to 373 ppm Sc from 34m depth
- Initial mapping and reconnaissance aircore drill program planned by end of CY 2024
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “Expanding our exposure to scandium opportunities within central NSW is a priority for Rimfire as we work towards building a globally significant scandium resource inventory.
Our geological team has identified Javelin’s exploration licence as an early- stage scandium target that compliments our existing scandium projects in the area.
The new licence contains a number of anomalous scandium drill intercepts and untested magnetic anomalies which need to be followed up and we look forward to getting on the ground as soon as possible to determine their significance.”
Historical reconnaissance drilling by Javelin Resources has intersected anomalous scandium along with anomalous cobalt and nickel in several holes with a single 3-metre composite drill sample yielding373 ppm Sc (see JAV ASX Announcements dated 26 July 2023 and 31 July 2023).
Acquisition Terms
Rimfire has executed a Buy Option Agreement with Cobalt Prospecting Pty Ltd, - a wholly owned subsidiary of Javelin Minerals Limited (JAV:ASX), for a cost of $30K (cash). The Buy Option Agreement gives Rimfire an exclusive option to acquire 100% of Exploration Licence 8666 (“Javelin Tenement”), which is located approximately 50kms north of Rimfire’s tenements in central NSW and appear to contain similar host rocks as those found at Rimfire’s Melrose and Murga North scandium deposits at Fifield, NSW (Figure 1).
Rimfire has an exclusive Option Period of 18 months from the date of execution of the Buy Option Agreement to exercise purchase (at Rimfire’s sole discretion) of the Javelin Tenement for $125K (in cash or shares). There is a further milestone payment of $300K (payable in shares) within 4 years of purchase, if Rimfire announces a maiden Indicated Mineral Resource estimate of greater than 5,000t of Scandium Oxide (or equivalent) on the Javelin Tenement. During the Buy Option period Rimfire will be responsible for meeting the pro-rata minimum expenditure requirements on the Javelin Tenement. Any shares issued under this agreement will be subject to 6-month escrow.
At the time of writing, Rimfire and Javelin were completing all necessary ancillary legal documentation, and the transaction will still be subject to standard regulatory conditions such as Ministerial consent for the transfer of the tenements.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Brixton Metals Releases Additional High-Grade Gold Assays From its Exciting Trapper Gold Target on its Wholly Owned Thorn Project
Brixton Metals Corporation (TSX-V: BBB, OTCQB: BBBXF) (the “Company” or “Brixton”) is pleased to announce additional 2024 drill results from the Trapper Gold Target at its wholly owned Thorn Project. The project is located in Northwest British Columbia, 90km east of Juneau, Alaska.
Highlights
- Hole THN24-308 yielded 61.95m of 1.02 g/t Au from 184.75m depth within 77.25m of 0.9 g/t Au
- Including 9.25m of 4.79 g/t Au
- Including 2.25m of 18.50 g/t Au
- Hole THN24-309 yielded 28.00m of 0.70 g/t Au
- Including 6.00m of 1.24 g/t Au
- Gold occurs as native gold and is associated with base metal veins as galena, sphalerite, chalcopyrite, quartz-carbonate and pyrite
“We’re pleased with the recent drill results which reveal encouraging gold grades and align well with our exploration model,” stated Vice President of Exploration, Christina Anstey. “These results strengthen our understanding of the mineralization in the area and support our strategy to unlock further potential through continued drilling.”
Figure 1. Gold Geochemistry and Trapper Target Location Map.
Table 1. Select Mineralized Intervals for the Trapper Target Drilling.
All assay values are uncut weighted averages and intervals reflect drilled lengths as further drilling is required to determine the true widths of the mineralization.
Discussion
The 2024 drill campaign at the Trapper Gold Target totaled 2,745.60m of drilling across 11 HQ-sized diamond drill holes of which 762.00m are covered in this release. The program was designed to test the extents and continuity of the main mineralized corridor along the Lawless Fault zone through a combination of infill and step-out drilling. Additional step-out drilling was completed north of the main zone, following-up on undercover mineralized zones that were identified during the 2023 drill program. Drilling was planned through a combination of mapping, oriented core data analysis, geophysics, and soil geochemistry. Additional assays from the 2024 drill campaign will be released as they become available.
Figure 2. Planview Map with Collar Locations and Gold Drill Traces at the Trapper Target.
THN24-308 and THN24-309 were drilled from the same pad location and planned as infill to assess grade continuity between previously released holes THN22-251 and THN22-239 from the 2022 drill campaign. Both holes were successful in intercepting broad intervals of near surface gold mineralization. Hole 308 was drilled at an azimuth of 025 degrees and dip of -46 degrees to a final depth of 353.00m returning 313.00m of 0.44 g/t Au including 61.95m of 1.02 g/t Au and including 9.25m of 4.79 g/t Au. Hole 309 was drilled at a steepened angle below hole 309 at an azimuth of 025 degrees and a dip of -65 degrees to a final depth of 255.00m. Hole 309 returned 156.00m of 0.24 g/t Au including 28.00m of 0.70 g/t Au and including 6.00m of 1.24 g/t Au.
THN24-306 was drilled at an azimuth of 000 degrees and dip of -65 degrees to a final depth of 154.00m and was drilled from the same pad location as previously released hole THN24-304 testing a steeper inclination. The holes were planned as southeastern step-outs along the Lawless Fault to determine the extents of mineralization. Although THN24-304 returned 227.50m of 0.50 g/t Au including 27.00m of 3.49 g/t Au, no significant assays were intercepted in hole 306 which drilled into the footwall of the Lawless Fault at 65m depth. However, based on the broad gold intervals intercepted in hole 304 the potential for future extension to the east remains open along the hanging wall of the main mineralizing structure.
Gold mineralization at Trapper is structurally controlled along the Lawless Fault, trending northwest-southeast and dipping moderately to the north in the main drilling area. There are multiple CVG features (see news release dated October 10th, 2024) that could reflect similar parallel structures to the Lawless Fault which remain open to test for new gold potential. Mineralization appears to favour the contact between the Cretaceous (85.2 +/- 1.2Ma) quartz diorite and the Triassic lapilli tuffs with broad gold intervals largely hosted along the faulted contact. The gold is associated with silver and base metal veins containing pyrite-galena-sphalerite +/- chalcopyrite +/- bornite, which occur conjugate to the Lawless Fault. Through a combination of oriented core drilling, surface mapping, geochemistry and geophysics, the aim is to achieve predictability of the gold-bearing zones. The current drilling at the Trapper Target is located 7km southeast from the Camp Creek Copper Porphyry Target. At surface, the Trapper Target is expressed as a 4km northwest trending gold and zinc soil geochemical anomaly which is part of the larger 11km gold geochemical anomaly trending from Camp Creek to the Trapper Target. Future drilling at the Trapper Target will focus on identifying new zones of gold-bearing mineralization undercover within the footprint of this larger gold geochemical anomaly.
Figure 3. Visible Gold Photographs of THN24-308.
Drilling Information
Table 2. Drill Collar and Hole Information of Current News Release.
About the Trapper Gold Target
The geochemical footprint for the Trapper Gold Target was expanded in 2021 to 4km by 1.5km with a gold-in-soil geochemical signature that has a strong positive correlation to zinc and lead. The Trapper Target represents an intermediate-sulphidation epithermal system hosted in volcanic and intrusive rocks. The volcanics are Triassic Stuhini lapilli tuff, while the intrusive phase is a Cretaceous quartz diorite dated at 85.2Ma +- 1.2Ma. Visible gold has been identified in both drill core and surface outcrops across the Trapper Target area and rock grab samples have returned up to 152 g/t Au. Visible gold is recognized in several environments: within base metal veins (sphalerite-galena-pyrite-chalcopyrite), quartz-stockwork, sulphosalt-pyrite veinlets, and rarely disseminated gold in the diorite. In 2021, 2022 and 2023, Brixton drilled 3,107m, 9,119m and 6,625m, respectively. In 2011, forty-two drill holes were completed by a previous operator. The Trapper Target is royalty free.
Quality Assurance & Quality Control
Quality assurance and quality control protocols for drill core sampling were developed by Brixton. Core samples were mostly taken at 1.0m intervals. Blank, duplicate (lab pulp) and certified reference materials were inserted into the sample stream for at least every 20 drill core samples. Core samples were cut in half, bagged, zip-tied and sent directly to ALS Minerals preparation facility in Langley, British Columbia. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Samples were analyzed at ALS Laboratory Facilities in North Vancouver, British Columbia for gold by fire assay with an atomic absorption finish, whereas Ag, Pb, Cu and Zn and 48 additional elements were analyzed using four acid digestion with an ICP-MS finish. Over limits for gold were analyzed using fire assay and gravimetric finish. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd., of Langley, British Columbia and the standards inserted varied depending on the type and abundance of mineralization visually observed in the primary sample. Blank material used consisted of non-mineralized siliceous landscaping rock. A copy of the QAQC protocols can be viewed at the Company’s website.
About the Thorn Project
The wholly-owned 2,945 square kilometer Thorn Project is located in British Columbia, Canada, approximately 90 km east of Juneau, AK. The southern limit of the Thorn claim boundary is roughly 50 km from tide water. The Thorn Project hosts a district-scale 80km megatrend of Triassic to Eocene, volcano-plutonic complex with several styles of mineralization related to porphyry and epithermal environments. Many large-scale copper-gold targets have been identified for further exploration work. Information on each of the targets may be found at the following link: https://brixtonmetals.com/thorn-gold-copper-silver-project/
Qualified Person
Mr. Corey A. James, P.Geo., is a Senior Project Geologist for the company and a qualified person as defined by National Instrument 43-101. Mr. James has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information and has approved this press release.
About Brixton Metals Corporation
Brixton Metals is a Canadian exploration company focused on the advancement of its mining projects. Brixton wholly owns four exploration projects: Brixton’s flagship Thorn copper-gold-silver-molybdenum Project, the Hog Heaven copper-silver-gold Project in NW Montana, USA, which is optioned to Ivanhoe Electric Inc., the Langis-HudBay silver-cobalt-nickel Project in Ontario and the Atlin Goldfields Project located in northwest BC which is optioned to Eldorado Gold Corporation. Brixton Metals Corporation shares trade on the TSX-V under the ticker symbol BBB, and on the OTCQB under the ticker symbol BBBXF. For more information about Brixton, please visit our website at www.brixtonmetals.com.
On Behalf of the Board of Directors
Mr. Gary R. Thompson, Chairman and CEO
For Investor Relations inquiries please contact: Mr. Michael Rapsch, Senior Manager, Investor Relations. email: michael.rapsch@brixtonmetals.com or call Tel: 604-630-9707
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.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, or other similar expressions. All statements, other than statements of historical fact included herein including, without limitation, statements regarding the use of proceeds. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
September 2024 Quarterly Report
Impact Minerals Limited (ASX:IPT) is pleased to present its Quarterly Report.
HIGHLIGHTS
1. Lake Hope High Purity Alumina (HPA) Project, WA (IPT earning 80%)
- The Mine at Lake Hope:
- A negotiation protocol for Land Access and Cultural Heritage agreements with the Ngadju peoples reviewed and signed.
- Applications for a Mining Lease and associated Miscellaneous licence lodged.
- Infill drilling to define a maiden Measured Resource and Proven Reserve completed with resource calculations and economic studies in progress.
- Mining studies underway to provide mining schedules, proposed equipment, site logistics and costs of mining and transport of ore to Kwinana.
- Further flora fauna and heritage surveys are being planned for the mine haul road.
- The Process Plant:
- Kwinana selected as the location for process plant to produce a benchmark 10,000 tonnes per annum of HPA due to access to providers of the required input chemical reagents, buyers of the fertiliser and acid by-products and access to suitable land. Combined, these provide substantial strategic advantages for the project with savings on capex and opex.
- The Low-Temperature Leach process selected as the most straightforward processing method to produce HPA at scale.
- CPC Engineering selected to provide a design and engineering study for the full-scale plant that is underway.
- Product development, offtake and marketing
- Further test work on HPA and fertiliser by-products continues.
- Experimental work has produced a hydrated alumina product that may have major applications in the catalyst and flame retardant industries.
- Early-stage discussions are underway for potential synergies with existing alumina businesses in Europe and the USA.
- A marketing and product development team is being assembled.
2. Arkun-Beau, WA (IPT 100%)
- No major no activity occurred this quarter, though efforts remain on track to resume exploration after the cropping season ends in the wheatbelt in December.
- 413 soil samples were re-assayed to refine drill targets at Beau and Caligula prospects
- Land access agreements and statutory approvals are being finalised ahead of planned drill programme in Q1 2025
- Previous geochemical and MME survey data at Caligula support the project potential, with $180,000
- co funding awarded under the WA Government’ EIS scheme for drilling.
3. Corporate/Finance
- A FY23 Research and Development Rebate of $395,000 was received during the Quarter.
PROJECT REPORTS
1. LAKE HOPE HIGH PURITY ALUMINA PROJECT, WA (IPT earning 80%)
Figure 1. Location of the Lake Hope Project and proposed haul route to Kwinana.
During the Quarter Impact Minerals announced that it had lodged a Mining Lease Application (MLA63/684) and associated Miscellaneous Licence (L63/99) for the Lake Hope High Purity Alumina (HPA) Project located 500 km east of Perth in Western Australia, (Figures 1 and 2). This is a crucial step in advancing the project towards production as it defines the work required to obtain the statutory approvals needed for the grant of the Mining Lease.
The approvals process, together with the logistics and estimated costs of mining and transporting the Lake Hope mud to the process plant, form one of the four key parts of a Pre-Feasibility Study (PFS) on Lake Hope, which is in progress (Figure 3 and ASX Release July 10th, 2024). Impact can take an 80% interest in Playa One Pty Limited, which owns the Lake Hope Project and associated intellectual property, by completing the PFS (ASX Releases March 21st 2023 and July 10th 2024).
The PFS followed on from a positive Scoping Study, which showed that for a benchmark production of 10,000 tonnes per annum of HPA, the Project has an estimated post-tax Net Present Value (NPV8) of about A$1.3 billion and would potentially be one of the lowest-cost producers of HPA globally (ASX Release November 9th 2023).
Click here for the Quarterly Cashflow Report
Click here for the full ASX Release
This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
True North Copper September 2024 Quarterly Report
True North Copper Limited (Administrators Appointed) (True North Copper, TNC or the Company) provides the following quarterly update and Appendix 5B for Q1 FY25.
Voluntary Administration
On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the below entities:
- True North Copper Limited (ACN 119 421 868)
- TNC Mining Pty Ltd (ACN 652 408 378)
- CopperCorp Pty Ltd (ACN 649 946 305)
- North West Copper Pty Ltd (ACN 661 786 956)
- TNC Asset Holding Pty Ltd (ACN 652 599 687) (all Administrators Appointed) (together ‘the Group’).
The decision came after a period of extensive negotiations with the Company's debt provider, largest shareholder and other potential equity providers. The decision is regrettable especially as the ramp up of mining activities at Wallace North, part of the Cloncurry Copper Project, was on schedule with the first oxide ore placed onto the heap leach pads at Cloncurry earlier this month. In addition, recent exploration at Mt Oxide partly funded by a CEI grant from the Queensland Government has identified a number of highly prospective targets for drilling with a high probability of making more discoveries like the Vero deposit.
The Directors wish to thank all of the Company's employees and consultants as they have worked tirelessly to accomplish the above. The local community is also highly supportive of the Company and its operations in the region.
With cash resources running down and no prospects of being able to draw on existing facilities or raise additional equity or debt before the scheduled AGM, the Directors appointed the Administrators. The Administrators are undertaking an urgent assessment of the Group’s operations and will shortly be commencing a dual track recapitalisation and sale process for the Group. In this regard, the Administrators are seeking urgent expressions of interest to acquire the Group as a whole or individual projects/assets.
Accordingly, the below should be read in that context and it should be noted that there may be material changes to the operations of TNC as a result of the Administrators appointment.
SEPTEMBER 2024 QUARTER HIGHLIGHTS
Cloncurry Copper Project
- During the September 2024 quarter, operations at the Cloncurry Copper Project (CCP) in Queensland continued to ramp up in line with the current mine plan.
- In July, TNC announced the commencement of mining activities at the Wallace North deposit, part of CCP.
- At the end of the September Quarter, circa 200,000 bank cubic metres (BCM) of overburden was mined at Wallace North with approximately 10,000 tonnes of oxide ore mined and placed on the ROM.
- Transportation of oxide ore to the Great Australia Mine (GAM) commenced in September with approximately 8,000 tonnes crushed by the end of the quarter. Stacking onto the leach pad and irrigation commenced in early October.
- TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore)1 for 100% of copper concentrate from CCP and for toll milling of up to 1Mt of ore per year. Toll milling was expected to commence in Q3 FY25.
Mt Oxide Project
- The Copper-Silver Mineral Resource Estimate (MRE) for TNC’s Vero deposit has been updated to 15.03Mt at 1.46% Cu & 10.59g/t Ag for a contained 220kt Cu & 5.13Moz Ag (JORC 2012).
- Results from rockchip sampling of gossans at Aquila and Ivena North returned multiple zones of anomalous copper silver geochemistry with very strong pathfinder signatures indicative of potential Vero style Cu-Ag-Co mineralisation.
- A MIMDAS Induced Polarisation, Resistivity and Magnetotellurics survey commenced at Mt Oxide, partially funded by a $300,000 Queensland Government Collaborative Exploration Initiative (CEI) grant.
- The 15.3 line kms over 10 lines survey was focussed on several highly prospective copper bearing leached gossans mapped along strike of Vero including Camp Gossans, Ivena North, Aquila and Mt Gordon.
- MIMDAS at Camp Gossans Vero and Ivena North, Aquila and Mt Gordon prospects resulted in new geophysical anomalies with similar signature to the Vero resource being identified coincident with highly geochemically anomalous leach gossan outcrops.
Corporate
- Former Managing Director and founder of TNC, Marty Costello, departed the Company as of 1 July 2024.
- Craig Gouws, Chief Financial Officer, resigned from the Company.
- On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the Company and its subsidiaries.
Development & Operations
TNC’s two principal assets located in northwest Queensland, a Tier 1 Jurisdiction:
- Cloncurry Copper Project (CCP) - IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure.
- Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to optimisation studies, and exploration in surrounding tenure.
The Cloncurry Operations Hub (COH) is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North. Exploration and resource definition across the surrounding CCP will also deliver growth to the CCP’s Life of Mine.
The COH is located 2km from the township of Cloncurry and provides essential infrastructure, technical systems and support to all of TNC’s project operations. An active oxide heap leach and Solvent Extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Mining preparations continued at Wallace North during the period after commencing during the previous quarter. Wallace North is part of True North Copper’s Cloncurry Copper Project (CCP) and one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au2.
Click here for the Appendix 5B Quarterly Cash Flow Report
Click here for the full ASX Release
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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