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

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 All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

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Copper Fox Metals


Copper Fox Metals Inc. (TSXV:CUU,OTC Pink:CPFXF) is a Canadian resource development company focused on value creation through the acquisition, exploration and development of potentially low-cost, large polymetallic porphyry copper projects in North America. The company holds a 25 percent carried interest in the Schaft Creek joint venture project with Teck Resources Limited (TSX:B) in British Columbia and a 100 percent interest in three additional projects in the US.

According to the US Geological Society, copper is the third most consumed industrial metal in the world. The red metal is well known for its high ductility and electrical conductivity, making it an important part of the renewable energy and electric vehicle (EV) revolutions. Global copper demand reached 23.6 million tons in 2018 and is expected to reach 30 million tons by 2027, according to an article by Forbes. However, analysts are predicting that supply is not going to be able to keep up with demand, making it essential for new projects to be put into production.

With this in mind, Copper Fox is focusing its efforts on its advanced-stage copper project, more specifically, the Schaft Creek copper project in British Columbia. The project has a 2013 feasibility study that outlines a proven and probable mineral reserve of 940.8 million tonnes grading 0.27 percent copper, 0.19 g/t gold, 0.18 percent molybdenum and 1.72 g/t silver. The feasibility study forecasts annual production of 105,000 tonnes of copper, 201,000 ounces of gold, 1.2 million ounces of silver and 10.2 million pounds of molybdenum once the property is put into production.

The Schaft Creek joint venture (SCJV) is investigating a 133,000 tonne per day mining scenario at the Schaft Creek project. The SCJV has dedicated C$2.1 million to trade-off studies related to that mining scenario including a review of the permitting and environmental requirements needed for the 133,000 tonnes per day scenario as well as new engineering improvements and collecting additional baseline environmental data.

Next in the company’s project pipeline is the development of the Van Dyke copper project in Arizona. Copper Fox released a preliminary economic assessment (PEA) in November 2015 that returned several recommendations for optimizing the project’s economics. In March 2020 the company announced the results of an updated resource estimate for the project that was prepared by Moose Mountain Technical Services. Highlights of the resource estimate include 97.6 million tonnes, grading 0.33 percent total copper and 0.24 percent total recovered soluble copper containing 717 million pounds of total copper and 517 million pounds of recoverable soluble copper in the indicated category.

Copper Fox is also advancing its exploration-stage Mineral Mountain and Sombrero Butte copper projects in Arizona. Both projects reside in well-defined major porphyry copper belts in Arizona that host large porphyry copper deposits, such as the Resolution, Ray, San Manuel and Kalamazoo deposits.

Copper Fox also owns 24.4 percent of the issued and outstanding shares of District Copper Corp. (TSXV:DCOP), providing its shareholders with exposure to a gold project in Newfoundland. In early 2019, District Copper diversified its project portfolio by acquiring the Stony Lake gold project in Newfoundland. The company also owns the Eaglehead copper-molybdenum-gold project in British Columbia, which has recently been placed on care and maintenance.

Company Highlights

  • Copper Fox’s focus is on projects that maximize asset value per dollar spent.
  • Balanced property portfolio ranging from exploration to advanced-stage development projects.
  • The company is focused on large, low-cost copper projects in proven copper districts in North America.
  • 25 percent carried interest in the advanced-stage development project, Schaft Creek. Teck Resources Limited holds the remaining 75 percent interest in the project and is the project operator.
  • Copper Fox has a 100 percent interest in the Van Dyke project, an advanced-stage in-situ leach (“ISL”) copper project.
  • The 2020 resource estimate at Van Dyke includes 97.6 million tonnes, grading 0.33 percent total copper and 0.24 percent total recovered soluble copper containing 717 million pounds of total copper and 517 million pounds of recoverable soluble copper in the indicated category
  • A pre-tax net asset value of approximately C$423 million based on NI 43-101 technical reports for the Schaft Creek and Van Dyke deposits.
  • Copper Fox owns a 24.4 percent interest in District Copper, providing its shareholders with exposure to an additional copper project in British Columbia and a gold project in Newfoundland.
  • Proven management team with the ability to develop projects.

Key Projects

Schaft Creek Joint Venture Project — British Columbia

The Schaft Creek project is an advanced stage porphyry copper-gold-molybdenum-silver project in northwest British Columbia. The project comprises approximately 55,779.56 hectares in the Cassiar-Liard mining division located 278 kilometers from the Port of Stewart, North America’s closest deep-water seaport to China.

In July 2013, Copper Fox and Teck executed a joint venture agreement whereby Copper Fox holds a 25-percent carried interest in the Schaft Creek Joint Venture (SCJV) and Teck holds 75 percent along with operatorship. Since 2013, the SCJV completed additional geotechnical studies, diamond drilling, collected environmental baseline data and an updated geological model for the project.

First discovered in the late 1950s, Schaft Creek has an extensive exploration history including the completion of 444 drill holes totaling 108,459 meters. The deposit contains three mineralized zones: the Liard zone (also referred to as the Main zone), the West Breccia zone and the Paramount zone.

2013 Feasibility Study

Copper Fox completed a feasibility study on the property in January 2013. Highlights of the study include:

  • Initial mine life of 21 years at a milling rate of 130,000 tonnes per day – open pit mine at 2:1 strip ratio;
  • Initial capital cost of $3.26 billion, which includes contingencies of $374 million;
  • Proven and probable mineral reserves total 940.8 million tonnes grading 0.27 percent copper, 0.19 g/t gold, 0.018 percent molybdenum and 1.72 g/t silver containing 5.6 billion pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver;
  • The NPV and IRR of the project are most sensitive to the foreign exchange (FOREX) followed by the price of copper. A FOREX of C$0.97 and US$1 was used in the feasibility study;
  • One percentage point change in the FOREX increases the project NPV by US$75 million (discounted at eight percent) over the life of mine;
  • The project has positive NPV and IRR;
  • Five-year, pre-production period (includes permitting, road, power line and facilities construction);
  • The feasibility study also identified a number of enhancements that could improve the economics of the project.

The feasibility study was based on a proven and probable reserve of 940.8 million tonnes grading 0.27 percent copper, 0.19 g/t gold, 0.18 percent molybdenum and 1.72 g/t silver, containing 5.6 billion pounds of copper, 5.7 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver. From this, Copper Fox expects annual production of 105,000 tonnes (232 million pounds) of copper, 201,000 ounces of gold, 1.2 million ounces of silver and 10.2 million pounds of molybdenum over the life of mine.

The feasibility study also included a measured and indicated resource of 1.2 billion tonnes grading 0.26 percent copper, 0.017 percent molybdenum, 0.19 g/t gold and 1.69 g/t silver and an inferred resource grading 0.22 percent copper, 0.016 percent molybdenum, 0.17 g/t gold and 1.65 g/t silver. The proven and probable reserves are included in the measured and indicated resources.

Technical Studies

In 2014, the SCJV commenced a series of optimization studies to advance the project, including metallurgical, pit slope design, geological modeling and environmental monitoring. Fieldwork conducted at this time led to the discovery of the copper-gold mineralization in the LaCasse zone.

In 2015, the SCJV completed studies that were focused on daily throughput rates, mine and infrastructure planning, water management, updating the resource model and tailings storage. Optimization studies also included a comminution study to determine power requirements, milling capacity and circuit design, Geomet Unit definition, generation of new Whittle pits and preparation of mine schedules.

The SCJV also completed re-logging approximately 43,000 meters of drill core from the Schaft Creek deposit. The company also completed surface mapping and geochemical and geophysical surveys on the property that identified several new exploration targets to the north and south of the deposit.

The Conceptual infrastructure of Schaft Creek deposit based on 2013 feasibility study

The following year, the SCJV used drilling results from 2013 and re-logged drill core information to update that resource model for the Schaft Creek deposit with an emphasis placed on better understanding the controls on the copper and precious metals. In 2017, the SCJV completed resource remodeling, desktop engineering and trade-off studies, collection of environmental baseline data, applied for a multi-year area-based permit and engaged in social activities with the Tahltan Nation.

The positive outcome of the 2017 work program formed the basis of the 2018 sizing and infrastructure alternative study. The study investigated four sizing scenarios targeting capital, operating and sustaining cost reductions, a higher-grade initial starter pit and other ways to improve project economics. The final report suggested that a 133,000 tonnes per day scenario should be selected for in-depth study in 2019.

In 2019, the SCJV dedicated C$2.1 million to evaluate the identified engineering improvement options further to reduce capital and operating costs assuming the 133,000 tonnes per day throughput case. The 2019 program also includes a review of the site characteristics of potential revisions to key infrastructure elements, such as tailing storage, conveyance systems, ore and waste transport options and mill location based on a 133,000 tonnes per day throughput case.

Van Dyke Copper Project – Arizona

Copper Fox holds a 100-percent interest in the 1,312.8-acre Van Dyke in-situ leach (ISL) copper project. The property is located in the Globe-Miami mining district, 90 miles east of Phoenix, Arizona. The district is located along the Globe-Miami and Casa Grande structural trend, which hosts the Casa Grande, Florence, Ray, Resolution and Globe-Miami copper deposits.

The Van Dyke copper deposit is located within the Globe-Miami mining district, which hosted four principle orebodies: Live Oak, Thornton, Miami Caved and Miami East. The property was first explored and developed in the early 1900s. Between 1929 and 1945, the Van Dyke property was in production and reportedly produced 11.8 million pounds of copper with a grade of five percent copper.

2015 PEA and Resource Estimate

In January 2015, Copper Fox completed a NI 43-101 resource estimate for the project reporting an inferred resource estimate of 261.7 million tonnes grading 0.25 percent copper at a 0.05 percent copper cut-off (estimated 1.44 billion pounds of copper) and completed a PEA for the Van Dyke deposit in December 2015.

The 2015 PEA is the first NI 43-101 engineering technical study completed on the project and suggests that Van Dyke is a technically sound ISL copper project, using underground access, conventional solvent extraction and electrowinning (SX-EW) recovery methods with low cash costs, strong cash flows and an after-tax internal rate of return (IRR) of 27.9 percent.

2015 PEA Highlights (based on US$3 per pound copper):

  • Gross revenue of US$1.37 billion over 11-year life of mine;
  • Cumulative net free cash flow after recovery of initial capital costs of US$453.1 million before tax and US$342.2 million after-tax;
  • Net free cash flow within the first six years is approximately US$72 million per year before tax, declining after that;
  • LOM direct operating cost of US$0.60 per pound copper;
  • Production plan of 60 million pounds of copper within the first six years, declining thereafter;
  • Initial capital cost (including pre-production costs) totals US$204.4 million, including contingencies of US$42.4 million;
  • LOM soluble copper recovery estimated at 68 percent with acid consumption of 1.5 pounds of acid per pounds of copper produced;
  • After-tax payback of initial capital in 3.9 years.

“The PEA has fulfilled its purpose and indicates that the project warrants more detailed testing and engineering,” said Stewart. “The PEA has identified several aspects that, with positive results from the updated resource estimate along with additional testing and engineering, could extend the mine life and significantly increase project economics, indicating that Van Dyke could become a strong project in the mid-size copper development space.”

The 2015 PEA identified several aspects of the project that could have a positive impact on the project’s economics. The report also recommended that a pre-feasibility study should be completed to move the project forward.


Between 1968 and 1980, Occidental Minerals Corporation drilled 70 exploration holes (62 of which encountered measurable copper mineralization) on the Van Dyke property. Forty-six of these were used to estimate a historical resource of 112 million tons at a grade of 0.52 percent copper. Occidental also conducted two ISL tests on the Van Dyke oxide copper deposit. Results of Occidental’s ISL tests were positive.

In July 2014, Copper Fox completed a six-hole (3,211.7-meter) verification diamond drill program on the Van Dyke oxide copper deposit. All six drill holes intersected oxide copper mineralization over broad intervals with the soluble copper concentrations to total copper concentration ratio ranging from 73 percent to 97 percent. Based on modeling completed after the 2014 drilling program, the deposit is interpreted to be open to the west.

In late 2014, Copper Fox announced the results of in-situ pressure leaching tests on samples of the oxide copper mineralization from the Van Dyke deposit. The objectives of the test work were to evaluate copper dissolution kinetics, total soluble copper extraction (recovery), acid consumption and to simulate the underground hydraulic pressure in an in-situ leaching process. The test work indicated that approximately 89 percent of the copper contained in the samples reports as soluble copper with copper extractions averaging 63 percent over a 120 day leach period.

In 2019, Copper Fox commenced a program to re-analyze all historical pulp samples and selected core intervals. The objectives of the program were to define the full extent of the soluble copper envelope for the Van Dyke deposit and to update the geological model for the project. Initial results show a 29 percent increase in acid-soluble copper concentration and thicker mineralized intervals when compared to the project’s original database.

The results from the analytical program and an updated geological model form the basis for the updated resource estimate for the Van Dyke deposit. Copper Fox retained Moose Mountain Technical Services to complete the updated resource estimate, which was released in March 2020. Highlights from the resource estimate include:

  • An indicated resource of 97.6 million tonnes, grading 0.33 percent total copper and 0.24 percent total recovered soluble copper containing 717 million pounds of total copper and 517 million pounds of recoverable soluble copper
  • An inferred resource of 168.0 million tonnes, grading 0.27 percent total copper and 0.19 percent total recovered soluble copper containing 1.0 billion pounds of total copper and 699 million pounds of recoverable soluble copper

The 2019 re-assay program conducted by Copper Fox and updated geologic interpretation resulted in a significant increase in contained soluble copper within the Van Dyke copper deposit when compared to the previous 2015 estimate. The mineralized envelope of the Van Dyke copper deposit is open to the south and southwest. Moving forward, the company intends to continue to explore the property in order to define unknown zones of mineralization.

“The 2019 work program has increased the confidence level in the project resources and significantly increased the recoverable soluble copper content of the Van Dyke deposit. The 2019 review of historical exploration data combined with the current resource estimation, indicates the deposit could be open to the south and southwest with a possible strike extension of between 1 and 2 kms. Additional drilling will be required to realize this potential and to define the un-explored portions of the Van Dyke deposit,” said Stewart.

Mineral Mountain Copper Project – Arizona

Copper Fox has 100-percent ownership of the 4,905-acre Mineral Mountain copper project located east of Florence, Arizona. The Laramide porphyry copper province in Arizona is one of the most prolific copper mineralized districts in the world. The Globe-Miami, Resolution, Florence and Casa Grande copper districts are located in central Arizona and occur along a northeast trend. The Mineral Mountain copper project is located on this trend between the Florence and Resolution copper deposits.

“The discovery of new porphyry copper districts in geopolitically stable areas is fundamental to the future of the copper industry,” explained Stewart. “The Mineral Mountain project exhibits the surface characteristics of a buried porphyry copper deposit and provides Copper Fox considerable exposure to copper exploration in the Laramide porphyry copper province of Arizona in an easily accessible location.”

Historical Exploration

Historical exploration for the project includes bulldozed trenching and an Induced potential geophysical survey (1971) completed within a 3,000-foot by 2,000-foot area of copper +/- molybdenite mineralization hosted in a Laramide age quartz monzonite intrusion.

“The review of a number of historical exploration reports has significantly advanced our understanding of the property and focussed the 2018 exploration program,” said Stewart. “The porphyry copper target is hosted in a Laramide age quartz monzonite, the main host rock for porphyry copper deposits in Arizona. The precious metal targets were previously mined for higher-grade gold-silver-base metal mineralization. Based on our review, the area does not appear to have been explored for lower-grade precious metal mineralization.”

Ongoing Exploration

Between 2015 and 2018, Copper Fox identified two large areas of porphyry-style copper-molybdenum-gold mineralization on the property. The first target known as Area 1, hosts approximately 600 copper showings in outcrops over a 4,500-meter-long by up to 2,000-meter-wide area in that portion of the quartz monzonite stock along the contact with the Precambrian Pinal schist. The primary copper minerals are malachite, chrysocolla, chalcocite as well as rare covellite and chalcopyrite occur as disseminations, in quartz veinlets and along fractures primarily hosted in potassic and phyllic-altered Laramide age quartz monzonite. Within the area of copper mineralization, three zones of disseminated copper-molybdenum mineralization occur; the largest of which measures approximately 1,000 meters long by 350meters to 450 meters wide with concentrations of up to 0.2 percent molybdenum. The copper mineralization correlates with a positive chargeability and resistivity anomaly (1,800 meters by 900 meters) outlined in 1971. The molybdenite mineralization (“B” veins – porphyry terminology) and spatial distribution of the different styles of copper mineralization suggest an outward progression from the core of a porphyry system.

The copper mineralization in Area 2 occurs over an area that measures 2,800 meters long, averages 400 meters wide and is characterized by quartz vein and fracture-controlled copper mineralization in Laramide age dikes and Precambrian age Pinal schist, diabase and granite. The copper mineralization in Area 2 contains significantly lower concentrations of molybdenum than Area 1. The lower molybdenum concentrations and different styles of copper mineralization are interpreted to reflect the depth to the potential porphyry stock.

The average metal concentrations of the three styles of copper mineralization in Area 1 and Area 2 are shown below.

Average Concentration

The 2018 rock chip sampling program was completed over the two target areas to characterize the mineralized structures exposed in outcrops. The sampling program returned values of up to 10.38 percent copper and 0.208 percent molybdenum in Area 1.

Sombrero Butte Project – Arizona

The 2,913-acre Sombrero Butte project is located in the Bunker Hill mining district in the Laramide porphyry copper province in Arizona; one of the most prolific copper mineralized districts in the world. The project is located on a trend that hosts large porphyry copper deposits such as the San Manuel-Kalamazoo, Ray and Copper Creek deposits. The region is a well-known mining jurisdiction with excellent and readily available infrastructure. The property is 100-percent owned by Copper Fox. During the early 1900s, copper mining activities were conducted within the property with Magma Chief being the largest mine in the district.

Exploration Activities:

Mineralized breccia pipes commonly represent the surface expression of buried porphyry copper deposits in Arizona. Between 2006 and 2008, Bell Copper Corp. (TSXV:BCU) completed 34 diamond drill holes testing seven mineralized breccia pipes located at the north end of the property. This program yielded significant copper mineralization. Selected mineralized intervals from the Bell Copper drilling are listed below:

The mineralized intervals listed in the above table do not represent true widths.

Copper Fox purchased the project in 2012 and completed surface exploration which identified two surface exploration targets.

Copper Fox commissioned a Titan-24 DCIP survey in July 2015, and the results of the IP survey support the interpretation of the presence of a buried porphyry copper system. The chargeability signature exhibits a strong positive correlation with the alternation, mineralization and copper-molybdenite geochemical anomalies outlined in 2013 as well as the mineralized breccia pipes and historical drill results.

Two large porphyry copper targets have been identified on the property. At the south end of the property a 2,000-meter-long porphyry copper target consisting of copper-molybdenum geochemical anomalies, copper-molybdenite veins, associated potassic and argillic alteration, pyrite veining (now limonite) and 40 mineralized breccia pipes, of which only six have been drill tested. Within this target, at least 12 breccia pipes show intense dickite alteration—an indicator mineral of advanced argillic alteration, an alteration that occurs in many of the region’s porphyry copper deposits, including BHP Group PLC’s (LSE:BHP) San Manuel-Kalamazoo deposit.

Copper Fox released the results of a study completed in October 2016 on the chemistry of six hydrothermal breccia pipes within an area that measures 300 meters by 400 meters at the north end of the Sombrero Butte project. The remaining 18 hydrothermal breccia pipes at the north end of the property and hydrothermal breccia pipes located in the center of the property were not included in the study due to the lack of geochemical data.

“This study supports the presence of a buried porphyry system and shows that the breccia pipes acted as a pathway for a complex multi-phase introduction of metals,” said Stewart. “In addition to the pipes that contain significant concentrations of copper-molybdenum-gold-silver mineralization, the bottom 500-meter interval of diamond drill hole SB-23 is interpreted to have intersected the outer portion of a porphyry system commonly referred to as a ‘pyrite shell.’ The fact that the 2015 Titan-24 DCIP survey mapped the mineralized breccia pipes has advanced our interpretation of other chargeability anomalies within the property.”

The 2016 study focused on trace elements, such as molybdenum, gold, silver, arsenic, antimony and tungsten, elements that are commonly associated with a porphyry copper system. While analytical results for copper were previously announced by Bell Copper, the results for molybdenum-gold-silver and associated elements had not been previously announced.

A mapping and sampling program is planned to commence in the near term on the Sombrero Butte property. The program is expected to focus on the surface expression of the large chargeability and resistivity anomaly located in the south-central portion of the property. Copper Fox is looking for vein types, alteration and distribution of copper-molybdenite mineralization in this area.

District Copper Investment

Copper Fox owns 24.4 percent of the issued and outstanding shares of District Copper (formerly Carmax Mining Corp.). Looking to capitalize on the rising gold prices, District Copper picked up assets in the gold exploration space in 2018. District Copper now has two properties in its portfolio: the Stony Lake gold project and the Eaglehead copper-molybdenum-gold-silver project.

Stony Lake Project – Newfoundland

The 13,025-hectare Stony Lake gold project covers a 27-kilometer portion of the Cape Ray-Valentine Lake Structural trend in central Newfoundland. This area is part of Canada’s newest emerging orogenic gold district. The region hosts several recent high-grade gold discoveries including Sokoman Iron Corporation’s Moosehead discovery, Antler Gold Inc.’s (TSXV:ANTL) Twilight zone and Marathon Gold Corp.’s (TSX:MOZ) Valentine Lake gold deposit. The Stony Lake property is located between the Twilight and Moosehead discoveries.

Following the acquisition of the Stony Lake project, District Copper expanded the size of the Stony Lake project by acquiring the Duffitt and Island Pond gold projects which are contiguous with or adjacent to the Stony Lake project.


In 2019, prospecting and sampling (286 samples) and mapping of lithologies, alterations, and styles of mineralization was completed. Selected samples were collected from outcrop, sub crop and large angular boulders (close to bedrock) to characterize the precious and base metals and trace element geochemistry present in veins, other mineralized structures and outcrops.

An airborne geophysical survey was completed in August 2019. The compilation and interpretation of the geophysical results are in progress.

The 2019 program outlined eight areas of anomalous to low-grade gold mineralization (greater than 50 to 4,026 ppb). The gold mineralization is hosted in pyrite and arsenopyrite bearing quartz-feldspar porphyry, reduced sandstone, quartz stockwork and quartz veins, characterized by varying intensities of sericite, silica, ankerite, carbonate and chlorite alteration typically as pervasive alteration and envelopes around quartz stockwork, quartz veins. The mineralization exhibits arsenic-antimony-molybdenum geochemical associations.

The parameters that characterize the anomalous to low-grade gold mineralization located on the Stony Lake property suggest the potential for a sediment-hosted intrusion-related gold environment. Sediment-hosted intrusion-related gold mineralization is characterized by faulted and folded siliciclastic rocks, granitic intrusions, regional-scale faults, sericite with late carbonate alteration, mineralization hosted in sheeted veinlets, stockwork, disseminated and vein swarms with gold, silver, bismuth, tungsten and molybdenum geochemical associations.

The zones of anomalous to low-grade gold mineralization are located along an interpreted northeast-southwest trending corridor located in the western side of the property. Sampling to the west and east of the interpreted corridor returned low (less than 20 ppb gold) concentrations of gold. It is expected that the results of the airborne survey should provide insight into the structural control if any of these areas of anomalous to low-grade gold mineralization.

Eaglehead Project—British Columbia

The 15,956-hectare Eaglehead copper-molybdenum-gold-silver project is located in the Laird mining district in northern British Columbia. The project is currently on care and maintenance.


Between 2014 and 2018, District Copper re-logged 94 historical diamond drill holes, completed airborne and ground geophysical surveys, preliminary rock characterization test work and drilled six holes to test the continuity of the East, Bornite and Pass zones. The company also sampled, re-sampled and re-analyzed 22,697 meters of drill core from 99 historical drill holes. In 2018, District Copper completed the re-logging, sampling and resampling work required to eliminate “legacy data” issues relating to the Eaglehead project.

In 2017, Copper Fox released a NI 43-101 technical report on the Eaglehead project. The report recommended that C$4.95 million is warranted to evaluate the potential of the project.

Preliminary Metallurgical Testing

Preliminary flotation test work on mineralization from the Eaglehead deposit indicates about 88 percent copper, 74 percent gold, 72 percent silver and a minimum of 55 percent molybdenum recoveries into a clean 28-36 percent copper concentrate.

Management Team

Elmer B. Stewart, P.Geol, MSc. – Chairperson of the Board, President and CEO

Elmer Stewart has over 42 years of domestic and international experience in mining and exploration for gold, uranium, base metals and copper. During his career, he has been involved in the financing and acquisition of a number of base metal and gold projects as well the development and construction of two underground mines and the construction and operation of three open pit gold mines. With approximately 30 years of experience at the senior management level for various companies listed on the TSX and TSXV, he is currently the Chairman, CEO and President of Copper Fox Metals Inc., Chairman of District Copper Corp. and is a Director of Liard Copper Mines Ltd. Stewart is Copper Fox’s representative on the Management Committee for the Schaft Creek Joint Venture

Braden Jensen, CA, B.Comm. – Chief Financial Officer

Braden Jensen is a chartered accountant with a bachelor of commerce degree from the University of Victoria. Jensen began his career and training with KPMG LLP. He was in the public practice sector for six years, concentrating in commodities-based accounting and tax prior to entering the resource sector where he has been responsible for reporting on exploration and operations.

Hector MacKay-Dunn, Q.C. – Director

Hector MacKay-Dunn is a Senior Partner at Farris, Vaughan, Wills & Murphy LLP where he advises private and public high-growth companies in a broad range of industries on domestic and cross-border private and public securities offerings, mergers and acquisitions, tender offers and international partnering transactions. MacKay-Dunn is recognized by Lexpert, a respected Canadian legal publication, as being among the top 100 Canada/US cross-border corporate lawyers in Canada and among Canada’s leading lawyers in mergers in acquisitions, technology and biotechnology. Appointed Queen’s Counsel in 2003, he holds the highest (AV Pre-eminent) legal ability rating from Martindale-Hubbell, an authoritative and global source for identifying leading lawyers and law firms, and the Best Lawyers in Canada ranks him as a national leader in technology and biotechnology.

Michael Smith – Director

Michael Smith has been a director of Copper Fox Metals since September 2004 and was Executive Vice-President until his retirement in September 2013. Smith had a 38-year banking career with RBC Royal Bank, holding senior management positions in Calgary, Edmonton, Montreal and New York. Mr. Smith is currently a Director and a member of the Audit Committee for Copper Fox, a Director and Chairman of the Audit Committee for District Copper as well as a Director and Treasurer of a registered public charity.

Ernesto Echavarria, CPA – Director

Ernesto Echavarria is a Certified Public Accountant and has extensive experience both at the executive and board levels of large corporations. He is a significant investor with a number of major corporations in Mexico including MegaCable Holding Sab, a controlling shareholder, and is an executive and Director of Franks Distributing, a major international distributor of fruits and vegetables. Echavarria is also an investor and Director of numerous other entities, including mining companies.

Erik Koudstaal, CA – Director

Erik Koudstaal is a Canadian Chartered Accountant and a retired partner of Ernst and Young. His accounting career spans 40 plus years in The Netherlands, Canada, Africa (Nigeria), Asia (Singapore), Europe (Spain) and the United States. Koudstaal retired from Ernst and Young’s New York International office in 2001. His multinational clients were in natural resources, banking, manufacturing and technology. Since retiring, he has been a financial consultant and a Board Member (Treasurer) of two organizations. In January 2008, Koudstaal completed the Governance Essentials Program for Directors (not-for-profit) at the Institute of Corporate Directors and the Rotman School of Management, University of Toronto.

Copper Fox Announces Plans to Advance Van Dyke Project

Copper Fox Announces Plans to Advance Van Dyke 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 2022 plans to advance its 100% owned Van Dyke copper project located in the Globe-Miami Mining District, Arizona.

The Van Dyke project is an in-situ copper recovery ('ISCR') project, located in a Tier 1 mining jurisdiction surrounded by existing infrastructure. In early 2021, a Preliminary Economic Assessment, prepared in accordance with National Instrument 43-101, (click here for the News Release) suggested that the project should be advanced to the Preliminary Feasibility Stage and has the potential to become a mid-tier copper mine. Highlights of the proposed 2022 program are set out below:

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Copper Fox Announces Results of Airborne Geophysical Survey on Sombrero Butte Copper Project

Copper Fox Announces Results of Airborne Geophysical Survey on Sombrero Butte Copper Project

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") and its owned subsidiary, Desert Fox Copper Inc. ("Desert Fox"), are pleased to announce results of the high resolution airborne magnetic and radiometric survey on its 100% owned Sombrero Butte copper project.

Sombrero Butte is a Laramide age, exploration stage, porphyry copper project located in the historic Bunker Hill Mining District, approximately three kilometers ("kms") south of the Copper Creek porphyry copper deposit. Historical production from the project is reported to have occurred between 1903 and 1920 from mineralized breccia pipes at the north end of the property with reports of "low-grade ore assaying 3-5% copper and higher-grade mineralization from along open cuts and tunnels assaying 20-33% copper."

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Copper Fox Prepares for Drilling Program on Eaglehead Copper Project

Copper Fox Prepares for Drilling Program on Eaglehead Copper Project

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers ('km') east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (15,712.9 ha) of the Lower Jurassic age, Eaglehead stock located within Quesnel terrane. The focus of the 2022 field season is diamond drilling to test the continuity of porphyry mineralization between the Bornite and East zones, a distance of approximately 500m. Mobilization of the field crew is expected around mid-June due to excessive snow conditions. Snow conditions are being monitored daily and when reasonable, mobilization will commence.


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Copper Fox Announces 2022 Second Quarter Operating and Financial Results

Copper Fox Announces 2022 Second Quarter Operating and Financial Results

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated April 30, 2022, financial statements have been filed on SEDAR.

For the six months ended April 30, 2022, Copper Fox had a net loss of $612,002 (April 30, 2021 - $542,580) which equated to $0.00 loss per share (April 30, 2021 - $0.00 loss per share).

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Copper Fox Metals Inc. Exhibiting at Booth 2713, PDAC 2022 Convention in Toronto, June 13-15

Copper Fox Metals Inc. Exhibiting at Booth 2713, PDAC 2022 Convention in Toronto, June 13-15

Copper Fox Metals Inc. (TSXV: CUU) invites you to visit them at Booth #2713 at The Prospectors & Developers Association of Canada Convention (PDAC) at the Metro Toronto Convention Centre (MTCC) on Monday June 13 to Wednesday June 15, 2022.

About Copper Fox Metals Inc.

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Ambler Metals, Trilogy Metals' JV Company, Hosts Site Visit for Doyon Region Tribal Chiefs and NANA Region Tribal Presidents

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy", "Trilogy Metals" or "the Company") announces that on August 12, 2022 Ambler Metals LLC ("Ambler Metals"), the joint venture operating company equally owned by Trilogy and South32 Limited (ASX: S32) (LSE: S32) (JSE: S32) (ADR: SOUHY) ("South32"), hosted a site visit for Chiefs from the Doyon region and NANA region tribal leadership.

Ambler Metals' full news release is below.

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SailingStone Applauds Turquoise Hill Response to Rio Tinto's Offer

Second Open Letter to TRQ Independent Directors Focuses on Unjust Business Dealings by Rio Tinto and Long-Time Concerns of Minority Owners

SailingStone Capital logo

SailingStone Capital Partners, a long-time owner of Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ), has delivered the attached letter to the Turquoise Hill Independent Directors:

Dear Independent Directors of Turquoise Hill Resources Ltd.,

SailingStone Capital Partners applauds the decision of the Turquoise Hill Resources Special Committee to reject Rio Tinto's opportunistic offer to acquire the minorities' stake in TRQ for C$34 /share.

As one of the largest, lowest cost, and longest duration copper/gold assets ever discovered, Oyu Tolgoi is a crown jewel. The proposed acquisition price is nowhere near the intrinsic value of Oyu Tolgoi, as it values the Company at less than 35% of capital invested to date and represents a 60% discount to Rio Tinto's own cost basis in TRQ, a position that Rio acquired over a decade ago when the net present value was far lower and the risks far greater than today. In the next few months, the underground mine will achieve sustainable first production, unlocking billions of dollars in annual free cash flow for decades into the future even before the impact of potential expansions. Tier 1 copper assets with brownfield growth options are increasingly rare and therefore increasingly valuable, particularly given how critical copper is in the race to decarbonize and expand the world's energy systems. Rio Tinto's opportunistic bid did not compensate TRQ minority shareholders adequately for any of these realities.

In addition, we appreciate that "Rio Tinto welcomes the continued investment by Turquoise Hill minority shareholders and their pro rata sharing of future risks and funding obligations." Unfortunately, most of the risks and funding obligations "shared" over the last several years have come as the result of Rio's incompetence, including the incremental equity raise which now must be addressed. However, we welcome Rio's continued participation as mine developer and operator and trust that they have addressed their internal shortcomings so that all Oyu Tolgoi stakeholders can benefit from the mine's incredible employment, business development, and free cash flow potential.

Lastly, we note the following from Rio Tinto's press release.
As previously disclosed, Rio Tinto is not interested in pursuing any alternative transaction, including any such transaction which would result in the sale of Rio Tinto's interest in Turquoise Hill or the acquisition by a third party of Turquoise Hill or Oyu Tolgoi in partnership with or independent of Rio Tinto.

Apparently, Rio Tinto isn't interested in selling their stake in TRQ, even at a price which it claims represents "compelling value" for the seller. More importantly, this statement clearly is intended to preempt any price discovery process which might allow minority owners to be fairly compensated for their 49.2% stake in the Company. While we appreciate that Rio Tinto has certain rights, it cannot and should not preclude potentially interested parties from approaching Turquoise Hill, nor can it preclude the independent directors from considering a combination or transaction from any party which might crystalize the true value of Oyu Tolgoi. In other words, if Rio wants complete control, they can acquire it for a price. The Special Committee has determined that price is meaningfully higher than C$34 /share, and we agree with that conclusion.

Best regards,

SailingStone Capital Partners LLC


SailingStone Capital Partners , a division of Pickering Energy Partners, provides investment solutions in the global natural resource space with a specific focus on the industrial businesses, commodities and infrastructure assets which will enable the energy transition. SailingStone manages concentrated, long-only equity portfolios for institutional investors.

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Petree Partners LLC
Jennifer Petree / Tina Tallant

For investor inquiries:

MacKenzie Davis

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SOURCE SailingStone Capital Partners

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Alvo Minerals

Flem Conductors & Mineralised Gossans Define High Priority Targets, Drilling Underway

Alvo Minerals Limited (ASX: ALV) (Alvo or the Company) is pleased to announce multiple new FLEM conductors around the C3 prospect increasing the prospectivity of the C3 ‘cluster’. Follow-up mapping, sampling and trenching has improved the targeting at Mafico, a new and undrilled VMS prospect to the east of C3. Diamond drilling has recommenced at C3 after extensive drilling at C1. The targets around C3 will be the focus of discovery drilling in coming weeks.

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copper ingots

Top 3 Copper Stocks on the TSX in 2022

Click here to read the previous best TSX copper stocks article.

After a strong 2021, copper has seen even greater success in 2022, reaching an all-time high of US$10,910 per metric ton on March 4. However, prices have fallen in Q3, dropping to US$8,085 as of August 11.

This decline began in Q2, and experts have weighed in on what happened and where copper will go from here. In the short term, some market watchers believe prices will fall further, but long-term factors look positive.

“Any sign that inflation is coming down quickly would potentially be a bullish trigger for copper and financial markets more generally,” Dan Smith of Commodity Markets Analytics said. “Russia remains a key swing factor, of course, and this is likely to remain a significant headwind for copper.”

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Western Copper and Gold Corporation

Western Copper and Gold Corporation

Western Copper & Gold Corp is a Canada-based exploration-stage company. It is engaged in the acquisition, exploration, and future development of resource properties. The company is developing the Casino project into Canada's premier copper-gold mine. It holds significant gold, copper reserves in its Casino project located in the Yukon, Canada.

Ivanhoe Mines Issues Second Quarter 2022 Financial Results, and Review of Mine Construction and Exploration Activities

Ivanhoe Mines reports record profit of $351.5 million for Q2 2022

Kamoa-Kakula Mining Complex in the Democratic Republic of Congo sold record 85,794 tonnes of payable copper and recognized revenue of $494.1 million in Q2 2022

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