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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World Copper
Overview
Solar and wind energy are expected to power 90 percent of the world’s electricity by 2050, accelerating the demand for copper materials needed to supply this transition. While the copper boom is already in motion, driven by demand shortages, an explosive copper price growth is expected to come in the near future and a high copper price environment might last for decades.
Copper producers will need to double the amount of global production just to keep up with a 30 percent penetration rate of electric vehicles (EVs) alone, and in the next two decades, the world must now produce more copper than has ever been produced previously in human history.World Copper (TSXV:WCU,OTCQX:WCUFF,FRA:7LY0) has two outstanding pillars of growth, all located in safe and stable mining jurisdictions across the Americas:
- The Zonia copper-oxide porphyry project in Arizona with an estimated copper cathode production of 49 million pounds (22 kt) per year.
- The Escalones porphyry-skarn project is located 30 kilometers East of El Teniente with an estimated copper cathode production of 115 million pounds (52 kt) per year and with upside exploration potential in supergene and skarn extension targets.
These prime projects comprise over 4 billion pounds of copper in the ground.
Company Highlights
- World Copper is a copper exploration and project development company focused on developing key assets in Arizona and Chile into mines that produce copper in pure cathodes.
- Copper will be produced using the more environmentally responsible process of solvent extraction and electrowinning which allows to reduce water consumption, CO2 emissions and completely skip the heavily polluting smelting process.
- The company is led by a strong management team of accomplished professionals with decades of experience in business finance, mine design and operations in Chile, the US and Canada.
- The company's primary focus is on developing the Zonia copper mine and a conventional SX-EW plant to produce copper cathode for the domestic market, using US-based supply chain.
- World Copper’s Escalones project is Chile’s largest new copper oxide project in development.
- The company’s properties are located in mining-friendly jurisdictions and have access to the infrastructure required for future operations.
Key Projects
Zonia Copper-Oxide Deposit
Zonia is an advanced, pre-stripped brownfield project in Yavapai County, 100 miles northwest of Phoenix, Arizona. The large 1,732-hectare property has excellent potential for additional discoveries, as there are already known targets that may contain additional copper-porphyry targets. The company is actively working to restart this past producer, along with re-building the mine and SX-EW plant, to produce ~20 kt of copper in cathode per year.
The deposit is located on private patented land, which allows for fast-tracking the project to production with a more streamlined and efficient environmental permitting process.
The Zonia project has a low strip ratio (1:1), excellent access to infrastructure with water and power directly on site, as well as the proven and efficient production technology, which does not require building tailing storage facilities or producing copper concentrates. The project will use conventional mining and crushing, heap leach and electrowinning processes, reducing operational risks compared to similar development projects in the area.
Project Highlights:
- Easy Access and Infrastructure: A 67-kilovolt (kV) line runs to the entrance of the mine, along with the presence of groundwater to help support operations.
- Permitting Advantage: All resources and phase 1I 2018 PEA production within the 100 percent owned private land.
- Expansive Sample Grid: A 150-meter spaced rock sample has generated a large coherent anomaly.
World Copper completed an internal technical review of the exploration and development potential of the Zonia copper oxide project confirming significant potential growth drivers for the Zonia project. The resource expansion targets adjoining the existing Zonia resource provide an opportunity to enlarge the outlined mineralization through step-out drill programs.
Updated Resource Estimate
In 2023, World Copper updated Zonia’s mineral resource estimate, which includes 75.7 million short tons grading 0.30 percent total copper (indicated resource) containing 450.5 million pounds of copper and 122 million short tons grading 0.24 percent total copper (inferred resource) containing 575.4 million pounds of copper.
The company has filed a technical report on SEDAR for Zonia entitled, "National Instrument 43-101 Technical Report: Updated Mineral Resource Estimate for the Zonia Copper Project Yavapai County, Arizona USA," and was prepared pursuant to NI 43-101 by Hard Rock Consulting.
Escalones Project
World Copper has managed to secure the largest new copper-oxide asset, currently in exploration and development, in Chile through its Escalones project. Early estimates reveal it could become a major copper producer using heap leaching to produce copper in cathodes, at very competitive costs when compared to other similar copper deposits found throughout Chile and Latin America.
World Copper reported an updated inferred resource estimate of 426 million tonnes at 0.37 percent total copper in the oxidized zone at the Escalones project, confirming its potential for development as a sizable copper-oxide deposit.
Project Highlights:
- Existing Infrastructure: The 4,689-hectare property has access to roads, seaports, electricity and a gas line.
- Amenable to Heap Leaching: Metallurgical tests indicate that the inferred 3.45 billion pounds of copper should be amenable to heap leaching with an average recovery of 71 percent. Heap leaching is an economical and more eco-friendly mining technique that uses less water and emits lower emissions than conventional flotation.
- Future Expansion: The Escalones deposit has room to expand to the south, east and west. Only half of the alteration zone has been drilled to date.
- Untested Mineralization: No drilling has been carried out on northern targets and it may contain the last remaining mineralized porphyry clusters in Chile.
- Preliminary Economic Assessment (February 2022) - The Escalones property has a post-tax NPV8 of $1.5 billion at 46.2 percent IRR with an initial capital payback period of 2.2 years. The project has an initial capital of only $438.4 million and a 3.44 X NPV/capex ratio with a 20-year life of mine.
In 2022, World Copper also completed 1,676 meters of additional drilling along the western-most, road-accessible edge of the Mancha Amarilla zone confirming copper-oxide mineralization that extends at least 150 meters south from previous drilling, and oxidation extends to depths of 280 meters below the ridge.
Management Team
Gordon Neal - President and CEO
Gordon Neal is a distinguished professional in the metals and mining industry, with a comprehensive background in capital markets, corporate governance, finance and investor relations. He is the previous CEO and director of Tincorp Metals. Other previous corporate leadership roles include, president of New Pacific Metals, vice-president of corporate development at both Mag Silver and Silvercorp Metals. His governance and strategic insights have also been instrumental on the boards of companies such as Falco Resources, Balmoral Resources, Americas Petrogas, Rock Gate Capital, and Wealth Minerals. Neal founded Neal McInerney Investor Relations in 1991, where under his leadership, the firm achieved remarkable growth by successfully marketing over $4 billion in debt and equity financings, ascending to become Canada's second-largest full-service investor relations firm with a presence in Vancouver, Toronto and Los Angeles.
Henk van Alphen - Chairman
Henk van Alphen has more than 30 years of experience in the mining industry. He has been a key player in companies such as Corriente Resources, Cardero Resources, Trevali Mining, Balmoral Resources, and International Tower Hill. He also founded Wealth Minerals in 2005 and has raised over $1 billion raised in various financial transactions via van Alphen’s involvement.
Marcelo Awad - Executive Director (Chile)
Marcelo Awad has a long and distinguished career in the mining industry 18 years with Codelco, most recently as executive vice-president for 16 years with Antofagasta Minerals, the Mining Division of Antofagasta, including eight years as CEO from 2004 to 2012, a period of significant growth for Antofagasta. In the 2011 Harvard Business Review, Awad was ranked as the number one CEO in Chile, 18th in Latin America and 87th in the world.
Krzysztof Napierała - General Manager (Chile)
Krzysztof Napierala is a professional with 14 years of experience in mining and manufacturing industries. He is a driven executive with a strong background in business development, exploration, project management, and the management and restructuring of mining operations. His career is highlighted by over ten years with the KGHM Group, one of the world’s largest copper and silver miners, where he started as an associate in the exploration and development team, supporting the company’s business development activities and new acquisitions.
John Drobe - Chief Geologist
John Drobe is a geologist with over 30 years of experience specializing in porphyry copper-gold, epithermal and skarn deposits throughout the Americas. Drobe has deep experience with organizing and managing exploration campaigns, particularly in South America, where he has participated in the exploration and development of projects in Peru, Argentina, Ecuador, Venezuela and Chile.
Marla Ritchie - Corporate Secretary
Marla Ritchie brings over 25 years of experience in public markets working as an administrator and corporate secretary specializing in resource-based exploration companies. Currently, she is also the corporate secretary for several companies, including International Tower Hill Mines Ltd. and Trevali Mining Corporation.
Lundin Mining Pre-Announces Items Impacting the First Quarter 2024 Results
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pre-announcing certain items impacting the Company's quarterly earnings, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") 1 adjusted earnings 1 and adjusted earnings per share 1 .
Foreign Exchange and Derivatives
Items of significant impact in the first quarter 2024 are expected to include unaudited foreign exchange and trading gains on debt and equity investments supporting the capital funding for the Josemaria Project of approximately $8 million on a pre-tax basis, unaudited realized gains on foreign exchange and diesel derivative contracts of approximately $4 million on a pre-tax basis and unaudited realized gains on foreign exchange of approximately $11 million on a pre-tax basis, primarily relating to payments in Chilean pesos during the quarter.
In the first quarter 2024 the Company is also expected to recognize certain non-cash items that will impact the Company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include an unaudited non-cash unrealized gain on foreign exchange of approximately $16 million on a pre-tax basis, primarily due to the weakening of the Chilean peso during the quarter, and an unaudited non-cash unrealized loss of approximately $53 million on a pre-tax basis related to the mark-to-market valuation of the Company's unexpired foreign exchange and diesel derivative contracts. Unexpired foreign exchange derivative contracts include zero cost collar contracts of $921 million (equivalent to 898 billion Chilean pesos) entered into during the first quarter 2024 and expiring in the remainder of 2024 through 2026.
Provisional Pricing Adjustments
Revenue in the first quarter 2024 is expected to be positively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $2 million on a pre-tax basis. These adjustments primarily include upward adjustments in relation to copper and nickel sales, partially offset by downward adjustments on molybdenum and zinc sales.
The financial results for the three months ended March 31, 2024 , will be published on Wednesday, May 1, 2024.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information was submitted for publication, through the agency of the contact persons set out below on April 17, 2024 at 14:30 Pacific Time .
__________________________________ |
1 These measures are non-GAAP measures. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2023 which is available on SEDAR+ at www.sedarplus.com . |
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile ; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks and uncertainties, including but not limited to those described in the "Managing Risks" section of the Company's MD&A and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023 , which are available on SEDAR+ at www.sedarplus.com under the Company's profile.
All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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Trident Royalties: The Fast-growing Diversified Mining Royalty Company
Trident Royalties (AIM:TRR,OTC:TDTRF) provides investors with exposure to lithium, gold, copper, silver, iron ore, and other commodities (excluding thermal coal) through its diversified commodity portfolio. Trident is establishing itself as a royalty company using a unique royalty model that brings under its umbrella the entire gamut of the mining industry. This should attract investors willing to participate in the growth of metals such as lithium and copper, without taking the risk associated with investing directly in the mining companies themselves.
The company has acquired 21 assets (royalties and gold offtake agreements), of which 13 are currently cash-flowing. While the current revenue mix is weighted toward gold, asset-level developments across the portfolio, specifically at the Thacker Pass (lithium) and Mimbula (copper) projects, continue to indicate a higher mix of lithium and copper royalty revenue going forward. Thacker Pass is on track to be the largest lithium producer in North America within the next three years.
Trident has developed a portfolio that not only provides material revenue today but includes a tangible growth profile to significantly grow revenue over the next few years. A significant portion of future revenue is underpinned by assets already in construction, including Thacker Pass, Mimbula (in production, ramping-up) and Greenstone (discussed in detail below). Longer-term revenue growth is supported by a mix of expansions and new project development.
Company Highlights
- Trident Royalties is a diversified mining royalty company which provides investors with exposure to the full breadth of mining commodities, including precious, base and battery metals, and bulk/industrial minerals (excluding thermal coal). The company is listed on the AIM market of the London Stock Exchange under the ticker ‘TRR’ and on the US OTCQB market under the ticker ‘TDTRF’.
- Since its listing on London's AIM market in June 2020, the company has acquired 21 assets, of which 13 are currently cash-flowing.
- The company’s broad asset base, which includes exposure to lithium, gold, copper, silver, iron ore and other commodities, differentiates it from its peers, which are mainly limited to precious metals.
- Greater than 60 percent of its asset NAV (by Unrisked Asset NAV – Tamesis Partners, 8 November 2023) is located in resource-friendly countries such as Canada, Australia and the US, which reduces jurisdictional risk.
- Management’s track record for value creation is impressive, delivering shareholder returns of 80 percent since listing.
- Trident has an attractive pipeline of future cash-flowing opportunities in battery and base metals. In particular, the Thacker Pass Lithium Project in the U.S. and the Mimbula Copper Project in Zambia hold significant potential for increased revenue to Trident. Thacker Pass is projected to deliver ~US$15 million in annual royalty revenue within the next three years (Revenue estimates by Tamesis Partners (8 November 2023)
This Trident Royalties profile is part of a paid investor education campaign.*
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Trilogy Metals Provides Update on the Ambler Access Project
Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy" or the "Company") is providing an update on the Ambler Access Project - the proposed 211-mile, industrial-use-only road from the Upper Kobuk Mineral Projects to the Dalton Highway that would enable the advancement of exploration and development at the Ambler Mining District, home to some of the world's richest known copper-dominant polymetallic deposits.
On April 16, 2024 , the Alaska Industrial Development and Export Authority ("AIDEA") issued a press release in response to media reports indicating the Department of Interior plans to block access to the Ambler Mining District by issuing a "no action" decision. In its press release, AIDEA strongly urges the Department of Interior to comply with federal law and the promises made at statehood to allow access to state lands and minerals for the Ambler Access Road Project.
AIDEA's press release can be found on their website at https://www.aidea.org/About/News-Publications/Press-Releases .
Ambler Metals LLC, our 50/50 joint venture with South32 Limited also responded on April 16, 2024 with a media statement. "We are stunned to hear reports that BLM may deny the Ambler Access Project, which received full federal approval four years ago and would enable safe and responsible domestic production of minerals that are critical for our national security and clean energy technologies," said Kaleb Froehlich , Managing Director of Ambler Metals. "If true, this decision ignores the support of local communities for this project, while denying jobs for Alaskans and critical revenues for a region where youth are being forced to leave because of a lack of opportunity. A denial would also undermine the promise made to Alaskans in the Alaska National Interest Lands Conservation Act, which guaranteed a right-of-way for this crucial project. We strongly urge BLM to reconsider what would clearly be an unlawful and politically motivated decision that goes well beyond the narrow set of issues the courts agreed to allow the agency to address."
With cash totaling over $32 million , including our share of cash at the joint venture, Trilogy is well positioned to engage with our key stakeholders and consider options and next steps.
Trilogy Metals Inc. is a metal exploration and development company which holds a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects in northwestern Alaska . On December 19, 2019 , South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide ("VMS") deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, perceived merit of properties and claim blocks, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving our ability to conserve cash, or at all and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2023 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
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SOURCE Trilogy Metals Inc.
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LME Sanctions on Russian Metal Push Copper, Nickel and Aluminum Prices Higher
Prices for several metals jumped this week as the London Metal Exchange (LME) banned metal produced in Russia from its system. The moratorium applies to material produced on or after April 13 of this year.
The restrictions apply to copper, nickel and aluminum, and were passed down by the US Department of the Treasury and the British government on April 12. They are also in place for the Chicago Mercantile Exchange (CME).
This move aims to curb financial flows that fuel Russia's military activities in Ukraine, which began in February 2022.
According to Bloomberg, aluminum soared as much as 9.4 percent, marking its highest jump since 1987, while nickel increased by 8.8 percent, signaling traders' confidence that removing a major producer will boost prices.
Copper, the third metal affected by the ban, saw a 1.6 percent bump amid an ongoing bull market.
Russia is a major producer of all three metals, contributing 6 percent of the world's nickel, 5 percent of its aluminum and 4 percent of its copper. As of March, 91 percent of the aluminum in LME-approved warehouses came from Russia, while Russian copper accounted for 62 percent of LME stockpiles. Thirty-six percent of LME nickel was from Russia.
Even with the sanctions in place, owners of Russian metal produced before April 13 can still place their metal on LME warrant, provided they furnish evidence of production dates.
Russian metal producers not fazed by LME ban
The ban will affect major Russian metal producers such as Rusal (MCX:RUAL), one of the world’s largest producers of aluminum, and Norilsk Nickel (MCX:GMKN), which mines metals including nickel.
Despite this, market watchers do not foresee any immediate supply shocks.
"From a fundamental perspective, it is important to recognise that these exchange focused rule adjustments will not generate a necessary supply-demand shock," noted one Goldman Sachs (NYSE:GS) analyst.
Rusal is also optimistic that the sanctions will not have a significant impact on its supply streams.
"The announced actions have no impact on Rusal's ability to supply since Rusal's global logistic delivery solutions, access to banking system, overall production and quality systems are not affected," the company told Reuters.
Rusal shares dipped by 1.7 percent on Moscow's stock exchange post-announcement.
The company also explained that the measures primarily affect the LME and derivatives; it will be able to keep providing hedging services and will stay committed to market-based pricing.
Some analysts have observed that while both Norilsk Nickel and Rusal predominantly trade under bilateral contracts, their shipments may decrease, potentially leading to a new discount to exchange prices.
Russia and China evade existing western sanctions
Amid the new LME and CME sanctions on Russian metal, Reuters reported on Monday (April 15) that Russian copper producer RCC and Chinese firms have found a way to bypass taxes and evade the impact of existing western sanctions by engaging in trades where new copper wire rod is disguised as scrap.
This deceptive activity involves the shredding of copper wire rod in China's Xinjiang Uyghur region by an intermediary, making it difficult to differentiate from scrap.
By doing so, both exporters and importers profit from the disparity in tariffs applied to scrap and new metal.
Russia's export duty on copper rod stood at 7 percent in December, lower than the 10 percent levy on scrap, while imports of copper rod into China face a 4 percent tax; that's compared to no duty on Russian scrap imports.
This method of circumventing regulations began in December, and has led to discrepancies between Chinese and Russian data, with Chinese customs reporting a significant increase in copper scrap imports from Russia, contrasting sharply with negligible amounts recorded in Russian data.
While RCC maintains it only supplies products to Russian companies, concerns persist about the potential repercussions of such trade maneuvers amid international scrutiny. The disguising of new copper wire rod as scrap not only evades taxes, but also complicates identification and tracing, facilitating its sale to Chinese manufacturers.
As the situation evolves, market watchers and investors are closely monitoring developments, including any potential retaliatory measures from Russia or further sanctions imposed by international bodies.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Forum Energy: Ambient Noise Tomography Survey Establishes New Drill Targets over 1+ km Extension Along the Tatiggaq Fault Zone, Aberdeen Uranium Project, Nunavut
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") has reviewed initial data processed from its Ambient Noise Tomography (ANT) survey conducted over the Tatiggaq anomaly during the summer of 2023, The survey successfully established new drill targets over a one plus kilometer east-northeast extension along the Tatiggaq fault zone, which hosts the high-grade Tatiggaq uranium discovery at Forum's 100% owned Aberdeen Project in the Thelon Basin, Nunavut. The Aberdeen project comprises 95,500 hectares and is located adjacent to Orano's 133 million pound Kiggavik uranium project* (Figure 1).
Dr. Rebecca Hunter, Forum's VP, Exploration commented, "The ANT survey may be a game-changing geophysical method for targeting unconformity systems in the northeast Thelon Basin. By measuring the velocity change interfaces throughout our anomalies, we can potentially image the faults that host the mineralization and the location of the mineralized bodies themselves. The survey results obtained suggest we will be able to target our drilling with a much higher degree of precision than what could be done in the past. I am very excited to resume on our Aberdeen Project in 2024."
HIGHLIGHTS
- New ANT survey data has potentially imaged the depth and location of the metasedimentary bodies that host the mineralization.
- The steep-dipping ore controlling structures have been imaged by the ANT survey and will help greatly with targeting throughout the anomaly both along strike but also along sub-parallel structures.
- The ANT survey suggests that potential additional mineralized bodies to the east-northeast are at similar depth to the known mineralization to date (
- ANT surveys were also conducted on both the Ned and Bjorn anomalies and are currently being processed with results expected by June.
Tatiggaq Deposit
Forum drilled four holes in 2023 and the first two holes targeted the Tatiggaq Main area. The objective was to drill through to main mineralized zone at a more optimal angle and show that the mineralization is within a series of steep-dipping, high-grade lenses. TAT23-001 was lost and TAT23-002 intersected 2.25% U3O8 over 11.1 from 148.5 to 159.6 m (incl. 3.32% U3O8 over 3.1 m). TAT23-003 and TAT23-004 were drilled along trend to the SW up to 200 m from TAT23-001/-002. These holes were designed to infill and expand known areas of mineralization at Tatiggaq West. TAT23-003 intersected 0.40% U3O8 over 12.8 m from 136.0 to 148.8 m (incl. 1.08% U3O8 over 1.3 m) and TAT23-004 intersected 0.40% U3O8 over 18.9 m from 151.4 to 170.3 m (incl. 1.01% U3O8 over 6.2 m).
Mineralization within the Tatiggaq deposit consists of two zones - the Main and West Zones and is located at depths between 80 and 180 m. The mineralization is hosted in a series of high-grade subparallel, steep, south-dipping fault zones that sit within a 50 m wide area (Figure 2). Individual high-grade mineralized structures are up to 10 m in width. The strike extent of the Main Zone is at least 60 m but is open to the northeast and the West Zone is now 150 m in strike length and is open to the southwest. Further delineation is required between the two zones to determine if they are connected. In addition, the entire 0.7 km wide by 1.5 km long Tatiggaq gravity anomaly remains open for additional uranium mineralization both along strike of the known zones but also along numerous sub-parallel fault zones to the north and south.
Ambient Noise Tomography Survey (ANT)
The ANT survey is a passive seismic technique that detects seismic waves by natural sources like ocean wave action that is then used to image the subsurface.
In 2023, Patterson Geophysics Inc. (PGI) was contracted to deploy and recover a total of 475 seismic 1D Nodular Recording Units (NRUs) over the Tatiggaq (Figure 3), Ned and Bjorn grids. Geophysical Technology Inc. NuSeis NRUN1 autonomous seismic nodal recording units were used for the survey. In total, 475 NRUs were deployed in three (3) grid areas on the Aberdeen Project in July 2023. 344 NRUs were deployed on the Tatiggaq grid at 60 m intervals; 77 NRUs were deployed on the Ned grid at 150 m intervals, and 54 NRUs were deployed on the Bjorn grid at 150 m intervals. The PGI crew returned to the Thelon project to retrieve the NRUs after a recording period of 24-26 days. The data was downloaded from the NRUs using GTI's Portable Data Management system and a GTI-supplied laptop with NuSite, NuSeis, and NuScribe software.
Ongoing data processing is being completed by Ambient Reservoir Monitoring Inc. (ARM) through the direction of Kyle Patterson at Convolutions Geoscience. A preliminary 3D slice of the processed velocity data is shown for the Tatiggaq Grid (Figure 4).
*Source: Areva Resources Canada Inc., The Kiggavik Project, Project Proposal, November 2008 and Kiggavik Popular Summary, April, 2012 submission to the Nunavut Impact Review Board.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1 The Thelon Basin is a geologic analogue to the Athabasca Basin in Saskatchewan. Orano's uranium deposits are along the same controlling structures as Forum's Tatiggaq deposit and over 20 other targets are present within the project, which could host additional uranium deposits similar to the Athabasca Basin.
To view an enhanced version of this graphic, please visit:
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Figure 2 The Tatiggaq Main and West zones are interpreted to be a series of near vertical, uranium- bearing lenses that trend for 1.5 km. The width of the mineralized section is interpreted to be approximately 50 m but its total width is not yet determined. TAT23-002 only intersected two of these lenses that were intersected in near vertical holes by Cameco's previous drilling (for example 0.85% over 13.7m in hole TUR14A). Proposed future drill holes will target mineralization to intersect the true width of the zone and its strike extent.
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Figure 3 Location of Nodular Recording Units deployed at the Tatiggaq Grid.
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Figure 4 ENE-WSW section through the Tatiggaq Grid showing the ANT processed 3D velocity data. Data viewed in Leapfrog Geo. Velocity data highlights steep NW-trending faults and changes in velocity are possible interfaces of different alteration strengths and/or rock units. Interpretation is still preliminary.
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About Forum Energy Metals
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho.
For further information: https://www.forumenergymetals.com.
This press release contains forward-looking statements. Forward-Looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
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.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205494
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