Resource News

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF)  ("Copper Fox" or the "Company") through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers ('km') east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (16,492.62 ha) of the Lower Jurassic age (+-195Ma), Eaglehead stock. Field work commenced in mid-June. A summary of activities completed in anticipation of receipt of the permit to conduct drilling operations are noted below:

Summary of Activities

  • Approval for the Notice of Work ("NoW") to conduct the proposed drilling program is still pending.
  • Ongoing review of historical drill cores has located additional un-sampled, mineralized (chalcopyrite +/-bornite) intervals. Sampling of these intervals is in progress.
  • The final report on the findings of the 2022 Archaeological survey is pending.
  • The water quality surveys completed in 2022 show no appreciable changes in water quality.
  • Field investigation of the four previously identified targets resulted in two targets for future exploration.

Elmer B. Stewart, President and CEO of Copper Fox stated, "The delay in receipt of the permit to conduct the drilling program is becoming critical to the completion of the proposed 4-5-week drilling program due to the rapidly approaching end of the summer season. The work related to updating the geological model continues to locate additional drill holes with unsampled mineralized intervals (chalcopyrite with minor bornite and molybdenum) indicating the mineralized envelopes in the Bornite and East zones could be larger than initially modelled."

Drilling
The Permit required to conduct the proposed 2022 drilling program remains pending. The Permit approval process requires a site visit which was completed in early July. The Company continues to contact the relevant authority to determine status of the Permit. The proposed drilling will test the 500-meter-long interval (the "Gap") between the Bornite and East zones to test continuity of the mineralization. Location of the proposed 2022 drilling program were shown in a news release dated June 13, 2022.

Archaeology and Water Quality Surveys
Preliminary results of the archeological review of the proposed access route and drill hole location failed to locate artifacts of a historical or cultural nature. Receipt of the final report on the Archeological review is pending. Analytical results of the stream water monitoring program have yielded no appreciable changes in water quality since the start of the 2022 program.

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 http://www.copperfoxmetals.com.

For additional information contact: Investor line 1-844-464-2820 or Lynn Ball, at 1-403-264-2820.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

Neither 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 NoW; locating additional drill holes with unsampled mineralized intervals; several additional future exploration targets; 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; completing the 2022 program on time and within budget; 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 2022 work program may not be completed as planned, or at all; the drilling targets may not provide the results anticipated; 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/134760

News Provided by Newsfile via QuoteMedia

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Copper Fox Metals

Overview

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

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

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

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

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

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

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

Company Highlights

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

Key Projects

Schaft Creek Joint Venture Project — British Columbia

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

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

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

2013 Feasibility Study

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

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

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

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

Technical Studies

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

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

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

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

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

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

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

Van Dyke Copper Project – Arizona

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

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

2015 PEA and Resource Estimate

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

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

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

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

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

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

Exploration

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

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

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

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

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

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

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

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

Mineral Mountain Copper Project – Arizona

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

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

Historical Exploration

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

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

Ongoing Exploration

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

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

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

Average Concentration

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

Sombrero Butte Project – Arizona

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

Exploration Activities:

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

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

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

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

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

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

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

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

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

District Copper Investment

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

Stony Lake Project – Newfoundland

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

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

Exploration

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

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

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

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

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

Eaglehead Project—British Columbia

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

Exploration

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

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

Preliminary Metallurgical Testing

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

Management Team

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

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

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

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

Hector MacKay-Dunn, Q.C. – Director

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

Michael Smith – Director

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

Ernesto Echavarria, CPA – Director

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

Erik Koudstaal, CA – Director

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

Copper Fox Announces 2022 Third Quarter Operating and Financial Results

Copper Fox Announces 2022 Third Quarter Operating and Financial Results

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated July 31, 2022, financial statements have been filed on SEDAR.

For the nine months ended July 31, 2022, Copper Fox had a net loss of $889,829 (July 31, 2021 - $747,620) which equated to $0.00 loss per share (July 31, 2021 - $0.00 loss per share).

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Copper Fox Delays Proposed Drilling Program at Eaglehead Copper Project

Copper Fox Delays Proposed Drilling Program at Eaglehead Copper Project

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") through its wholly owned subsidiary Northern Fox Copper Inc. advises that it has suspended plans to complete its proposed 2,500m drilling program on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers ('km') east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (16,492.62 ha) of the Lower Jurassic age (+-195Ma), Eaglehead stock.

Summary of Activities

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Copper Fox Announces Plans to Commence Phase I Activities at Van Dyke Copper Project

Copper Fox Announces Plans to Commence Phase I Activities at 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 announce the results of an early-stage Biological Evaluation ("BE") of certain parts of the Van Dyke project prepared by WestLand Engineering & Environmental Services, Tucson, Arizona.

Van Dyke is an in-situ copper recovery ('ISCR') project, located in the Tier 1 mining jurisdiction of Arizona, USA. In early 2021, a Preliminary Economic Assessment, 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 and Internal Rate of Return of 43.4%. The PEA recommended that the project should be advanced to the Preliminary Feasibility Stage 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.

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Copper Fox Announces Update at Mineral Mountain Copper Project

Copper Fox Announces Update at Mineral Mountain Copper Project

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Copper Inc. ("Desert Fox"), are pleased to announce results of an updated compilation and 3D modeling of the magnetic data on its 100% owned Mineral Mountain project located approximately 25kms (15 miles) east of Florence, Arizona. The compilation incorporates the results of the recently completed high resolution airborne magnetic and radiometric survey (see news release dated May 25, 2022). Highlights of the compilation work are set out below:

Highlights:

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Copper Fox Announces Plans to Advance Van Dyke Project

Copper Fox Announces Plans to Advance Van Dyke Project

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ('Copper Fox' or the 'Company'), through its wholly owned subsidiary Desert Fox Copper Inc., are pleased to provide 2022 plans to advance its 100% owned Van Dyke copper project located in the Globe-Miami Mining District, Arizona.

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

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World Copper Reports Annual General and Special Meeting Results

World Copper Reports Annual General and Special Meeting Results

Cancels and Grants Incentive Stock Options

World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0 ("World Copper") reports that its shareholders have approved all matters voted on at the annual general and special meeting held on September 27, 2022 (the "AGSM").

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Emerita Intersects 14.0 Meters Grading 4.3% Copper Included Within 26.8 Meters Grading 2.6% Copper at La Romanera Deposit, Increases Number of Drills at IBW Project to Thirteen

Emerita Intersects 14.0 Meters Grading 4.3% Copper Included Within 26.8 Meters Grading 2.6% Copper at La Romanera Deposit, Increases Number of Drills at IBW Project to Thirteen

Emerita Resources Corp. (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") is pleased to announce additional assay results from the 2022 delineation drilling at the La Romanera Deposit at its wholly owned Iberian Belt West project ("IBW" or the "Project"). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and at depth. The Company also announces that it continues to accelerate drilling at IBW where it has increased the number of drill rigs from 10 to 13. Presently, there are 12 drills on La Romanera deposit delineation and 1 rig continues to drill at La Infanta. Six drilling companies are engaged in the program.

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Romios Gold Completes IP-MT Survey on Trek South Target and Reports on 2022 Exploration Programs in The Golden Triangle, BC

Romios Gold Completes IP-MT Survey on Trek South Target and Reports on 2022 Exploration Programs in The Golden Triangle, BC

Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to report that it has completed an extensive exploration program on six of the company's projects in the Golden Triangle of northwestern British Columbia (see Map 1). Field work by Romios' crew began in early July and continued until mid-September. Assay results are now being received and compiled, and will be reported on when complete. Field observations on some of the claim blocks are very encouraging, particularly those from the Trek South Porphyry Cu-Au-Ag prospect. Many of Romios' projects in the Golden Triangle are close to the giant Galore Creek porphyry Cu-Au-Ag project held by a Teck-Newmont JV (GCMC) and currently in the final stages of a pre-feasibility study.

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Canada Nickel Provides Project Update and Announces US$10 Million Loan Facility

Canada Nickel Provides Project Update and Announces US$10 Million Loan Facility

Canada Nickel Company Inc. ("Canada Nickel" or "The Company") (TSXV: CNC) (OTCQB: CNIKF) is pleased to provide an update on the Crawford project and its financing activities.

Canada-Nickel-Company-Logo (CNW Group/Canada Nickel Company Inc.)

"The Company remains on track to deliver the feasibility study for Crawford by year-end. The study work is approximately 85% complete and the company is confident in its outcome.  This financing will allow us to execute post feasibility study work on permitting and detailed engineering that is advantageous for us to complete during the coming winter months and allows us to remain well-funded as we continue to aggressively advance the project" said Mark Selby , Chair and CEO of Canada Nickel.

Loan Facility

The Company has arranged a US$10 million loan facility with Auramet which is expected to close on or before October 14 , 2022.  The loan will be due January 14, 2023 , will carry an interest rate of 1.00% per month, and be subject to a 2% arrangement fee. At closing, Auramet will also receive 325,000 1-year warrants with a strike price of $1.52 per share.   The warrants and the underlying shares will be subject to a four month hold period under applicable Canadian securities laws.  The closing of the loan facility is subject to customary conditions including the approval of the TSX Venture Exchange.

About Auramet

Auramet is one of the largest physical precious metals merchants in the world with over $20 billion in annual revenues and provides a full range of services to all participants in the precious metals chain, from extraction and production to manufacturing and consumption. Auramet is a private company established in 2004 by a team who had worked previously together since 1989. Their business is comprised of three main activities: physical metals trading, metals merchant banking and advisory. Auramet has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector.   Auramet purchases tens of millions of ounces of gold, silver and PGMs sourced from a diversified base of mining companies, recycling companies and refineries/smelters.  Auramet has also provided term financing facilities in excess of $900 million to date in the mining sector and is looking to grow its capital investment business in the precious metals and battery-related metals mining space.  In 2022, Auramet received a Gold Metal Sustainability Rating from Ecovadis, a global leader in business sustainability ratings.

Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has successfully registered and applied for trademarks in various jurisdictions for NetZeroNickel™, NetZero Cobalt™ and NetZero Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins - Cochrane mining camp. For more information, please visit www.canadanickel.com .

Contact:
Mark Selby , Chair and CEO
Phone: 647-256-1954
Email: info@canadanickel.com

Cautionary Statement Concerning Forward Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the metallurgical results, the timing and results of the feasibility study and the timing and completion of the loan facility. Readers should not place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The PEA results are estimates only and are based on a number of assumptions, any of which, if incorrect, could materially change the projected outcome. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable.

Although Canada Nickel has attempted to identify important factors that could cause actual actions,events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canada-nickel-provides-project-update-and-announces-us10-million-loan-facility-301636152.html

SOURCE Canada Nickel Company Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/29/c2107.html

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Pan Global Announces Drill Program on Eight Copper Targets in the Escacena Project, Spain

Pan Global Announces Drill Program on Eight Copper Targets in the Escacena Project, Spain

Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) ("Pan Global" or the "Company") is pleased to announce that drilling is underway at the Hornitos and La Jarosa targets and that multiple new targets have been identified for drill testing at the Company's 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain.

Tim Moody, Pan Global President and CEO states: "Drilling has continued at Escacena with up to four drill rigs operating since January. The current plan includes testing at least six new targets in the Escacena Project in addition to continuing to expand the copper and tin mineralization at La Romana. We are excited at the potential to make further copper discoveries with drilling now initiated on several new targets, all within 5km of our near-surface La Romana copper-tin discovery. Ongoing exploration continues to generate multiple high-priority drill targets. Drilling is underway at the Hornitos and La Jarosa targets and is due to commence shortly at the Pilar, Zarcita and La Romana Deep targets. This is the first time most of the new targets will be drill tested. The fact that we are already seeing evidence of copper, lead and zinc mineralization in some of our first holes on new targets at Hornitos and La Jarosa is very encouraging with assay results awaited. Assay results are also pending for 14 drill holes at the La Romana discovery."

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Fabled Copper Secures Underground Adits

Fabled Copper Secures Underground Adits

Fabled Copper Corp. ("Fabled Copper" or the "Company") (CSE:FABL)(FSE:XZ7) announces that from mid-June - Early September 2022 they were successful in securing 4 adit entrances on its Muskwa Copper Project. See Figure 1 below

Figure 1 - General Property Location

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