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 Update on Eaglehead Copper Project
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers ('km') east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (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 approval to conduct drilling operations are noted below:
Summary of Activities
- Moose Mountain Technical Services has provided its comments and input to the location/orientation of the proposed 2022 drilling program.
- Approval for the Notice of Work ("NoW") to conduct the proposed drilling program is pending.
- Review of specific historical drill core has confirmed the "quartz eye" porphyry as a late-stage intrusive unit (news release dated June 13, 2022).
- Review of historical drill core has located several un-sampled, mineralized (chalcopyrite-bornite) intervals. Sampling of these intervals is now in progress.
- The field portion of the archaeological survey has been completed. Receipt of the study is pending.
- The water quality survey continues with 16 stream water samples being collected and sent for analysis.
- The 2022 mapping/prospecting program has been completed.
- Two additional mineral tenures have been added to the project. These tenures were located by Copper Fox.
Elmer B. Stewart, President and CEO of Copper Fox stated, "We are cautiously optimistic that the approval for the NoW should be received shortly, and drilling operations can commence. The identification of the "quartz eye" porphyry indicates that the porphyry deposit represented by the Bornite and East zones is more complex than initially modelled and previously un-sampled mineralized intervals suggests that the mineralized envelopes in these zones are larger than initially modelled. Several new copper showings were located during the 2022 mapping/prospecting program. The two new mineral tenures were acquired to cover potential infrastructure sites if the project advances to, and potentially beyond, the resource estimation stage."
Drilling
Approval of the NoW that is required to conduct the proposed 2022 drilling program is pending. The site visit portion of the approval process and the field work portion of the archaeological survey have been completed. 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.
Geological Modeling
A review of selected historical drill holes has confirmed and better informed the spatial distribution of the "quartz-eye" porphyry; a late-stage intrusive within the Bornite and East zones. This unit is variably mineralized, exhibits distinct quartz phenocrysts and intense phyllic alteration.
Archaeology and Water Quality Surveys
The field work portion of the archaeological survey of the access route and the proposed location for the 2022 drilling program have been competed. Preliminary results indicate no areas of historical, cultural or habitation sites. Findings of the survey will be announced on receipt of the final survey report. The first round of the stream water monitoring program has been completed. A total of 16 samples were collected and analytical results are pending. This survey is being completed to establish a background water quality data base for the project.
Mineral Tenures
Copper Fox has added two mineral tenures to the Eaglehead project. These tenures were acquired to secure specific areas for potential future use should the project advance to, or beyond, the resource estimation stage (see news release dated June 13, 2022).
Figure 1. Eaglehead Project; Mineral Tenure Map
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.
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; confirmation that the "quartz eye" is a late-stage intrusive unit; several new copper showings were located; mineral tenures acquired to cover potential infrastructure sites; project advancing to and potentially beyond the resource estimation stage.
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 showings 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.
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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True North Copper Commences Mining at Wallace North, QLD
True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to announce mining operations at its Wallace North deposit in northern Queensland have commenced, with clearing activities and blast hole drilling underway.
HIGHLIGHTS
- Mining activities at True North Copper’s Wallace North deposit, part of its Cloncurry Copper Project (CCP) in Queensland, have commenced with clearing and blast hole drilling underway
- TNC is on track to become Australia’s next copper producer and critical metals supplier via its restart of CCP
- CCP is estimated to generate free cash flow of ~$200 million at current copper spot prices over its initial 4.6-year mine life1
- TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore)2 for 100% of copper concentrate from CCP and for toll milling of up to 1Mt of ore per year
- Recent executive appointments have bolstered TNC’s executive team ahead of operations restart.
Wallace North is part of True North Copper’s Cloncurry Copper Project (CCP) and one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au3.
TNC will operate dry hire equipment at Wallace North, which its own personnel will operate, with most mining equipment already on site. Dewatering of the pit area is well advanced, with all blast hole drilling expected to be in dry holes.
A recruitment process for the operations team is close to finalisation, and a supportive technical team is in place ready for mining to start.
True North Copper’s newly appointed Managing Director Bevan Jones said: “We have commenced mining operations at Wallace North, which will allow our CCP to restart copper production. This has been our major goal since listing on the ASX. I thank our team for their efforts in moving towards this goal to allow TNC to become Australia’s next copper and critical metals producer.
“CCP is estimated to deliver free cash flow of about $200 million at current prices over its 4.6-year initial mine life, based on existing JORC Reserves. Cash flow from mining will be used to explore further opportunities to build this inventory.”
Mining ramp-up will initially build ore stockpiles, with road haulage expected to start within a few weeks of startup. Oxide ore will be transported by road train to TNC’s Cloncurry Operations Hub's (COH) heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore International AG.
The COH is 2km from the town of Cloncurry in northern Queensland and will service all four of TNC’s deposits with essential infrastructure, technical systems and support. An active oxide heap leach and solvent extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lundin Mining Announces Updated Share Capital and Voting Rights
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:
The number of issued and outstanding shares of the Company has increased by 83,063 to 776,725,529 common shares with voting rights as of June 28, 2024. The increase in the number of issued and outstanding shares from June 1, 2024 to date is a result of the exercise of employee stock options or the vesting of employee share units.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on June 28, 2024 at 14:30 Pacific Time .
SOURCE Lundin Mining Corporation
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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2024/28/c4019.html
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Forum Announces Closing of Private Placement, Stock Option Grant and Liquidity Services Agreement
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that, further to its news releases of June 3 and June 24, 2024, it has closed its non-brokered private placement and has issued 7,084,020 units (the "Units") at a price of $0.135 per Unit for gross proceeds of $956,343 (the "Offering"). Each Unit consists of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share (each a "Warrant Share") at a price of $0.20 per Warrant Share for a period of 24 months expiring June 26, 2026.
In connection with the Offering, the Company paid cash commissions totalling $51,141 equal to 6% of certain of the gross proceeds raised under the Offering. The Company also issued 378,819 finder warrants of the Company. Each finder warrant shall entitle the holder thereof to purchase one common share of the Company at a price of $0.20 expiring June 26, 2026.
All securities issued are subject to a four month hold period expiring October 27, 2024. The net proceeds of the Offering will be used for general working capital.
Insiders of the Company participated in the Offering for 780,000 Units or $105,300, and such Units issued to insiders are subject to a four month hold period pursuant to applicable policies of the TSX Venture Exchange. The issuance of Units to insiders is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company's market capitalization.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
Stock Option Grant
The Company also announces that in accordance with the Company's stock option plan, it has granted to certain of its directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 3,200,000 common shares exercisable on or before June 28, 2029 at a price of $0.135 per share.
Marketing Agreement
The Company has entered into an advisory agreement (the "Agreement") with DS Market Solutions Inc. ("DS Market Solutions"), an equity trading advisory and liquidity provider located in Mississauga, Ontario, whereby DS Market Solutions has agreed to provide the Company with liquidity services with the object of enhancing market depth and increasing liquidity of the Company's common shares, as further described in the Agreement, for a month-to-month term in exchange for remuneration of $5,000 per month, plus applicable taxes.
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. For further information: https://www.forumenergymetals.com.
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
Not for distribution to United States Newswire Services or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214909
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A Look at Historical Copper Prices (Updated 2024)
Copper has had a volatile few years; however, amid various ups and downs, prices for the red metal hit an all-time high on May 20, 2024, trading at US$5.20 per pound on the COMEX.
Interestingly, by looking backwards it’s easy to see that this spike was an expected feature of the long-term picture for copper prices. The red metal has rebounded after a downtrend from about 2011 to 2015, and over the last few decades prices have increased even more dramatically.
Case in point — at the time of its new high in May 2024, the copper price has increased over 500 percent since January 2000. Although this impressive major increase doesn't account for inflation, it's still a sizeable gain. Let's take a deeper dive into copper prices going back even further.
What factors have impacted copper prices historically?
So what’s the best way to view historical copper prices? According to Stefan Ioannou of Cormark Securities, it’s most pragmatic to look at historical copper prices since the 1970s or 1980s.
That’s because of the rise of modern heap-leach technology. Leaching has long been used in mining operations, but the method in its modern form didn’t start gaining popularity until around 1980.
“That fundamentally changed the way we mine copper,” Ioannou explained. “Up until then, a lot of copper mining was for the most part focused on sulfide mineralization producing a copper concentrate that you’d send to a smelter. With heap-leach technology, all of a sudden the giant porphyries (and) the oxidized caps associated with large porphyries down in South America became viable.”
That sounds like good news for increasing copper supply, but as Ioannou noted, large-scale deposits are often low grade, meaning that they’re more costly to mine despite relatively cheap heap-leaching methods.
While Ioannou said supply and demand dynamics are the main driver for prices, grade and production costs are factors as well. Demand for copper keeps growing, and he suggested that since “the low-hanging fruit has been mined,” miners must increasingly go after more difficult, large, low-grade and costly deposits.
“The price of copper dictates how low you can go on the grade,” he said. “Back pre-1970s, I’m guessing a lot of copper was coming from a lot higher-grade mines … as we’ve been mining more and more of these large-scale deposits that are low grade, the cost on a per-pound basis has gone up.”
What else has driven historical copper prices?
Interestingly, some take another view on the historical performance of the copper price.
Richard Schodde, managing director at MinEx Consulting, gave a presentation on the subject back in 2010 that looks at a longer timeframe — 110 years, to be exact.
On that scale, historical copper prices have dropped significantly since the 1910s. In 2015, Schodde told the Investing News Network by email that real copper prices had dropped about 50 percent since 1910, and that production costs have also fallen due to economies of scale and advances in mining and processing technologies.
That might not sound like good news for copper, but Schodde viewed the drop as good overall. He thinks the industry will continue to innovate in order to exploit lower-grade deposits and meet growing global demand.
Plus, it’s worth considering where you get in. Looking at the graph below from Schodde, it wouldn’t be ideal if you invested in copper back in the 1910s. It all comes down to strategy, timing and, frankly, a bit of luck.
How does supply and demand shape copper prices?
Many supply and demand factors have contributed to the movement of historical copper prices over the years. For example, a report from the US Geological Survey notes that the Vietnam War meant strong demand in the mid-1960s and early 1970s, leading to price controls to limit domestic copper prices.
Much later, in July 1998, prices “had fallen to their lowest level since the Great Depression,” while an earlier production boom in the 1980s led prices to fall on the back of resulting oversupply.
Historical copper prices from July 1988 to June 2024.
Global demand for copper is currently dominated by China, and those following the resource market will no doubt remember a large spike in Chinese demand that sent prices for copper and other commodities soaring in recent years. China is still a strong copper demand driver, with the most recent data showing that it was the largest consumer of refined copper at an estimated 6.75 million metric tons in 2023.
Macroeconomic volatility has impacted the Asian nation’s copper demand, and it’s tough to say what’s going to happen moving forward. Analysts have noted that the country’s infrastructure and property sectors, both of which require large amounts of copper and other commodities, are also showing signs of weakness.
On the supply side, a report from the World Bureau of Metal Statistics showed that as of April 2024, the global refined copper supply shortage came in at 120,900 MT, due in large part to declining copper mine production from Anglo American (LSE:AAL,OTCQX:AAUKF). The closure of First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine and declining production at Chile’s Chuquicamata mine are also impacting copper mine supply at present.
What’s next for copper?
In the short term, copper price volatility is still in the cards due to market uncertainties, including prolonged supply chain challenges, sticky inflation and the threat of recession in the global economy.
However, some analysts are quite optimistic looking longer term. Goldman Sachs (NYSE:GS) has expressed confidence that copper’s long-term fundamentals remain strong with a clear structural bull story. The firm sees copper prices reaching US$15,000 per metric ton (or US$6.80 per pound) by 2025.
This is an updated version of an article originally published by the Investing News Network in 2015.
Don’t forget to follow us @INN_Resource for more updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
How to Invest in Copper (Updated 2024)
Copper has long been held up as a key indicator of global economic health, and as the world electrifies it's taking on a new shine, making it a potentially compelling choice for green-minded investors.
Often called Dr. Copper, copper is one of the most followed base metals, and its high ductility and electrical conductivity make it the third most consumed industrial metal, behind iron ore and aluminum, as per the US Geological Survey.
Given its attributes, copper is often used for electrical purposes such as power transmission and generation. And like its base metal sibling nickel, it has a major role in the electric vehicle revolution, with experts at S&P Global expecting consumption of copper to jump 20 percent by 2035 due to demand from the green energy market.
Read on to get an idea of the supply and demand dynamics that move the copper price, as well as how to invest.
What factors impact copper supply and demand?
Copper supply is prone to disruptions in various capacities: environmental events, worker strikes, economic fluctuations and so on. For that reason, it's important to keep an eye on what’s happening in the world’s major copper producers, such as Chile, Peru and China. Global events like the COVID-19 pandemic can also play a role in market dynamics.
Indeed, copper had a breakout year in 2021. Copper futures on the London Metal Exchange reached what was then a new peak of over US$10,700 per metric ton on the back of higher demand projections.
In May 2022, the red metal repeated that performance to reach another fresh high of US$10,845, propelled upward by expectations of strong demand from electric vehicle and renewable energy applications. The metal's price on the COMEX also reached new highs on a per pound basis in 2021 and 2022.
Copper supply and demand are also being affected by Russia's war in Ukraine, which has contributed to higher energy prices and other inflationary pressures. Russia is one of the top copper-producing countries.
“This had the twin effect of slowing both demand and supply growth, which helped to keep the copper market relatively tight,” Dan Smith, head of research at Amalgamated Metal Trading, told the Investing News Network at the end of 2022. “We have seen some big swings in prices this year, but with so much uncertainty about the war in Ukraine and the potential for a ban on Russian metal, this was to be expected.”
China, another top copper-producing country, is also the world's largest consumer of the red metal, and fluctuations in the strength of its economy often have major implications for copper prices. This was the story for 2023 as prices declined to as low as US$7,812 in October alongside the worsening crisis in China’s real estate market. The industry represents a whopping 30 percent of the country’s GDP and is a primary consumer of the red metal.
Although China’s economic woes are persisting in 2024, global copper mine supply is tightening at the same time as copper demand from the energy transition rises. The closure of First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine, guidance cuts from Anglo American (LSE:AAL,OTCQX:AAUKF) and declining production at Chile’s Chuquicamata mine are exacerbating an already tenuous supply situation.
These complex dynamics led the copper price to climb by nearly 35 percent from the start of this year to reach its highest recorded COMEX price of US$5.20 per pound, or US$11,464, on May 20. Copper also broke its futures high that day, trading at a price of US$11,104.50 on the London Metal Exchange.
Looking forward, the consensus among experts is that although copper may face short-term headwinds, its long-term future looks solid. Some market watchers have big-picture concerns for copper output, predicting that prices for the red metal will remain high well into the future as supply struggles to keep up with demand.
What are the ways to invest in copper?
Exchange-traded funds (ETFs), futures and mining stocks are common methods of investing in copper.
For investors looking to invest in physical copper, purchasing copper is possible, and copper is sold in rounds and bars of various weights. However, due to its relatively cheap price per pound compared to other common investment metals, a decent physical copper position would take up a lot space, making physical copper an inefficient investment option.
In the case of a copper ETF, investors are able to access the copper market indirectly by looking at funds focused on copper or copper-mining companies. ETFs are seen as a lower-risk way to invest.
Meanwhile, copper futures contracts give investors a chance to take part in the market in another fashion — according to InvestingAnswers, “(Futures) allow buyers and sellers to ‘lock in’ the price at which they buy or sell an asset in the future.” This can create a safety net for investors while still providing copper price exposure; however, on the flip side, the leverage that futures trading provides can make it a risky endeavor best left to professionals.
Lastly, there are copper stocks, which can be risky, but are one of the most direct routes to the market. Investors can buy shares of firms involved in copper mining, development and exploration, and ride the ebb and flow of both these companies’ performance and the copper price. Typically, more advanced companies are less risky compared to juniors.
Some of the largest copper-mining companies are Freeport-McMoRan (NYSE:FCX), Glencore (LSE:GLEN,OTC Pink:GLCNF), BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO). For other ideas on copper stocks, check out our lists of the top-performing companies listed on the TSX, TSXV and ASX.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Vizsla Copper Begins Drilling at Woodjam Copper-Gold Property
Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) (FRANKFURT: 97E0) ("Vizsla Copper" or the "Company") is pleased to announce the start of the summer core drilling program at the Woodjam copper-gold project (the "Woodjam Project" or "Woodjam") in south-central BC (Figure 1).
HIGHLIGHTS- The Targets: Core drilling will evaluate the potential for: (1) extensions of high-grade gold mineralization at the Deerhorn deposit, (2) extensions of gold-rich copper mineralization at the Three Firs zone, and (3) extensions of higher gold mineralization at the Southeast deposit.
- The Program: Approximately 3,600m of core drilling in 9 drill holes is planned, some of which will be on the contiguous Redgold property.
"With our financing freshly closed, I'm excited about the start of drilling at Woodjam," commented Craig Parry, Executive Chairman. "Strong copper prices are expected to continue over the long term and Vizsla Copper is executing on its strategy of acquiring undervalued copper assets and completing selective, high-impact exploration programs on our best targets."
"Well mineralized and highly prospective for exploration success, Woodjam remains our highest priority project," commented Steve Blower, Vice President of Exploration. "I'm looking forward to evaluating all of the target areas, especially Three Firs, as this is our first opportunity to expand the wide-open mineralization there."
The ProgramHigh priority targets will be evaluated in 3 areas – the Deerhorn deposit, the Three Firs zone and the Southeast deposit (Figure 2). At the Deerhorn copper-gold deposit, at least two drill holes will evaluate the potential to expand the higher-grade southern gold-rich portion of the deposit (Figure 3). At the copper-gold Three Firs zone, one drill hole will evaluate potential extensions to the southwest of the zone and another will evaluate a large circular magnetic anomaly northwest of the zone (Figure 4). Finally, drilling at the large Southeast copper deposit will attempt to expand the area of higher-grade gold mineralization along the south end of the deposit (Figure 5).
Approximately 3,600m of drilling is planned in 9 drill holes – some of which will be completed on the contiguous Redgold property. More information on the Redgold portion of the drilling program will follow as targets are finalized. The program will take approximately 6 to 8 weeks to complete. Samples will be submitted for assay regularly through the program, and analytical results will be disclosed in due course.
Figure 2 – Target Area Locations
Figure 3 – Deerhorn Deposit Target Area (Grade Shells at 810masl)
Figure 4 – Three Firs Zone Target Area (Grade Shells at 800masl)
Figure 5 – Southeast Deposit Target Area (Grade Shells at 790masl)
About Vizsla Copper
Vizsla Copper is a Cu-Au-Mo focused mineral exploration and development company headquartered in Vancouver, Canada. The Company is primarily focused on its flagship Woodjam project, located within the prolific Quesnel Terrane, 55 kilometers east of the community of Williams Lake, British Columbia. It has three additional copper properties: Poplar, Copperview, and Redgold, all well situated amongst significant infrastructure in British Columbia. The Company's growth strategy is focused on the exploration and development of its copper properties within its portfolio in addition to value accretive acquisitions. Vizsla Copper's vision is to be a responsible copper explorer and developer in the stable mining jurisdiction of British Columbia, Canada and it is committed to socially responsible exploration and development, working safely, ethically and with integrity.
Vizsla Copper is a spin-out of Vizsla Silver (TSX.V: VZLA) (NYSE: VZLA) and is backed by Inventa Capital Corp., a premier investment group founded in 2017 with the goal of discovering and funding opportunities in the resource sector. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.vizslacopper.com).
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Ian Borg, P.Geo., Senior Geologist for Vizsla Copper. Mr. Borg is a Qualified Person as defined under the terms of National Instrument 43-101.
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.
FORWARD LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: obtaining required regulator approvals for the Copperview Acquisition and the RG Copper Acquisition; satisfying the requirements of the Underlying Option Agreement; the exploration and development of the Woodjam Project, Redgold Project and Copperview Project; and the Company's growth and business strategies.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Click here to connect with Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) (FRANKFURT: 97E0), to receive an Investor Presentation
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