VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 22, 2016) – Copper Fox Metals Inc. (TSXV:CUU) is pleased to deliver its third quarter unaudited interim condensed consolidated operating and financial results.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 22, 2016) – Copper Fox Metals Inc. (TSXV:CUU) is pleased to deliver its third quarter unaudited interim condensed consolidated operating and financial results. All of the Company’s material subsidiaries are wholly owned except for Carmax Mining Corp. (“Carmax”) (TSX VENTURE:CXM), of which the Company owns 65.4% of the common shares outstanding as at July 31, 2016. These unaudited interim condensed consolidated financial statements include 100% of the assets and liabilities related to Carmax and include a non-ownership interest portion representing 34.6% of Carmax’s assets and liabilities.
Q3 2016 Highlights
- The resource remodeling of the Schaft Creek deposit is expected to be completed in the fourth quarter 2016.
- On the Van Dyke project, a review of the permitting process to obtain the main permits related to the in-situ leach (“ISL“) pilot test program and the additional metallurgical test work recommended in the pre-feasibility study indicates a cost reduction of approximately $US800,000.
- The review completed on the Van Dyke project also indicated that a considerable amount of the historical data generated by the previous three ISL programs completed by Occidental and Kocide could be usable and applicable to a future permitting process.
- A review of the mineralized breccia pipes located at the north end of the Sombrero Butte property indicates that these mineralized breccia pipes are not from a single source due to the different metal assemblages and gangue minerals (i.e. tourmaline). This review is ongoing and is expected to be completed in the next quarter.
- Historical exploration work that covered a significant portion of the Mineral Mountain project identified a 3,000ft by 2,000ft zone of copper-molybdenum mineralization located within a 6,000ft by 2,500ft chargeability anomaly hosted in a Laramide age Quartz Monzonite.
- The precious metal targets on the Mineral Mountain project include four sub-parallel silicified fissure vein systems with strike lengths from 10,000 to 15,000 ft. These precious metal targets were previously exploited on a limited basis for higher grade zones of gold-silver-base metal mineralization.
- The 2016 program on the Eaglehead project consisted of re-logging, sampling and re-sampling of 40 historical drill holes, the re-analysis of approximately 15,000 pulp and core samples from historical drill core, and preliminary metallurgical test work. Results are pending.
- In June, 2016 Copper Fox closed a non-brokered private placement in two tranches raising aggregate gross proceeds of $1,290,360 (the “Offering“). The second tranche was oversubscribed by $290,360. The Offering consisted of 10,753,000 units (each a “Unit“) at a price of $0.12 per Unit. Each Unit consisted of one common share in the capital of the Company (a “Common Share“) and one whole common share purchase warrant (a “Warrant“). Each Warrant entitles the holder to purchase one Common Share for an exercise price of $0.15 during the first 12 month period after the closing of the Offering and $0.17 during the second 12 month period after the closing of the Offering, subject to earlier expiry in certain circumstances. Three insiders of Copper Fox subscribed for a total of 5,617,000 Units in the Offering. An aggregate of $8,820 in finder’s fees was paid in relation to the Offering.
Elmer B. Stewart, President and CEO of Copper Fox stated, “The exploration activities completed during the quarter focused mainly on completion of field programs, gathering historical information and updating cost estimates for future work. The results of these work programs are expected to be received in the next quarter. The resource modelling for the Schaft Creek deposit is also expected to be completed in the next quarter. For the remainder of the fiscal year, Copper Fox will focus on completing and interpreting the results of its work programs in preparation for 2017.”
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