VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 9, 2016) – Copper Fox Metals Inc. (TSXV:CUU) is pleased to provide its shareholders with an update of corporate activities
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 9, 2016) – Copper Fox Metals Inc. (TSXV:CUU) is pleased to provide its shareholders with an update of corporate activities.
Copper Fox, along with virtually all of the exploration and production companies, continues to work in a difficult commodity market due to a protracted decline in metal prices, particularly copper. Signs are starting to emerge that indicate copper supply is shifting to the deficit side of the equation which should indicate the start of a positive upward move in the price of copper. Copper Fox has been positioning its projects to take advantage of this long expected move to higher copper prices. In 2016, despite the difficult market, we advanced three of our projects and in doing so balanced our portfolio of copper projects while at the same time preparing for the future expected needs of companies in the copper space when the copper industry returns to higher copper prices and more normal market conditions.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “In anticipation of a positive move in the price of copper in 2017, we have advanced several of our projects in 2016 to better position our project portfolio. The Schaft Creek Joint Venture expects to complete the resource block model, at which time a decision will be made on if an updated resource estimate is required. Compilation and interpretation of the data from Carmax’s Eaglehead project is underway with the majority of the 2016 results to be compiled and interpreted within the next few months. Copper Fox plans to commence a field program to better understand the correlation between the historical chargeability anomaly and area of copper +/- molybdenite mineralization at the Mineral Mountain project.”
- The resource modelling for the Schaft Creek deposit commenced in the fourth quarter of 2016. Results of this work are expected to be made available during the latter half of the first quarter of 2017.
- Upon completion of the resource modeling based on the recommendations and observations from that work, a decision will be taken on whether a resource estimate update for Schaft Creek is required.
- The annual maintenance fees (BLM, ASLD, option payment) for the Mineral Mountain, Sombrero Butte, and Van Dyke copper projects have been made, keeping these properties in good standing for the next year.
- The recent study on the hydrothermal breccia pipes on the Sombrero Butte project has identified a high priority porphyry copper target at the north end of the property.
- On the Eaglehead project, Carmax Mining Corp. has completed its 2016 field program. Results are being received, compiled and interpreted.