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Copper Fox Metals Inc. (TSXV:CUU) (OTC:CPFXF) (“Copper Fox” or the “Company”) and its wholly owned subsidiary, Desert Fox Copper Inc. (“Desert Fox”), are pleased to announce the final results for the re-analytical program on the Van Dyke oxide copper deposit (see news release January 23, 2019).
Copper Fox Metals Inc. (TSXV:CUU) (OTC:CPFXF) (“Copper Fox” or the “Company”) and its wholly owned subsidiary, Desert Fox Copper Inc. (“Desert Fox”), are pleased to announce the final results for the re-analytical program on the Van Dyke oxide copper deposit (see news release January 23, 2019). Van Dyke is an In-Situ Leach (“ISL”) project where the commodity of interest is acid soluble copper (“ASCu”).
Highlights:
- DDH-OXY-18 returned an average of 0.284% ASCu over a 199.95m core interval including a 21.03m interval grading 1.141% ASCu.
- DDH-OXY-5 returned an average of 0.510% ASCu over a 33.53m interval including 0.931% ASCu over 13.71m and an average of 0.350% ASCu over a core interval of 57.91m including 1.046% ASCu over 10.67m.
- 20 of the 25 drill holes re-analyzed returned higher (3 to 260%) ASCu concentrations and 19 drill holes returned thicker (1.0 to 62.7m) mineralized intervals when compared to the original data base.
- The ASCu/TCu ratio for all samples analyzed averaged 86% in 2019 compared to 71% in the original data base.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The increased ASCu/TCu ratio combined with the higher ASCu concentrations and thicker mineralized intervals are encouraging. The full impact of these factors will only be known when additional sampling has been completed. Updating of the geological model for the Van Dyke deposit is underway and the additional sampling required to define the full extent (thickness) of the mineralized intervals is expected to commence immediately. Contingent on the results of these activities, Copper Fox may assess the possibility of completing an updated resource estimate for the project.”
The weighted average ASCu concentrations for the drill holes reported in this news release are:
TCu= total copper, (%) = percent, (m) = meters, ASCu = acid soluble copper, the above mineralized intervals do not represent true widths.
In DDH VD-5, the interval from 450.80 to 524.56 was not re-sampled with the interval containing original results of TCu concentrations that range from 0.018% to 0.151%. In DDH VD-16, the interval from 572.11 to 612.54 was sampled and returned ASCu concentrations below the 0.05% cutoff.
The re-analysis program consists of 25 drill holes. The results of the 2019 program compared to the original project data base is summarized as follows: 20 drill holes returned higher (from 3 to 260%) ASCu concentrations, four drill holes returned lower (15 to 76%) ASCu concentrations and one drill hole returned the same ASCu concentration. 19 drill holes returned thicker (from 1.0 to 62.7m) mineralized intervals, two drill holes returned thinner (8.0m and 16m) mineralized intervals and the mineralized interval in four drill holes remained unchanged.
The following table shows the comparison of the ASCu concentrations and thickness of the mineralized intervals for the drill holes reported in this news release:
TCu= total copper, (%) = percent, (m) = meters, ASCu = acid soluble copper, the above mineralized intervals do not represent true widths
The weighted average grades for the mineralized intervals were estimated using a 0.05% copper cutoff, in line with the cutoff grade used in the maiden resource estimate for the Van Dyke project completed in 2014. A maximum interval of 3m below the 0.05% ASCu cut-off within the mineralized interval was tolerated when estimating the weighted average.
Analytical Procedures:
Sample preparation and analytical work was completed by Skyline Assayers & Laboratories located in Tucson, Arizona. Skyline’s package codes CuT, CuSeq and CuCn were used to determine total copper, sequential copper and cyanide soluble copper. Sequential copper analysis uses a 0.25 gram sample digested (at room temperature) in 5% sulfuric acid and the solution is then diluted to 100 mL with deionized water. The residue from the sample is digested in 10% sodium cyanide solution and diluted to 100 mL. Atomic Absorption Spectrometry (“AAS”) was used to determine copper concentrations. Skyline has an ISO/IEC 17025/2005 accreditation.
Quality Control:
A total of 5 blanks and 18 certified reference standards were inserted (insertion rate 1:11) with the samples for which analyses are being reported. The Skyline results for the blank and standards were within +/-5% of accepted value for the blank and standards.
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 (TSX-V: CUU) 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.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact: Lynn Ball: (844) 484-2820 or (403) 264-2820
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 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 includes statements regarding: commencing additional sampling required to define the full extent (thickness) of the mineralized intervals; higher acid soluble copper concentrations than the initial analytical results; the thicker mineralized intervals than the initial analytical results; the possibility of completing an updated resource estimate; and updating the geological model for the Van Dyke project and the requirement to complete copper analysis on additional historical sample pulps and drill core intervals.
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 advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. 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: additional sampling may not locate significant concentrations of soluble copper; the possibility that an updated resource estimate on the Van Dyke project may not be completed within a reasonable time frame or at all; the possibility that the update geological model may not be completed within a reasonable time frame or at all; uncertainties relating to interpretation of the analytical results; the geology, continuity and concentration of the mineralization may not be as estimated or expected; the financial markets and the overall economy may deteriorate; the need to obtain additional financing; 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.
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