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Copper Fox Metals (TSXV:CUU) reported its annual results for 2014. The company reported a financial loss of $912,959 for the year. In addition, Copper Fox incurred $4,421,802 in expenditures toward furthering the exploration of its Van Dyke copper project in Arizona and obtained a 42 percent equity interest in Carmax Mining (TSXV:CXM) by investing $1,237,025.
As quoted in the press release, highlights from 2014 included:
Schaft Creek Project
- Optimization studies, based on the potential first 12 years of a mine plan focused on the Liard zone commenced;
- Field work focused on the geotechnical and geo-metallurgical aspects of the deposit;
- Additional geometallurgy testwork has been recommended and when completed, is expected to play a significant role in determining the mill size, daily mill throughput, metal recoveries as well as power consumption;
- Located the LaCasse zone, (approximately 1,300m long by 900m wide) with metal values from outcrop samples up to 1.56% copper and 1.3 g/t gold;
- Resource modelling and a high level review of various ways to reduce the capital expenditure at Schaft Creek are currently underway; and
- The Optimization studies that commenced in 2014 are expected to continue into 2015.
Van Dyke Project
- Diamond drilling, preliminary metallurgical test work, geotechnical, environmental and hydrogeological studies as well as recovery of historical data completed;
- A current Inferred Resource of 261.7 million tonnes at an average grade of 0.25% total copper containing approximately 1.44 billion pounds of copper established;
- The In-Situ Copper Leaching Simulation Study indicates that approximately 89% of the copper in these samples is soluble with an average of 63% of the copper recovered over a 120 day leach cycle; and
- Preliminary Economic Assessment of the Van Dyke project and additional drilling to expand the size of the Van Dyke oxide copper deposit recommended by independent geological engineering group.
Eaglehead Project
- Copper Fox’s subsidiary, Northern Fox Copper Inc. acquired 42.09% of the equity in Carmax;
- Carmax owns 100% of the Eaglehead porphyry copper-molybdenum-gold project located in northwestern British Columbia that hosts a current Inferred Resource of 102.5 million tonnes grading 0.29% copper, 0.01% molybdenum and 0.08 g/t gold containing 662 million pounds of copper, 22 million pounds of molybdenum and 265,000 ounces gold;
- Re-logging of historical diamond drill core, ground and airborne geophysical surveys, sampling for preliminary metallurgical testing and diamond drilling completed;
- A positive correlation between the open-ended 6,000m long by 900m wide chargeability signature defined in 2014 and copper mineralization has been established;
- The 2014 diamond drilling program intersected large intervals of copper-molybdenum-gold-silver mineralization on both the north and south edges of the chargeability anomaly;
- Compilation of exploration results combined with the presence of mineralized drill holes over approximately 5,000m interval of the chargeability anomaly suggest a single porphyry system; and
- Preliminary metallurgical testwork currently in progress.
Copper Fox CEO, Elmer B. Stewart, said:
Over the past year the Company added 1.71 billion pounds of copper as well as significant quantities of molybdenum and gold contained in the Inferred Resource category to our balance sheet at minimal cost. These resources are in addition to the resources and reserves established on the Schaft Creek project. Going forward, the Company will continue to focus on conserving cash while at the same time advancing its assets on a technical and value added basis.
Click here to read the Copper Fox Metals (TSXV:CUU) press release
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