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Copper Fox Metals (TSXV:CUU) reported its financial and operating results for the second quarter of 2015. The company recorded a net loss of $350,360 for the quarter, incurring $385,590 in expenditures towards furthering development at its Van Dyke copper project in Arizona.
As quoted in the press release:
- The 2015 work plan for the Schaft Creek Joint Venture (SCJV) budgeted at $4.8 million to continue the optimization studies and to diamond drill test the copper-gold mineralization located in the LaCasse zone was approved. Mobilization for the 2015 Schaft Creek field program was completed in early June.
- Commenced a Preliminary Economic Assessment (“PEA”) on the Van Dyke In-Situ Leach oxide copper deposit located in Arizona,
- Copper Fox increased its equity ownership in Carmax Mining Corp. (“Carmax”) to 50.97% by way of a $550,000 private placement, and
- The 2015 exploration program for Carmax’s Eaglehead project has commenced. The program consists of re-logging and re-sampling of previously sampled sections and sampling of previously un-sampled sections of the historical drill cores and approximately 1,200m of diamond drilling.
Copper Fox also provided an update on the outlo0ok for the company:
The Company’s focus in the next quarter; working with our partners to implement the optimization and explorations activities outlined to date on three of its four copper projects. Major activities include working with Teck Resources Limited to advance the optimization studies and completing the field program at the SCJV, completion of the PEA at the Van Dyke ISL copper project and completing the work necessary to incorporate the legacy data into the project database as well as 1,200m of diamond drilling at the Eaglehead project with Carmax. The working capital position of the company is such that, the Company should not require additional working capital to continue as a going concern, for the next year.
Copper Fox president and CEO, Elmer Stewart, said:
We are very pleased with the overall scope and level of activities of the Company in 2015. This year, Copper Fox will be exposed to approximately $6.2 million in optimization and exploration work which includes the Schaft Creek joint venture and our equity ownership in Carmax while limiting our financial exposure to approximately $750,000 at the Van Dyke project.
Click here to read the Copper Fox Metals (TSXV:CUU) press release
Click here to see the Copper Fox Metals (TSXV:CUU) profile.
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