Copper Fox Outlines Leach Cap at Mineral Mountain Project

Copper Fox Metals Inc. (TSXV:CUU) (“Copper Fox” or the “Company”) is pleased to provide analytical results for eight of the re-sampled trenches on its 100% owned Mineral Mountain copper project located near Florence, Arizona (see news release dated February 8, 2017).

Copper Fox Metals Inc. (TSXV:CUU) (“Copper Fox” or the “Company”) is pleased to provide analytical results for eight of the re-sampled trenches on its 100% owned Mineral Mountain copper project located near Florence, Arizona (see news release dated February 8, 2017). The balance of the trenching results will be announced on receipt thereof. Highlights from the sampling program are:

Highlights:

  • Trench D yielded a weighted average of 1,638 ppm (0.16%) copper (Cu) and 33 ppm molybdenum (Mo) over a continuous interval of 33m, including a 12m interval that contained 3,890 ppm (0.39%) Cu and 72 ppm Mo. This mineralized interval is open and suggests incomplete oxidization of the primary porphyry style mineralization.
  • Five of eight trenches contain sample intervals ranging from 1.5 m to 3.0m in length that contained greater than 1,000 (0.10%) ppm Cu. Trench O contained two samples each 3.0m in length that contained greater than 100 (0.01%) ppm Mo.
  • The variable copper concentrations along with sporadic significant concentrations of molybdenum indicate an incomplete oxidation process within the mineralized area defined in 2016.
  • The analytical results, copper mineralogy and alteration suggests that the area of surface mineralization outlined in 2016 could be the end product of an oxidization process of a low pyrite content, chalcopyrite, bornite style of porphyry mineralization.

Elmer B. Stewart, President and CEO of Copper Fox, stated, “The data collected to date suggests that the mineralized area outlined in 2016 represents a “leach cap”; a feature typical of porphyry copper deposits in Arizona. Leach caps represent what remains on surface of porphyry style mineralization that has undergone oxidization, leaching and re-concentration at depth due to weathering processes. The variable grades of copper and molybdenum in the trench samples as well as significantly higher grade zones of mineralization suggest incomplete oxidization of a primary porphyry style mineralization.”

Description of Mineralized Area:
The weathering processes that create leach caps can result in incomplete leaching of a primary porphyry mineralization thereby creating highly variable concentrations of copper and molybdenum as suggested by the recent trenching results. The outcrops and scree located within the 2016 mineralized zone contains abundant chalcocite (copper sulphide) chrysocolla (copper silicate) and trace amounts of covellite all products of oxidization/supergene processes. Gangue minerals are hematite and goethite after pyrite (forming box work texture) and minor jarosite.

Summary of 2018 Sampling Results:
The weighted average metal concentrations and interval of higher copper and molybdenum concentrations within each trench are outlined below:

Trench Interval (m) Cu (ppm) Mo (ppm) Au (ppb) Ag (ppm) Comments
A 93.00 114 1 5 0.4
B 14.60 278 2 5 0.7 includes 2.10m sample containing 1,220 ppm Cu
C 12.00 947 23 7 0.8 includes 3.0m sample containing 2,740 ppm Cu and 81.3 ppm Mo
D 33.00 1638 33 37 0.7 includes 12.0m interval containing 3,890 ppm Cu, 72 ppm Mo,
60 ppb Au and 1.45 ppm Ag
K 36.00 398 4 7 0.3 includes 3.0m sample containing 1,130 ppm Cu and
1.5 m sample containing 1,440 ppm Cu
L 15.00 698 9 12 1.1
M 24.00 609 21 10 1.9 includes 3.0m sample containing 1,110 ppm Cu and 104 ppm Mo and
3.0m sample containing 1,380 ppm Cu
O 21.00 407 34 5 0.5 includes 3.0m sample containing 104 ppm Mo and
3.0m sample containing 109 ppm Mo

Note: ppm = parts per million, ppb = parts per billion

The analytical results for Trench D (Laramide age granodiorite) consistently show higher concentrations of copper, molybdenum, gold and silver than the other trenches. This southern end of Trench D contains a 12m interval of significantly higher metal concentrations and remains open.

Metal Content by Lithology:
The trenches were excavated in Laramide age granodiorite (103 samples) and Pinal Schist (6 samples). The average metal concentration for the lithologies are show below:

Lithology Cu (ppm) Mo (ppm) Au (ppb) Ag (ppm)
Pinal Schist 20 0.48 5 0.22
Granodiorite 566 14.3 10.3 1.03

Analytical Statistics:
The range of metal concentration for the analytical results to date is set out below:

Copper (ppm) Molybdenum (ppm) Gold (ppb) Silver (ppm)
MEDIAN 242.5 2.8 5 0.5
AVERAGE 548.4 13.7 9.9 1
MIN 9.9 0.2 5.0 0.1
MAX 7840.0 219.0 112.0 8.2

The mineralized area outlined in 2016 exhibited a significant number of altered outcrops that exhibit a variety of mineralized veinlets containing chalcocite, chryscolla as well as minor covellite and chalcopyrite. The trenching work has demonstrated the continuity of the mineralization between the outcrop and that the higher copper and molybdenum concentrations occur in the Laramide granodiorite.

Sampling Procedures:
Trench sampling was completed by a two man team. Continuous sampling was completed either along the side of the trench or along the center line on the bottom of the trench. Samples were collected after the top layer of material was removed. The sample interval was maintained at a 3 meter except where sample breaks were necessary. Detailed mapping of lithology, alteration and vein assemblages was completed for all trenches. The samples were delivered by the consulting geologist to Skyline Laboratories in Tucson, Arizona.

Samples were crushed to plus 75% -10 mesh, split and pulverized to plus 95% -150 mesh. Pulps were subjected to a multi-acid digest (HNO3, HF, HClO4) followed by analysis by ICP/OES. Gold was analyzed on a 30-gram charge by fire assay with an atomic absorption finish. Skyline’s package code TE-5 was used to analyze the samples for the base and other trace elements. Skyline has an ISO/IEC 17025/2005 accreditation.

Quality Control:
The first sample of each batch was a field blank. One certified standard pulp was inserted into the sample stream for each laboratory batch of twenty samples. A total of 1 field blank and 6 certified reference standards were inserted with the sample batches for which analyses have been received. All standards were within +/-5% of accepted value for the 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 http://www.copperfoxmetals.com.

For additional information contact: Investor line 1-844-484-2820 or Lynn Ball, at 1-403-264-2820.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

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 information” within the meaning of the Canadian securities laws. 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. 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 in this news release includes statements regarding the weighted average metal concentration in trench samples; open ended mineralized intervals; incomplete oxidization of a primary porphyry style mineralization; the surface mineralization area could be the end product of an oxidization process of a low pyrite content, chalcopyrite, bornite style of mineralization; and the variable metal concentrations indicate an incomplete oxidation process.

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, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the reliability of historical reports; and the stability of economic and market conditions. 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: the dimensions, shape, or location of the mineralized area may not be as estimated; the average copper, molybdenum, gold and silver concentrations may not be accurate, additional trench results may not yield similar metal concentrations; the surface mineralization area may not be the end product of an oxidization process of a low pyrite content, chalcopyrite, bornite style of mineralization; the financial markets and the overall economy may continue to deteriorate; uncertainties relating to interpretation of the outcrop sampling results the geology, continuity and concentration of the mineralization; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; 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.

Click here to connect with Copper Fox Metals Inc. and receive an Investor’s Presentation.

Source: globenewswire.com

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Catch up and get informed with this week's content highlights from Charlotte McLeod, our editorial director.

Top Stories This Week: Powell Gets Fed Nomination, Using Gold in a Market Correction youtu.be

We're back after a break last week with quite a bit to cover in the gold space.

After running up past the US$1,860 per ounce mark midway through November, the yellow metal has taken a tumble. At the time of this writing on Friday (November 26) afternoon, it was sitting just under US$1,790.

Gold's losses this week have been attributed to elements like a stronger US dollar and better Treasury yields, although Jerome Powell's US Federal Reserve chair renomination has pulled other factors into play — some market watchers believe he may move to taper and raise interest rates faster than anticipated.


If the Fed follows its previously laid out timeline for tapering, it will wrap up in mid-2022; the central bank has said it won't raise rates until after that. It has also emphasized that its roadmap may change if necessary.

Looking at the larger picture for gold, I heard recently from Nick Barisheff of BMG Group, who believes the stock market is due for a major correction.

"The market is due for a major correction. What will cause it and when it will happen is anybody's guess — it could be tomorrow, it could be six months from now" — Nick Barisheff, BMG Group

It's impossible to know when this correction will happen, but Nick emphasized the importance of acting before it's too late. He pointed out that investors are typically slow to get out of the market once a crash actually begins — they wait for a turnaround, and by the time it's clear there won't be one, they've experienced big losses.

In his opinion, the solution is to get out of the stock market early and transfer money into gold.

Here's how Nick explained it:

"Instead of taking your money off the table and going into cash … you go to gold (because cash is devaluing daily). Gold will at least hold its own and probably appreciate … so by sitting it out in gold you can wait until the market finishes correcting and then buy back in" — Nick Barisheff, BMG Group

With gold's future in mind, we asked our Twitter followers this week what price they think the metal will be at the end of 2021. By the time the poll closed, most respondents had voted for the US$1,800 to US$1,900 range.

We'll be asking another question on Twitter next week, so make sure to follow us @INN_Resource or follow me @Charlotte_McL to share your thoughts.

Finally, in the cannabis space, INN's Bryan Mc Govern spoke with Dan Ahrens of AdvisorShares to get his thoughts on 2021 trends and what's ahead in 2022.

Dan was candid, and said if he had to choose one word to describe the cannabis market in 2021, it would be "painful." Like many others, he's been disappointed in the industry's performance — while positivity initially ran high due to excitement about potential federal changes in the US, ultimately progress has been slow.

"Cannabis started with a big run-up in January and February ... and things dragged from there" — Dan Ahrens, AdvisorShares

Still, Dan has hope for 2022 and said it will be a "huge year" for cannabis. He believes US reforms will come sooner rather than later, and in his opinion those widely anticipated changes will bring a wave of M&A activity.

Specifically, he expects to see alcohol, tobacco and other consumer packaged goods companies making deals with cannabis players, not just cannabis entities doing transactions with each other.

"Those big alcohol companies, tobacco companies, other consumer packaged goods product companies — they're waiting. They're waiting on the US" — Dan Ahrens, AdvisorShares

Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.

And don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

cannabis plant layered with German flag graphic
Dmytro Tyshchenko / Shutterstock

Catch up on some of the biggest news of the week for the cannabis investment world.

Three political parties have formed a coalition in Germany, leading to a new government, and it has promised cannabis reform in the European nation.

Meanwhile, a popular cannabis retailer confirmed consumers will now find its products available for delivery on the Uber Eats mobile application in Ontario.

Keep reading to find out more cannabis highlights from the past five days.


Coalition of parties promises forward-looking cannabis policy

Germany, a country with comprehensive and elaborate medicinal rules for cannabis, is in a time of transition as a new government is set to begin to take over after 16 years of Angela Merkel.

Olaf Scholz, the proposed next chancellor of Germany, leads a three party coalition that will become the country's governing body. As part of its promises, talk of adult-use cannabis regulation has now gained even more momentum. A report from MJBizDaily quotes a German policy document that shows the coalition's stance:

"We are introducing the controlled distribution of cannabis to adults for consumption purposes in licensed shops. This controls the quality, prevents the transfer of contaminated substances and guarantees the protection of minors."

However, despite the promise and excitement, it remains to be seen how these ideas will be applied since no formal regulations have been drafted or approved yet.

Canadian cannabis retailer partners with popular delivery app

Tokyo Smoke, a cannabis retail operator in Canada owned by Canopy Growth (NASDAQ:CGC,TSX:WEED), announced a collaboration agreement with Uber Canada (NYSE:UBER) whereby cannabis consumers will be able to use the Uber Eats app to order products before they visit stores.

While the app won't let consumers get cannabis delivered to them, this new method opens the doors to more dynamic ways of buying cannabis.

"As a market leader in innovation and a platform used by so many Canadians, we believe this is the ideal next offering that can be done safely and conveniently on the Uber Eats app," Mark Hillard, vice president of operations with Tokyo Smoke, said in a press release.

A report from the Canadian Press indicates Ontario is considering allowing dispensaries to have delivery and pickup options made available to consumers permanently. The province allowed some of these purchasing options at the outset of the COVID-19 pandemic, but then removed them.

Lola Kassim, general manager of Uber Eats Canada, said this new end-to-end experience will provide consumers with responsible access to legal cannabis products.

Cannabis company news

  • Organigram Holdings (NASDAQ:OGI,TSX:OGI) issued financial results for its Q4 2021 period. In its report, the company notes a net loss of C$26 million despite a 22 percent uptick in net revenue to C$24.9 million. Beena Goldenberg, the newly appointed CEO of the firm, is encouraged by the market share position earned by the company, which said it became the fourth biggest producer in Canada during the reporting period.
  • Halo Collective (NEO:HALO,OTCQB:HCANF) confirmed the decision for Akanda, its spinoff company focused on international cannabis opportunities, to begin trading on a US exchange. "The number of shares to be offered and the price range for the proposed offering have not yet been determined," the company told investors in a press release.
  • High Tide (NASDAQ:HITI,TSXV:HITI) announced the acquisition of 80 percent of NuLeaf Naturals, a CBD product wellness developer, for an estimated US$31.24 million. The deal includes a three year option clause for High Tide to complete a total acquisition. "As international markets open up and as export regulations evolve, NuLeaf's cGMP-certified facility positions us to take advantage of the global CBD business opportunity," Raj Grover, president and CEO of High Tide, said.
  • Humble & Fume (CSE:HMBL,OTC Pink:HUMBF) released the financial report for its first 2022 fiscal quarter to shareholders and the market. "As the legal cannabis market in North America continues to mature, Humble remains agile and focused on providing a leading solution for brands to scale quickly and retailers to focus on their customers," Joel Toguri, CEO of Humble, said.

Don't forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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