Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSXV:CUU) is pleased to provide its shareholders an update on the permitting process (see news release dated April 12, 2017) on its 100% owned Van Dyke oxide copper project located in Miami, Arizona. The Preliminary Economic Assessment for the Van Dyke project (see news release dated November … Continued
Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSXV:CUU) is pleased to provide its shareholders an update on the permitting process (see news release dated April 12, 2017) on its 100% owned Van Dyke oxide copper project located in Miami, Arizona.
The Preliminary Economic Assessment for the Van Dyke project (see news release dated November 25, 2015) recommended completion of a pre-feasibility study including a pilot scale five well in-situ leach (“ISL”) test.
Mr. Elmer Stewart, President & CEO, said, “Our objective is to obtain an Underground Injection Control Class III permit and an Aquifer Protection Permit that are valid for the life of the project. Obtaining these permits allows completion of the proposed five well ISL test which can then be amended and used if the project advances to the feasibility stage.”
NV5 of Phoenix, Arizona have made a number of visits to the Van Dyke project, compiled the information from three historical ISL production tests and other geotechnical and hydrogeological wells completed outside of the Van Dyke project. A number of the Attachments (including but not limited to; modeling the Pollution Management Area, Discharge Impact Area, Cone of Depression and Point of Compliance work, abandonment plans, etc.) required for the permit applications have been drafted.
ISL Site Selection:
The area around the Van Dyke shaft has been subjected to three previous ISL tests, all of which yielded positive results. It is expected that completing the proposed ISL test in this area would provide erroneous geotechnical, connectivity and copper recovery information on which to base a preliminary feasibility study.
To obtain accurate information on the characteristics of the deposit, the ISL test needs to be completed in a previously untested portion of the deposit. The optimal site for the ISL test is located on land to which Copper Fox owns the mineral rights and another party owns the surface rights. Copper Fox has made a proposal to the surface owner to obtain access and usage of surface facilities.
The information required for the permit applications is site specific. Copper Fox has determined that until the site selected for the ISL test has been confirmed, it would not be prudent to continue preparation of the permit applications. Accordingly, Copper Fox has temporarily suspended the work on the permit applications pending the outcome of discussions with the surface owner. The time required to complete the discussion with the surface owner is not known and there are no assurances such discussion will be successful.
Elmer B. Stewart, MSc. P.Geo., President 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 the 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 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 in this news release includes statements about obtaining an Underground Injection Control Class III permit and an Aquifer Protection Permit that are valid for the life of the Van Dyke project; the proposed site for the ISL pilot test and obtaining access and usage of surface facilities.
In connection with the forward-looking information contained in this news release, Copper Fox has made numerous assumptions, regarding, among other things, the geological, metallurgical, engineering, an financial advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. 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 uncertainty of obtaining the UIC Class III and APP permits; the compilation of the data and preparation of the attachments to the permit applications may not occur in a timely manner or at all; obtaining surface access and usage of facilities may not occur in a timely manner or at all; location of the proposed ISL test may need to change; the need to obtain additional financing and uncertainty as to the availability and terms of future financing; the possibility of delay in the permitting process; 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