schaft creek

Copper Fox Provides Update on Schaft Creek Project

Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") is pleased to provide an update on the progress of the Preliminary Economic Assessment(" PEA") (see news release dated November 24, 2020) for the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV") formed in 2013 between Teck Resources Limited ("Teck") (75%) and Copper Fox (25%) with Teck being the operator. The Schaft Creek deposit is one of the largest undeveloped porphyry copper deposits containing significant gold-molybdenum-silver by-products in North America. Highlights of the work completed are set out below.

Highlights:

  • A review of the work completed by the SCJV on the Schaft Creek project since 2018 has been completed.
  • The PEA contemplates a 133,000 tonne per day ("tpd") mine/processing facility like that set out in the 2013 Feasibility Study completed by Copper Fox Metals Inc. in 2013.
  • An updated resource estimate will include analytical, drilling, and metallurgical information generated by the SCJV on the project since completion of the Feasibility Study in 2013.
  • A site visit by the Qualified Person ("QP") has been completed and preparation of the resource estimate is progressing.

Elmer B. Stewart, President and CEO of Copper Fox stated, "The objectives of the PEA are to assess the economic impact on the project due to changes in the project footprint and identify potential opportunities to further enhance project value. The work completed to date indicates that a substantial amount of the technical data used in the 2013 Feasibility Study remains relevant. This information, combined with the data generated and studies completed by the SCJV over the past three years, will form the basis for the 2021 PEA. The PEA outcome will include a comparison against the January 23, 2013 Feasibility Study."

Schaft Creek Project:

With input from the SCJV, Tetra Tech Canada Inc. ("Tetra Tech") and other independent consultants are advancing the PEA on the Schaft Creek project. The resource estimation, along with the other components of the study are in progress. Price Waterhouse Coopers has been retained to complete the post-tax cash flow model for the project.

Resource Estimate:

In the context of completing the PEA, the independent QP, Michael F. O'Brien of Red Pennant Geoscience, retained by Tetra Tech, has reviewed the resource modelling completed by the SCJV in 2018 and is of the opinion that the work was completed in a thorough and consistent manner in accordance with NI 43-101 standards (May 9, 2016), CIM Definition Standards (May 19, 2014) with guidance from CIM Best Practice Guidelines (November 29, 2019). The 2018 resource model will be used as a foundation to the resource estimation that is being produced for the PEA and will be accompanied by a National Instrument 43-101 Technical Report.

Mine Plan:

The PEA updated mine plan contemplates a conventional truck/shovel operation providing 133,000 tpd to the processing facility and includes a stockpiling strategy to manage LOM mill feed grades.

Processing:

The metallurgical work completed by the SCJV indicates that the Schaft Creek deposit consists of four geometallurgical domains. The processing circuit (133,000 tpd at 92% availability) contemplated in the PEA is like that set out in the 2013 Feasibility Study. The processing flow scheme includes crushing, two stage grinding and conventional flotation producing separate, clean copper and molybdenum concentrates.

Qualified Person:

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, has reviewed 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 (TSXV: 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 https://www.copperfoxmetals.com.

For additional information contact: Investor line 1-844-464-2820 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 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. Forward-looking information in this news release include statements about an update of the PEA on the Schaft Creek project, technical data from the 2013 feasibility study, tonnes mined, and tonnes processed.

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, metallurgical, engineering, financial and economic 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 PEA may not be completed as planned or at all, the technical information from the 2013 feasibility study may prove to be inaccurate or not relevant; the resource estimate may not be completed as planned or at all; the mine plan may not achieve the daily production as planned; the processing operation may not achieve the estimated throughput; annual concentrate production may not be achieved; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73570

News Provided by Newsfile via QuoteMedia

The Conversation (0)

Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance

Lundin Mining logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (" Lundin Mining" or the "Company") is pleased to announce production results for the year ended December 31, 2024 and provide production guidance for the three-year period of 2025 through 2027, as well as cash cost, capital and exploration expenditure guidance for 2025. Unless otherwise stated, all numbers are presented in US dollars.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Two sets of chess pieces coming together.

Lundin Mining and BHP Close Filo Acquisition, Launch Vicuña Joint Venture

Lundin Mining (TSX:LUN,OTC Pink:LUNMF) and BHP Canada, a subsidiary of BHP (ASX:BHP,NYSE:BHP,LSE:BHP) have finalized their US$4 billion joint acquisition of Filo, launching a 50/50 joint venture dubbed Vicuña.

The partnership consolidates the Filo del Sol and Josemaria projects within Argentina’s Vicuña District, positioning the region as a future hub for copper production at a time when global demand for the metal is set to rise.

Vicuña will operate independently, guided by a board with equal representation from Lundin Mining and BHP.

Keep reading...Show less

Hudbay Celebrates Major Milestone with Millionth Ounce of Gold Recovered from Lalor Mine

Hudbay Minerals Inc. ("Hudbay" or the "Company") ( TSX, NYSE: HBM) is pleased to announce that it has surpassed a total of one million ounces of gold produced at its Lalor Mine in Snow Lake, Manitoba. This milestone reinforces the significant value Hudbay has unlocked by combining its exploration expertise, processing infrastructure and operating efficiency to maximize gold production at its Snow Lake operations.

"We are so pleased with the dedication and hard work of the Manitoba operating team that has led to this outstanding achievement," said Peter Kukielski, President and Chief Executive Officer. "This milestone underscores Lalor's robust performance and is the result of strategic investments, continuous operational improvements and exploration success, along with the team's focus on building a long-term sustainable business. Hudbay's long standing history in Manitoba and significant future exploration initiatives will continue to drive prosperity in the region and generate significant future cash flows for the business."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp.

Lundin Mining logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the completion of the joint acquisition (the "Filo Acquisition") of Filo Corp. ("Filo") with BHP Investments Canada Inc. ("BHP").

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Hudbay Minerals Opens the Market

Peter Kukielski, President and Chief Executive Officer, Hudbay Minerals, and Eugene Lei, Chief Financial Officer, Hudbay Minerals ("Hudbay" or the "Company") (TSX: HBM), and their team, joined Robert Peterman, Chief Commercial Officer, Toronto Stock Exchange (TSX), to open the market to celebrate the Company's 20th listing anniversary on Toronto Stock Exchange.

Hudbay (TSX: HBM) (NYSE: HBM) is a copper-focused critical minerals company with three long-life mining operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States. Copper is the primary metal produced by the company, which is complemented by meaningful gold production. Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations. "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities."

MEDIA CONTACT:

Candace Brule
VP, Investor Relations
Candace.Brule@hudbayminerals.com
(416) 814-4387

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237294

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×