Copper Fox Metals Inc (TSX-V:CUU, OTCQX:CPFXF) CEO Elmer Stewart shares significant updates with Proactive's Angela Harmantas at PDAC 2024.
The company, known for its advanced-stage projects, announced a $18.7 million programme at Schaft Creek, which is fully funded by their joint venture partner, Teck Resources. This programme focuses on engineering aspects, moving away from data collection, with metallurgical and geotechnical results expected shortly.
Additionally, Van Dyke's project has completed drill hole rehabilitation, and by the end of the week, it is anticipated to have four hydrogeological wells reporting data. This step is crucial for advancing Van Dyke to the permitting stage, requiring eight quarters of hydrogeological information for EPA consideration.
Copper Fox Metals is in a 75/25 joint venture with Teck at Schaft Creek, enjoying a situation where all capital investment comes from Teck, allowing Copper Fox a 'free ride' to production. However, Stewart highlighted a strategy to exit before production begins due to the high risks associated with their size and preference to minimize risk.
Exploration remains a core focus, with three projects in the pipeline. Eaglehead's recent resource assessment indicated a promising start with approximately 340 million tonnes. Efforts to increase this resource base through exploration are ongoing, with drilling permits applied for both Mineral Mountain and Eaglehead projects. The company is also engaged in early-stage activities at Sombrero Buttes and Timberview.
Stewart also addressed the copper supply-demand gap, emphasizing the industry's challenge in advancing sufficient projects from idea to production to meet future needs. He advocated for responsible development that balances environmental stewardship and economic benefits for stakeholders