VANCOUVER, May 24, 2012 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to announce completion of the planned 2012 airborne magnetic survey and the acquisition of additional mineral tenures contiguous to the Schaft Creek project. Mr. Elmer B Stewart, President & CEO of Copper Fox stated, "We are pleased to have completed the airborne survey in advance of the commencement of the 2012 field exploration program. The data resulting from this survey is expected to identify exploration targets thereby allowing the Company to concentrate exploration efforts in areas with potential for porphyry style copper mineralization. The land acquisition is in line with Copper Fox's interpretation of the porphyry copper potential along strike of the Schaft Creek deposit."
Highlights:
| a) |
A total field airborne magnetic survey (approximately 2,500 line kms) has been completed for a distance of 7 kms to the north and 17 kms to the south of the area surveyed in 2011. The survey is expected to cover a portion of the recently announced Jay/Scotch option, |
| b) |
The data from the 2011 and 2012 airborne magnetic surveys will be merged into one map and submitted to Mira Geosciences Limited for interpretation, |
| c) |
Seven mineral tenures have been acquired at the north end of the Schaft Creek project. One of these mineral tenures covers the interpreted northern extension of the Schaft Creek Mineral Trend, and |
| d) |
Diamond drilling of the Discovery Zone (DDH CF422-2011) located approximately 1,200m northwest of the Schaft Creek deposit is expected to commence in early June, subject to snow conditions. |
A preliminary interpretation of the airborne data will be provided on receipt of the data and maps from Precision GeoSurveys Inc. The final interpretation of the data will be completed by Mira Geosciences Limited. The magnetic survey will be used as an exploration tool to aid in the evaluation of a number of copper occurrences reported to be located within the lands purchased by Copper Fox over the past year.
The diamond drilling is planned to commence on the Discovery Zone located approximately 1,200m north of the Schaft Creek deposit to test the width and strike extent of the mineralization intersected in 2011 associated with a large Titan-24 chargeability anomaly. Three to four drill holes are planned to confirm the extent and continuity of the copper-gold-molybdenum-silver mineralization in this zone. A similar drill strategy will be utilized for testing the Titan-24 chargeability anomalies associated with the Mike, ES and GK zones. Detailed mapping and sampling of the ES and GK zones is planned to establish the relationship between the mineralization on surface and the chargeability anomaly prior to drilling.
Mineral Tenure Acquisitions:
To view the location of the interpreted Schaft Creek Mineral Trend, visit the Copper Fox website at www.copperfoxmetals.com. Details of the transactions are provided below and the Purchase Agreement will be filed on SEDAR.
The acquired mineral tenures (consisting of 7 mineral tenures totaling 520.85 hectares) were purchased from Thomas Patterson ("Patterson") and are either within or contiguous to the Company's Schaft Creek project. Consideration paid by Copper Fox was $5,000 cash.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release