Calgary, Alberta--(Newsfile Corp. - April 6, 2023) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ('Copper Fox' or the 'Company'), through its wholly owned subsidiary Desert Fox Copper Inc., is pleased to provide an update of recent activities and plans on its 100% owned Van Dyke in-situ copper recovery ('ISCR') project located in the Globe-Miami Mining District, Gila County, Arizona.
The 2020 Preliminary Economic Assessment ('PEA') for the Van Dyke project prepared in accordance with National Instrument 43-101, (click here for the News Release) indicated an after-tax Net Present Value of US$644.7 million and an Internal Rate of Return of 43.4%, based on a 17 year mine life using a US$3.15/lb copper price. The PEA recommended advancing the project to the Preliminary Feasibility Stage ('PFS'). Based on this recommendation the Company has proceeded with Phase I of a Hydrogeologic Monitoring and Testing Program along with other activities highlighted below:
Highlights
- The downhole camera survey determined that four of the historical drill holes surveyed are suitable for further investigation.
- Additional work planned on these drill holes includes, surge, bail, and pump testing the drill hole and sampling of the water for analytical purposes.
- Mineralogical, solubility, whole rock and trace element studies are planned to test mineral solubility across the deposit and the chemical changes that would occur from the leaching process.
- Unconfined Compressive Strength ('UCS') tests on samples from the Gila Conglomerate are planned to obtain geotechnical data on ground support requirements related to the proposed underground access for the project.
- Copper Fox has made a significant contribution toward the restoration of the Keystone Stairs; a historic landmark in Miami, Arizona by contributing the surface rights to a small parcel of land owned by Desert Fox Van Dyke Co.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "The rehabilitation work completed to date on the selected historical drill holes has been encouraging. If the next phase of the program is successful, then installation of downhole instrumentation to establish water sampling and hydrogeological monitoring stations would follow. In addition to the ongoing rehabilitation of the selected drill holes, mineralogical, solubility and geotechnical studies will be undertaken utilizing samples currently in storage at our office in Miami, Arizona. We are honored to work with the Town of Miami to help preserve a piece of the mining history in the Globe-Miami Mining District."
Rehabilitation Work
The downhole camera survey indicated four of the six sites surveyed are candidates for additional rehabilitation work. In drill hole Oxy-47A, (one of the four sites) the survey located a blockage (a pipe or stuck pump) and attempts will be made to remove this blockage to continue rehabilitation of this drill hole. Planned work to be completed on the selected drill holes includes removal of sediment where necessary followed by surge, bail, and pump tests. Completion of the rehabilitation work will determine if the drill holes can be used for water sampling and hydrogeological monitoring stations. Cascade Drilling and Technical Services have been contracted to complete the next phase of the work program and is expected to commence within the next two months subject to crew availability with an estimated cost of US$60,000.
Mineralogical Solubility Tests
Understanding the solution chemistry of an ISCR project provides an indication of the changes in mineralogy of the host rock resulting from the leaching process and provides more certainty on predicted future copper recovery. Reject samples from existing drill holes will be selected for Bottle Role Tests to determine the copper solubility percentage, acid consumption and increase or decrease in anion/cation components of the leaching solution over time. Whole rock and trace element geochemistry and detailed mineralogical analyses will be completed on the samples selected for the testwork and the leach residue of each sample. These studies are expected to provide data to predict the solubility of the copper minerals within the Van Dyke deposit and surface potential issues (if any) resulting from the leaching process.
Unconfined Compressive Strength Testing
The development of the Van Dyke project contemplates underground access by way of a decline to a depth of approximately 250 meters below surface and advancing an underground ramp for installation of the injection and recovery wells in the Gila Conglomerate above the "leach cap" overlying the Van Dyke deposit. This approach avoids the known aquifers in the Miami area, minimizes surface environmental impacts and provides a significant level of safety due to restricted access to the underground workings. UCS testing of samples of the Gila Conglomerate in the vicinity of the proposed decline and ramp are planned; the results of which would be incorporated into future updates to the underground access planning. The data from this study would inform us of the level of ground support required (if any) for the underground workings.
Keystone Stairs
Desert Fox Van Dyke Co, working in conjunction with the Town of Miami has contributed the surface rights to a small parcel of land on which a portion of the original Keystone Stairs are located. The contribution of this parcel of land allows the Town of Miami working in conjunction with HOME, (Hearts of Miami Engaged), to complete restoration of a valuable historical site that played a significant role in the history of copper mining in the Globe-Miami Mining District.
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 (TSXV: CUU) in Canada and the OTC Market(OTCQX: CPFXF) in the United States 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, are the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona and 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. For more information on Copper Fox's other mineral properties and investments visit the Company's website at http://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact: Jason Shepherd at investor@copperfoxmetals.com or 1-844-464-2820.
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 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 is 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: timing of additional well rehabilitation and testing/water sampling activities; and completion of geotechnical, mineralogical and solubility tests on selected samples from the Van Dyke deposit.
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: completing the planned hydrogeologic program on time and within budget; the availability of service providers; 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; 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 conditions of the selected sites may not be suitable for downhole testing/water sampling activities; sampling and additional rehabilitation may not be completed as planned or at all; the mineralogical and solubility tests may not return the desired results or be completed as planned or at all; the geotechnical tests may not be completed as planned or at all; surveys may not provide the results anticipated; uncertainties relating to interpretation of the previous results; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/161446
