Mr. Elmer Stewart reports
DRILLING INTERSECTS SIGNIFICANTLY HIGHER GRADE MINERALIZATION AT SCHAFT CREEK AND CONFIRMS MINERALIZED NATURE OF GEOPHYSICAL ANOMALY
Copper Fox Metals Inc. has released the assay results for the recently completed
diamond drill hole CF398. Two diamond drills are currently working at
Schaft Creek to test the extensions of the mineralization intersected
in DDH CF398 and to test the deposit at depth for higher-grade
copper-gold mineralization. Highlights of activities are as follows:
Highlights
Diamond drill hole (DDH) CF398 has intersected 0.70 per cent copper, 0.42 gram per tonne
gold, 2.80 g/t silver and 0.04 per cent molybdenum (1.13-per-cent copper equivalent)
over an interval of 54.3 metres (m) of copper mineralization starting
at 7.1 m below surface confirming the potential to outline a
higher-grade starter pit.
DDH CF398 intersected a higher grade of mineralization that assayed
0.47 per cent copper, 0.37 g/t gold, 3.00 g/t silver and 0.02 per cent molybdenum (0.78-per-cent
copper equivalent) over a 213.7-metre interval from 325 m to the bottom of
the hole at a depth of 538.7 m. The copper-gold-molybdenum-silver
mineralization is open at depth, and the assay results confirm the
mineralized nature of the chargeability anomaly identified in July,
2010.
The analytical results show that the copper grades and notably the gold
grades increase significantly toward the bottom of DDH CF398.
The resampling of approximately 40 historical diamond drill holes that
contain higher-grade copper mineralization is progressing well.
The company held public open house sessions on the draft application information
requirements (AIR) in Tahltan communities, Terrace and Stewart, B.C.
The public comment period on the draft AIR will close on Nov. 5,
2010.
The Quantec Titan-24 deep-penetrating DCIP and MT survey over the
interpreted north and south extensions of the Schaft Creek deposit has
been completed.
Mr. Stewart, president of Copper Fox, stated: "The decision to add
another diamond drill at Schaft Creek was based on the visible
mineralization encountered in DDH CF398 and DDH CF399. DDH CF398 has
confirmed two very significant aspects of the Schaft Creek deposit
being a zone of high-grade copper mineralization at surface,
potentially a starter pit, and a substantial increase in the copper
and gold grades toward the bottom of the hole. Drilling is now
under way to test the downdip extension of the mineralization at the
bottom of DDH CF398.
Diamond drilling update
The weighted-average grades for the mineralized intervals in DDH CF398
are set out in an attached table.
DDH ID Dip Azimuth From To Interval Copper Gold Molybdenum Silver Cu Eqv
(m) (m) (m) (%) (g/t) (%) (g/t) (%)
2010CF398-55 90 7.1 539.2 532.1 0.42 0.27 0.02 2.00 0.67
including 7.1 61.4 54.3 0.70 0.42 0.04 2.80 1.13
including 325.5 539.2 213.7 0.47 0.37 0.02 3.00 0.78
Note: The core intervals listed in this table do not represent true widths.
DDH CF398 is located in an area that is approximately 500 metres long by
200 metres wide that is being tested as a potential higher-grade
starter pit for the feasibility study that is currently under way.
The mineralization in DDH CF398 is hosted potassic-altered upper-intrusive breccia, in andesite, granodiorite and an intrusive breccia
at the bottom of the hole. The potassic alteration is overprinted by
abundant vein-controlled prophylitic alteration.
The copper-gold-molybdenum-silver mineralization located below the 325.5
metres in DDH CF398 corresponds to a moderate induced potential
response that is open at depth. The Quantec survey shows that this
anomaly extends for at least an additional 600 metres to the east of
DDH CF398. The 600-metre-wide eastern portion of the induced polarization
anomaly has not yet been tested by diamond drilling.
2010 DIAMOND DRILL STATUS -- SCHAFT CREEK
DDH ID Easting Northing Dip Azimuth Total depth (m) Status
CF399 379413 6360654 -55 90 517.3 Completed
CF400 379962 6360823 -90 na 239.9 Completed
CF401 379415 6360800 -55 90 495.9 Completed
CF402 379313 6361056 -55 90 na In progress
CF403 379353 6360512 -80 270 na In progress
DDH CF399 located approximately 250 metres south of DDH CF398
intersected variable concentrations of visible bornite-chalcopyrite and
chalcopyrite mineralization along with sporadic molybdenite over the
length of the hole. The hole stopped in visible copper mineralization.
DDH CF400 is located approximately 650 metres east of DDH CF398 to test
a strong induced polarization anomaly identified earlier in 2010. The
hole was lost due to drilling difficulties before reaching the upper
edge of the anomaly.
DDH CF401 located 104 m south of DDH CF398 has intersected variable
concentrations of visible bornite-chalcopyrite and chalcopyrite
mineralization along with sporadic molybdenite over the length of the
hole.
Core logging, sawing and sampling of the completed DDH CF399 and DDH
CF401 are in progress, and analytical results will be reported on receipt
thereof. DDH CF402 and DDH CF403 are currently being drilled to test
the strike extension of the copper-gold-molybdenum-silver
mineralization intersected in DDH CF398 and DDH CF399.
The reader is cautioned that visible copper and molybdenite
mineralization do not necessarily equate to significant
concentrations of either copper or molybdenum, and there is no assurance
that the assay results of the samples from this drill hole will yield
significant copper, gold or molybdenum grades.
Resampling historical diamond drill holes
Copper Fox has commenced the resampling of 40 historical diamond drill
holes (completed between 1960 and 1985) to check the previously
reported copper-gold-molybdenum-silver content. The samples from these
holes were not systematically assayed for gold possibly due to the low
value of gold at that time. The historical analytical results for these
holes contain high-grade copper mineralization which shows a positive
correlation with gold content.
Quantec Titan-24 DCIP and MT survey
The recently announced Titan-24 DCIP and MT survey to test the possible
extension of the Schaft Creek deposit to the north and south has been
completed. The survey covered an additional 800 metres to the north and
800 metres south of the Schaft Creek deposit. Results for the survey
are expected to be received by mid-November.
Resource estimation
AMEC Americas Limited is working toward completion of a National
Instrument 43-101-compliant resource estimation for the Schaft Creek
deposit which is expected to be received in December, 2010. The
corporation is currently considering extending the time to complete the
updated resource estimate to include the analytical results from the
current diamond drilling and resampling programs.
Environmental assessment update
Copper Fox is pleased to announce that the 30-day public comment period
for the draft application information requirements (AIR) will end on
Nov. 5, 2010. In support of the draft AIR, Copper Fox held public
open house sessions in Telegraph Creek, Dease Lake, Iskut, Terrace and
Stewart. Copper Fox will incorporate comments from the public and the
Tahltan Nation into the draft AIR, and seek to finalize the document in
November, 2010. The final AIR will be used to prepare the environmental
assessment application.
Diamond drilling and sampling procedures
The diamond drilling was completed using an HQ core barrel. Core
recovery was estimated to be greater than 97 per cent. After cutting with a
diamond saw, one-half of the core was collected for sample preparation
and analysis, and the other half is retained for future reference.
Sample intervals were selected based on lithology changes/alteration
intensity/estimated mineral content. Sample intervals ranged from 0.58
to 2.49 metres. Sample preparation was completed by ACME Analytical
Laboratories Ltd. located in Smithers, B.C., and
analyses were completed by ACME in Vancouver, B.C.
Base metals were assayed using ACME's 7TD package which includes
four-acid digestion and ICP-ES finish. Lower detection limits are as
follows: Cu greater than 0.001 per cent, Mo greater than 0.001 per cent, Ag greater than two g/t. Gold is assayed by the G6
fire assay package -- fusion of a 30-gram followed by ICP-ES finish,
with a lower detection limit of 0.005 g/t. ACME has a 9001:2008
International Standard Organization rating.
Copper equivalent calculations are based on 100 per cent of the copper content
plus 81 per cent of the gold content, 72 per cent of the molybdenum content and 71 per cent of
the silver content. Metal prices are: copper $2.50 (U.S.) per pound, gold
$1,075.00 (U.S.) per ounce, molybdenum $17.00 (U.S.) per pound and silver $16.10 (U.S.) per ounce.
Quality control
Copper Fox follows a rigorous quality assurance/quality control program
consisting of inserting standards, blanks and duplicates into the
sample stream submitted to the laboratory for analysis.
Elmer B. Stewart, MSc, PGeol, president of Copper Fox, the
corporation'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.
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