20:49:25 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Copper Fox Metals Inc
Symbol CUU
Shares Issued 492,260,829
Close 2020-12-10 C$ 0.18
Market Cap C$ 88,606,949
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Copper Fox starts PEA for Schaft Creek

2020-12-10 09:49 ET - News Release

Mr. Elmer Stewart reports

COPPER FOX PROVIDES CORPORATE UPDATE

Copper Fox Metals Inc. has provided a corporate update of activities.

Highlights

  • The preliminary economic assessment for the Schaft Creek project commissioned by Copper Fox has commenced and is expected to be completed in the first quarter of 2021.
  • The preliminary economic assessment on the Van Dyke project is nearing completion with the final cash-flow models expected to be completed shortly.
  • The notice of work and permit to conduct exploration activities on the Eaglehead project has been received.
  • Preparation of the 2021 geological field operation plan to conduct drilling operations on the Sombrero Butte project in Arizona is under way.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "Over the next few months, Copper Fox expects to complete several studies, the results of which are expected to position the company to make the next step in developing its forward strategy. The completion of the Eaglehead acquisition allows the company to finalize its 2021 plans on its exploration projects."

Schaft Creek project

With input from the Schaft Creek joint venture (SCJV), Tetra Tech Canada Inc. and other independent contractors are advancing the preliminary economic assessment on the Schaft Creek project (see news release dated Nov. 24, 2020). The preliminary economic assessment is an external, independent technical report prepared in accordance with National Instrument 43-101. The qualified person site visit has been completed. The resource estimation, metallurgical review, site infrastructure and site access components of the study are nearing completion. It is expected that these components of the technical report will be finalized in December, 2020, and the other sections of the technical report will be completed in early 2021.

Van Dyke project

Review of draft sections of the technical report is currently under way. The current emphasis is on completion of the pre- and posttax cash-flow models which entails the application of Arizona and United States federal tax legislation to the pretax cash-flow model generated in the preliminary economic assessment.

Eaglehead acquisition

The company has received approval for the notice of work for the 2021 exploration program and a permit to conduct future exploration programs. Copper Fox is working with District Copper to close the acquisition of this project. The proposed 2021 exploration program consists of a deep penetrating geophysical survey along with mapping and prospecting over the property to aid in interpretation of the geophysical data.

Sombrero Butte project

Preparation of the 2021 geological plan of operations for the Sombrero Butte project is under way and includes drill testing of one of the two porphyry copper targets identified within the project. Both targets are highly prospective; however, the target selected for drill testing in 2021 has a larger chargeability signature and is interpreted to be closer to surface.

Qualified person

Mr. Stewart, MSc, PGeo, 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 scientific and technical information disclosed in this news release. Mr. Stewart is not independent of Copper Fox.

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange focused on copper exploration and development in Canada and the U.S. The principal assets of Copper Fox and its wholly owned Canadian and U.S. subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

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