ENP Newswire -
Release date- 19062014 -
Copper Fox had a net loss for the quarter of
During the quarter, the results for the 2013 Schaft Creek Joint Venture exploration and geotechnical program were released. The objectives of the program were achieved in that mineralization was intersected approximately 300 metres ('m') east of the 2012 resource block model in the
The Schaft Creek Joint Venture approved a 2014 program consisting of a comprehensive series of studies to review all aspects (including metallurgical, pit slope design, geological modelling and environmental) of the Schaft Creek project and to update and optimize various parameters with a goal to improving the economics of the Schaft Creek deposit. In addition to the ongoing optimization work; a field program of mapping and core re-logging is planned to collect additional structural information for pit slope design purposes and to update the geological model for the Schaft Creek deposit.
The geological modelling on Schaft Creek could have implications on the potential size of this deposit as well as provide indicators that would aid future exploration on the other targets identified within the Schaft Creek property. Environmental monitoring studies will also continue through 2014. The 2014 Schaft Creek program is estimated to cost approximately
During the quarter, the diamond drilling program (6-8 holes approximately 5,000m) to verify the historical estimate completed by Occidental in the 1970's commenced. Contracts were also executed with various contactors to review the historical data and provide input on the geotechnical, metallurgical, hydrogeological, environmental and resource aspects of the oxide portion of the Van Dyke copper deposit.
The first drill hole (DDH VD2014-01) of the verification drilling program was completed to a depth of 639.3metres (2,097 feet) and intersected a 167m metre thick zone with visible oxide copper minerals in the Pinal Schist and a lower interval of sulphide mineralization (from 338.8m to end of hole at 639.3m) consisting of vein and fracture controlled chalcopyrite-molybdenite mineralization hosted in the Pinal Schist and a granodiorite/quartz monzonite porphyry.
This hole was terminated in weak chalcopyrite-molybdenite mineralization. A second diamond drill has been added to the Van Dyke drilling program to reduce the time required to complete the verification drilling program and lower costs associated with the drilling.
In line with the Corporate strategy to acquire equity or working interest in copper projects in
Units (each a 'Unit') were subscribed for a price of
In connection with the private placement,
The right to nominate two members to the Board of
The pre-emptive right to participate in any equity financing of
The right to make top-up investments in
The aforementioned rights are, however, subject to Copper Fox and its affiliates maintaining ownership of 20% of
During the quarter, an archeological survey was completed and approval was received from regulatory agencies to complete a geophysical survey over a portion of the project. The proposed survey would cover that areas of the project that host multiple mineralized breccia pipes as well as altered, mineralized intrusive rocks.
In addition to the above work, efforts commenced to acquire the historical exploration data collected by various exploration/production companies that may have explored this area for porphyry copper style mineralization in the late 1960's and early 1970's.
Liquidity and Capital Resources
About Copper Fox
Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (TSX VENTURE: CUU) with offices in
In addition to Copper Fox's 25% interest in the Schaft Creek Joint Venture, Copper Fox holds through
Copper Fox holds through Northern Copper (a wholly owned subsidiary of Copper Fox) a 40% equity interest in
Cautionary Note Regarding Forward-Looking Information
This news release contains 'forward-looking statements' and 'forward-looking information' (collectively, 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information is generally 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 MD&A includes statements about
Desert Fox's future exploration/development activities as well as any equity or working interest acquired in other significant copper projects in
In connection with the forward-looking information contained in this News Release, Copper Fox has made numerous assumptions, regarding, among other things: 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 continued financing of Copper Fox and Desert Fox's operations.
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: the Schaft Creek Joint Venture may not result in a Production Decision being made, or the construction of a mine; further exploration and development of the Schaft Creek property may not occur as expected; cash payments to Copper Fox may not be paid by Teck in the quantum or timing expected, or at all; financing commitments may not be sufficient to advance the Schaft Creek project as expected, or at all; proven and probable reserves at Schaft Creek may not be in the quantum as currently expected, or result in economic mining thereof; the possibility that future obligations with respect to the Sombrero Butte property may not be met on a timely basis, or at all; planned activities for the Van Dyke and Sombrero Butte properties many not commence as currently planned, or at all; a current (43-101 compliant) resource estimate, and a Preliminary Economic Assessment may never be obtained by the Company for the Van Dyke property; fluctuations in metal prices and currency exchange rates; conditions in the financial markets and overall economy may continue to deteriorate; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of the metallurgical testwork; the uncertainty of the estimates of capital and operating costs, recovery rates, and estimated economic return; the need to obtain additional financing and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones.
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.
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