Copper Fox Announces Phase II Analytical Program on Van Dyke Copper Deposit
Calgary, Alberta--(Newsfile Corp. - May 28, 2019) - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Copper Inc. ("Desert Fox"), are pleased to announce that it has extended the analytical and sampling program on its 100% owned Van Dyke oxide copper deposit located in the Globe-Miami mining district, Arizona (see news release January 23, 2019).
The initial program demonstrated on average a 29% increase in acid soluble copper concentration and thicker mineralized intervals (17 of the 25 drill holes) than indicated in the original project database. Significant intervals of soluble copper were also identified in several drill holes that were previously indicated to be non-mineralized. The current program is expected to determine the full extent of the soluble copper envelope for the Van Dyke deposit and increase certainty and confidence in the analytical database. An outline of the program is highlighted below.
- Additional sampling in 17 of the 25 drill holes analyzed/sampled earlier this year.
- Sampling of an additional 8 drill holes not included in the earlier work program.
- Focus on delineating the boundaries between the oxide, supergene and hypogene zones of copper mineralization.
- Re-logging of specific drill holes for additional lithologic and structural information for updating the geological model.
Elmer B. Stewart, President and CEO of Copper Fox, stated, "On completion of the current program, 41 drill holes in the Van Dyke deposit will have been analyzed for total and soluble copper content. The initial analytical results are encouraging and indicate the soluble copper envelope is larger than indicated in the original project database. To advance the project, greater certainty and confidence in the geological controls on the mineralization and the full extent of the mineralized envelope are required. Recent technological advances in the solutioning of chalcocite raises the potential of recovering significant concentrations of copper from the supergene zone that was previously not considered."
The Van Dyke copper deposit consists of an upper oxide (malachite, azurite, cuprite, chrysocolla; all acid soluble), an intermediate supergene (chalcocite; cyanide soluble), and a lower hypogene (chalcopyrite + molybdenite) zone of copper mineralization. The copper mineralogy and mineral zonation combined with significant molybdenum concentrations in all three zones of copper mineralization suggests that the Van Dyke deposit represents the weathered portion of a porphyry copper deposit.
The sample preparation and analytical work will be completed by Skyline Assayers & Laboratories located in Tucson, Arizona using Skyline's package codes CuT and CuSeq. CuSeq analysis uses a 0.25-gram sample digested (at room temperature) in 5% sulfuric acid and then diluted to 100 mL with deionized water. The residue from the sample is digested in 10% sodium cyanide solution and diluted to 100 mL. Atomic Absorption Spectrometry ("AAS") is used to determine copper concentrations. Skyline has an ISO/IEC 17025/2005 accreditation.
The analytical program will use industry certified blanks and reference standards as part of the QA/QC program.
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) 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, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are 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 and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. 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 Lynn Ball: (844) 464-2820 or (403) 264-2820
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 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 news release includes statements regarding: higher acid soluble copper concentrations than the initial analytical results; the thicker mineralized intervals than the initial analytical results; the ability of the current program to determine the full extent of the soluble copper envelope for the Van Dyke deposit and increase certainty and confidence in the analytical database; the scope and possibility of completing an updated resource estimate; the potential of recovering significant concentrations of copper from the supergene zone that was previously not considered; updating the geological model for the Van Dyke project; the Van Dyke deposit representing the weathered portion of a porphyry copper deposit; and completion of the sample preparation and analytical work by Skyline Assayers & Laboratories.
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: the geological advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. 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: additional sampling may not locate significant concentrations of soluble copper; the possibility that an updated geological model may not be completed within a reasonable time frame or at all; the possibility that an updated resource estimate may not be completed within a reasonable time frame or at all; uncertainties relating to interpretation of the analytical results; the geology, continuity and concentration of the mineralization may not be as estimated or expected; the financial markets and the overall economy may deteriorate; the need to obtain additional financing; 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.
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