Copper Fox Commences Updated Resource Estimate on the Van Dyke Copper Project

Calgary, Alberta--(Newsfile Corp. - July 17, 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 provide shareholders an update of activities and analytical results for the Van Dyke In-Situ Leach ("ISL") oxide copper project (see news release May 28, 2019).

Highlights:

  • Moose Mountain Technical Services ("MMTS") has been retained to complete an updated resource estimate for the Van Dyke copper deposit.
  • MMTS completed the Preliminary Economic Assessment of the Van Dyke copper deposit in 2015 and the maiden resource estimate in 2014.
  • The four drill holes reported in this news release were previously reported to contain no soluble copper greater than 0.05%.
  • DDH-UVD-14 returned an average of 0.445% acid soluble copper ("ASCu") over a 79.09 meter ('m') core interval including a 6.25m interval grading 1.008% ASCu.
  • The additional sampling extended the mineralized intervals reported from the Phase I sampling program in six drill holes with increases ranging from 11.0m to 47.2m.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "The analytical results from the Phase II sampling program along with a more robust geological model were the basis for the decision to proceed with an updated resource estimate. The updated estimate will include the drill holes listed in this news release along with five additional drill holes that were excluded from the maiden resource estimate for the Van Dyke copper deposit."

The weighted average acid soluble copper concentrations using a 0.05% ASCu cutoff for the last four drill holes from the Phase II analytical program reported in this news release are shown below. To compare the weighted average grades for the historical and 2019 analytical results, the analytical results from the historical database were weight averaged over the same interval corresponding to the 2019 interval.

DDH
ID
AziDipFrom
(m)
To
(m)
Interval
(m)
2019
TCu (%)
Historical
TCu (%)
2019
ASCu (%)
Historical
ASCu (%)
Acid Soluble
2019/Historical (%)
OXY-210-90457.81498.3540.540.3970.4120.1210.025484%
UVD-140-90521.06600.1579.090.4250.2640.445NR
OXY-290-90381.00416.9735.970.2270.2260.0800.020400%
VD-100-90312.72395.6382.910.4680.4920.1490.016931%

TCu= total copper, (%) = percent, (m) = meters, ASCu = acid soluble copper, NR = reported no ASCu over 0.05%, the above mineralized intervals do not represent true widths.

The following table compares the thickness of the 2019 mineralized intervals based on 0.05% ASCu cut-off to the reported historical mineralized intervals for the four holes reported in this news release.

2019 ResultsHistorical Results
DDH
ID
From
(m)
To
(m)
Interval
(m)
From
(m)
To
(m)
Interval
(m)
Thickness (m) 2019 minus historical
OXY-21457.81498.3540.54NRNR0.0040.54
UVD-14521.06600.1579.09NRNR0.0079.09
OXY-29381.00416.9735.97NRNR0.0035.97
VD-10312.75395.6382.88NRNR0.0082.88

NR = reported no ASCu over 0.05%, (m) = meters, the above mineralized intervals do not represent true widths.

The weighted average grades for the mineralized intervals were estimated using a 0.05% ASCu cutoff; in line with the cutoff grade used in the maiden resource estimate for the Van Dyke copper project completed in 2014. A maximum interval of 3 meters grading less than 0.05% ASCu within the mineralized interval was tolerated when estimating the weighted average. The Phase II sampling extended the mineralized intervals reported from the Phase I sampling in the follow drill holes. Re-stated weighed average grades and mineralized intervals are reported below.


Phase I ReportedPhase II Results
DDH
ID
From
(m)
To
(m)
Interval
(m)
2019
TCu (%)
2019
ASCu (%)
From
(m)
To
(m)
Interval
(m)
2019
TCu (%)
2019
ASCu (%)
OXY-3594.17615.7721.600.2640.213594.17628.1934.020.2770.140
OXY-7396.24527.17130.930.5750.489396.24547.23150.990.4690.429
OXY-11309.37368.2058.830.2460.122309.37379.1769.800.3480.162
OXY-22403.57499.5796.000.1500.108403.57546.80143.230.1350.093
OXY-28403.25446.2543.000.2630.222403.25476.4073.150.2070.149
VD-1555.04580.3425.300.6890.678555.04592.5337.490.5710.331

TCu= total copper, (%) = percent, (m) = meters, ASCu = acid soluble copper, the above mineralized intervals do not represent true widths.
*partial results reported in 2014.

Analytical Procedures:

Sample preparation and analytical work was completed by Skyline Assayers & Laboratories located in Tucson, Arizona. Skyline's package codes CuT, CuSeq and CuCn were used to determine total copper, sequential copper and cyanide soluble copper. Sequential copper analysis uses a 0.25-gram sample digested (at room temperature) in 5% sulfuric acid and the solution is 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") was used to determine copper concentrations. Skyline has an ISO/IEC 17025/2005 accreditation.

Quality Control:

A total of 15 blanks and certified reference standards were inserted (insertion rate 1:12) with the samples for which analyses are being reported. The Skyline results for the blank and standards were within +/-5% of accepted value for the blank and standards.

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:
Copper Fox Metals Inc.
Lynn Ball: investor@copperfoxmetals.com
(844) 464-2820 or (403) 264-2820
www.copperfoxmetals.com

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; thicker mineralized intervals than the initial analytical results; the possibility of completing an updated resource estimate and updating the geological model for the Van Dyke project.

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: the possibility that an updated resource estimate on the Van Dyke project may not be completed within a reasonable time frame or at all; the possibility that the update geological model 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; the financial markets and the overall economy may deteriorate; the need to obtain additional financing; 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/46325

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