2007 Drilling And Geophysical Results All Show Increased Potential For Schaft Creek Deposit, Copper Fox Says
Calgary, Alberta - June 26, 2008 - Copper Fox Metals Inc. (CUU: TSX-V) said today that drilling results indicate the Mineral Resource at the Schaft Creek (Cu/Mo/Au), BC property is comparable in copper equivalent grade to the nearby Cu/Au Galore Creek deposit. A NI 43-101 compliant resource report prepared by Associated Geosciences Ltd. released in June of 2007 estimated Schaft Creek to contain measured and indicated 1.393 billion tonnes of resource with 0.25% Cu, 0.019% Mo, 0.18 g/t Au and 1.55 g/t Ag.
The company also announced that the Preliminary Economic Assessment report (PEA) prepared by Samuel Engineering Ltd. on December 7, 2007 confirmed that due to favorable differences of access, topography and climate between the Schaft Creek and Galore Creek projects, the Schaft Creek project should, on a comparative per tonne basis, have significantly less expensive access and reduced capital and operating expenses. The Samuel PEA Case2 price assumptions also predicted that Schaft Creek could mine a 0.61% CuEq grade producing 4,409,000 million tonnes of over a 31 year mine life. The metallurgical testing to date has indicated excellent recovery rates to concentrate for both copper and molybdenum.
These findings are contained in Copper Fox's release of detailed information on the completion of its 2007 drilling, geophysical, engineering and economic studies.
Guillermo Salazar, Copper Fox President, said "Together with geophysical and engineering studies completed late last year, these findings augment our confidence that Copper Fox is shaping up as a viable, major mining project of the near future."
Diamond drilling data indicates that the Liard Main Zone at the Schaft Creek property in northwestern BC is larger than previously thought. During 2007 Copper Fox drilled 42 holes for a total of 6,274 metres. Five of these holes tested the deposit's depth extension to the northeast; results from these holes supported the indications from geophysical data of increased mineral potential to the east and northeast of the existing outline of the Main/Liard Zone. Of particular note were the results from DDH 07CF313, drilled onto an area between the Paramount and Liard Main Zones west of Mount LaCasse
DDH 07CF313 returned:
|
From |
To |
Interval |
Copper |
Molybdenum |
Gold |
Silver |
|
62.80 m |
110 m |
47.2 m |
0.506% |
0.016% |
0.241 g/t |
0.3 g/t |
Detailed drilling and metallurgical results have been posted on Copper Fox's website www.copperfoxmetals.com.
Copper Fox is scheduled to complete a pre-feasibility study of the Schaft Creek property in early Q3 2008. The study will review a 100,000 tpd mill; a bankable feasibility study for the same production rate will be completed in Q1 2009.
Copper Fox also announced that geophysical testing of one of the proposed mill sites, a 250-300 metre wide area not previously covered by geophysical surveys or drilling, found a strong anomaly immediately east of the Liard Zone with coincident chargeability and resistivity responses with signatures similar to that of the Main/Liard Zone. This area will be subjected to further geophysical surveys in the 2008 program prior to drilling to determine the cause of the anomaly.
About Copper Fox:
Copper Fox (CUU, CPFXF) is a Canadian-based mining company listed on the TSX-Venture Exchange. The Company has concentrated its project activities exclusively to the Schaft Creek mineral deposit, one of the larger undeveloped copper, gold, molybdenum and silver deposits in the world. Based on the PEA (see News Release of January 14, 2008), the preliminary mining plan is designed to extract the core 713.3 million tonnes of a Measured and Indicated, 43-101 compliant, Mineral Resource grading 0.304% copper, 0.218 g/t gold, 1.77 g/t silver, and 0.020% molybdenum, for a copper equivalent (based on the study's Case 2 metal pricing) of 0.61% and a waste to ore ratio of 1.66 over 31 years. This sits within the current NI 43-101 Mineral Resource of 1.4 billion tonnes, using a 0.20% CuEq cut off. Currently the company is working on a pre feasibility study, which will be based on a 100,000 tpd throughput scenario, and which is expected to be released this quarter.
Copper Fox holds the property pursuant to an option agreement with Teck Cominco Limited and has earned a direct 70% interest in the Schaft Creek Mineral Deposit. The Company may acquire up to a 93.4% direct and indirect interest in the property, subject to certain back-in rights to Teck Cominco Limited.
For additional information contact: Investor inquiries: Jason Shepherd, Phoenix Communications Group Tel: 1-866-913-1910, E-mail: investor@copperfoxmetals.com
The TSX-Venture Exchange has not reviewed the contents of this news release and accepts no responsibility for the adequacy or accuracy thereof.
This news release includes "forward-looking information" within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation: anticipated timing and content of upcoming work programs, geological interpretations, receipt of property titles, and potential mineral recovery processes; anticipated dates for receipt of permits, approvals and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; anticipated availability and terms of future financing; future production, operating and capital costs; and operating or financial performance. Information concerning mineral reserve and resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. For any forward looking information given, management has assumed that the assay results it has received are reliable, and has applied geological interpretation methodologies which are consistent with industry standards. Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from management's expectations include: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for co-operation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the Company's other filings with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release is based on management's current expectations and Copper Fox assumes no obligations to update such information to reflect later events or developments, except as required by law.