Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) (“Copper Fox” or the “Company”) is pleased to report that it has filed on SEDAR a National Instrument 43-101 (“NI 43-101”) Technical Report (the “Technical Report”) which includes the results of a resource estimate update for the Schaft Creek copper-gold-molybdenum-silver porphyry project located in northwest British Columbia (see news release dated March 22, 2021). The Schaft Creek project is managed through the Schaft Creek Joint Venture (“SCJV”) formed in 2013 between Teck Resources Limited (75%) and Copper Fox (25%) with Teck being the operator.
The Technical Report, titled “Mineral Resource Estimate Update for the Schaft Creek Property, British Columbia, Canada”, with an effective date of January 15, 2021, was prepared by H. Ghaffari. M.A.Sc., P. Eng. and J. Huang, Ph.D., P.Eng., of Tetra Tech Canada Inc. (“Tetra Tech”) and Michael F. O’Brien, P. Geo. of Red Pennant Geosciences.
Elmer B. Stewart, President and CEO of Copper Fox stated, “The updated resource estimate forms the basis of the Schaft Creek Preliminary Economic Assessment (“PEA”) that is underway and identifies opportunities to grow the project resource base. The Technical Report recommends a multi-purpose drill program including the collection of geological, geotechnical and metallurgical information.”
Resource Estimate for the Schaft Creek Project, effective date January 15, 2021:
|Average Value||Metal Content|
Mt=millions of tonnes, Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, CuEq=copper equivalent, Mlb=millions of pounds, Moz=millions of ounces.
Mineral Resources are reported using the 2014 CIM Definition Standards.
Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters:
Metal prices of $3/lb Cu, $1,200/oz Au, $10/lb Mo, $20/oz Ag, and pit slope angles that vary from 40-44º, metal prices are in US$.
Metallurgical recoveries reflective of prior test work that averages: 86.6% for copper, 73.0% for gold, 58.8% for molybdenum and 48.3% for silver.
Mineral Resources are reported using a net smelter return (“NSR”) cut-off of US$4.31/t.
Tonnes are metric tonnes, with copper and molybdenum grades as percentages, and gold and silver grades as gram per tonne units.
Copper and molybdenum metal content is reported in pounds and gold and silver content is reported in troy ounces.
Totals and Metal Content may not sum due to rounding and significant digits used in calculations.
Copper Equivalent % was estimated using average metallurgical recoveries for copper, gold, molybdenum and silver and metal prices stated in this release.
Cautionary Note to Investors:
While the terms “measured (mineral) resource”, “indicated (mineral) resource” and “inferred (mineral) resource” are recognized and required by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.
Investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability.
The program is designed to allow several of the proposed drill holes to be utilized for metallurgical and geotechnical investigation while increasing confidence in the mineral resource.
Tetra Tech recommends a program consisting of 7,300m of drilling within the core of the known resource area to collect geotechnical data, provide samples for metallurgical test work, increase the confidence of the mineral resource categories and investigate potential extension to the mineralization. The cost of the recommended program is estimated to be CAD$4.96 million.
Mr. Michael F. O’Brien, P. Geo., of Red Pennant Geosciences is the Qualified Person (“QP”) who prepared the resource estimate, J. Huang, Ph.D., P.Eng., of Tetra Tech is the QP who completed the…