Files Van Dyke Technical Report ON SEDAR
COPPER FOX
FILES VAN DYKE TECHNICAL REPORT ON SEDAR
Calgary, Alberta
–
May
5
, 2020
.
Copper Fox Metals Inc.
(“Copper Fox” or the “Company”) (TSX
-
V: CUU
–
OTC: CPFXF)
and its wholly owned subsidiary
,
Desert Fox
Van
Dyke Co
.
,
are pleased to re
port that it ha
s
filed
on SEDAR a National Instrument 43
-
101 (“NI 43
-
101”) Technical Report
(the “Technical Report”)
which
includes an updated resource estimation for the Van Dyke copper project located in the
Globe
-
Miami mining
district of Arizona.
The
Technical Report
is titled “Technical Report and Updated Resource Estimate for the Van Dyke Copper
Project” dated May
4
, 2020
and
was prepared by Moose Mountain Technical Services (“MMTS”).
The
effective
date of the Technical Report is January
9
, 2020
and the
resource es
t
imate
w
as
disclosed in a news release dated
March
25, 2020.
Highlights are:
Highlights:
1)
The exploration potential for additional resources is extensive to the south and at depth.
2)
M
etallurgical testwork indicates that the deposit is amenable to recovery
using in
-
situ leaching (ISL) with
a
n estimated
met
allurgical recovery of 90%.
3)
Recommendation
s include
a
combined
eight
-
hole
(4,500m) drilling, metallurgical, geotechnical and
hydrogeological program
estimated to cost
US
$2.13 million
.
4)
Additional engineeri
n
g studies
to update the PEA
.
Elmer B. Stewart, Presi
dent and CEO of Copper Fox stated, “
The
2019 work has
significantly changed the
understanding of the
origin
and mineral potential of the Van Dyke project.
The
highlighted
results of the updated
resourc
e
estimate include
:
1)
an upgrade
of a portion of the
resource
to the Indicated
category
;
2)
a
n overall
50%
increase in soluble copper content
;
and
3)
a potentially 2km long extension of the Van Dyke deposit to the
southwest.
The Technical Report
recommen
d
s
a drilling program
and
additional engineering st
udies
which
highlights the exploration potential to add value by expanding the limits of the Van Dyke project
.
”
The updated
R
esource
E
stimate for the Van Dyke project
is summari
zed
in
the table below
(
s
e
e
n
ews
r
elease
dated March 25, 2020 for details)
:
Resource Estimate for the Van Dyke Deposit, effective date January 9, 2020
:
Cu Metal (Mlbs)
Class
KTonnes
(000)
Rec Cu
(%)
TCu
(%)
ASCu
(%)
CNCu
(%)
Recovery
(%)
Soluble
Cu
Total Cu
Indicated
97,637
0
.
24
0.33
0.23
0.04
90
517
717
Inferred
168,026
0
.19
0.27
0.17
0.04
90
699
1,007
M(lbs)=millions of pounds, (%)=percent, ASCu=acid soluble copper, CNCu=cyanide soluble copper, Rec Cu(%)=estimated recoverabl
e
copper grade, Soluble Cu=sum of ASCu + CNCu, To
t
al Cu=total copper
Notes for Table
:
1.
The “reas
onable prospects for eventual economic extraction” shape has been created based on a copper price of US$2.80/lb,
employment of in
-
situ leach extraction methods, processing costs of US$0.60/lb copper, and all
in operating and sustaining costs
of $US1.25/ton
ne, a recovery of 90% for total soluble copper and an average Specific Gravity of 2.6t/m3.
2.
Approximate drill
-
hole spacings is 80m for Indicated Mineral Resources
3.
The average dip of the deposit within the Ind
i
cated and Inferred Mineral Resource outlines is
20 degrees.
Vertical thickness of
the mineralized envelope ranges from 40m to over 200m.
4.
Numbers may not add due to rounding.
2
Cautionary Note to Investors
:
While the terms “measured (mineral) resource”, “in
d
icated (mineral) resource” and “inferred (minera
l) 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
m
ineral reserves, mineral
resources do not have d
emonstrated 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
ar
e
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.
I
nvestors are advised that current Mineral Resourc
e
s are not current Mineral Reserves and do not ha
ve
demonstrated economic viability.
Recommended Exploration Program:
The recommended
program is
estimated to cost
$
US
2.13 million
; the main comp
onents of which are outlined
below:
1)
Diamond Drilling & Anal
y
sis: an 8
-
hole
(
4
,
500
m
)
program
to test the extension o
f the
Van Dyke deposit
to the southwest
and
collect
whole
core
samples
for
additional
metallurgical testwork.
2)
Down
-
Hole Geophysics
:
Downhole
acoustic televiewer
survey to collect geotechnical data on
rock mass
characteristics
such as fracture orientations
and density
.
3)
Metallurgical Test
w
ork: 6
-
8 pressure leach tests on whole core from select areas of the deposit
to obtain
additional data on copper recoveries, leach time, reagent consumption and solutio
n chemist
ry.
4)
Hydrogeology: Installation of piezometers
to
obtain additional
data
on
water level
fluctuations and
sampling points
for
ground water geochemi
cal analyses.
Recommendations for Ongoing Engineering Studies
:
Recommendation
s
for ongoing engineerin
g studies
include
:
run a
p
ilot ISL test
;
update the
Cost Estimate,
Geotechnical and Water Management Studies
;
and then revise the Van Dyke ISL PEA project dated December
18, 2015 using the updated
r
esource
e
stimate
.
The estimated cost for this work is
$
US
10
millio
n
.
Exploration Potential
:
U
pd
a
t
ing
the geological model for the Van Dyke deposit
included the
review and compilation of all available
historical geological, geophysical and drilling reports
on work
completed on the Van Dyke project since the late
1960
s.
In 1970,
Occidental Mine
rals identified
the
Azurite target
approximately 2km
south of the Van Dyke
deposit
.
The review completed in 2019 did not locate any reports on activities completed on the Azurite target
,
h
owever,
several map
s
showing the
results o
f an Induced Potential s
urvey and exploration activities for this target were
reviewed.
Historical e
xploration activities
include
:
1)
three drill holes
;
2)
several long surface trenches
;
and
3)
nine outcrops
containing secondary (
azurite
)
copper miner
alization
.
The updated re
source estimate
combined with historical exploration results suggest
s
that the
area of the project
extending from the southwest edge of the
Van Dyke
deposit to the
Azurite target is a high priority exploration
target
, see map b
e
low:
3
Figure 1: Van Dyke exploration potential
Qualified Person
s
:
Sue Bird
–
P.
Eng.
of MMTS is the Qualified Person (“QP”)
who
prepared the mineral resource estimate, T.
Meintjes
–
P.Eng., of MMTS is the QP
who
completed the metallurgical review and analyses and R. Lane
–
P.
Geo., of MMTS
is
th
e QP who
compiled
and reviewed the QA/QC for the resource estimate disclosed in this
4
news release. Ms. Bird, as the
QP
, has approved
the scientific and technical content of this news release. Elmer
B. Stewart, MSc. P. Geol., President of Copper Fox, is t
he
Compan
y’s nominated
QP
pursuant to National
Instrument 43
-
101, Standards for Disclosure for Mineral Projects,
and
has reviewed the scientific and technical
information disclosed in this news release. Mr. Stewart is not independent of Copp
er Fox.
About
Copper F
ox
:
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX
-
V: CUU) focused
on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and
its wholly ow
ned Canadian a
nd 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 B
ritish Co
lumbia 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.
For addition
al inform
ation
contact
: Investor line 1
-
844
-
464
-
2820 or Lynn Ball, at 1
-
403
-
264
-
2820.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provi
der (as that t
erm is de
fined 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 wit
hin the meanin
g 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
in
formation
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.
Forwar
d
-
looking
information in this news release include statements
regarding:
the
exploration potential for additional resource
s;
anticipated
metallurgical recover
ies and methods
;
r
ecommendations
for future work on the Van Dyke project;
potential components and
estimate
d costs of future exploration and
studies; expanding the limits of the Van Dyke project; and statements about Cop
per Fox’s strategy, future
operations, prospects and the plans of management.
Information concerning mineral resource estimates also
may
be de
emed to be forward
-
looking information in that it reflects a prediction of the mineralization that would be
encou
ntered if a mineral deposit were developed and mined.
Information concerning
i
ndicated and inferred
mineral resource estimates also ma
y be deem
ed to be forward
-
looking information in that it reflects a prediction
of the mineralization that would be encoun
tered if a mineral deposit were developed and mined.
In connection with the forward
-
looking information contained in this news release
, Copper
Fox and its subsidiary
have made numerous assumptions
regarding, among other things: the geological, metallurgic
al, engineering,
financial and economic advice that Copper Fox has received is reliable and is based upon practices and
methodologies w
hich are
consistent with industry standards
;
and the stability of economic and market conditions
.
While Copper Fox consi
ders these assumptions to be reasonable, these assumptions are inherently subject to
significant uncertainties and contingencies.
Ad
ditionall
y, there are known and unknown risk factors which could cause Copper Fox’s actual results,
performance or achiev
ements to be materially different from any future results, performance or achievements
expressed or implied by the forward
-
looking info
rmation c
ontained herein. Known risk factors include among
others: the recommended additional metallurgical testwork on
the Van Dyke copper deposit may not result in
5
copper recoveries as favorable as presented in the metallurgical testwork or recover any
copper at
all;
uncertainties relating to interpretation of the previous drill results and the geology, continuity and gra
de of
the
Van Dyke deposit; the recommendations of the Technical Report may not be completed as suggested, or at all;
the
actual minera
lization
in the Van Dyke deposit may not be as favorable as suggested by the resource estimate;
the
indicated and inferre
d resource estimate for the Van Dyke deposit may not be reliable or indicative of any
commercial benefit to Copper Fox;
the possibility
that fut
ure drilling on the Van Dyke project may not occur on a
timely basis, or at all; the need to obtain a
dditional financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of delay in explor
ation or
development programs or in
construction projects
;
the uncertainty of meeting anticipated program mile
stones;
uncertainty as to timely
availability of permits and other governmental approvals
;
fluctuations in copper prices and demand; currency
exch
ange rate
s;
and
conditions in the financial markets and the overall eco
nomy may
deteriorate
.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's
continuous dis
closure filings with Canadian securities re
gulatory
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 forwar
d
-
looking information or to publicly announ
ce the re
sult of any
revisions to any of the forward
-
looking information contained herein to reflect future results, events or
developments, except as required by law.