Vancouver, British Columbia — September 25, 2012. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V: CUU) is pleased to provide an update on the status of the Feasibility Study being performed on the copper-gold-molybdenum-silver project located at Schaft Creek, British Columbia, Canada and to announce the results of the re-interpretation of airborne total field magnetic surveys and theTitan-24 DCIP surveys completed over the Schaft Creek mineral properties in 2011 and 2012..
Moose Mountain Technical Services has completed the “Mine Plan” for the Schaft Creek project. The optimized plan will be used to complete the economic analyses and project sensitivity. All other aspects of the Feasibility Study are complete. Merit Consultants International Inc. of Vancouver, British Columbia has been contracted by Copper Fox to perform a peer review of the Feasibility Study. Merit has been providing Project and Cost Management services to the mining sector on both domestic and internationally located projects for over 30 years. Simultaneously Copper Fox will be performing its own internal review to be led by Matt Bender, Registered Professional Engineer (Metallurgical), who has extensive background in this area and was the author and a “Qualified Person” of the 2008 Schaft Creek Pre-feasibility Study. Once these processes are complete the results will be announced by way of a news release. Mr. Elmer Stewart stated ” It is evident the company is at the final stages of completing this important report, that being said, the company will diligently perform its internal review process to ensure completeness and accuracy and that the final report appropriately reflects the economic potential of the Schaft Creek resource. The completion of this Feasibility Study is the most significant event to occur in the Company in its eight year history.”.
A geophysical re-interpretation generated by airborne magnetometer and Titan-24 surveys was completed by Mira Geoscience located in Vancouver, British Columbia. The purpose of the re-interpretation was to complete a geophysical characterization of the mineralization in the Schaft Creek Deposit by combining the geological, airborne magnetic and Titan-24 DCIP data sets in order to identify similar targets along strike within the Schaft Creek Mineral Trend and on other parts of the Schaft Creek project.
- The mineralization in the Schaft Creek deposit is characterized by low to high chargeability and weak to moderate magnetic intensity,
- The untested chargeability signature associated with the copper mineralization in the Paramount zone has a strike length of 500m, extends to the East for an additional 300m under Mount LaCasse and represents a primary drill target,
- A wide zone of low to moderate chargeability extends from the north end of the Paramount zone for a distance of approximately 3.5 kilometres to the north-northwest encompassing the Mike zone, Discovery zone and the south end of the ES zone. The recently announced diamond drilling results from the 2012 drilling program are located within the Discovery zone, and
- The re-interpretation of the total field magnetic data has confirmed the preliminary interpretation of the 2011 data set and has not identified any additional targets to the north and south ends of the project area.
The results of work by Mira Geosciences have fine tuned the previous interpretations of the Titan-24 data. Their interpretation continues to report a strong correlation of the mineralization in the Schaft Creek deposit and to the mineralization in the Discovery zone located approximately 2 kilometres north of the Schaft Creek deposit. The chargeability signature that extends from the north end of the Paramount zone for a distance of approximately 3.5 kilometres to the northwest could have impact on the exploration potential of the Schaft Creek project. The extension of the strong chargeability signature associated with the Paramount zone represents a priority drill target and has the potential of extending the mineralization in the Paramount zone an additional 500m to the east under Mount LaCasse.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company’s nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release