VANCOUVER, July 26, 2011 /CNW/ – Copper Fox Metals Inc. (TSXV: CUU) is very pleased to announce the assay results for diamond drill hole CF407-2011 and other exploration and corporate activities. Two diamond drills are currently working on the Paramount zone to test the extensions of the higher grade copper-gold-molybdenum-silver mineralization intersected in 2010 and to test the eastern extension of the large chargeability anomaly identified in 2010. To view the location of drill holes CF407-2011 and CF410-2011 in relation to the chargeability anomaly outlined by the Quantec Titan-24 survey over a portion of the Schaft Creek deposit, visit the Copper Fox website at www.copperfoxmetals.com. Highlights of activities are as follows:
Diamond drill hole (DDH) CF407-2011 located 140 metres (m) east of DDH CF399-2010, intersected 0.65% copper, 0.53 g/t gold, 0.034% molybdenum and 3.80 g/t silver (1.18% copper equivalent) over an interval of 160.36m starting at a core length of 264.2m. The 160.36m interval is included in the 519.2m mineralized interval indicated below. The mineralized interval in DDH CF407-2011 is open to the east and confirms the mineralized nature of the chargeability anomaly identified in 2010,
DDH CF407-2011 intersected 0.40% copper, 0.24 g/t gold, 0.025% molybdenum and 1.98 g/t silver (0.69% copper equivalent) over a core interval of 519.2m from 5.3m to a depth of 524.47m,
DDH CF410-2011 located 110m east of DDH CF407-2011, intersected the interpreted extension of the mineralization intersected in DDH CF407-2011 and exhibits visible copper and molybdenum mineralization over an interval of 505.2m from 62.8m to 658m, assays for DDH CF410-2011 are pending,
The Titan-24 survey over the Mike zone located north of the Paramount zone and the recently acquired ES and GK zones (all within a 6 kilometre strike length) located north of the Schaft Creek deposit is scheduled to commence before the end of July, and
Copper Fox has acquired an additional 2,388 common shares of Liard Copper Mines Limited (“Liard”) bringing its total interest in Liard to 1.47%.
Mr. Stewart, President of Copper Fox stated, “The interval of high-grade copper and gold mineralization intersected in DDH CF407-2011 represents the highest grades intersected to date in the Paramount zone and strongly supports the potential of a large zone of significantly higher grade mineralization at depth, to the north and east and along strike. Three holes located to the east and north of DDH CF407-2011 have been completed to date in 2011. Each of these holes intersected visible copper and molybdenum mineralization and suggests the presence of mineralization within a 1,200m long by 600m wide previously untested portion of the chargeability anomaly located in 2010”.
Diamond Drilling Update:
Four diamond drill holes (totaling 2,476m) have been completed in the Paramount zone to date. The 2011 drill program is designed to test the eastern extension (1,200m long by 600m wide) of the chargeability anomaly outlined in 2010. The drilling completed in 2010 tested the western side (approximately 25%) of this anomaly.
DDH CF407-2011 was drilled to a total depth of 735m. The mineralization in DDH CF407-2011 is continuous from 5.3m to 524.17m. The mineralization consisting of chalcopyrite, bornite and molybdenite occurs as dissemination and along fractures in potassic and phyllic altered intrusive breccia, andesite and granodiorite. At the bottom of the hole, the andesite exhibits propylitic alteration. The weighted average grades for the mineralized intervals in DDH CF407 (at zero cut-off grade) and the estimated recoverable copper equivalent grades are set out below:
DDH ID Dip Azimuth From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) Mo (%) Cu Eq (%)
2011CF407 -70 90 5.3 524.47 519.17 0.40 0.24 1.98 0.025 0.69
including 264.26 424.62 160.36 0.65 0.53 3.80 0.034 1.18
and 424.62 524.47 99.85 0.28 0.18 1.23 0.031 0.56
Note: The core intervals listed in Table-1 above do not represent true widths.
DDH CF408-2011 (azimuth 270) was designed to accurately locate the western edge of the Paramount zone. Visible chalcopyrite, bornite and molybdenite were observed in potassic and phyllic altered granodiorite, andesite and intrusive breccia in the core from 11.08m to 219.5m. The total depth of the hole was 227.08m.
DDH CF409-2011 (azimuth 090) is located approximately 140m east of DDH CF402-2010 and tested the extension of the mineralization intersected in DDH CF402-2010 and the eastern extension of the chargeability anomaly defined in 2010. This hole intersected visible chalcopyrite, bornite and molybdenite in potassic and phyllic altered granodiorite, intrusive breccia and andesite over a core interval from 11.0m to 472.5m. The hole was terminated in chalcopyrite and bornite mineralization at a depth of 472.5m due to ground conditions. The mineralization in this hole is open at depth.
DDH CF410-2011 is located on the same section as DDH CF399-2010, DDH CF407-2011 and DDH CF408-2011 and is located approximately 100m east of DDH CF407-2011. The upper 62.8m of this hole intersected pyritic altered andesite and granodiorite. The core interval from 62.8m to 568m exhibits visible chalcopyrite, bornite and molybdenite in potassic and phyllitic altered intrusive breccia, granodiorite and andesite. Several late stage, unmineralized mafic dikes of variable thickness were also intersected in this hole. Molybdenite +/-chalcopyrite were observed over a core interval of 568m to 658m.
The reader is cautioned that visible copper and molybdenite mineralization does not necessarily equate to significant concentrations of either copper or molybdenum and there is no assurance that the assay results of the samples from these drill holes will yield significant copper, gold or molybdenum grades.
Acquisition of Liard Mining Shares:
Copper Fox acquired 2,388 common shares of Liard Copper Mines Ltd. (“Liard”), a private company incorporated in BC from Mr. Gary Bird for a cash payment of $30,506.70 and 14,391 common shares of Copper Fox. Liard holds a 30% Net Profits Interest (NPI) royalty in the Schaft Creek project. Teck Resources Limited (“Teck”) owns 78% of the issued and outstanding shares of Liard. Upon completion of a positive feasibility study, Copper Fox will acquire Teck’s 78% interest in Liard.
Quantec Titan-24 DCIP and MT Survey:
The line cutting and surveying for the planned Titan-24 DCIP and MT survey over the Mike, ES and GK zones has been completed. The Titan-24 crew is expected to arrive at Schaft Creek before the end of July to commence the surveying of these zones. The Titan-24 survey is expected to cover 2.4 kilometers of strike length over the Mike and ES zones at a 400m spaced lines and 0.8 kilometers (3 lines spaced at 400m intervals) over the GK zone.
Diamond Drilling and Sampling Procedures:
The diamond drilling was completed using an HQ and NQ core size. Core recovery was estimated to be greater than 97%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half is retained for future reference. Sample intervals were selected based on lithology changes/alteration intensity/estimated mineral content and ranged from 0.62 to 2.78 metres. The majority of the samples were collected on a 2.0m sample interval. Sample preparation was completed by ACME Analytical Laboratories Ltd (“ACME”) located in Smithers, British Columbia and analyses were completed by ACME in Vancouver, British Columbia.
Base metals were assayed using the ACME’s 7TD package which includes 4-acid digestion and ICP-ES finish. Lower detection limits are as follows: Cu >0.001%, Mo >0.001%, Silver values are determined by the 1EX with a lower detection limit of 0.1g/t. Gold is assayed by the G6 fire assay package – fusion of a 30-gram followed by ICP-ES finish; with a lower detection limit of 0.005 g/t. ACME has an 9001:2008 International Standard Organization rating.
Recoverable copper equivalent calculations are based on 88% of the copper content plus 81% of the gold content, 72% of the molybdenum content and 71% of the silver content. Metal prices are copper $US2.50/pound, gold $US1,075/ounce, molybdenum $US17.00/pound and silver $US16.10/ounce.
Copper Fox follows a rigorous Quality Assurance/Quality Control program consisting of inserting standards, blanks and duplicates into the sample stream submitted to the laboratory for analysis.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Corporation’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.
About Copper Fox
Copper Fox is a Canadian based resource company listed on the TSX-Venture Exchange (CUU-TSX-V). Copper Fox was recently recognized by TSX Venture Exchange Inc. as a member of the distinguished TSX Venture 50® group where it had the distinction of being ranked first overall for 2010.
Copper Fox holds title and a 100% working interest in a contiguous 24,003.5 hectare (59,311 acre) property which includes the Schaft Creek deposit subject to certain royalty agreements, a 30% carried interest held by Liard Copper and an earn back option held by Teck Resources Limited (“Teck”). Copper Fox is currently earning a 78% interest in Liard Copper from Teck. Teck’s earn back option to acquire 20%, 40% or 75% of the Copper Fox interest in the Schaft Creek project is triggered upon completion of a positive feasibility study. Should Teck elect to exercise its option for 75% they are required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox and arrange for project financing, including the Copper Fox portion. For full details of the option please refer to the Company’s website www.copperfoxmetals.com.
Additionally Copper Fox holds mineral claims totaling 3,947 hectares (9,752 acres) in the Liard Mining District of BC not subject to the Teck earn-back.
On behalf of the Board of Directors
Elmer B. Stewart
President & Chief Executive Officer
Neither 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.
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