Copper Fox Reports Analytical Results From Phase 2 Sampling Program at Mineral Mountain
CALGARY, Alberta, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V: CUU – OTC-Pink: CPFXF) and its wholly owned subsidiary, Desert Fox Copper Inc., are pleased to provide additional analytical results for the recently completed mapping and sampling program on its 100% owned Mineral Mountain copper project located approximately 15 miles east of Florence, Arizona.
Highlights:
- A large area of copper-molybdenum mineralization has been located in the southeast corner of Area #1 with molybdenum concentration of up to 0.2%.
- The copper mineralization in Area #1 and Area #3 has been extended and remains open in several directions.
- The mineralization in Area #2 occurs within a narrow, northeast trending zone estimated to be 2.8 kms long.
- Two new areas of significant copper mineralization have been located in the Laramide age intrusive.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “Following the significant results from the initial sampling program, the recent results continue to expand the limits of the copper mineralization in Areas #1 and #3; and more importantly, has identified a large area of copper-molybdenum mineralization in the southeast corner of Area #1 along the Laramide/Precambrian intrusive contact. Results for the balance of the samples collected during the recently completed Phase 2 sampling program will be released on receipt thereof.”
Geological Model:
The surface mineralization represents weathered porphyry copper mineralization (a “leach cap”) sitting above a buried porphyry copper system (see news release dated April 30, 2018). The recent mapping program has located a number of intrusive phases in the Laramide age intrusive that are not shown on the preliminary geology map covering the project area. The sulfur content of the samples strongly supports the leached nature of the Laramide age intrusive that hosts the majority of the copper mineralization.
Analytical Results:
The mapping and sampling program consisted of mapping lithologies, alterations, and vein assemblages. Selected rock chip samples were collected from mineralized outcrops to characterize the metals present in veins, other mineralized structures and the outcrop. The samples are not necessarily representative of the mineralization on the property. Outcrop exposures within the sampled area are estimated to 5-10%. The approximate dimensions and average metal concentrations in the Areas sampled for the current analytical results are tabulated below (see tables below for individual sample results). The average concentrations of the metals by Area included in this news release do not include the analytical results discussed in the November 21, 2018 news release.
| Average Concentration | |||||||||
| Area | # of samples | Length (m) | Width (m) | Cu (ppm) | Cu (%) | Mo (ppm) | Mo (%) | Au (ppb) | Ag (ppm) |
| 1 | 26 | 1,200 | 800 | 7,584 | 0.758 | 203.0 | 0.020 | 95.0 | 26.8 |
| 2 | 7 | 1,200 | 400 | 9,419 | 0.942 | 50.4 | 0.005 | 18.4 | 21.8 |
| 3 | 13 | 800 | 500 | 6,946 | 0.694 | 13.0 | 0.001 | 65.1 | 3.7 |
| Cu = copper, Mo = molybdenum, Au = gold, Ag =silver, (%) = percent, ppm = parts per million, ppb = parts per billion | |||||||||
Area #1:
The copper mineralization has been extended approximately 200m to the west and 400m to the south and southeast and remains open to the west and to the south towards Area #3. Sampling 1.6 kms to the east of Area #1 located a new area of copper mineralization hosted in the Laramide age Quartz Monzonite intrusive. The ground between Area #1 and the new discovery has been mapped and analytical results for the samples collected during this work are pending. The additional analytical results for mineralized samples collected from Area #1 are shown below:
| Sample ID | Cu (ppm) | Cu (%) | Mo (ppm) | Au (ppb) | Ag (ppm) | Sample ID | Cu (ppm) | Cu (%) | Mo (ppm) | Au (ppb) | Ag (ppm) |
| MM-393 | 1800 | 0.180 | 5.2 | 8 | 2.3 | MM-384 | 8290 | 0.829 | 3.9 | 10 | 21.6 |
| MM-394 | 2310 | 0.231 | 2.6 | 6 | 6.4 | MM-385 | 5790 | 0.579 | 8.0 | 5 | 6.1 |
| MM-395 | 1380 | 0.138 | 1.5 | 41 | 28.9 | MM-386 | 16800 | 1.680 | 971.0 | 696 | 40.3 |
| MM-398 | 4650 | 0.465 | 1.7 | 21 | 0.4 | MM-387 | 20200 | 2.020 | 1060.0 | 8 | 14.1 |
| MM-399 | 2080 | 0.208 | 17.8 | 5 | 0.8 | MM-388 | 1740 | 0.174 | 8.3 | 10 | 1 |
| MM-401 | 12100 | 1.210 | 732.0 | 98 | 14.2 | MM-389 | 3230 | 0.323 | 49.5 | 24 | 2.8 |
| MM-402 | 8470 | 0.847 | 4.3 | 9 | 5.0 | MM-390 | 20900 | 2.090 | 2080.0 | 694 | 25.6 |
| MM-403 | 18900 | 1.890 | 42.7 | 53 | 11.8 | MM-408 | 2230 | 0.223 | 4.3 | 56 | 2.3 |
| MM-404 | 227 | 0.027 | 0.5 | 9 | 0.2 | MM-409 | 15200 | 1.520 | 8.4 | 169 | 12.7 |
| MM-405 | 6600 | 0.660 | 31.8 | 5 | 1.6 | MM-410 | 8880 | 0.880 | 158.0 | 13 | 3.5 |
| MM-406 | 890 | 0.089 | 1.0 | 6 | 0.9 | MM-411 | 3960 | 0.396 | 0.9 | 79 | 3.5 |
| MM-382 | 22200 | 2.220 | 72.2 | 35 | 483.0 | MM-413 | 435 | 0.044 | 0.1 | 5 | 0.5 |
| MM-383 | 213 | 0.021 | 2.2 | 6 | 2.4 | MM-414 | 7700 | 0.770 | 3.1 | 395 | 6.1 |
Area #2:
The additional sampling in this area indicates that the mineralization is confined to a narrow, northeast trending zone. Analytical results for mineralized samples from Area #2 are shown below:
| Sample ID | Cu (ppm) | Cu (%) | Mo (ppm) | Au (ppb) | Ag (ppm) | Sample ID | Cu (ppm) | Cu (%) | Mo (ppm) | Au (ppb) | Ag (ppm) |
| MM-356 | 208 | 0.021 | 6.1 | 11 | 3 | MM-342 | 10600 | 1.060 | 282 | 15 | 6.1 |
| MM-357 | 7540 | 0.754 | 4.6 | 10 | 4.8 | MM-361 | 1420 | 0.142 | 44.4 | 23 | 6 |
| MM-358 | 13900 | 1.390 | 8 | 37 | 83.2 | MM-367 | 32100 | 3.210 | 3.1 | 5 | 40.8 |
| MM-365 | 167 | 0.017 | 4.3 | 28 | 8.9 | ||||||
Area #3:
The copper mineralization has been extended approximately 400m to the south and mapping and prospecting indicates that the mineralization is open to the north toward Area #1 and to the south. A new area of copper mineralization has been located approximately 600m west of Area #3 hosted in Laramide age Quartz Monzonite intrusive. Analytical results for mineralized samples collected in Area #3 are shown below:
| Sample ID | Cu (ppm) | Cu (%) | Mo (ppm) | Au (ppb) | Ag (ppm) | Sample ID | Cu (ppm) | Cu (%) | Mo (ppm) | Au (ppb) | Ag (ppm) |
| MM-372 | 11400 | 1.14 | 98.4 | 45 | 4.5 | MM-376 | 2320 | 0.232 | 1.2 | <5 | 0.5 |
| MM-373 | 12400 | 1.24 | 12.2 | 18 | 7.4 | MM-377 | 9860 | 0.986 | 7.1 | 8 | 9.7 |
| MM-374 | 1570 | 0.157 | 0.5 | 18 | 0.9 | MM-378 | 7030 | 0.703 | 2.9 | 17 | 3.1 |
| MM-364 | 4940 | 0.494 | 4.7 | 99 | 6.9 | MM-379 | 19700 | 1.97 | 8.7 | 292 | 3.6 |
| MM-370 | 1120 | 0.112 | 0.5 | <5 | 0.4 | MM-380 | 7490 | 0.749 | 0.6 | <5 | 0.4 |
| MM-371 | 6210 | 0.621 | 28.7 | 56 | 9.7 | MM-444 | 2440 | 0.244 | 3.2 | 34 | 0.8 |
| MM-375 | 3820 | 0.382 | 0.9 | <5 | 0.7 | ||||||
Mineralization:
The copper mineralization occurs in quartz veins, veinlets and sheeted quartz veins (with and without potassic alteration envelopes), as malachite-chalcocite and chalcocite veins and veinlets (of variable thickness), on fractures and disseminations hosted in potassic and phyllic altered Laramide age Quartz Monzonite and porphyritic intrusives (containing 15-30% phenocrysts). The main copper minerals are malachite, chrysocolla and chalcocite with minor azurite, native copper and rare chalcopyrite. Gangue minerals include goethite after pyrite and jarosite.
Analytical and Sampling Procedures:
Outcrop sampling as well as mapping lithologies, alterations, and vein assemblages was completed. Selected rock chip samples were collected from outcrop to characterize the metals present in veins, other mineralized structures and the outcrop. Outcrop exposures within the sampled area are estimated to 5-10%. The samples were picked up from site by Skyline Laboratories of Tucson, Arizona.
Samples were crushed to plus 75% -10 mesh, split and pulverized to plus 95% -150 mesh. Pulps were subjected to a multi-acid digest (HNO3, HF, and HClO4). Gold was analyzed on a 30-gram charge by fire assay (FA-01) with an atomic absorption finish. Skyline’s package code TE-5 was used to analyze the samples for the base and other trace elements. Metal concentration in samples exceeding the upper limit of detection were assayed for copper using (MEA) and silver (FA-04). Skyline has an ISO/IEC 17025/2005 accreditation.
Quality Control:
A total of 1 field blank and 5 certified reference standards were inserted (insertion rate 1:17) with the sample for which analyses are being reported. QA/QC shows that the blank and standards were within +/-5% of accepted value for the blank and standards.
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox:
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 owned Canadian and 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 British Columbia 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.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
| For additional information contact: | ||
| Copper Fox Metals Inc. | Renmark Financial Communications Inc. | |
| Lynn Ball: investor@copperfoxmetals.com | Robert Thaemlitz: rthaemlitz@renmarkfinancial.com | |
| (844) 484-2820 or (403) 264-2820 | Tel: (416) 644-2020 or (514) 939-3989 | |
| www.copperfoxmetals.com | www.renmarkfinancial.com | |
Neither the 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.
Cautionary Note Regarding Forward-Looking Information:
This news release contains forward-looking statements within the meaning 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 information 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. Forward-looking information in this news release includes statements regarding: the copper-molybdenum mineralization in the southeast corner of Area #1; molybdenum concentrations of up to 0.2%; releasing the remaining results of Phase 2 sampling; the approximate dimensions of the mineralized zones and average concentrations of the metals for the target areas and two additional areas of significant copper mineralization; and the leached nature of the Laramide age intrusive that hosts the majority of the copper mineralization.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards and the reliability of historical reports; and receipt of the remaining results from the Phase 2 sampling program. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the dimensions and shape of the mineralized areas may not be as estimated; the additional samples may be delayed or may not yield significant concentrations of metals; additional sampling may not locate copper mineralization; the surface mineralization may not represent buried porphyry style mineralization; uncertainties relating to interpretation of the outcrop sampling results; the geology, continuity and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory 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 forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
