CALGARY, Alberta, March 27, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V:CUU) (OTC:CPFXF) is pleased to announce that it has commenced a trench sampling program on its 100% owned Mineral Mountain copper project located near Florence, Arizona. The objective of the trenching program is to determine the copper concentration and continuity of the copper mineralization observed in 20 trenches that were excavated in the 1970’s. The trenches are located within the mineralized area outlined by surface sampling in 2016 (see news release dated February 8, 2017). Highlights from the 2016 mineralized area are:
Highlights:
The average metal concentrations of the 74 samples collected within the mineralized area (approximately 1,100m by 900m) are: 1.21% copper, 0.01% molybdenum, 0.16g/t gold, and 35g/t silver.The high copper concentration is due to the presence of chalcocite in 35 of the 74 samples that assayed over 1% copper.The trenches were excavated on portions of the geophysical survey lines that identified a historical chargeability anomaly.A total of 248 samples have been collected from the trenches.Elmer B. Stewart, President and CEO of Copper Fox, stated, “Mineral Mountain is an exploration stage Laramide age porphyry project with a large zone of copper-molybdenum-gold mineralization exposed on surface. Confirming the continuity and concentration of the mineralization is an important step toward enhancing the porphyry potential of the project and in determining the next steps in developing drill targets on the property.”
Summary of 2016 Sampling Results:
The copper-molybdenite-gold mineralization occurs in quartz veins, quartz veinlets, sheeted quartz veins, and in potassic altered Laramide age granodiorite. The granodiorite has been intruded by a series of northeast trending hornblende diorite dikes and north-south trending aplite dikes.
The main copper minerals are chalcocite and chrysocolla along with rare chalcopyrite and covellite. Gangue minerals are goethite after pyrite (forming boxwork texture) and jarosite. The range of values for the samples located within the mineralized area is shown below:
| Analytical Values | ||||
| Element | Minimum | Maximum | Average | Median |
| Copper (ppm) | 187 | 66,000 | 12,426 | 8,695 |
| Molybdenum (ppm) | 0.3 | 1,115 | 142 | 41.5 |
| Gold (ppb) | 5 | 2,640 | 202.3 | 42 |
| Silver (ppm) | 0.2 | 334 | 35.5 | 12.9 |
The average gold value for this zone is influenced by the sample that contained 2,640 ppb (2.64 g/t) gold. Assigning a zero value to this sample, the average gold content of the zone is reduced by 24% to 154 ppb (0.154 g/t).
Sampling Procedures:
Trench sampling was completed by a two man team. Continuous sampling was completed either along the side of the trench or along the center line on the bottom of the trench. Samples were collected after the top layer of material was removed. The sample interval was maintained at 3 meters except where sample breaks were necessary. Detailed mapping of lithology, alteration and vein assemblages was completed for all trenches. The samples were delivered by the consulting geologist to Skyline Laboratories in Tucson, Arizona.
Quality Control:
The sampling program includes the insertion of certified standards and blanks into the sample stream for each batch of samples. Details of the QA/QC program will be announced when analytical results are received.
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 www.copperfoxmetals.com.
For additional information contact: Investor line 1-844-484-2820 or Lynn Ball, at 1-403-264-2820.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither 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 dimensions, shape, and location of the mineralized area; enhancing the porphyry potential of the project and determining the next steps in developing drill targets on the property; and the average concentrations for copper, molybdenum, gold, and silver.
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, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the reliability of historical reports; and the stability of economic and market conditions. 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, shape, or location of the mineralized area may not be as estimated; the average copper, molybdenum, gold and silver concentrations may not be accurate; the existence of the chargeability anomaly may not be accurate; the trench sampling may not yield metal concentration as suggested by the outcrop sampling; the financial markets and the overall economy may deteriorate; uncertainties relating to interpretation of the outcrop sampling results, the geology, continuity and concentration of the mineralization; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; and 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.