Copper Fox Metals (TSXV: CUU; OTC: CPFXF) has suspended plans to complete the proposed 2,500-metre drilling program on its 100% owned Eaglehead polymetallic porphyry copper project in northwestern British Columbia. The property is located 50 km east of Dease Lake, covering a large portion (nearly 165 sq. km) of the Lower Jurassic age Eaglehead stock.
The decision to suspend drilling comes as the Calgary-headquartered miner continues to face delays in permitting. In early February, Copper Fox filed its notice of work with B.C.'s Ministry of Energy, Mines and Low Carbon Innovation, but its approval status remains pending.
"Given the remote nature of the camp/drilling location, the need for helicopter support and the onset of winter weather conditions, regrettably, Copper Fox has opted to delay the drilling program for this year," president and CEO Elmer Stewart explained.
Copper Fox first acquired a 100% working interest in the Eaglehead project in April 2021, paying a total consideration of $2 million. The company believes the property hosts porphyry-style mineralization that is representative of the Thibert fault system, in a structural setting similar to the Red Chris deposit. The property hosts an 8-km long footprint hosting six open-ended mineralized zones.
Historical drilling resulted in a 500-metre interval between the Bornite and East zones that has never been tested by diamond drilling. The chargeability signature in this interval suggests continuity of the mineralization, which was to be tested by the 2022 exploration program. An archaeological survey in advance of the drilling had been completed to identify potential sites of historical or cultural significance.
A recent draft of the survey report identified one site of interest in the alpine area approximately 2.8 km north of the proposed drilling location. The survey concluded that no areas of archaeological potential were identified within the access road and drill pad locations, and the program may proceed as proposed.
The company's summer exploration also included sampling to complement historical metallurgical test work within the Bornite and East zones. A total of 10 drill holes have been relogged, and samples from potential mineralized intervals totalling 175 metres have been sent for analysis. Mapping has thus far identified copper mineralization over a 300-by-200-metre area southwest of the Bornite zone.
The company had hoped that by completing the drill program, it could start preparations for a technical report including a resource estimate, which would represent a milestone event for the project.
Copper Fox equity was trading at 21 ? in late afternoon Thursday in Toronto. Its shares have traded in a 52-week window of 18 ? and 38 ?. It has a market cap of $110 million.