Copper Fox commences 2011 drilling at Schaft Creek

Copper Fox (CVE:CUU) announced Tuesday that it has started the diamond drilling of hole DDH CF407-2011 on its Schaft Creek property in northwestern British Columbia, kick starting its 2011 8,000 metre program.
The drill hole is designed to test the eastern extension of a large chargeability anomaly associated with a zone of higher-grade mineralization identified last year.
"This anomaly is interpreted to have the best potential to substantially expand the limits of the mineralization in the Schaft Creek deposit," said president and CEO Elmer B. Stewart.
DDH CF407-2011 is positioned on the same site as DDH CF406-2010, which was intersected in 2010, but at a steeper angle and a deeper target of minimum 800 metres. A second diamond drill is expected to arrive at Schaft Creek by mid-June.
The primary objective of the 2011 drilling program is to test at depth a 1,200m long by 600m wide portion of the large anomaly, as well as test zones of mineralization located on recently-acquired lands immediately north of the Schaft Creek deposit.
In 2008, a pre-feasibility study (PFS) estimated the Schaft Creek project to have a before tax net present value of $2.8 billion over a 23-year mine life, at an 8% discount rate.
The PFS estimated measured resources of 463.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02% molybdenum and 1.55 g/t silver, with indicated resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver.
Copper Fox said its first priority is to complete its feasibility study on the Schaft Creek property by the end of the third quarter. An updated resource report is also expected shortly.