Copper Fox Metals (CVE:CUU) announced Tuesday it intersected 1.18% of copper equivalent in the Paramount Zone of its wholly owned Schaft Creek property in northwestern British Columbia.
The Canadian resource company reported assays out of diamond drill hole CF407-2011, which intersected 0.4% copper, 0.24 grams per tonne (g/t) gold, 1.98 g/t silver and 0.025% molybdenum over 519.17 metres.
"The interval of high-grade copper and gold mineralization intersected in [diamond drill hole] 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 ," said president Elmer Stewart.
The hole, which was drilled to a total depth of 735 metres, intersecting mineralization up to 524.47 metres deep, was part of a program to test the extension of the mineralization intersected in 2010, and to test the eastern extension of the large chargeability anomaly, also discovered last year.
Also included in the intersect, was 160.36 metres grading 0.65% copper, 0.53 g/t gold, 3.8 g/t silver, 0.034% molybdenum, and 1.18% copper equivalent; and 0.28% copper, 0.18 g/t gold, 1.23 g/t silver, and 0.031% molybdenum, over 99.85 metres.
The mineralization in CF407-2011 is open to the east and confirms the chargeability anomaly identified in 2010, Copper Fox said.
Three holes to the east and north of CF407-2011 have been drilled, each intersecting visible copper and molybdenum mineralizations. Assays for these holes, which when combined with CF407-2011 total 2,476 metres of diamond drilling, are pending.
The Calgary, Alberta-based company said it is working on a feasibility study for the Schaft Creek property, and expects it to be completed during the fourth quarter of 2011.
In other news, Copper Fox said it acquired an additional 2,388 common shares of Liard Copper Mines Ltd, bringing its total interest in that company to 1.47%.