Tuesday, 27 March 2012

Copper Fox acquires two groups of land assets at Schaft Creek for $32,000

Canada-focused explorer Copper Fox Metals (CVE:CUU) said Tuesday that it acquired two groups of mineral tenures with one group located adjacent to its flagship Schaft Creek project in British Columbia and the second located in the Mess Creek area.
Total consideration for the two groups of land assets was $32,000.
"The purpose for the acquisition of these mineral claims is to provide additional coverage of the interpreted extension of the Schaft Creek mineral trend and its associated positive magnetic feature," Copper Fox president and CEO Elmer Stewart said.
"The second group of claims expands the company's acreage in this important mining district and road access."
The first Marko/Mott group of claims comprises 24 mineral tenures covering approximately 4,741 hectares contiguous to the north and south of the Schaft Creek project.
These mineral tenures cover the extension of the positive magnetic lineament outlined in 2011 that show a strong correlation to the Schaft Creek deposit and two other zones of copper-gold-molybdenum-silver mineralization exposed on surface.
These mineral tenures are subject to the option agreement with Teck Resources (TSE:TCK.A)(TSE:TCK.B).
The second acquired group of Ruzo claims comprise two mineral tenures covering approximately 700 hectares in the Mess Creek area. These mineral tenures are not subject to an option agreement with Teck.
Copper Fox is working on completing a feasibility study on its Schaft Creek project, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. The study is expected by mid-summer 2012.

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