Thursday, 24 May 2012

Copper Fox completes airborne survey, buys more land

Copper Fox Metals (CVE:CUU) wrapped up a magnetic airborne survey and the acquisition of more mineral tenures next to the Schaft Creek project.

The airborne survey traversed 2,500 line kilometres covering seven kilometres to the north and roughly 17 kilometres to the south, which is expected to cover a portion of the Jay/Scotch option.

Copper Fox said it would merge data from the 2011 and 2012 surveys and submit the data to Mira Geosciences for interpretation.

Data will be used to help evaluate a number of "copper occurrences" located in lands Copper Fox acquired in the past year.

"This survey is expected to identify exploration targets thereby allowing the company to concentrate exploration efforts in areas with potential for porphyry style copper mineralization," Copper Fox chief executive Elmer Stewart said in a statement.

"The land acquisition is in line with Copper Fox's interpretation of the porphyry copper potential along strike of the Schaft Creek deposit."

Many of the mineral tenures were acquired at the north end of the Schaft Creek deposit. But one of these mineral tenures covers the interpreted northern extension, the company said.

In addition, Copper plans to start diamond drilling sometime in early June on the discovery zone about 1,200 metres north of Schaft Creek to test the width and strike extent of mineralization.

About three to four drill holes are planned to confirm the extent and continuity of the copper-gold in this zone.

A similar drill strategy will be used to test the Titan-24 chargeability anomalies associated with the Mike, ES and GK zones. 

Detailed mapping and sampling of the ES and GK zones is planned to establish the relationship between the mineralization on surface and the chargeability anomaly prior to drilling.

Copper Fox is working on completing a feasibility study on its Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. The study is expected by mid-summer 2012.

Shares rose nearly one percent to $1.02 each in trade on Toronto’s junior venture exchange.

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