Thursday, 2 August 2012

Copper Fox extends mineralization, buys more claims at Schaft Creek

Copper Fox (CVE:CUU) has extended mineralization at the Discovery Zone, and acquired more land at Schaft Creek, in British Columbia.

The Calgary, Alberta-based company said two diamond drill holes tested the 1,800 metre long by 900 metre wide chargeability anomaly known as the Discovery Zone.

Diamond drill hole 2012CF426 intersected variable concentrations of visible chalcopyrite, a copper iron sulphide mineral, over 90 per cent of the core length at the Discovery Zone. 

Drill hole 2012CF427, located 400 metres northwest of hole 2012CF426, tested the strike extension of the chargeability anomaly at Discovery Zone.

This hole hit variable concentrations of chalcopyrite and sporadic molybenite mineralization from an interval of 250 metres to 769 metres.
The chalcopyrite-molybdenite mineralization occurs as disseminations, veins and veinlets, which exhibit a number of thin basic dikes.  This hole contains large intervals of silicification.

“I am pleased with the results of the first two holes completed in the Discovery Zone,” Copper Fox chief executive Elmer Stewart said in a statement.

“The mineralization in the drill core combined with the results of the Aster study and field mapping support the existence of additional zones of copper-molybdenite mineralization to the north along the previously identified Schaft Creek mineral trend.”

Copper Fox said assay results will be released shortly.

Meantime, drill holes 2012CF429 and 2012CF429B were terminated due to extremely difficult ground conditions at the Mike Zone. These drill holes were meant to test strong chargeability anomalies that define the Mike Zone, Copper Fox said.

Both drill holes reached a depth of 140 metres before being nixed.

Separately, Copper Fox also purchased nine mineral claims totalling 2,936 hectares from Randy Marko and Paul Mott.

These claims, which Copper Fox paid $10,000 plus a two per cent net smelter return royalty, are next to the company’s Schaft Creek project.

According to the deal, the company can also purchase half of the net smelter royalty for $1 million cash reducing the royalty fee down to one per cent.

The Schaft Creek project rests 45 kilometres west of the Stewart-Cassiar Highway and approximately 80 km south of Telegraph Creek in north western British Columbia.

The Schaft Creek is a giant porphyry copper-gold-molybdenum-silver deposit. A feasibility study, done by Tetra Tech, is slated to be completed by mid to late summer of 2012.

The feasibility study will include an updated geological model, resource estimate, reserve estimate, revised capital cost and operating cost estimates and other technical, socio-economic and financial aspects related to the feasibility study.

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