Tuesday, 4 September 2012

Copper Fox unveils drilling results, feasibility study for Schaft Creek expected this month

Copper Fox Metals (CVE:CUU) revealed this morning results from two diamond drill holes, showing what it called "widespread mineralization" from the Discovery zone at its Schaft Creek copper-gold-molybdenum-silver project in northwest British Columbia.
The company also said it expects to unveil its feasibility study for the project this month. 
Diamond drill hole CF427-2012 intersected 0.625% copper, 0.59 grams per tonne (g/t) gold, 2.02 g/t silver and 0.006% molybdenum, or 1.01% copper equivalent,  over a core length of 47 metres starting at a core interval of 509.00 metres. 
The same hole also intercepted 0.36% copper equivalent over 336.72 metres starting at a core interval of 428.12 metres, and hole 
CF426-2012 returned 0.21% copper equivalent over 689.11 metres starting at a core length of 76.55 metres. 
The company said that with these holes, phase 1 of the 2012 exploration program has been completed, and that additional drilling may be conducted in September. 
Results of the interpretation of the airborne and Titan-24 surveys that were completed over the Shaft Creek project are expected shortly, it added. 
"Although to date the  drilling was limited in extent, it achieved the first Phase of the  objectives of the 2012 exploration program," said president Elmer B. Stewart. 
"A Phase 11 program is  currently being considered."
Stewart further said that the source of the Titan-24 chargeability  anomaly on the Discovery zone is interpreted to be the  copper-gold-silver mineralization intersected by the 2012 drilling. 
"The higher grade nature of the copper-gold mineralization in certain  portions in (DDH) CF427-2012 and the absence of molybdenum in both  drill holes suggest a separate mineralizing event from that which  formed the Schaft Creek deposit. 
"The combination of these drill  results, the chargeability anomalies and mineralization in outcrop lends considerable support to the mineral potential of the Schaft Creek mineral trend."
The 2012 drilling program so far has totaled 2,206 metres in six  diamond drill holes. The company said difficult ground conditions resulted in the early termination of four of the drill holes from the campaign. 
Also Tuesday, Copper Fox said the results of the feasibility study for the project are expected to be released in September, with an optimized mine plan already completed. 
Sensitivity studies related to capital recovery versus daily mill throughput are being completed to determine the optimal start-up scenario for the Schaft Creek project, the company added. 
The final phase of the  study, the economic analysis, is expected to be completed early this month. 
Schaft Creek is one of the largest undeveloped copper, gold,  molybdenum and silver deposits in North America, according to Copper Fox. 
The feasibility study  is being led by Tetra Tech Wardrop on a minimum 120,000 tonne per day open pit  mine.
The company holds a 100 per cent working interest in the project consisting of 52,843.36 hectares. 

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