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Monday, 10 September 2012
Copper Fox wraps up purchase of Sombrero Butte and Van Dyke in Arizona
Copper Fox Metals (CVE:CUU) said Monday it has closed the purchase of the Sombrero Butte property in Pinal County, Arizona from Bell Copper Corp.
The company also acquired all the Bureau of Land Management lode claims, which are next to Bell Copper's interests in the Van Dyke copper deposit in Miami, Arizona.
Copper Fox acquired the claims by paying the US-dollar equivalent of C$1.0 million in cash. It also assumed Bell Copper's continuing obligations in respect of the projects.
Highlights of the deal, which was initially announced in July, include a historical resource of 112 million tonnes with an average grade of 0.52 per cent copper, estimated to contain 1.2 billion pounds of copper at the Van Dyke deposit.
Further features of the Van Dyke acquisition are that primary sulphide copper mineralization occurs beneath and to the east of the oxide mineralization, and a satellite porphyry area to the west of the deposit revealed azurite - copper oxide mineralization.
Past metallurgical testwork also indicated copper recoveries of up to 80 per cent using hydrofracturing to improve fluid circulation.
Meanwhile, Copper Fox said that the Sombrero Butte property contains several clusters of copper bearing breccia pipes, which elsewhere in the district host economic deposits.
Twenty nine of 34 holes drilled to test eight breccia pipes intersected significant intercepts of copper mineralization over core intervals ranging from two metres to 72 metres with average copper grades from 0.37 to 5.85 per cent.
The Sombrero Butte property consists of 2,887 acres, and contains at least two main clusters of mineralized breccia pipes, believed to be associated with one or more underlying porphyry copper systems.
The project is located 9 miles east of the San Manuel Mine and 2 miles south of Redhawk Resources' Copper Creek project.
Copper Fox is developing the Schaft Creek copper-gold-molybdenum-silver deposit located in northwest British Columbia, Canada.
The company is working on completing a feasibility study for the project, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America.
The feasibility study is being led by Tetra Tech Wardrop on a minimum 120,000 tonne per day open pit mine and is expected to be completed this month.
In May, Copper Fox unveiled an updated resource estimate for the Schaft Creek deposit including the Paramount and Liard zones.
The combined measured and indicated resource was 1.23 billion tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 grams per tonne (g/t) gold and 1.69 g/t silver containing 7.11 billion pounds copper, 455.3 million pounds molybdenum, 7.37 million ounces gold and 66.74 million ounces silver.
The inferred resource was 597.2 million tonnes grading 0.22% copper, 0.016% molybdenum, 0.17 g/t gold and 1.65 g/t silver containing 2.87 billion pounds copper, 206.3 million pounds molybdenum, 3.36 million ounces gold and 31.60 million ounces silver.