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Thursday, 25 October 2012
Copper Fox Metals closes $2.5 mln financing
Vancouver-based Copper Fox Metals (CVE: CUU) announced last night that it closed the $2.5 million financing by an insider that it announced last month.
The financing consisted of 2.17 million units at a price of $1.15 per share. Each unit is made up of one common share and one share purchase warrant, with every warrant allowing the holder to buy an additional share at a price of $1.25 prior to this time next year.
The new funds will be used to pay for costs associated with the Schaft Creek feasibility study, as well as the environmental assessment application and general operating expenses.
No fees or commissions were paid as part of this transaction, the company said.
Earlier this month, Copper Fox Metals (posted drill results that it says “lend considerable support to the mineral potential” at the Schaft Creek copper-gold-molybdenum-silver project located in northern British Columbia.
Highlights from the latest results include drill hole CF429-2012 in the Mike zone, which intersected an average of 0.02 per cent copper, 0.02 grams per tonne (g/t) gold and 1.09 g/t silver over a core length of 84.49 metres, with individual maximum sample concentrations of 0.05 per cent copper, 0.15 g/t gold, 16.9 g/t silver and 0.006 per cent molybdenum.
Canadian Copper Fox is focused on the exploration and development of its Schaft Creek copper-gold-molybdenum-silver deposit.
The company is working on completing a feasibility study on Schaft Creek, which is located within a contiguous group of mineral claims that cover 21,025 hectares. It is situated 45 kilometres west of the Stewart-Cassiar Highway and around 80 kilometres south of Telegraph Creek in north western British Columbia.
The updated resource estimate for the Schaft Creek deposit, released in May, includes the deposit’s Paramount and Liard zones. The combined measured and indicated resource was 1.23 billion tonnes for contained metals of 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 for contained metals of 2.87 billion pounds copper, 206.3 million pounds molybdenum, 3.36 million ounces gold and 31.60 million ounces silver.
Last month, Copper Fox said that the feasibility study on the Schaft Creek project is in its final stages, marking “the most significant event” at the company in eight years.