Copper Fox Metals Completes Sampling Program at Mineral Mountain
TSX VENTURE: CUU
CALGARY, Alberta, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V: CUU – OTC-Pink: CPFXF) and its wholly owned subsidiary, Desert Fox Copper Inc. (“Desert Fox”), are pleased to provide an update on a recently completed mapping and sampling program on Copper Fox’s 100% owned Mineral Mountain copper project located approximately 15 miles east of Florence, Arizona (see news release dated June 25, 2018).
- 61 new porphyry style copper showings have been sampled.
- The mineralized “footprints” for Target #1 and Target #2 have been expanded and remain open.
- A N20W trending regional scale fault truncates the coincident 2016 mineralized area and historical Induced Polarization anomaly to the west.
- A new area (400m by 600m and open) of porphyry style mineralization has been located approximately 400m south of the 2016 mineralized area on the west side of the N20W trending fault.
- The Laramide intrusives hosting the zones of porphyry style copper mineralization occurs in a regional scale north trending 3 kilometer wide extension zone.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The new copper occurrences combined with the additional structural and alteration data has significantly advanced our understanding of the structural setting and controls on the porphyry mineralization at Mineral Mountain. The discovery of a new area of porphyry style mineralization to the south and west of the N20W fault suggests a much larger porphyry ‘footprint’ for the property. Pending receipt of the analysis from the recent program, additional mapping and sampling are planned to define the extent of the copper mineralization in the three mineralized areas located to date.”
The objective of the program was to expand the area of porphyry style mineralization in Target #1 and Target #2 as well as investigate those areas sampled during the reconnaissance work completed in 2015 and 2016 that yielded indications of porphyry style mineralization.
The current geological model for the project is that the surface mineralization indicates a “leach cap” sitting above a buried porphyry copper system (see news release dated April 30, 2018).
The Laramide age intrusives hosting the three areas of porphyry style mineralization is located in a broad (3km wide) zone of crustal extension. Two of the three mineralized areas are located along a regional scale, N20W trending fault. Mapping suggests that horizontal offset along the N20W fault could be up to 600m.
The copper mineralization located during the recent program is hosted in quartz veins, quartz veinlets, sheeted quartz veins (with and without potassic alteration envelopes), malachite veins and veinlets (of variable thickness), as staining on numerous fractures planes and disseminations in potassic and phyllic altered Laramide age Granodiorite/Quartz Monzonite. Malachite staining occurs in a number of locations in Precambrian diabase in proximity to the Laramide age intrusives.
The main copper minerals are malachite chrysocolla, chalcocite, minor azurite and rare chalcopyrite. Gangue minerals include goethite after pyrite and jarosite. Epidote veining (2-8mm wide) occurs in a number of areas.
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox:
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX-V: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, “forward-looking information”). Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding: our understanding of the structural setting and controls and the porphyry mineralization at Mineral Mountain, and the indications from mapping and sampling; the truncation of the coincident 2016 mineralized area and the historical Induced Polarization anomaly; the location of the Laramide intrusives hosting the zones of porphyry style copper mineralization occurs in a regional scale north trending 3 kilometer wide extension zone; a much larger porphyry ‘footprint’ for the property; additional mapping and sampling to define the extent of the copper mineralization in the three mineralized areas located to date; the indication of a “leach cap” sitting above a buried porphyry copper system; the truncation of the coincident 2016 mineralized area and the historical Induced Polarization anomaly; the location of the Laramide intrusives hosting the zones of porphyry style copper mineralization occurs in a regional scale north trending 3 kilometer wide extension zone; and high copper concentrations in diabase.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the reliability of historical reports; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the dimensions, shape, characteristics, or locations of the exploration targets may not be as estimated; additional sampling of these areas may not yield significant concentrations of metals; the results of the historical studies may not be accurate; the interpretation on the emplacement of the Laramide age intrusive in a 3km wide zone of crustal extension may not be correct; the copper concentrations in diabase may not be representative of the mineralization in Target #2; and the surface mineralization and geochemical factors may not represent buried porphyry style mineralization; the financial markets and the overall economy may deteriorate; uncertainties relating to interpretation of the outcrop sampling results the geology, continuity and concentration of the mineralization; the need to obtain additional financing; uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.