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Copper Fox Metals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 650, 340 – 12th Avenue SW
Calgary, Alberta
Canada T2R 1L5
Tel No.: 403-264-2820
Fax No.: 403-264-2920
Toll Free No.: 844-464-2820
Web Site: www.copperfoxmetals.com
E-mail: investor@copperfoxmetals.com
Contact Person: Lynn Ball
Position: Investor Relations


Company Data

Traded Market: TSX-V | OTCQX
Traded Symbol: CUU | CPFXF
Outstanding Shares: 524,185,496
Public Float: 220,157,908
52 Week High: $ 0.38
52 Week Low: $ 0.17
Present Price: Click Here


Introduction

Copper Fox is a Tier 1 Canadian resource company 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:

  • Schaft Creek Project, a 25% joint venture interest with Teck Resources Limited (75%), in the Golden Triangle in northwestern British Columbia, and
  • Van Dyke Project, a 100% interest in an In-Situ Copper Recovery (ISCR) project in the Laramide Copper Province in Arizona.


Projects in Hand

Development Stage Projects

Schaft Creek Copper-Gold-Molybdenum-Silver Project, Northwestern British Columbia, Canada

Project Highlights:

  • Teck Resources Limited (75% ownership and Operator), Copper Fox (25% ownership), Schaft Creek Joint Venture (SCJV) formed upon completion of the 2013 Feasibility Study.
  • One of the largest undeveloped copper-gold-molybdenum-silver porphyry deposits in North America, located in the northwestern, BC.
  • 56,180 ha of Mineral Licenses
  • 108,459 metres of diamond drilling
  • Exploration potential, the deposit is open to expansion, with other exploration targets identified.
  • Geopolitically stable jurisdiction, Copper Fox and Teck have built a strong relationship with the Tahltan Nation.
  • Port facilities and power infrastructure nearby
  • 2021 Preliminary Economic Assessment (PEA) utilizes approximately 60% of identified mineral resources
  • Schaft Creek project covers a 12 km long mineralized trend exhibiting porphyry style mineralization
  • Mineralization in Schaft Creek deposit remains open in several directions
  • Mineral Resource Estimates (January 2021):
  • Measured & Indicated:
    • 1,345.5 Mt @ 0.26% Cu, 0.16 g/t Au, 0.017% Mo, 1.25 g/t Ag
    • 7.8 Blb Cu, 7.0 Moz Au, 510.6 Mlb Mo, 54.3 Moz Ag, 11.6 Blb CuEq
  • Inferred:
    • 343.6 Mt @ 0.17% Cu, 0.11 g/t Au, 0.013% Mo, 0.84 g/t Ag
    • 1.3 Blb Cu, 1.2 Moz Au, 95.5 Mlb Mo,9.3 Moz Ag, 2.0 Blb CuEq
  • District potential to locate additional deposits, ie:
    • Discovery Zone 1.5 km north of the Schaft Creek deposit
  • 2022 approved work program for 5,000m of drilling, geotechnical analysis, updating the structural geology interpretation, rock geochemistry analysis, metallurgical test work, environmental baseline data collection and strengthening the engagement plan with the Tahltan Nation

Van Dyke ISCR Project, Arizona

Project Highlights:

  • 100% ownership located 90 miles east of Phoenix in the Globe-Miami Mining District in Arizona, Arizona is home to some of the largest copper mines/deposits in the world.
  • 531 ha of Mineral Rights
  • 40,357 metres of diamond drilling
  • Deposit open to expansion
  • Geopolitically friendly mining jurisdiction
  • Existing infrastructure
  • 2020 Preliminary Economic Assessment (PEA) recommended advancing the project to the pre-feasibility stage – US$15.5M program to include drilling, permitting and Pilot Testing
  • Potential mid-tier ISCR copper mine
  • Low C1 and AISC Costs/lb Cu
  • Resource expansion potential – deposit open in several directions
  • Mineral Resource Estimates (May 2020):
    • Indicated resource of 97.6 million tonnes, grading 0.33% total copper, containing 517 Mlb of soluble copper
    • Inferred resource of 168.0 million tonnes, grading 0.27% total copper, containing 699 Mlb of soluble copper
  • Conceptual Hydrogeological modelling completed 2021

Exploration Stage Projects – 100% Interest

Eaglehead Copper-Molybdenum-Gold Project, Northwestern British Columbia

Project Highlights:

  • 8km long porphyry copper-gold-molybdenum-silver footprint hosting six open ended mineralized zones
  • 120 out of 126 drill holes intersected significant intervals of Cu-Mo-Au mineralization
  • Preliminary metallurgical testwork indicated 89% Cu, 78% Au, 78% Ag and 72% Mo recovery
  • The 2022 mapping/prospecting program has been completed, several new copper showings were located
  • Drilling and preliminary metallurgical testwork planned in 2022 has been setback due to permitting delays.

Sombrero Butte Copper Project, Arizona

Project Highlights:

  • Located 2 miles south of Copper Creek Cu-Mo porphyry deposit
  • Multiple mineralized breccia pipes; with Cu-Mo-Au-Ag (similar to Copper Creek)
  • Large porphyry copper system, two large chargeability anomalies
  • Airborne magnetic/radiometric survey completed in 2022.

Mineral Mountain Copper Project, Arizona

Project Highlights:

  • Located on major porphyry copper trend in Arizona, approximately 15 miles east of Florence copper deposit
  • Large target identified with porphyry style copper mineralization over 4,500m by 2,000m.
  • Airborne magnetic/radiometric survey completed in 2022; possible project wide IP survey late 2022.

Investment Highlights

  • Focused on copper exploration and development of large, long-life projects in Tier 1 jurisdictions in North America
    • Golden Triangle in British Columbia and Laramide Copper Province in Arizona
  • Robust project pipeline of high-quality porphyry copper and in-situ copper recovery (ISCR) projects
    • Schaft Creek (100% basis)
      • After-tax Net Present Value (NPV) US$842M and Internal Rate of Return (IRR) of 12.9% (Copper @ US$3.25)
    • Van Dyke
      • After-tax NPV US$645M and IRR of 43.4% (Copper @ US$3.15)
  • Highly leveraged to copper prices
    • Increase of $0.25 in copper price increases Schaft Creek after-tax NPV by US$240M (28%) and Free Cash Flow (FCF) by US$710M; Van Dyke after-tax NPV by US$90M (14%) and FCF by US$190M
  • Identified project enhancements could increase project value
    • Additional metallurgical testwork to increase metal recoveries/reduce processing costs
  • Copper Fox recognizes environmental, social and governance (“ESG”) as key components to responsible mineral exploration and development.


Management

Management and Directors

Elmer B. Stewart, P.Geol., M.Sc., Chairman, President and Chief Executive Officer

Mr. Stewart has over 44 years of domestic and international experience in mining and mineral exploration. He has been involved in the financing, acquisition and exploration of base metal and gold projects as well as the development and construction of two underground mines and the construction and operation of three open pit gold mines. Mr. Stewart was instrumental in diversifying the Company’s project portfolio throughout North America. Mr. Stewart has approximately 35 years of experience at the senior management level for various companies listed on the Toronto and Toronto Venture Exchange.

Mark T. Brown, B.Comm, CPA, C.A., Chief Financial Officer

Mr. Brown is an officer and director of a number of public and private companies and his corporate activities include transactions, financings and corporate financial planning.

R. Hector MacKay-Dunn, QC, Director

J. Michael Smith, Director

Ernesto Echavarria, CPA, Director

Erik Koudstaal, CA, Director


News Update

On July 18, 2023, Copper Fox Metals Inc. intends to complete, subject to the approval of the TSX Venture Exchange, a non-brokered private placement to raise up to $2-million in gross proceeds. The offering will consist of up to eight million units at a price of 25 cents per unit. Each unit will consist of one common share in the capital of the company and one-half common share purchase warrant.

On July 13, 2023, Copper Fox Metals Inc. has provided an update on project activities, including the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products.

Elmer B. Stewart, President, and CEO of Copper Fox, stated, "The results from the 2023 Schaft Creek program will be critical to advancing development as the joint venture continues its efforts to surface additional value in the Schaft Creek project. The results to date on Copper Fox's operated projects are encouraging and continue to advance each project in line with the Company's stage gate approach to project development. Advancing to an updated mineral resource estimation for Eaglehead is a project 'milestone'. Depending on the results of the estimate it is expected to provide optimal drill hole locations and technical justification for additional drilling to continue testing the mineral potential of the project."

On July 05, 2023, Copper Fox Metals Inc. has appointed Lynn Ball as vice-president of corporate affairs. Her responsibilities include leading and executing a strategy to build long-term environmental and social stewardship policies, management of corporate reporting requirements and ESG communications.

On June 27, 2023, Copper Fox Metals Inc. has completed the planned hyperspectral survey over its 100-per-cent-owned Sombrero Butte copper project. The project is located approximately 3 kilometers south of the Copper Creek porphyry copper deposit in the historic Bunker Hill Mining District in Arizona.

Elmer B. Stewart: President & CEO of Copper Fox commented, "The extensive overburden cover at Sombrero Butte has hampered efforts to locate and map the extent of mineralized breccia pipe clusters and porphyry copper alteration patterns. At Sombrero Butte two distinctly different styles of alteration have been identified. The north end of the property hosts multiple breccia pipes associated with strong potassic alteration whereas the south end of the property hosts both mineralized breccia pipes and breccia pipes exhibiting higher temperature, Advanced argillic alteration, typically found in the deeper levels of the porphyry system. Combining the Hyperspectral data and previously collected trace element geochemistry can be used to identify areas of alteration associated with breccia pipes, hydrothermal centers and/or styles of mineralization indicative of porphyry copper deposits not readily apparent at the outcrop level."

On June 21, 2023, Copper Fox Metals Inc. has released its unaudited interim consolidated April 30, 2023, financial statements have been filed on SEDAR.

For the six months ended April 30, 2023, Copper Fox had a net loss of $533,608 (April 30, 2022 -- $612,002) which equated to a zero-cent loss per share (April 30, 2022 -- zero-cent loss per share).

During the six months ended April 30, 2023, the company incurred $324,201 in expenditures primarily furthering the development of the Van Dyke, Mineral Mountain and Eaglehead copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR, the company's website or by contacting the company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

On June 01, 2023, Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have provided the results of continuing compilation of recently acquired data in advance of the planned geophysical survey on its 100-per-cent-owned Mineral Mountain project located approximately 25 kilometres (15 miles) east of Florence, Ariz. (see news release dated April 19, 2023). The survey is expected to commence before the end of June subject to the arrival of the geophysical crew. Highlights of the compilation are set out below. Highlights:

  • The modelling of analytical data outlined overlapping, northeast-trending zones of greater than 1,000 parts per million (ppm) copper and greater than 30 ppm molybdenum.
  • The copper zone measures approximately 3,000 metres by 700 m, and the molybdenum zone measures approximately 2,800 m by 600 m. These zones exhibit a strong spatial correlation to the chargeability signature identified in 2021.
  • Whole rock geochemistry has outlined two distinct rock suites: a granodiorite-quartz diorite suite and a quartz monzonite suite. The recent sampling returned significant copper mineralization ranging from 1,620 to 27,200 ppm in granodiorite, quartz diorite and quartz monzonite intrusive phases of the Mineral Mountain intrusive.
  • A new wholly owned subsidiary of Copper Fox named Desert Fox Mineral Mountain Co. has been formed for legal and accounting purposes.

On May 11, 2023, Copper Fox Metals Inc., through its wholly owned subsidiary Desert Fox Copper Inc., has provided an update on its 100-per-cent-owned Van Dyke in situ copper recovery (ISCR) project located in the Globe-Miami mining district, Gila county, Arizona.

The 2020 preliminary economic assessment (PEA) for the Van Dyke project, prepared in accordance with National Instrument 43-101, indicated an after-tax net present value of $645-million (U.S.) and an internal rate of return of 43.4 per cent, based on a 17-year mine life using a $3.15 (U.S.) per pound copper price. The PEA recommended advancing the project to the preliminary feasibility study (PFS) stage. Based on this recommendation the company is proceeding with a drill hole rehabilitation and testing program along with other activities highlighted below. Highlights:

  • Cascade Drilling and Technical Services has commenced surge, bail and pump testing on four drill holes.
  • Planning for the mineralogical, solubility, whole rock and trace element studies has been completed.
  • Sampling of the Gila conglomerate for unconfined compressive strength (UCS) tests for geotechnical purposes is planned.

On April 19, 2023, Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have provided an update on the recently completed mapping program in advance of the planned geophysical survey on its 100-per-cent-owned Mineral Mountain copper project located approximately 25 kilometres (15 miles) east of Florence, Ariz. (see news release dated March 30, 2023). Highlights of the mapping program are set out below. Highlights:

  • Copper mineralization occurs primarily in quartz-K-spar-hematite, quartz-hematite, quartz and hematite veins hosted in potassic altered porphyritic quartz monzonite.
  • Fracture-controlled, chalcopyrite-pyrite mineralization (trace amounts) occurs within the quartz monzonite on the margins of the main zone of copper mineralization.
  • The pipe-like positive magnetic features identified by the 2022 airborne magnetometer survey are due to a significant increase in magnetite content in the porphyritic quartz monzonite.
  • The positive magnetic signature associated with the two potential targets along strike of the main zone of mineralization is attributed to discrete zones of increased magnetite content in the Pinal schist and the Laramide intrusive.
  • The mapping located several occurrences of copper mineralization crosscutting late-stage aplite and granodiorite dikes that suggest the introduction of several episodes of copper mineralization.

On April 06, 2023, Copper Fox Metals Inc., through its wholly owned subsidiary Desert Fox Copper Inc., has provided an update of recent activities and plans on its 100-per-cent-owned Van Dyke in situ copper recovery (ISCR) project located in the Globe-Miami mining district in Gila county, Arizona.

The 2020 Preliminary Economic Assessment ('PEA') for the Van Dyke project prepared in accordance with National Instrument 43-101, (click here for the News Release) indicated an after-tax Net Present Value of US$644.7 million and an Internal Rate of Return of 43.4%, based on a 17 year mine life using a US$3.15/lb copper price. The PEA recommended advancing the project to the Preliminary Feasibility Stage ('PFS'). Based on this recommendation the Company has proceeded with Phase I of a Hydrogeologic Monitoring and Testing Program along with other activities highlighted below: Highlights:

  • The downhole camera survey determined that four of the historical drill holes surveyed are suitable for further investigation.Additional work planned on these drill holes includes, surge, bail, and pump testing the drill hole and sampling of the water for analytical purposes.
  • Mineralogical, solubility, whole rock and trace element studies are planned to test mineral solubility across the deposit and the chemical changes that would occur from the leaching process.
  • Unconfined Compressive Strength ('UCS') tests on samples from the Gila Conglomerate are planned to obtain geotechnical data on ground support requirements related to the proposed underground access for the project. Copper Fox has made a significant contribution toward the restoration of the Keystone Stairs; a historic landmark in Miami, Arizona by contributing the surface rights to a small parcel of land owned by Desert Fox Van Dyke Co.

On March 30, 2023, Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have executed a contract with Quantec Geosciences USA Inc. to conduct a deep penetrating geophysical survey on its 100-per-cent-owned Mineral Mountain project located approximately 25 kilometres (15 miles) east of Florence, Ariz. The geophysical survey will employ Quantec's Orion 3-D Swath DCIP configuration. Highlights of the survey are set out below. Highlights:

  • The objective of the survey is to further define the horizontal and depth extensions of the open-ended chargeability and resistivity signatures associated with the 4,500-metre-long by 2,000 m wide copper footprint.
  • Detailed mapping of lithology, alteration and mineralization along the proposed geophysical survey lines is planned to better interpret the results of the geophysical survey.
  • The survey is to commence in May, 2023, and may vary subject to crew availability.
  • Geochemical vectoring (copper-zinc ratio) defined a 4,000 m long northeast-southwest trending corridor potentially hosting two additional porphyry targets on strike with the mineralized Laramide age intrusive.

On March 28, 2023, Copper Fox Metals Inc.'s controlling shareholder, Ernesto Echavarria, has exercised a total of 21,666,667 common share purchase warrants of the company, representing all the warrants held by Mr. Echavarria. As a result of the exercise of the warrants, together with prior acquisitions, Mr. Echavarria now holds an aggregate of 312,242,855 common shares of the company, representing approximately 56.95 per cent of the issued and outstanding shares, an increase from approximately 55.23 per cent prior to the exercise of the warrants.

On March 22, 2023, For the three months ended Jan. 31, 2023, Copper Fox Metals Inc. had a net loss of $279,590 (Jan. 31, 2022 -- $248,719), which equated to nil loss per share (Jan. 31, 2022 -- nil loss per share).

During the three months ended Jan. 31, 2023, the company incurred $134,583 in exploration expenditures, primarily furthering the development of the Van Dyke, Mineral Mountain and Eaglehead copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR, the company's website or by contacting the company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

On March 02, 2023, Copper Fox Metals Inc. has provided its shareholders an outline of the 2023 program for the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. 2023 Program Highlights:

Advancing the project with focus on key areas including Safety, Geoscience and Engineering, Environmental, Communities, and Permitting.

Planned expenditures in 2023 are C$17.2 million.

Proposed 9,000 m drill program focused on geotechnical data collection.

External review of currently envisaged construction timeline and offsite infrastructure costs to reduce initial development costs and payback period, to improve the overall investment case.

Collection of geotechnical data in key areas identified during a gap analysis, including the proposed pit highwall, which aim to improve the pit design and life of mine strip ratio to reduce operating costs and associated greenhouse gas emissions.The implementation of an environmental baseline data collection program that is in accordance with envisaged future permit regulatory requirements.

On February 21, 2023, Copper Fox Metals Inc. has provided analytical results for the last five of 11 drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek joint venture (SCJV). Teck Resources Ltd. is the operator of the SCJV and holds a 75-per-cent interest with Copper Fox holding the remaining 25-per-cent interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver byproducts.

The 2022 metallurgical drill program completed 4,688 metres with the objective of collecting samples to complement historical metallurgical testwork. The drill program expanded the metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. Eleven drill holes were completed across the project's mineralized zones: Liard (six holes), Paramount (three holes) and West Breccia (two holes). It drilled 270 m of 0.52% CuEq at Schaft Creek.

On February 17, 2023, Copper Fox Metals Inc. CEO Elmer Stewart joined Steve Darling from Proactive to share news the company is planning to be very active in 2023 with work scheduled on a number of its project and joint ventures. Stewart told Proactive more about the work plan and the success the company had in 2022 that has paved the road for this year.

On February 16, 2023, For the year ended October 31, 2022, Copper Fox had a net loss of $1,290,966 (October 31, 2021 - $861,228) which equated to $0.00 loss per share (October 31, 2021 - $0.00 loss per share).

During the year ended October 31, 2022, the Company incurred $1,312,952 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects as well as exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company's web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

November 29, 2022, Copper Fox Metals Inc., through its wholly owned subsidiary Northern Fox Copper Inc., has provided an update on its 100-per-cent-owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometres east of Dease Lake, B.C. The Eaglehead project is in the prolific Quesnellia terrane in British Columbia and covers a large portion (16,492.62 hectares) of the Lower Jurassic age (plus/minus 195 million years), Eaglehead intrusive. Highlights:

  • The Mines Act permit to conduct the activities set out in the Feb. 1, 2022, notice of work (NoW) has been received from the B.C. Ministry of Energy, Mines and Low Carbon Innovation;
  • The relog and sampling program returned additional intervals of significant copper mineralization;
  • The geological modelling of the mineralized zones and surface mapping program has better informed the controls on mineralization and revised the geology of the southwest portion of the Eaglehead intrusive;
  • The water quality sampling shows no appreciable changes in water quality over the season.

On September 14, 2022, Copper Fox Metals Inc. announced that it has suspended plans to complete its proposed 2,500-metre drilling program on its Eaglehead project.

On September 8, 2022, Copper Fox Metals Inc. announced plans to commence Phase I activities on the Van Dyke project.

Highlights

  • Results of an early-stage Biological Evaluation of certain parts of the Van Dyke project were announced.
  • Investigate the potential of rehabilitating and completing a comprehensive testing program on existing drill holes to establish hydrogeological monitoring sites.
  • Results of the Phase I activities would be used to establish a base on which to advance the project to Phase II which includes additional drilling to expand the hydrogeological monitoring system and collection of data to advance the project to the Preliminary Feasibility stage.

On August 25, 2022, Copper Fox Metals Inc. provided an update on the Eaglehead project.

Highlights

  • Approval for the Notice of Work to conduct the proposed drilling program is still pending.
  • Ongoing review of historical drill cores has located additional un-sampled, mineralized (chalcopyrite +/-bornite) intervals. Sampling of these intervals is in progress.
  • The final report on the findings of the 2022 Archaeological survey is pending.
  • The water quality surveys completed in 2022 show no appreciable changes in water quality.
  • Field investigation of the four previously identified targets resulted in two targets for future exploration.

On August 18, 2022, Copper Fox Metals Inc. released both an updated compilation and the 3-D modelling results of magnetic data from the Mineral Mountain project.

Highlights

  • 3-D modelling has identified a potential cupola underlying the project area, with several, cylindrical, pipe-like intrusives exhibiting a positive magnetic signature.
  • Two of these pipe-like bodies show a strong spatial correlation to the area of coincident copper-molybdenum mineralization/porphyry style alteration/chargeability anomaly outlined to date; the other pipe-like bodies, while larger in size, are not-mineralized.
  • The area previously referred to as target No. 2 is related to a regional scale northeast trending (30-degree) structural feature and is not considered to be a porphyry target.
  • The near-surface, higher-chargeability portion (plus/minus 300 to 550 metres wide) of the positive chargeability anomaly (2,900 metres long by 1,300 metres wide) identified in 2021, exhibits a strong spatial correlation to the mineralized pipe-like intrusives.


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