Copper Fox Provides Analytical Results from 2024 Geotechnical Drilling Program at Schaft Creek Project

Rhea-AI Summary

Copper Fox Metals has announced analytical results from six geotechnical drillholes completed at the Schaft Creek project in 2024, where they hold a 25% interest (Teck Resources holds 75%). The project, located in northwestern British Columbia, is one of North America's largest undeveloped porphyry copper deposits.

Three of the six geotechnical drillholes intersected significant mineralization, with notable results including:

• DDH SCK-24-471: 134.60m averaging 0.338% copper, 0.037% molybdenum
• DDH SCK-24-472: 208.64m averaging 0.253% copper, 0.014% molybdenum
• DDH SCK-24-476: 202.60m averaging 0.324% copper, 0.023% molybdenum

The drilling program was part of a C$18.9 million budget approved by the Schaft Creek Joint Venture for 2024, aimed at collecting geotechnical, metallurgical, engineering, and environmental data.

Positive

• Drilling extended mineralization in Paramount zone by 250 meters north
• Significant intersections of high-grade copper-molybdenum mineralization found
• C$18.9 million budget approved for project advancement in 2024
• Core recovery exceeded 90% in drilling program

Negative

• None.

Calgary, Alberta--(Newsfile Corp. - January 16, 2025) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") is pleased to provide the analytical results for the six (6) geotechnical drillholes completed at the Schaft Creek project in 2024. 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.

In 2024, the SCJV approved a C$18.9 million budget to advance key project activities including the collection of geotechnical, metallurgical, engineering, and environmental data and community engagement. The geotechnical drillholes were designed to collect additional geomechanical, downhole geophysical, structural, and hydrogeological data to be used to generate updated deposit scale hydrogeological and slope stability models. Three of the six geotechnical drillholes intersected significant intervals of mineralization.

Highlights and analytical results for the geotechnical drilling program are summarized below.

• - Four of the six geotechnical drillholes were completed along the east side of the Paramount zone referred to as the 'highwall" and two drillholes were completed on the west side of the Paramount zone.

• - The mineralization intersected in DDH SCK-24-472 extended the mineralization in the Paramount zone approximately 250 meters (m) to the north.

• - Analytical highlights include:

  • DDH SCK-24-471, intersected a core interval of 134.60m (21.60 to 156.20m) that averaged 0.338% copper, 0.037% molybdenum, 0.058 g/t gold and 0.78 g/t silver that included a 63.80m core interval (59.20 to 123.00m) that averaged 0.437% copper, 0.066% molybdenum, 0.050 g/t gold and 1.11 g/t silver.

  • DDH SCK-24-472, intersected a core interval of 208.64m (406.10 to 614.74m) that averaged 0.253% copper, 0.014% molybdenum, 0.115 g/t gold and 0.88 g/t silver.

  • DDH SCK-24-476, intersected a core interval of 202.60m (189.70 to 392.30m) that averaged 0.324% copper, 0.023% molybdenum, 0.044 g/t gold and 1.68 g/t silver that included a 14.40m core interval (196.80 to 211.20m) that averaged 0.634% copper, 0.104% molybdenum, 0.092 g/t gold and 3.48 g/t silver.

• - The other three geotechnical drillholes were not expected to intersect mineralization due to their locations and returned background metal concentrations.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "While the primary purpose of the geotechnical drilling program was to augment the geotechnical information for the Schaft Creek deposit, the 2024 drilling expanded the mineralized envelope of the Schaft Creek deposit to the northwest and intersected significant intervals of "near surface" higher-grade copper-molybdenum mineralization that provides additional information on the distribution/continuity of the mineralization within the Paramount zone."

Analytical Results

The mineralized intervals reported in this news release were calculated using a 0.10% copper equivalent (CuEq) cut-off grade. Samples lower than the 0.10% CuEq cut-off were included in the weighted average interval provided that the sample interval below the cut-off did not exceed 10.0m in core length. Intervals of core lost with zero metal concentrations are included in the interval and weighted average metal grades and CuEq estimation. The weighted average grades of the mineralized intervals are set out in Table-1:

Table 1: Weighted average grades of mineralized intervals from the 2024 geotechnical drilling program.

DDH ID	From (m)	To (m)	Interval (m)	Cu (%)	Mo (%)	Au (g/t)	Ag (g/t)	CuEq (%)
SK-24-471	21.60	156.20	134.60	0.338	0.037	0.058	0.78	0.497
including	59.20	123.00	63.80	0.437	0.066	0.050	1.11	0.694
	196.65	243.20	46.55	0.125	0.004	0.043	0.39	0.162
	330.50	344.85	14.35	0.193	tr.	tr.	0.36	0.206
	354.90	377.32	22.42	0.096	tr.	tr.	0.22	0.108
SK-24-472	94.00	105.60	11.60	0.342	0.024	0.180	2.36	0.521
	139.20	163.60	24.40	0.164	tr.	0.284	1.59	0.320
	179.20	216.30	37.10	0.064	0.004	0.078	0.58	0.118
	284.13	313.50	29.37	0.041	0.005	0.124	0.58	0.121
	351.50	391.98	40.48	0.125	0.014	0.084	0.54	0.216
	406.10	614.74	208.64	0.253	0.014	0.115	0.88	0.361
including	442.50	507.98	65.48	0.428	0.020	0.221	1.61	0.614
SK-24-476	24.50	169.13	144.63	0.344	0.012	0.041	1.27	0.409
including	24.50	81.50	57.00	0.487	0.012	0.052	1.28	0.560
including	91.50	110.05	18.55	0.492	0.013	0.045	2.34	0.567
	189.70	392.30	202.60	0.324	0.023	0.044	1.68	0.433
including	196.80	211.20	14.40	0.634	0.104	0.092	3.48	1.051
including	264.00	294.10	30.10	0.432	0.040	0.051	2.91	0.606
including	354.85	371.50	16.65	0.602	0.030	0.041	1.55	0.752
	402.00	426.00	24.00	0.137	0.002	tr.	0.59	0.153
Notes: The mineralized intervals listed in the above table are down hole drill core intervals. Drilling data is insufficient to determine the true width of the mineralized zone. CuEq = copper equivalent, % = percent, g/t = grams per tonne, m = meter, tr. = trace. Copper equivalent grades are for comparative purposes only and based on calculating the CuEq on an individual sample basis using 100.0% of the copper content plus 71% of the gold content, 60.1% of the molybdenum content and 40.3% of the silver content. Metal prices used in the copper equivalent calculation are copper US$4.00/lb, gold US$1,900/oz, molybdenum US$23.00/lb and silver US$26.00/oz. Mo concertation less than 0.003% and gold concentration less than 0.020 g/t are listed as trace. The CuEq (%) are based on the weighted average of the individual CuEq for each sample over the interval of interest.

 

Drill collar information and locations of the 2024 geotechnical drillholes is set out in Table 2 and Figure 1 below.

Table 2: Drill collar information for the 2024 geotechnical drilling program.

DDH ID	Easting	Northing	Elevation	Azimuth	Dip	Total Depth (m)
SK-24-471	379478	6360338	903.50	290	-65	380.00
SK-24-472	379538	6361053	1165.70	290	-65	624.00
SK-24-473	379986	6360575	1089.40	90	-75	377.00
SK-24-474	380719	6360710	1423.60	220	-65	194.50
SK-24-475	380532	6361102	1569.70	330	-70	381.50
SK-24-476	379481	6360334	903.50	200	-64	516.50

 

The drillhole locations and hole traces of the 2024 geotechnical drilling program are shown in Figure-1:

Figure 1: Plan map of the Schaft Creek deposit showing locations of the 2024 drillholes, the Five-Year pit shell and Life-of-Mine pit shell as set out in the "Schaft Creek Preliminary Economic Assessment, an NI 43-101 Technical Report", with an effective date of September 10, 2021, prepared by Tetra Tech Canada Inc., H. Ghaffari, M.Sc., P.Eng, et al as Qualified Persons.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2177/237362_346adec554ec985b_001full.jpg

Discussion of Mineralized Drillhole Results

DDH SCK-24-471 was drilled to the northwest and is located on the western side of the Paramount zone. The higher-grade copper-molybdenum mineralization (core interval from 21.60 to 156.20m) starts at the overburden/bedrock contact. Three additional intervals of low-grade mineralization were intersected at depth.

DDH SCK-24-472 located at the north end of the Paramount zone was drilled to the west. Due to intensely broken ground conditions, core recovery started at a downhole depth of 94.0m. In the core interval 94.00-391.98m five intervals ranging from 11.60m to 40.48m of copper-gold-molybdenum mineralization were intersected. The most significant interval of copper-gold-molybdenum occurs in the core interval 412.0-614.74m and includes a 65.48m interval of higher-grade copper-molybdenum-gold mineralization.

DDH SCK-24-476 was drilled to the southwest and intersected two significant intervals of mineralization. The upper mineralized interval (24.5-169.13m) contains two intervals of higher-grade copper mineralization. The lower interval (189.70-392.50m) contains three intervals of higher-grade copper-molybdenum mineralization and is underlain by an interval (402.00-426.00m) of significantly lower-grade copper mineralization.

Diamond Drilling and Sampling Procedures

The geotechnical drilling was completed using PQ and HQ diameter core. Overall core recovery was estimated to be greater than 90%. After cutting with a diamond saw, one half of the core was collected for sample preparation and analysis and the other half was retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.76 to 3.00m in length, with most intervals being an average of 2.0m.

Quality Control

The SCJV follows a rigorous Quality Assurance/Quality Control program. In total, 1,253 samples were submitted as part of the drill core analysis including 1,037 split-core samples, 89 commercial certified reference materials (CRMs) standards, 38 field blanks, 26 pulp duplicates, 38 field duplicates and 25 crush duplicates. The matrix material of the CRMs is matched to the Schaft Creek deposit geology. All standards used are certified for 4-acid digestion and Au by fire assay. Four standards, one field blank, and three duplicates (crush, field, and pulp) were inserted to each batch of 100 samples. The insertion rate of the CRMs during 2024 was 7:1.

Analytical data for each standard was reviewed on a batch-by-batch basis. Only the performance of Au (by Au-ICP21), Cu, Mo, and Ag (ME-MS61) were considered in the failure criteria. The performance of non-economic elements As, Fe, Mg (ME-MS61), Total S by IR08, and Total Cu by sequential leach (Cu-PKG06LI) were used to monitor digestion and method specific failures. ALS Limited (ALS) located in North Vancouver, British Columbia completed the analysis of the samples provided. ALS has a 9001:2008 International Standard Organization rating for Quality Management Systems. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.

Four drillholes from the 2024 program were analyzed using analytical package; Au-ICP21(30g), ME-MS61(0.75g): Four acid digestion followed by ICP-MS measurement, ME-IR08: Total C by C-IR07 and total S by S-IR08, Cu-PKG06LI (Seq. Leach Cu) + S-IR06a). Two drillholes were assayed using the modified method multi-element, analytical package; Au-ICP21(30g), ME-MS61(0.75g): Four acid digestion followed by ICP-MS measurement, ME-IR08: Total C by C-IR07 and total S by S-IR08, + S-IR06a).

Qualified Person

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, has reviewed and approved 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 (TSXV: 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 100% ownerships of the Van Dyke ISCR project, and the Mineral Mountain and Sombrero Butte porphyry copper exploration projects all located in Arizona, the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project and the 100% owned Eaglehead polymetallic porphyry copper project each located in northwestern British Columbia. For more information on Copper Fox's mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact: Fidel Montegu at 1-844-484-2820 or investor@copperfoxmetals.com.

Neither 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 information" within the meaning of the Canadian securities laws. 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 average grade of mineralized intervals; CuEq calculations: geotechnical drilling; and collection of additional geotechnical, hydrogeological, environmental data.

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, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards. 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 average grade of mineralized intervals may not be correct or significant; the CuEq calculations may not be accurate; the additional geotechnical, hydrogeological, environmental data may not provide the expected results, the need to obtain additional financing; uncertainty as to the availability and terms of future financing.

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.sedarplus.ca. 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.

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FAQ

What are the key findings from Copper Fox's 2024 Schaft Creek drilling program?

The 2024 drilling program revealed significant mineralization in three of six geotechnical drillholes, with notable intersections including 134.60m averaging 0.338% copper and 0.037% molybdenum in DDH SCK-24-471, and extended the mineralization zone by 250 meters north.

What is the budget allocated for the Schaft Creek project in 2024?

The Schaft Creek Joint Venture approved a C$18.9 million budget for 2024 to advance key project activities including geotechnical, metallurgical, engineering, and environmental data collection.

What is the ownership structure of the Schaft Creek project (CPFXF)?

Teck Resources is the operator and holds a 75% interest in the Schaft Creek Joint Venture, while Copper Fox Metals holds the remaining 25% interest.

What were the highest-grade mineralization results from the 2024 Schaft Creek drilling?

The highest-grade results included a 63.80m core interval averaging 0.437% copper, 0.066% molybdenum in DDH SCK-24-471, and a 14.40m interval averaging 0.634% copper, 0.104% molybdenum in DDH SCK-24-476.