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Copper Fox Metals Inc. (CPFXF) is a North American copper exploration company with a focus on sustainable and innovative mining. The company's key projects include the Van Dyke ISR project in Arizona and a joint venture at Schaft Creek with Teck Resources. With a diverse metal portfolio, Copper Fox aims to contribute to the global demand for copper and critical metals through strategic exploration initiatives.
Copper Fox Metals Inc. (TSXV: CUU, OTCQX: CPFXF) reported a net loss of $533,545 for the six months ending April 30, 2024, mirroring the previous year's results. Exploration expenditures totaled $620,331, primarily advancing its Van Dyke, Mineral Mountain, Sombrero Butte, and Eaglehead copper projects.
Key advancements included progress towards a prefeasibility study for the Van Dyke project and an $18.7 million budget for the Schaft Creek Joint Venture (SCJV), focused on advancing the project to the prefeasibility stage. The company extended the Eaglehead project's exploration permit and completed the final payment on a promissory note to District Copper Corp.
Notable management updates include hiring Fidel Ricardo Montagu Thomas for investor relations and appointing Manuel Gomez Rubio as a director. Financially, Copper Fox ended the quarter with $174,966 in cash, down from $1,368,852 in October 2023.
Copper Fox provided an update on the Schaft Creek project managed by the Schaft Creek Joint Venture (SCJV) in northwestern British Columbia. Teck Resources holds a 75% interest in the SCJV, with Copper Fox holding the remaining 25%. The 2024 program, funded by Teck at C$18.7 million, focuses on technical investigations for open pit design and environmental studies, aligning with the Tahltan Nation's traditions. The program aims to progress towards a Prefeasibility Study stage.
Key initiatives include upgrading camp facilities with solar power, advancing geotechnical drilling, and completing metallurgical studies by Q3 2024. Environmental and archaeological surveys are underway, with enhanced collaboration with the Tahltan Nation. The open pit, designed for a 21-year life, will produce significant copper, gold, molybdenum, and silver. Preliminary findings suggest opportunities for optimizing the processing flowsheet, although further data collection is needed to refine the geotechnical design.
Copper Fox Metals has provided an update on the preliminary mapping results at its 100%-owned Sombrero Butte project in the Bunker Hill Mining District, Arizona. The project focuses on Target #2, featuring a large limonite zone with intense clay alteration. Geological mapping identified several additional breccia pipes and mineralization zones with similarities to the Copper Creek deposit. Notably, 79 additional oxidized breccia pipes were found. CEO Elmer B. Stewart noted that the results suggest a buried porphyry system, though further fieldwork is needed. The findings will guide a deep geophysical survey to better define the chargeability anomalies at Target #1 and Target #2.
Copper Fox Metals, along with its subsidiary Desert Fox Mineral Mountain, has provided an update on its Mineral Mountain Project in Arizona.
The company is seeking a permit to conduct drilling operations at its 2,692.4-hectare porphyry copper property.
The project is located near significant copper deposits, including Rio Tinto and BHP's Resolution deposit.
SWCA Environmental Consultants has been hired to complete the necessary Environmental Assessment (EA) in compliance with NEPA guidelines.
The EA involves literature reviews and field studies covering a 447-acre area, with a focus on endangered species such as the acuña cactus.
The project timeline is approximately four months with an estimated cost of $42,000.
CEO Elmer B. Stewart highlighted the project's potential for discovering a substantial porphyry copper deposit.
Copper Fox, a Canadian exploration and development company, announced that it is unaware of any material changes in its operations that would explain the recent increase in market activity. The company focuses on Tier 1 copper projects in Canada and the US. Its key assets include 100% ownership of the Van Dyke oxide copper project in Miami, AZ, and the Eaglehead polymetallic porphyry copper project in British Columbia, among others. Copper Fox also holds a 25% interest in the Schaft Creek Joint Venture with Teck Resources