CALGARY, Alberta, June 25, 2018 (GLOBE NEWSWIRE) -- Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V: CUU ) (OTC:CPFXF) is pleased to provide highlights of an updated compilation of exploration results for its 100% owned Mineral Mountain copper project located near Florence, Arizona (see news release dated April 30, 2018).
The Mineral Mountain area was the subject of considerable historical work as a substantial number of shafts, adits, and prospect pits are shown on the topographic map of the area. These works were focussed on the higher grade vein/fissure mineralization in the Pinal Schist located north of the Laramide intrusives. Known mineral occurrences include copper, molybdenum, zinc, lead, gold, silver, and manganese. Highlights of the compilation are:
Highlights:
- Two Laramide age porphyry copper style exploration targets have been identified.
- The distribution of the mineralization and alteration patterns in Target #1 is controlled by a series of N20-30W and NE 50-70E trending faults.
- Target #1 is underlain by Laramide age granodiorite, measures approximately 1,800 meters (‘m’) long by 1,000m wide (including the Leach Cap/2016 mineralized area) and is interpreted to dip north under the Pinal Schist.
- A historical chargeability anomaly (measuring approximately 1,000m by 1,000m) is located at the northern end of Target #1 hosted in Laramide age granodiorite and Precambrian granite. The anomaly is terminated on the west side by a N20W trending fault and extends to the northeast under the Precambrian granite.
- Target #2 is underlain by Precambrian age diabase/granite, measures approximately 1,200m long by 600m wide, and is characterized by high copper concentrations in diabase. Samples of diabase returned up to 9.05% copper and 131 ppm Molybdenum.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “These targets are hosted in a regional scale structure and appear to have similar orientation and structural control to that of the Ray copper deposit located to the east. The structural control on the alteration and mineralization explains the distribution of the recent trench sampling results. Copper Fox is currently considering future exploration activities including but not limited to additional mapping and sampling work on Target #2 to follow-up the high copper concentrations in outcrop.”
Geological Model: The geological model for the project suggests that these Targets (geochemical and mineralized signatures) resulted from mineralized fluids that leaked upward through fractured country rock from a deeper, geochemically zoned but as-yet-unseen, buried porphyry copper system. Such leaks are evidenced by the steeply dipping, copper-molybdenum bearing veins that exhibit a broad range of strike orientations.
Target #1 is characterized by:
- a northeast trending open ended chargeability anomaly (1,000m by 1,000m) identified in 1971;
- a mineralized area of approximately 1,100m by 900m outlined in 2016 that includes the 2018 trench sampling results;
- copper-molybdenum mineralization in outcrop extending over a horizontal distance of approximately 1,800m hosted in potassic and phyllic altered Laramide age granodiorite; and
- the Laramide age intrusive is interpreted to dip to the north under the Pinal Schist as evidenced by the anomalous copper-molybdenum geochemical signature and higher grade vein/fissure mineralization (the area of historical working - see above).
Target #2 is characterized by:
- being located approximately 800m east of Target #1;
- an area (600m by 600m) of mineralized outcrops of propylitic altered Precambrian age diabase and granite;
- metal concentrations in outcrop range from 9 to 90,500 ppm (9.05%) copper, from 2 to 104 ppm (0.014%) molybdenum and from 6 to 402 ppb (0.40g/t) gold; and
- crosscutting Laramide age granodiorite dikes and small intrusive bodies.
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
For additional information contact:
| Copper Fox Metals Inc. | Renmark Financial Communications Inc. |
| Lynn Ball: investor@copperfoxmetals.com | Robert Thaemlitz: rthaemlitz@renmarkfinancial.com |
| (844) 484-2820 or (403) 264-2820 | Tel: (416) 644-2020 or (514) 939-3989 |
| www.copperfoxmetals.com | www.renmarkfinancial.com |
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: the dimensions, orientation, and characteristics of two porphyry style exploration targets; the structural control on the mineralization and alteration; the dimensions and host rock for the exploration targets; comments on the historical chargeability anomaly associated with Target #1; high copper concentrations in diabase; future exploration activities including but not limited to additional mapping and sampling work on Target #2 to follow-up the high copper concentrations in outcrop; the existence of a deeper, geochemically zoned but as-yet-unseen, buried porphyry copper system.
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 targets may not yield significant concentrations of metals, the results of the historical chargeability anomaly may not be accurate; the interpretation on the structural control on the mineralization and alteration may not be correct; the high copper concentrations in diabase may not be representative of the mineralization in Target #2; 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.
