Calgary, Alberta--(Newsfile Corp. - June 18, 2024) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated April 30, 2024, financial statements have been filed on SEDAR+.
For the six months ended April 30, 2024, Copper Fox had a net loss of $533,545 (April 30, 2023 - $533,608) which equated to $0.00 loss per share (April 30, 2023 - $0.00 loss per share).
During the six months ended April 30, 2024, the Company incurred $620,331 in exploration expenditures primarily furthering the development of the Van Dyke (Globe-Miami Mining District, AZ), Mineral Mountain (Mineral Mountain Mining District, AZ), Sombrero Butte (Bunker Hill Mining District, AZ) and Eaglehead (Liard Mining District, BC) copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR+ at www.sedarplus.ca, 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.
Elmer B. Stewart, President and CEO of Copper Fox stated, "During the Quarter, the Company continued to advance the Van Dyke project toward the prefeasibility study ('PFS') stage and finalized the scope and scale of the permitting process with the Bureau of Land Management ('BLM') to obtain the permits to complete a "maiden" drilling program on the Mineral Mountain porphyry copper project in Arizona. Preliminary results for Sombrero Butte yielded positive results that further support our interpretation of the presence of a large copper porphyry system. The exploration permit at our Eaglehead project was extended by two years and the final payment on the promissory note to District Copper Corp. was completed.
At Schaft Creek, the Schaft Creek Joint Venture ('SCJV') is embarking on the most comprehensive annual program since formation of the joint venture, budgeted at $18.7 million. The focus of the current program is to position the project to progress toward the start of a PFS. The 2023 geotechnical investigation recommended additional data collection and studies to better assess pit slope conditions ahead of updating the current open pit design. Preliminary indications from the metallurgical program are that the grinding and metal recovery projections are encouraging, completion of these studies are necessary to define metallurgical performance and optimize the overall processing flowsheet."
2024 Q2 Highlights
On February 29, 2024, the Company announced the 2024 program and budget for the Schaft Creek project approved by the SCJV. The focus of the 2024 program is:
Advance the key project parameters to transition the project from Scoping to PFS stage by the end of 2024 or early 2025.
Planned expenditures are $18.7 million to be fully funded by Teck.
Technical Activities:
Completion of the metallurgical testwork program currently underway.
4,500m of drilling focused on key technical areas including the Highwall, Tailing Storage Facility ('TSF'), and Rock Storage Facility ('RSF').
On March 22, 2024, the Company announced that it retained Mr. Fidel Ricardo Montagu Thomas to provide investor relations services for an initial period of six months. The Company has the option to renew the agreement for an additional one year subject to the terms of the service agreement.
On March 25, 2024, the Company announced the appointment of Mr. Manuel Gomez Rubio as an additional director of the Company until the next annual general meeting of shareholders. Mr. Gomez holds a Bachelor of Accounting degree from Instituto Tecnologico y de Estudios Superiores de Monterrey in Mexico and an MBA from City University in Zurich, Switzerland. Mr. Gomez has held positions of Fund Manager with United Bank of Switzerland ('UBS'), and Senior Vice President with Credit Suisse Group.
On March 27, 2024; the Company provided an update on its 100% owned Van Dyke in-situ copper recovery ('ISCR') project. Highlights included:
Installation of the vibrating wire piezometers ('VWP') and data recorder in drillhole M-3 was completed and daily recording of hydrogeological data commenced mid-March. Four stations are now recording hydrogeological data.
Analysis of the formational waters from the Gila Conglomerate collected during the drillhole rehabilitation program returned concentrations of metals, anions, and cations well below acceptable limits established by the Environmental Protection Agency ('EPA').
Laboratory strength testing of samples of the Gila Conglomerate is nearing completion with preliminary results expected mid-April.
Chemical analyses of the pregnant leach solution ('PLS') from the mineralogical and solubility testwork completed in late 2023 and early 2024 is planned.
On April 11, 2024, the Company provided an update on its 100% owned Mineral Mountain porphyry copper project. Highlights included:
Three distinct areas of higher positive chargeability located within a larger 18 milliradians (mrad') chargeability anomaly have been identified.
These areas of higher chargeability are interpreted to represent three potential porphyry copper centers.
Target #1, located in the central portion of the property, has been discussed in several previous news releases. Targets #2 and #3 are located northeast and southwest of Target #1 respectively.
The Plan of Operations submitted to the BLM contemplates drill testing the chargeability signature of Target #1 and Target #2, each with a 1,000-meter-deep hole.
An Environmental Review ('ER') as required pursuant to the National Environmental Protection Act ('NEPA'), and Solicitation of Public Comments on the Plan of Operations must be completed prior to receiving a final decision from the BLM on the drilling permit.
SWCA has been retained to assist Copper Fox to determine the scope and scale of the ER in conjunction with the BLM.
On April 22, 2024, the Company announced that the final installment payment of $330,000 related to the purchase of the Eaglehead project from District Copper Corp. was completed.
Subsequent to the Quarter-end
On May 14, 2024. the Company announced that that management was unaware of any material change in the Company's operations that would account for the recent increase in market activity.
On May 22, 2024, the Company provided an update on the application to obtain a permit to conduct drilling operations at its 100% owned exploration stage Mineral Mountain porphyry copper property.
On May 30, 2024, the Company provided an update on its 100% owned Sombrero Butte project which included planning a deep penetrating geophysical survey to define the size and the chargeability anomalies underlying Target # 1 and #2.
On June 18, 2024, the Company announced that the 2024 field program at the Schaft Creek project is underway.
Elmer B. Stewart, MSc. P. Geol., President 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.
Selected Financial Results
3 Months Ended
3 Months Ended
3 Months Ended
3 Months Ended
January 31, 2024
January 31, 2024
October 31, 2023
July 31, 2023
Loss before taxes
$
302,668
$
230,877
$
232,117
$
348,787
Net loss
302,668
230,877
232,117
348,787
Comprehensive (gain) / loss
(167,103
)
905,445
(602,417
)
870,509
Comprehensive loss per share, basic and diluted
0.00
0.00
0.00
0.00
3 Months Ended
3 Months Ended
3 Months Ended
3 Months Ended
April 30, 2023
January 31, 2023
October 31, 2022
July 31, 2022
Loss before taxes
$
254,018
$
279,590
$
461,137
$
277,827
Net loss
254,018
279,590
401,137
277,827
Comprehensive (gain) / loss
(43,966
)
563,026
(668,062
)
832,007
Comprehensive loss per share, basic and diluted
0.00
0.00
0.00
0.00
Liquidity As at April 30, 2024, the Company's cash position was $174,966 (October 31, 2023 - $1,368,852).
About Copper Fox 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 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 the 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 www.copperfoxmetals.com.
On behalf of the Board of Directors,
Elmer B. Stewart President and Chief Executive Officer
For additional information please contact: Fidel Montegu at 1-844-464-2820 or [email protected]
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 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 in this news release include statements about; advancing the Van Dyke towards the PFS stage; obtaining permits for a "maiden" drilling program at Mineral Mountain; interpretation of a buried copper porphyry system at Sombrero Butte; and progressing the Schaft Creek project towards the start of a PFS.
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; that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are reasonable; the costs and results of planned exploration activities are as anticipated; 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, the 2024 work programs may not be completed as planned or at all; the budgets may be underestimated; exploration permits may not be received; key data collection may not provide the information required to enter the permitting stage; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; trading prices of the Company's common shares may decrease below the exercise price of any outstanding warrants of the Company; 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.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.