Calgary, Alberta–(Newsfile Corp. - September 6, 2019) - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated three and nine months ended July 31, 2019 financial statements have been filed on SEDAR.
All of the Company’s material subsidiaries are wholly owned. The Company also owns 24.4% of District Copper Corp. (“District”) common shares outstanding.
For the nine months ended July 31, 2019, Copper Fox had a net loss of $5,438,843 (July 31, 2018 - $1,320,825) which equated to $0.01 loss per share (July 31, 2018 - $0.00 loss per share). The net loss increased in Q3 2019 compared to Q2 2018 due to the impairment of the Eaglehead property, offset by the deconsolidation of District from Copper Fox’s financial statements.
During the nine months ended July 31, 2019, the Company incurred $427,946 in expenditures toward furthering the development of its Schaft Creek, Van Dyke, 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.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The more in-depth study on the 133,000 tpd scenario selected from the 2018 Sizing and Infrastructure Alternatives Study on the Schaft Creek project is underway. At Van Dyke; the Updated Resource Estimate is expected to commence in September 2019 and will include updated analytical results from 37 drill holes, allowing for a more robust geological model. We are confident that the multi-disciplinary team assigned by the Schaft Creek Joint Venture (“SCJV”) to evaluate the identified improvement options will be successful in further defining a sound economic, technical and environmental base case project configuration for the next study phase.”
Q3 2019 Highlights
•The 2019 Schaft Creek work program is budgeted at $2.1 million and includes field work to inform a more in-depth analysis of options identified in late 2018 and early 2019 to lower capital and operating costs associated with the 133,000 tpd development scenario.
•The combined field and study work at Schaft Creek is focused on lowering the capital and operating costs associated with key infrastructure and access options, mine development and sequencing alternatives, and tailings management facility options.
•The Schaft Creek study team has been assembled, contractors have been retained and the work is underway.
•Other activities at Schaft Creek include geotechnical investigations, continued collection of baseline environmental data, camp maintenance and protection work, and ongoing engagement with the Tahltan Nation.
•The Updated Resource Estimate for the Van Dyke deposit is expected to commence in September 2019.
•The Van Dyke, 2019 analytical program included 37 drill holes and yielded higher soluble copper concentrations over thicker intervals compared to the historical project data base.
•Approval from Arizona State authorities to a conduct work program on the Sombrero Butte project has been received. The work program is expected to commence in September 2019.
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
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