Calgary, Alberta–(Newsfile Corp. - September 28, 2022) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated July 31, 2022, financial statements have been filed on SEDAR.
For the nine months ended July 31, 2022, Copper Fox had a net loss of $889,829 (July 31, 2021 - $747,620) which equated to $0.00 loss per share (July 31, 2021 - $0.00 loss per share).
During the nine months ended July 31, 2022, the Company incurred $854,245 in expenditures primarily furthering the development of the Van Dyke and Schaft Creek copper projects and exploration of the Eaglehead, 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 website 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 2022 programs on the Mineral Mountain and Sombrero Butte projects were completed as planned. The positive results from these surveys better defined the relationship between the distribution on the mineralization, alteration, and structural setting of the porphyry systems on both projects. Field activities by the Schaft Creek Joint Venture on the Schaft Creek project and by Copper Fox on the Van Dyke and Eaglehead projects continued throughout the quarter. At Schaft Creek, further investigation of identified project enhancements continued with the planned 5,000m metallurgical drilling program focusing on the first five-year pit as well as other portions of the Liard, Paramount, and West Breccia zones. The Biological Evaluation for the Van Dyke project indicated that due to current and historical mining operations in the Miami area and absence of special status species and their habitat within the survey area, proceeding with field activities would have minimal environmental impact. Activities at Eaglehead included the discovery of a large area of copper mineralization and locating historical drill holes with unsampled porphyry style mineralization thus, indicating a larger mineralized envelope than previously expected. These positive results were offset by delay in receipt of the Notice of Work (“NoW”) that resulted in a decision to delay the drilling program until mid-2023. As at the date of the MD&A, the Company has not received approval for the NoW.”
2022 Q3 Highlights
Provided an update of activities on the Schaft Creek project including securing two diamond drill rigs, field crews completing camp facilities refurbishment, completing the geotechnical data gap analysis as well as collecting the data for the environmental baseline study.
Planned to advance the Van Dyke copper project including a two-phase program with the objective of establishing a broad network of hydrogeological monitoring and testing locations that would be used to collect hydrogeological and water quality data.
Released results of the high-resolution airborne magnetic and radiometric survey on the Mineral Mountain and Sombrero Butte projects.
Retained Moose Mountain Technical Services to review all data for the Eaglehead project, including the proposed 2022 drilling program as well as commenced the 2022 fieldwork.
After the Period End
Released the results of an early-stage Biological Evaluation of certain parts of the Van Dyke project, prepared by WestLand Engineering & Environmental Services, Tucson, Arizona.
Released both an updated compilation and the 3-D modelling results of magnetic data from the Mineral Mountain project.
Provided an update of additional activities completed at its Eaglehead project in anticipation of receipt of the permit to conduct drilling operations including the water quality surveys and field investigation of the four previously identified targets.
Advised that the Company delayed plans to complete its proposed 2,500m drilling program on its Eaglehead project as approval for the NoW to conduct the proposed drilling program was pending. In the absence of a definitive timeline in which to receive the approval for the NoW and changing weather conditions, the Company opted to delay the drilling program until mid-2023.
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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