Calgary, Alberta–(Newsfile Corp. - March 29, 2021) - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated January 31, 2021, financial statements have been filed on SEDAR.
For the three months ended January 31, 2021, Copper Fox had a net loss of $199,324 (January 31, 2020 - $205,572) which equated to $0.00 loss per share (January 31, 2020 - $0.00 loss per share).
During the three months ended January 31, 2021, the Company incurred $212,986 in expenditures primarily furthering the development of the Van Dyke and Schaft Creek 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, “Activities during the Quarter focused on the Van Dyke and Schaft Creek projects. The results of the Preliminary Economic Assessment (“PEA”) on the Van Dyke project exceeded expectations and established this project as a potential mid-tier copper producer. The 2021 Schaft Creek program is focused on enhancing project value based on key parameters identified over the past two years. Receipt of the Mines Act permit clears the way to add the Eaglehead project to the Company’s pipeline of exploration and advanced stage projects.”
2021 Q1 Highlights
Announced results of the independent PEA for the Van Dyke in-situ copper recovery (“ISCR”) project.
Commissioned a PEA for the Schaft Creek project based on a 133,000 tonne per day mining and milling throughput case.
Announced 2020 fourth quarter results including exercise of 8,460,167 warrants for total proceeds of $1,038,370.
Subsequent to the Period Ended
The technical report titled “NI 43-101 Preliminary Economic Assessment Technical Report for the Van Dyke Copper Project” dated February 26, 2021, prepared by MMTS and Ausenco was filed on SEDAR. The PEA recommends a US$15.5 million budget for diamond drilling, permitting and completion of an ISCR pilot test program.
The 2021 Schaft Creek program contemplating at $3.4 million budget to review construction timeline and offsite infrastructure costs; metallurgical testwork to confirm throughput assumptions, ensure a ‘fit for purpose’ process design flowsheet, confirm opportunities to decrease the life of mine strip ratio, and update regulatory requirements in accordance with the updated project configuration and associated permitting timeline was announced.
The Mines Act permit for the Eaglehead project was received.
Results of the 2021 Resource Estimate for the Schaft Creek polymetallic porphyry copper project were reported.
Notice of Warrant ExpirationsThe Company wishes to remind holders of those warrants issued in connection with various prior non-brokered private placement unit offerings of the Company noted below, that the term of the previously extended exercise period during which these warrants may be exercised will expire, without further extension, on the dates indicated in the table below:
Issue Date Exercise Price Expiry Date
April 29, 2019 0.15 April 29, 2021
Issue Date Exercise Price Extended Expiry Date
June 14, 2018 0.15 June 14, 2021
June 30, 2016 0.17 June 30, 2021
July 27, 2017 0.17 July 27, 2021
With respect to the warrants (the “2020 Warrants”) issued in connection with the non-brokered private placement unit offerings completed in March and April, 2020, the Company further advises that in light of the recent trading price of the common shares, the Company may at a future date, in its discretion having regard to the then state of the capital markets and project funding requirements, issue notice to the holders of the 2020 Warrants of the early acceleration of the expiry date for the exercise of the 2020 Warrants. Such notice, when issued, will specify the accelerated early expiry date for the exercise of these 2020 Warrants.
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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