Copper Fox Metals Inc (TSX-V:CUU, OTCQX:CPFXF) has updated investors on the progress made on its various projects in a busy 2022 for the company, which is focused on copper exploration and development in Canada and the US.
During the year ended October 31, 2022, Copper Fox said it incurred $1,312,952 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects as well as exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects.
"Activities during and subsequent to the year ended included analytical results of the 2022 metallurgical drilling program at Schaft Creek which extended and increased continuity of the near-surface higher-grade mineralized zones reported in 2021,” Copper Fox president and CEO Elmer Stewart said in a statement. “These results allow for the metallurgical testwork, one of the main project enhancements identified in the 2021 Preliminary Economic Assessment, to commence.”
READ: Copper Fox Metals unveils partial assays from 2022 metallurgical drilling at Schaft Creek project
Following positive results from the biological evaluation (BE) of its Van Dyke project, Stewart said field operations to determine the possibility of re-habilitating selected drill holes are underway.
“The positive exploration results from the Sombrero Butte and Mineral Mountain porphyry copper projects continued to upgrade and support the porphyry potential on both projects,” Stewart added. “At Eaglehead, despite the delay of the planned 2022 drill program, the field operations resulted in expanding the limits of the porphyry style mineralization and provided the information to allow the 3D modelling of the four open-ended porphyry deposits located within the project area to begin.”
Fourth-quarter 2022 highlights include:
- On August 2, the company provided a summary of operations at the Eaglehead project;
- On August 18, it announced an update on the Mineral Mountain project detailing the 3D modelling results;
- On August 25, Copper Fox provided a summary of activities completed at the Eaglehead project in anticipation of receipt of the permit to conduct drilling operations;
- On September 8, it released the results of an early-stage BE of certain parts of the Van Dyke project and announced plans to commence Phase 1 activities of the hydrogeologic monitoring program;
- On September 14, the company announced that the proposed 2,500-metre drilling program on its Eaglehead project would be delayed due to the non-receipt of the drilling permit; and
- On October 17, it announced the completion of the metallurgical drilling program at the Schaft Creek project by completing 4,688 meters in eleven drill holes focusing on collecting samples to complement historical metallurgical testwork.
Subsequent to its financial year-end:
- On November 10, Copper Fox provided an update as well as detailing plans for its Van Dyke project;
- On November 29, it provided an update on the Eaglehead project including receiving the Mines Act permit to conduct activities set out in the Notice of Work dated February 1, 2022, from the BC Ministry of Mines; and
- On January 18, the company provided the analytical results for six of the 11 drill holes completed as part of the 2022 metallurgical drill program at the Schaft Creek project. The program expanded the coverage across the Schaft Creek deposit with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. A wide range of metal concentrations was intersected in the six drill holes.
Also subsequent to the fiscal year-end, Copper Fox said it received 23,451,667 exercised warrants for total proceeds of $2,110,650. As of October 31, 2022, its cash position was $132,192, down from $2,646,608 a year earlier. By February 16, 2023, its cash position had improved to $1,516,528.
The company reported a net loss of $1,290,966 for fiscal 2022, up from a $861,228 loss in 2021.
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the US.
The principal assets of Copper Fox and its wholly-owned Canadian and US subsidiaries - Northern Fox Copper Inc. and Desert Fox Copper Inc. - are the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona and the 25% interest in the SCJV.
Contact the author at stephen.gunnion@proactiveinvestors.com