Copper Fox Metals Inc (TSX-V:CUU, OTCQX:CPFXF) has said that in the first quarter ended January 31, 2023, its exploration expenditures spent mainly on developing the Van Dyke, Mineral Mountain and Eaglehead copper projects reached $134,583.
Announcing its first-quarter unaudited interim consolidated results, the company said that during the period it provided analytical results for six of the 11 drill holes completed as part of the 2022 metallurgical drill program at the Schaft Creek project. It also provided an update and detailed plans for its Van Dyke project. Further, the company provided an update on the Eaglehead project including the receipt of the Mines Act permit to conduct activities.
"During the cuarter, Copper Fox completed 'stage gate' assessments on (i) completion of a preliminary feasibility study at Van Dyke, (ii) completion of a resource estimation at Eaglehead and (iii) advancing the Mineral Mountain and Sombrero Butte projects with the final objective of reaching the drilling stage,” Elmer B Stewart, president and CEO of Copper Fox said in a statement.
READ: Copper Fox outlines busy 2023 work program to advance Schaft Creek copper-gold-silver project in British Columbia
“At Van Dyke availability of service providers delayed the planned work program, preliminary results will be announced when received and reviewed,” he added.
For the three months ended January 31, 2023, Copper Fox reported a net loss of $279,590 compared with a loss of $248,719 in the corresponding period of the previous year. Loss per share was $0.00, the same as in the previous corresponding period.
"The 2022 program at Schaft Creek returned a number of higher-grade mineralized intercepts within the first five-year pit outlined in the 2021 Schaft Creek Preliminary Economic Assessment,” said Stewart.
“The 2023 work program includes geotechnical/metallurgical/resource drilling, metallurgical test work and a shift from quarterly to monthly environmental sampling and is budgeted at $17.2 million, an increase of approximately $10 million over the 2022 budget. The 2023 exploration plans for Eaglehead, Mineral Mountain and Sombrero Butte are nearing completion and will be announced when finalized," he said.
Following the end of the quarter, the company provided final analytical results for the 2022 metallurgical drill program at the Schaft Creek project on February 21, 2023. The 2022 metallurgical drill program completed 4,688 metres with the objective of collecting samples to complement historical metallurgical test work.
In March, the company announced the 2023 Schaft Creek program.
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States.
Contact the author at jon.hopkins@proactiveinvestors.com