Copper Fox Metals Inc (TSX-V:CUU, OTCQX:CPFXF) said it is moving forward with a drill hole rehabilitation and testing program at its Van Dyke project after “encouraging” results.
In a statement, the Vancouver-based junior explorer outlined its plans for rehabilitation work, mineralogical solubility tests and geotechnical testing at the Arizona project.
The company said that Cascade Drilling and Technical Services has started surge, bail, and pump testing on four drill holes.
Meanwhile, planning for the mineralogical, solubility, whole rock and trace element studies is complete ahead of a planned sampling of the Gila Conglomerate, which Copper Fox said is for “unconfined compressive strength tests for geotechnical purposes.”
A 2020 preliminary economic assessment for Van Dyke indicated an after-tax net present value of US$645 million and an internal rate of return of 43.4%, based on a 17 year mine life using a US$3.15/lb copper price.
The PEA recommended advancing the project to the preliminary feasibility study stage. Based on this recommendation the company is proceeding with a drill hole rehabilitation and testing program along with other activities highlighted below:
The objective of the current work program is to provide additional data on technical parameters of the deposit and provide more certainty in the overall approach to project development, Copper Fox CEO Elmer Stewart told investors.
“Contingent on the results of the current work program, the next phase of work would be the planning of a multi-purpose drill program to establish additional hydrogeological monitoring stations, upgrade or expand mineral resource categories and obtain samples for additional pressure leach testing and geotechnical purposes,” Stewart added.
Copper Fox is focused on copper exploration and development in Canada and the United States.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas