Copper Fox Metals Inc (TSX-V:CUU, OTCQX:CPFXF) has told investors it spent C$182,041 to advance its Schaft Creek and Eaglehead projects in British Columbia and its Van Dyke property in Arizona, USA in its fiscal first quarter as the company gears up for exploration at its assets in 2022.
Reporting results for the three months to January 31 this year, the copper explorer said the period had been focused on finalizing 2021 activities at the three properties and that it had ended the period with C$2,203,546 in cash.
The main assets of Copper Fox and its wholly-owned Canadian and US subsidiaries are the 25% interest in the joint venture with Teck Resources on the Schaft Creek copper-gold-molybdenum-silver project and the ownership of the Van Dyke oxide copper project in Miami, Arizona.
Elmer B. Stewart, CEO of the company, said in a statement: "Preparations for the 2022 metallurgical and geotechnical drilling program at Schaft Creek and the drilling and metallurgical program on its Eaglehead project are underway. The Geologic Field Operations Plan (GFOP) for the Sombrero Butte project has been received and the GFOP for Mineral Mountain project and the Notice of Work (NoW) for the Eaglehead project are pending."
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The company posted a net loss for the quarter of C$248,719 compared to a loss of C$113,730 for the preceding quarter.
Post period-end, Copper Fox has been busy operationally and has announced its 2022 program and budget for the Schaft Creek project, which include a planned 5,000 meter (m) drilling program and environmental and climatological studies. The program is estimated to cost C$6.6 million.
It has also unveiled its 2022 exploration plan for the Sombrero Butte project, which has a budget of C$35,000. This includes an airborne magnetic and radiometric survey and mapping of an area on the south end of the project.
At the Eaglehead property, a program worth C$830,000 is planned, which will focus on demonstrating continuity of the polymetallic porphyry mineralization in the 500m long zone between the East and Bornite zones.
A four-hole, 2,500m drill program is planned which, if successful, would yield a mineralized zone exceeding 2,000m in strike length. Approval and completion of the work are dependent on the receipt of certain permits, the company told investors.
Contact the writer at giles@proactiveinvestors.com