Copper Fox Metals Inc (TSX-V:CUU, OTCQX:CPFXF) has said it is focused this year on advancing its mineral assets for use in the 'green economy' as the company unveiled its second quarter operating and financial results.
In a statement covering the three months to April 30, 2022, Copper Fox CEO Elmer B. Stewart said the company's main focus was copper and this year, it would be investigating project enhancements at its Schaft Creek and Van Dyke projects, as well as drilling to advance its Eaglehead project to a resource estimate and selection of future drill targets at the Mineral Mountain and Sombrero Butte assets.
"At Eaglehead, positive results from the drilling program potentially could lead to a resource estimation toward the end of 2022 or early 2023 and provide samples for additional metallurgical testwork to better define metallurgical variability and metal recoveries for the mineralization," he added.
During the third quarter, the company boss also noted that the firm expected to announce its 2022 program for the Van Dyke project.
In keeping with a company at this stage of development, the net loss for the period was C$363,283, compared to a loss of C$343,256 in Q2 2021. It ended the period with a cash position of around C$1.31 million compared to around C$2.64 million at the end of October last year.
READ: Copper Fox announces results of airborne survey of Mineral Mountain copper project
Copper Fox's main assets are its 25% interest in the Schaft Creek joint venture with major Teck Resources on the Schaft Creek copper-gold-molybdenum-silver project in British Columbia and its 100% ownership of the Van Dyke oxide copper project in Miami, Arizona.
Among the operational highlights of the second quarter, the firm announced the 2022 Schaft Creek summer program, which contemplates a $6.6 million budget which includes a 5,000 metre (m) drilling program, while at Eaglehead, a large chargeability anomaly was identified and a land exchange completed.
Post period-end, the results of the high-resolution survey on the Mineral Mountain project were announced, which showed a strong spatial correlation to the copper-molybdenum mineralization, chargeability anomaly and a well-defined, strong Th/K anomaly, the company noted.
Copies of the financial statement and related management discussion and analysis can be read HERE.
Contact the writer at giles@proactiveinvestors.com