Copper Fox Metals Inc (TSX-V:CUU, OTCQX:CPFXF). through its wholly-owned subsidiary Desert Fox Copper Inc has updated on recent activities at its 100% owned Van Dyke in-situ copper recovery project.
The Van Dyke project is in the Globe-Miami Mining District in Gila County, Arizona; a Tier 1 mining jurisdiction. The 2020 Preliminary Economic Assessment (PEA) for the project indicated an after-tax net present value of US$644.7 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 stage and concluded that the project has the potential to become a mid-tier copper mine producing in the order of 85 million pounds (approximately 39kt) of copper per year.
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"Following the recommendations set out in the 2020 PEA, Copper Fox's objectives are to foster a meaningful dialogue between the company and stakeholders as the project advances towards a PFS,” Elmer B. Stewart, President and CEO of Copper Fox said in a statement.
“The ability to use pre-existing drill holes where possible is both capital and time efficient and our planned activities, if successful, are the first steps in establishing a series of hydrogeological monitoring stations across the property to collect data which would be used to develop a robust hydrogeological model for the project."
Recent activities include at the project include:
• In late October 2022 meetings with local communities and First Nations within a 40-mile radius of the Van Dyke project were completed.
• Upgrading of existing access to the wells selected for rehabilitation and the Van Dyke mine shaft is expected to commence in early December 2022.
• Upon completing the access upgrades, a downhole video survey of the selected wells and the shaft is planned to determine if they are in a condition to allow re-entry and further testing.
• Successful completion of the downhole video survey would be followed by well development and testing/water sampling activities. These surveys are expected to take up to 3-4 months to complete subject to availability of certain service providers.
• Inspection and refurbishment of three vibrating-wire piezometers ('VWP') installed in drill holes completed in 2014 are also planned.
Stakeholder Outreach
The objective of the stakeholder outreach is to introduce the company and initiate dialogue on the Van Dyke project with local communities and First Nations within a 40-mile radius of the town of Miami, Arizona. Meetings with the Town of Miami, City of Globe, Town of Superior and the San Carlos Apache Nation were held in late October 2022.
Well Access
The existing roads to the wells selected for rehabilitation have been assessed and minor grading to these locations is required for service vehicle access. This work is planned to commence in early December 2022.
Hydrogeologic Program
Ausenco Engineering USA South and Ausenco Engineering Canada have been retained to supervise and monitor Phase I of the hydrogeologic monitoring and testing program for the Van Dyke project. The objective of Phase I activities is to investigate the possibility of rehabilitating selected drill holes and then testing of these drill holes to improve the current understanding of the hydrogeological setting for the project site.
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly-owned Canadian and United States subsidiaries, being 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 jon.hopkins@proactiveinvestors.com