The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
CUU: TSX-V
Chairman, President and CEO: Elmer Stewart
Chief Financial Officer: Catherine Henderson
Senior Technical Advisor: Tom Schroeter
In 2013, Copper Fox Metals culminated more than a decade of successful exploration of its Schaft Creek porphyry copper, gold, molybdenum and silver project in northwestern British Columbia by enticing Teck Resources Ltd. to enter a 75-25 joint venture with the junior and assume operatorship of the project.
Schaft Creek is located due east-northeast of Petersburg, Alaska, about 61 kilometers (38 miles) south of the village of Telegraph Creek, B.C. The explorer released a feasibility study in the spring that outlines plans for a conventional open pit mine at Schaft Creek with a mill rate of 130,000 metric tons per day for a minimum 21-year mine life based on the deposit's proven and probable mineral reserves of 940.8 million metric tons containing 5.6 billion pounds of copper, 5.7 million ounces of gold, 363.5 million lbs of molybdenum and 51.7 million oz of silver as of May 23, 2012.
Copper Fox also entered into a facilities study agreement in March with the British Columbia Hydro and Power Authority to assess the electrical and equipment requirements to connect the Schaft Creek project to the forthcoming BC Hydro Bob Quinn electrical substation.
In May Teck exercised its option to buy back a 75 percent interest in Schaft Creek.
Teck agreed to pay C$60 million in three C$20 million increments at the deal signing, at a production decision and at completion a mine facility.
Further, Teck will fund 100 percent of project costs incurred prior to a production decision up to C$60 million and lend Copper Fox money to meet its additional project obligations.
Teck also reimbursed C$3.93 million to Copper Fox for Schaft Creek mineral tenure acquisition costs and costs related to the Stewart Bulk Terminal land reservation agreement.
The Schaft Creek JV pursued a summer exploration program consisting of about 10,000 meters of diamond drilling and geotechnical studies.
The objective of the drill program is to test the extension to the east of the mineralization in the Paramount Zone and to collect additional geotechnical information for ongoing pit slope stability studies.
Drilling began in August.
Cash and short-term deposits: C$19.8 million (July 31, 2013)
Working capital: C$25.4 million (July 31, 2013)
Market capitalization: C$229.7 million (Sept. 27, 2013)
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Tel: 403-264-2820 Fax: 403-264-2920
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