2021 drill results advance Schaft Creek
Boosts confidence in resource, provides metallurgical samples North of 60 Mining News – March 11, 2022
Last updated 3/10/2022 at 1:21pm
Copper Fox Metals Inc. March 7 reported that the 2021 metallurgical drilling carried out at Schaft Creek cut both bulk tonnage and higher-grade mineralization at this large porphyry copper-gold-molybdenum project in British Columbia's Golden Triangle.
"The drilling intersected several near surface higher-grade intervals of mineralization and has confirmed continuity and grade of the mineralization between existing drill holes and provides additional confidence in the geological and resource model for the Schaft Creek deposit," said Copper Fox Metals President and CEO Elmer Stewart.
Being advanced under a joint venture between Teck Resources Ltd. (75%) and Copper Fox (25%), Schaft Creek hosts 1.35 billion metric tons of measured and indicated resources averaging 0.26% (7.76 billion pounds) copper, 0.17 grams per metric ton (7 million ounces) gold, 1.25 g/t (54.3 million oz) silver, and 0.017% (510.6 million lb) molybdenum
Under the scenario outlined in a preliminary economic assessment prepared for Copper Fox last year, a 133,000-metric-ton-per-day mill and open pit mining operation at Schaft Creek is forecast to produce roughly 5 billion pounds of copper, 3.7 million ounces of gold, 226 million lb of molybdenum, and 16.4 million oz of silver over 21 years of mining.
The four holes drilled last year targeted geometallurgical domains within the Liard Zone that are slated to be mined within the first five-year mine plan as contemplated in the PEA.
Highlighted intercepts from the 2021 drilling include:
• 104 meters averaging 0.33% copper, 0.12 g/t gold, 0.007% molybdenum, and 1.22 g/t silver from a depth of 86 meters in hole DDH SCK-21-446.
• 216.5 meters averaging 0.3 % copper, 0.37 g/t gold, 0.004% molybdenum, and 1.97 g/t silver from a depth of 7.6 meters in hole DDH SCK-21-447.
"Receipt of the analytical results from the 2021 metallurgical drilling program allows sample selection and commencement of the planned metallurgical testwork," said Stewart.
In addition to expanding the metallurgical sampling coverage to better inform metal recoveries and grinding characteristics, Copper Fox says the 2021 drilling provides additional confidence in the geological and resource model for the Schaft Creek deposit and below are associated assays results.