The estimate should come out right before
"Copper Fox will join representatives of the other companies included in the TSX Venture 50® as well as members of the TSX Venture Exchange at the Spotlight event to be held in Toronto at the TMX Broadcast Centre on March 31, 2011. Copper Fox will have the opportunity to discuss the progress of the feasibility study and other developments at its Schaft Creek Project and meet investment bankers, fund managers research analysts and investment advisors at this event. "
Not Hard to see what excitment this could cause in the next few months. Not a tough choice either since insiders own million of dollers worth of shares. And the deposit is already MASSIVE.
Copper Fox Metals to release updated estimate for Schaft Creek in March
Recent disoovery of deep high grade zone of copper-gold mineralization at Schaft Creek, BC, could mean significant boost in value for the project
Copper Fox Metals (CVE: CUU) announced late last night that an updated resource estimate for its main asset, the Schaft Creek property in northwest British Columbia, is due out by the end of the March, which is expected to significantly upgrade the project's resources.
Schaft Creek is one of the largest undeveloped copper-molybdenum-gold-silver porphyry deposits in Canada, and recently, the company discovered previously unknown high-grade copper-gold mineralization at depth.
The new deep, high grade mineralization was found below the Red Chris porphyry deposit, changing Copper Fox's initial take on the Schaft Creek project, which was originally thought to be moderate to low grade porphyry deposits.
However, 2010 drilling clearly showed a large zone of higher grade mineralization at depth, which could have "significant depth extent", possibly in excess of 800m at the north end of the Schaft Creek deposit, the company said.
According to Copper Fox, the results suggest that the Paramount Zone, at the north end of the deposit, is the core of the porphyry system, instead of the Laird Zone, where previously the majority of resources were defined.
Currently, the company is conducting a feasibility study for the project, of which one of the key components is the average grade of the metals contained in the resource estimate. This could mean a significant boost in value for the property.
Copper Fox said though that only a portion of the deep zone of higher grade mineralization intersected in 2010 will be included in the resource estimate due to the limited amount of drilling completed thus far. Less than 1,500 acres of the 50,000 acre Schaft Creek property has been explored using modern exploration techniques.
After the completion of the feasibility study, expected by the end of June this year, the company plans to conduct additional drilling of the deep, higher grade zone, which is expected to add "considerable value" to the Schaft Creek mineral property. Already, the preliminary feasibility study determined that the project had a net present value, at an 8% discount rate, of $2.8 billion over a 23 year mine life.
Copper Fox is also considering the undertaking of an airborne geophysical survey over the entire Schaft Creek to identify other potential areas of porphyry style mineralization.
As at October 31, 2010, the company had working capital of $836,755. It also recently completed a $4.0 million financing.