is a Canadian based resource company focused on the acquisition, exploration and development of large, low-cost porphyry copper-gold projects in Canada and the United States. The Company's broad range of high quality projects in geopolitical stable areas, its joint venture arrangement with Teck Resources Limited ("Teck") and experienced management are key to Copper Fox's long term success.
Copper Fox's primary asset is a 25% carried interest in the Schaft Creek Joint Venture ("SCJV") with Teck on the Schaft Creek copper-gold-molybdenum-silver project. The Schaft Creek deposit is one of the largest undeveloped porphyry copper deposits in North Amercia. The limits of the mineralization in the Schaft Creek deposit have not been defined.
A Feasibility Study was completed by Tetra Tech on behalf of Copper Fox for the Schaft Creek project. The effective date of the study was January 23, 2013 with A. Farah, P.Eng., et al as Qualified Persons. The study considered the feasibility of a 130,000 tonne per day flotation/open pit mine with a Proven and Probable Reserve of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver. Reserves were reported at $6.60/tonne net smelter return ("NSR") cut-off.
The Schaft Creek deposit hosts a combined Measured and Indicated Resource of 1.2 billion tonnes grading 0.26% copper, 0.19 g/t gold, 0.017% molybdenum and 1.69 g/t silver at a 0.15% copper equivalent cut-off. The deposit also contains an Inferred Resource of 597.2 million tonnes grading 0.22% copper, 0.17 g/t gold, 0.016% molybdenum and 1.65 g/t silver. The above stated Proven and Probable Reserves for the Schaft Creek project are included within the stated Measured and Indicated Resources for this project.
In July 2013, Copper Fox and Teck created the SCJV to further explore and develop the Schaft Creek project. Since taking Operatorship of the SCJV, Teck has incurred costs of approximately $20.0 million on Schaft Creek.
Readers are cautioned that the Schaft Creek Joint Venture is currently undertaking a remodel of the resources on the Schaft Creek deposit. The results of the remodeling work on the Schaft Creek project may differ materially from the 2013 Technical Report. There is no assurance that the economic results, the reserves and resources and recommendations and conclusions set out in the 2013 Technical Report will be realized.
In November 2015, Copper Fox announced the results of a NI 43-101 Technical Report entitled Preliminary Economic Assessment Technical Report for the Van Dyke Copper Project which suggests it is a technically sound in-situ leach copper project with low cash costs, strong cash flow and a robust after-tax Net Present Value and Internal Rate of Return. Completion of a pre-feasibility study is recommended estimated to cost $US16.6 million.
In addition to the Schaft Creek and Van Dyke projects, Copper Fox holds the Sombrero Butte and Mineral Mountain Laramide age porphyry copper projects in Arizona and 45% of the common shares of Carmax Mining Corp., a public company listed on the TSX Venture Exchange who in turn own 100% of the Eaglehead project in British Columbia.