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Eaglehead

Northern Fox Copper Inc., a wholly owned subsidiary of Copper Fox Metals Inc., owns 65.45% of the issued and outstanding shares of Carmax Mining Corp. ("Carmax"). Carmax owns 100% working interest in the Eaglehead copper-gold-molybdenum project. The Project covers a total area of approximately 13,540 hectares ("ha") in the Liard Mining Division of British Columbia.

In July 2012 Carmax completed a National Instrument 43-101 Technical Report entitled "Technical Report on the Eaglehead Cu-Mo-Au Project, British Columbia, Canada, prepared by Roscoe Postle Associates ("RPA") dated June 29, 2012. The Qualified Persons who prepared the Technical Report were B. McDonough, P. Geo., and David W. Rennie, P. Eng. The Technical Report reported an Inferred Mineral Resource (see below) contained within two conceptual open pits covering the East and Bornite zones.

Mineral Resource Estimate - Eaglehead Project

Zone Resource   Copper Molybdenum Gold Contained Metal
Name Category Tonnes (Mt) (%) (%) (g/t) Cu (Mlb) Molybdenum (Mlb) Gold (ozs)
East Inferred 61.6 0.28 0.011 0.06 376 14.9 126,000
Bornite Inferred 40.9 0.32 0.008 0.11 287 7.2 139,600
Total Inferred 102.5 0.29 0.010 0.08 663 22.1 265,600

Exploration of the project dates back to the early 1960's. Over the past 50 years, numerous exploration companies conducted various exploration program including soil geochemical surveys, induced polarization surveys, mapping and limited diamond drilling programs. During the course of this 50 year time span, six zones of copper mineralization were located. The drilling intersected copper mineralization over a 5,000 meter ("m") strike length. Approximately 36,000m of drilling have been completed.

The Eaglehead deposit is hosted in moderate to strong potassic, phyllic and mixed potassic-phyllic altered biotite granodiorite, hornblende quartz diorite and Quartz Feldspar porphyry dikes. Chalcopyrite +/- bornite along with significant concentration of gold-molybdenum-silver occur in fractures, veinlets, disseminations and in late fault and breccia zones. Intervals of higher grade copper mineralization usually occur in late stage structurally controlled zones characterized by intense potassic alteration and bornite.

2014 Exploration
In 2014 re-logging of selected historical drill core, airborne and ground geophysical surveys and a small diamond drilling program were completed. The four hole (2,229m) diamond drilling program tested the continuity of the copper-molybdenum-gold mineralization in the East and the Bornite zones as was suggested by the chargeability signature. Weighted average grade for the mineralized intervals intersected by the 2014 diamond drilling program are set out below.

2014 Mineralized Intervals, Eaglehead Project

DDH ID Azimuth Dip From(m) To (m) Interval (m) Copper (%) Molybdenum (%) Gold (g/t) Silver (g/t)
DDH0121 0 -60 29.87 551.08 521.21 0.23 0.013 0.06 0.91
    Including  29.87 308.00 278.13 0.21 0.003 0.02 0.51
    including 29.87 42.00 12.13 1.01 0.012 0.25 3.97
    and 308.00 551.10 243.10 0.27 0.025 0.09 1.36
    including 308.00 332.00 24.00 0.95 0.085 0.13 4.73
    including 438.00 518.00 80.00 0.22 0.036 0.15 1.12
DDH0122 0 -65 73.00 377.00 304.00 0.18 0.005 0.07 0.82
    including 141.00 257.00 116.00 0.28 0.010 0.14 1.20
DDH0123 0 -65 42.67 538.00 493.33 0.10 0.003 0.05 0.56
    including  42.67 228.00 183.33 0.16 0.003 0.07 0.90
    including  124.00 148.00 24.00 0.60 0.005 0.11 3.33
    including  352.00 360.00 8.00 0.24 0.003 0.21 1.06
    including  430.00 446.00 16.00 0.27 0.003 0.28 2.16
DDH0124 215 -75 200.00 224.00 24.00 0.15 0.013 0.02 0.39
    and 274.00 288.00 14.00 0.14 0.004 0.01 0.41
    and 424.00 502.00 78.00 0.38 0.003 0.01 0.88

The 2014 exploration enhanced the technical understanding of the property and yielded the following conclusions:
  • A 6,000m long chargeability anomaly open to the northwest towards the West zone and to the southeast toward the Far East zone. This anomaly averages 900m wide and is open below a depth of 500m,
  • The Far East zone, located approximately 3,000m from the end of the chargeability anomaly, exhibits a 1,000m by 1,000m copper and molybdenum in soil anomaly and a number of mineralized drill holes.
  • The area located between the East zone and Far East zone is considered a prime exploration target,
  • Re-logging of selected diamond drill cores from all six mineralized zones suggests that Eaglehead could be a 9,000m long porphyry copper system that exhibits the alterations and several generations of mineralization that would be expected in a porphyry system,
  • Mineralized drill holes (120 historical and current) occur over 5,000m of the 6,000m long chargeability anomaly, the area between the East zone and the Far East zone (approximately 3,000m) has not been drill tested.
Preliminary Metallurgical Testwork
In 2015, Carmax announced the results of preliminary metallurgical testwork from the Eaglehead project completed by SGS Mineral Services.
Preliminary tests (10 tests) were completed on three composite samples each representing a different copper grade (0.11%, 0.23% and 0.40%) and a master composite made from the three composite samples (0.26% copper). These samples were subjected to characterization and open circuit flotation testwork.

Copper recoveries to copper concentrate ranged from 77.1% (0.11% composite) to 92.7% (master composite sample) with the corresponding copper concentrate containing between 21.1% and 37.9% copper with metal credits of 11.8 grams per tonne ("g/t") gold and 96 g/t silver. The concentrate contained low concentrations of arsenic, selenium and tin. Based on the molybdenum content of the concentrate, it is expected that a separate molybdenum concentrate could be produced.

Metal recoveries to the copper concentrate ranged from 65 to 87% for gold, 71 to 80% for silver and 17 to 55% for molybdenum.

2015 Exploration
The 2015 field program focused on that area of the property referred to as the Pass zone. The objectives of the program were to bring the historical drill holes located within this zone into the project database by a combination of re-logging, re-sampling, sampling and diamond drilling. Based on the reported historical results, only intervals of higher grade copper mineralization were sampled leaving long intervals of recorded copper mineralization un-sampled. The diamond drilling program consisted of 1,184m of drilling (in 2 drill holes) to test the reported historical exploration results in the Pass zone and to test the chargeability/resistivity signatures outlined in 2014.

Analytical results for the 2015 diamond drilling and the re-sampling for the Pass zone are shown below:

2015 Mineralized Intervals -- Eaglehead Project

DDH #ID Azimuth Dip From
(m)
To
(m)
Interval
(m)
Copper
(%)
Molybdenum
(%)
Gold
(g/t)
Silver
(g/t)
14 45 -50 78.00 92.00 14.00 0.15 tr 0.02 0.59
53 45 -55 64.00 90.00 26.00 0.58 tr 0.05 4.00
13 45 -45 14.00 48.00 34.00 0.65 0.005 0.02 0.40
13 45 -45 14.00 70.00 56.00 0.48 tr 0.02 0.76
16 45 -50 160.00 207.41 47.41 0.43 0.006 0.06 0.73
125 35 -70 66.00 120.00 54.00 0.28 tr 0.03 0.69
    including 80.00 120.00 40.00 0.34 tr 0.03 0.79
      172.00 214.00 42.00 0.35 tr 0.02 0.80
      316.00 344.00 28.00 0.13 tr 0.01 0.23
      354.00 372.00 18.00 0.24 tr 0.01 0.32
      434.00 452.00 18.00 0.18 tr 0.01 1.73
      470.00 609.00 139.00 0.18 0.013 0.09 0.76
    including 576.00 609.00 33.00 0.19 0.027 0.19 0.95
14 45 -55 90.00 104.00 14.00 0.49 tr tr 0.61
    128.00 144.00 16.00 0.13 tr tr 0.26
      194.00 206.00 12.00 0.27 tr tr 0.52
35 45 -55 11.58 82.00 70.42 0.40 0.003 tr 1.19
36 45 -45 36.00 46.00 10.00 0.15 0.005 tr 0.79
      56.00 83.54 27.54 0.15 tr 0.04 0.55
      102.70 146.00 43.30 0.25 tr tr 0.55
      156.40 168.00 11.60 0.29 tr 0.03 0.60
48 45 -50 102.00 108.00 6.00 0.24 0.003 tr 0.39
126 35 -80 242.00 396.00 154.00 0.14 0.010 0.03 0.70
      476.00 492.00 16.00 0.22 tr tr 0.66

The 2015 program yielded the following results:
  • significant copper mineralization over at least a 1,000m long portion of the Pass zone. The mineralization remains open on both ends,
  • near surface mineralization in the Pass zone is Cu-dominated which overlies Cu-Mo-Au mineralization at depth,
  • the property shows a crude metal zonation from Cu-Mo in the East zone to Cu-Au in the Bornite zone to Cu in the Pass zone over a horizontal distance of approximately 3.5 kilometers, and
  • some of the intrusive rock on the Eaglehead project exhibit a strong Adakite affinity supporting the potential for a large porphyry copper system, consistent with the core observations and geophysical surveys.
2016 Exploration
The 2016 budget for the Eaglehead project was set at $1.5 million and consisted of:
  • re-logging historical core in the Pass-Bornite-East zones,
  • sampling and in certain instances re-sampling of historical core where necessary,
  • re-analyzing of the available pulps from historical drill holes, and
  • rock characterization studies to enhance metal recoveries.
The 2016 program has been completed and consisted of re-logging, sampling and re-sampling of 40 historical drill holes from the Camp-Pass-Bornite-East zones, re-analysis of approximately 15,000 pulp and core samples from historical drill core and additional preliminary metallurgical testwork.

The results of each of these initiatives will be announced when specific parts of the program have been completed and interpreted.  

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