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Mineral Mountain

The Mineral Mountain property consists of 209 mineral lode claims (4,180 acres) and one Arizona Mineral Exploration Permit (725.20 acres) located in the Mineral Mountain District, Pinal County, approximately 15 miles east of Florence, Arizona. Arizona is mining friendly; politically secure with excellent and readily accessible infrastructure. The Mineral Mountain copper project is interpreted to cover the surface expression of a buried Laramide age porphyry copper system.

Regional Setting:
The Mineral Mountain project is located in the northeast trending Jemez structural trend that hosts the Globe-Miami, Resolution, Florence and Casa Grande copper deposits (see table below). The project is located between the Florence copper deposit and the Resolution copper deposit.

District tonnes copper (%) contained copper (lb)
Globe-Miami 1,594,000,000 0.64 22,484,326,400
Resolution 1,624,000,000 1.47 52,615,651,200
Florence* 490,000,000 0.33 3,234,000,000
Casa Grande* 740,000,000 0.90 14,678,640,000


*In-Situ Leach ("ISL") project. Only oxide portion of the deposit.

The porphyry copper deposits in the Globe-Miami & Resolution deposits are reported to contain significant concentrations of molybdenum.

Property Geology:

Lithologies:
The Mineral Mountain area is underlain by Pinal schist, diabase and granite of Precambrian are that have been intruded by Laramide age quartz monzonite, granodiorite and hornblende dacite dikes. Laramide age intrusive rocks and their associated country rocks host the majority of porphyry copper deposits in Arizona.

The northern half of the property is underlain by Precambrian Pinal Schist and diabase with minor volumes of Miocene age rhyolite and quartz latite dikes. The central portion of the property host an interpreted graben. The portion of the property located south of the interpreted graben is underlain by a Laramide Quartz Monzonite and granodiorite that make up approximately 50% of the area. The balance of the southern portion of the property is underlain by Precambrian Pinal Schist, diabase and granite.

Structural Setting:
The property is located in a structurally complex area consisting of: i) an interpreted northwest trending graben, ii) a ring fracture system, and iii) an extensive series of NNE and ENE (sinistral movement) faults. The ENE structures commonly host Laramide age Hornblende dacite dikes. This structure marks the northern edge of the Laramide age intrusive rocks. Lithologies occupying the graben include Quartz Monzonite, Pinal Schist and diabase.

The majority of the structural features on the property are confined to a general north-south trend that is approximately 3 kms wide. The majority of the mineralized fissures located within the property occurs within an area that is approximately 2 kms wide by 3 kms long hosted in the Pinal schist north of the graben.

On the east side of the property, the faults and mineralized fissures define a ring fracture system that measures approximately 2 kms in an east-west direction and 1.5 kms in a north-south direction.

Geochemical Surveys:
In 2015, a stream sediment and indicator mineral sampling program and a systematic bedrock sampling program was completed to assess the area for porphyry copper potential. The stream sediment sampling returned trace to abundant copper oxide mineralization with a coincident suite of pathfinder minerals indicative of a porphyry copper environment (epidote, rutile, tourmaline, and pyrite) over an area that measured approximately 7 kilometres by 15 kilometres. A total of 21 copper occurrences were located during the stream sediment survey.
The outcrop sampling was completed within the area of anomalous stream sediment geochemistry. A total of 171 samples (one kilogram in weight) was collected from mineralized outcrop on a rough 400 meter by 400 meter grid to characterize the metals and alteration present in veins and other mineralized structures.

The range of values and median value for selected elements from the bedrock sampling program are shown in the table below. Metal values greater than copper 100 ppm, gold 10 ppb, silver 2 ppm, molybdenum 2ppm and tungsten 5ppm are considered anomalous.

Element Minimum Maximum Median Value
Copper 6 90,570 50
Molybdenum 0.7 345 2
Gold 2.5 7,030 10
Silver 0.1 169 3
Tungsten 0.2 444 1

Note: All values expressed in parts per million ("ppm") except gold which is expressed in parts per billion ("ppb").

2015 Target Areas:
The mineralization in the Mineral Mountain Mining District occurs in veins and silicified fissures that formed in a tensional tectonic regime.

This work outlined a number of areas of potential porphyry copper mineralization. The first target area (approximately 3.0kms by 1.5kms) was located in the northern portion of the property. The dominant structural fabric in this target is oriented north-south. This zone is characterized by anomalous copper-molybdenum with significant gold-silver enrichment. The gold footprint is larger than that of copper-molybdenum and could be due to a Miocene mineralizing event.

The second target (approximately 2.0kms by 1.5kms) is located in the center of the property immediately south of the interpreted graben structure hosted in the Laramide age Quartz Monzonite intrusive. The north limit of the target as well as the copper mineralization and sericite alteration is terminated by the graben. Copper mineralization extends over a distance of approximately 2.0kms by 0.8kms and has associated molybdenum-gold-silver values.

The third zone (approximately 1.5kms by 1.0km) is located at the south end of the property and is predominantly underlain by Precambrian age granite and diabase. Northwest trending, Laramide age granodiorite porphyry dikes and intrusive bodies occur within the center of his target. This zone exhibits a good correlation between the copper mineralization and sericite alteration in outcrop and exhibits a copper-molybdenum signature. This area is similar to Target # 2 in that it is copper-molybdenum dominant with significant gold-silver values.

2016 Exploration:
A bedrock sampling program within a reported historical copper target outlined an area that measures 1,100m by 900m of copper-molybdenum-gold porphyry style mineralization. A significant number of samples from the program contained between 1% and up to 6.6% copper (due to the presence of chalcocite and covellite). The mineralized area is open in two directions. The copper-molybdenite-gold mineralization occurs in steeply dipping classical "A" veins with potassic +/- chlorite +/- hematite envelopes and exhibits a rhenium-tellurium-bismuth geochemical association, features typical of a porphyry copper system. The vein-controlled mineralization exhibits three prominent trends being 10W to 015 NE (gold rich), 045NE to 060NE, and 070NE to 080NE.

The main copper minerals are chalcocite and chrysocolla along with rare chalcopyrite and covellite. Gangue minerals observed are goethite after pyrite (forming box work texture) and jarosite. The range of values as well as the median value for the samples within the mineralized area are shown below:
Analytical Values
Element Minimum Maximum Average Median
Copper (%) 0.021 6.60 1.21 0.869
Molybdenum (ppm) 2 1,150 100 36
Gold (ppb) 5 2,640 160 39
Silver (ppm) 0.2 334 35 13.4

The presence of the chalcocite and covellite indicates that surface leaching of the copper mineralization has occurred and the possible presence of a "chalcocite blanket" at depth.

2017 Work:
In 2017, Copper Fox compiled all sampling and mapping results from the Mineral Mountain project. This work outlined a 2.5km by 1.1km northeast trending zone of porphyry style copper-molybdenum-gold mineralization. The mineralized zone is hosted in potassic and phyllic altered rocks that cover an area of approximately 3.0km by 2.0km.

The mineralization and potassic/phyllic alteration is terminated to the north by an interpreted graben. The alteration pattern is consistent with a porphyry copper system being a potassic core, an intermediate phyllic zone surrounded by regionally extensive propylitic alteration. The previously reported historical chargeability anomaly exhibits a good correlation with mineralized potassic and sericitic altered Laramide age rocks.

The potassic alteration zone (potassic envelopes, secondary biotite) is restricted to Laramide age rocks, measures approximately 1,200m by 900m and is terminated to the northeast by the graben. The potassic alteration follows the same trend as the Laramide age hornblende diorite dikes located within the mineralized area.

The phyllic zone (quartz-sericite +/- pyrite) surrounds the potassic zone and is terminated to the north by the same graben that terminated the potassic alteration zone. Phyllic alteration extends to the southwest over a horizontal distance of approximately 3.0km and ranges in width from 1.4 to 2.0km. At the south end of this zone, sericitic alteration extends a considerable distance into the Precambrian rocks.

Propylitic alteration (hematite-epidote-late stage epidote veining) is not mineralized and surrounds the zone of sericitic alteration.

Mineralization:
The compilation work outlined two areas of mineralized rock located to the northeast and southwest of the mineralized zone outlined in 2016.

Northeast Zone:
This zone is based on 10 samples. The mineralized samples are hosted in potassic and phyllic altered Laramide age granodiorite and quartz monzonite. The zone covers an area of approximately 1,000m by 500m and terminates against the interpreted graben. The range, average and median values for this zone are shown in the table below.
Analytical Values
Element Minimum Maximum Average Median
Copper (ppm) 21 8,620 1,371 127
Molybdenum (ppm) 2 168 54 36
Gold (ppb) 10 733 129 37
Silver (ppm) 0.1 57.5 9.39 1.7

The mineralization in this zone is hosted in classical "A" veins, as well as in veins with sericitic and potassic envelopes. Hematite is common to the veins. Jarosite, pyrite and secondary biotite have also been observed in association with the mineralized quartz veins.

Southwest Zone:
This zone is defined by 18 samples, 12 of which contain either greater than 1,000 ppm copper or greater than 60 ppm molybdenum. The mineralization is hosted in steeply dipping quartz veins with sericitic envelopes. Chlorite and late stage epidote veinlets have been observed at several sample sites. Hematite is common to the mineralized veins. The range, average and median values for this zone are shown below.
Analytical Values
Element Minimum Maximum Average Median
Copper (ppm) 45 90,570 10,084 401
Molybdenum (ppm) 1.1 326 56 14.6
Gold (ppb) 6 323 59 16.5
Silver (ppm) 0.1 54.9 9.05 2.55

The average and median copper concentration for this zone is strongly influenced by the sample that contained 90,570 ppm copper. Assigning a zero value to this sample, the average copper content of the zone is reduced by 50% to 5,052 ppm copper and the median value is reduced by 45% to 221 ppm copper.

The mineralized trend is characterized by a rhenium-bismuth-tellurium geochemical association, "A" and "D" veins and chalcocite veins (with minor covellite). The main copper minerals are chalcocite, chryscolla and malachite.

Vein Assemblages:
During the mapping program, a considerable number of vein assemblages typical of a porphyry environment were observed in outcrop over the property. Vein assemblages include: sheeted biotite, epidote-quartz-hematite, quartz-hematite, quartz with sericite and albite selvages, chlorite, epidote-chlorite, quartz-magnetite, quartz-pyrite-jarosite, siderite-barite, fluorite-quartz with sericite selvages, quartz-tourmaline, hematite-quartz with potassic selvages and D veins were observed in bedrock.  

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