Copper Fox has four primary copper-gold assets at various stages of exploration or development located in mining friendly and geopolitical stable jurisdictions. Copper Fox, through its wholly owned subsidiary Norther Fox, owns 60.4% of the shares of Carmax Mining Corp. Our projects and equity investment are located in proven areas referred to as the "Golden Triangle" in British Columbia and in the "Laramide Copper Province" in Arizona; both of which host large copper-gold deposits or operating mines.
Copper Fox's 25% interest in the Schaft Creek Joint Venture and its 100% owned Van Dyke project are both supported by National Instrument 43-101 Technical Reports that have identified various categories of mineral resources and mineral reserves.
The 2013 Feasibility Study on the Schaft Creek project outlined approximately 940 million tonnes of Proven and Probable Reserves grading 0.27% copper, 0.19g/t gold, 0.018% molybdenum and 1.72g/t silver that would be exploited over a 21-year mine life. The Reader is cautioned that the information, assumptions and projections on which the 2013 Feasibility Study is based on has changed over the past four years. The Schaft Creek Joint Venture is currently working on re-modeling the resource model for the Schaft Creek project. In the event that the remodeling work results in a material change in the resources categories and average metal grades, then the Reader is cautioned that the results of the 2013 Feasibility Study may not be achieved and cannot be relied upon.
The 2015 Preliminary Economic Assessment ("PEA") on the Van Dyke project was based on an Inferred Mineral Resource of approximately 183 million tonnes at an average total Copper ("TCu") grade of 0.332%. The results of the PEA are preliminary in nature as they include an Inferred Mineral Resource which is considered too speculative geologically to have the economic considerations that would enable them to be categorized as mineral reserves. There is no certainty that the PEA forecasts will be realized or that any of the resources will ever be upgraded to reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Table-1 shows Copper Fox's share of copper-gold-molybdenum-silver outlined in the reserve and resource categories on all projects. The Technical Reports outlining the details of the reserve or resource estimations presented in terms or tonnes and grade can be found in either Copper Fox's corporate presentation or its website. The metal content outlined in the Proven and Probable Reserve (P+P) category and in the Measured and Indicated Resource (M+I) category is from the Schaft Creek project. The Inferred Resource (Inf) category is from the Schaft Creek and Van Dyke projects.
Table-2 shows the metal content in the reserve and resource categories for Copper Fox's projects on which National Instrument 43-101 Technical Reports have been completed expressed in terms of copper equivalent and gold equivalent.
Copper Fox has increased its metal ownership over the past six years. Over that time, Copper Fox has increased its ownership of metal from approximately 3.2 billion pounds to approximately 6.0 billion pounds of copper equivalent. Copper Fox's four mineral projects and its exposure to the Eaglehead project through its equity investment in Carmax, all have the potential to either discover new zones of mineralization or add additional resources through exploration of known mineralized zones.
Table-1: Copper Fox share of metal contained in various reserve and resource categories.
|Resources2, 3, 4 (Inf)
1 & 2: Technical Report "Feasibility Study on the Schaft Creek Project, BC, Canada", dated January 23, 2013, prepared by Tetra Tech, A. Farah, P. Eng.; et al as Qualified Persons; at 0.15% CuEq cut-off. Reserves reported at $6.60/tonne net smelter return (NSR) cut-off.
3: "Technical Report and Resource Estimation for the Van Dyke Copper Project", dated January 30, 2015 prepared by Moose Mountain Technical Services, S. Bird, P.Eng and R. Lane, P. Geo as Qualified Persons; at 0.05% TCu cut-off.
Above stated Proven and Probable reserves are included in the Measured and Indicated resources reported for the Schaft Creek Project.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Table-2: Copper Fox metal holdings expressed in terms of Copper Equivalent and Gold Equivalent
Notes to accompany estimation of copper equivalent and gold equivalent
|Measured & Indicated
CuEq based on copper content and 100% credit for other metals. AuEq based on Gold content plus 100% credit for other metals. Metal prices US$2.50/lb Cu, US$1,250.00/oz Au, US$9.00/lb Mo and US$16.00/oz Ag. Numbers are rounded to follow "Best Practice Principals"