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Schaft Creek Project

Overview of Schaft Creek Project


Copper Fox is a 25% partner in the Schaft Creek Joint Venture with Teck Resources Limited ('Teck'). Teck is the operator of the Schaft Creek Joint Venture which holds two main assets; i) the Schaft Creek copper/gold/molybdenum/silver project located in northwestern British Columbia and a 78% equity interest in Liard Copper Mines Ltd. ('Liard'). Liard holds a 30% Net Proceeds Interest in the Schaft Creek project.

On January 23, 2013, Copper Fox filed a National Instrument 43-101 Technical Report comprising a feasibility study of a 130,000 tonne per day-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; with contained metal of 5,611.7 million pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver. The Technical Report was prepared by Tetra Tech. The feasibility study contemplated a 21 year mine life.

The Schaft Creek deposit host a Measured and Indicated Resource of 1,228.6 million tonnes grading 0.26% copper, 0.017% molybdenum, 0.19 g/t gold and 1.69 g/t silver and a 597.2 million tonne Inferred Resource grading 0.22% copper, 0.016% molybdenum, 0.17 g/t gold 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.

After delivery of the Technical Report and pursuant to the 2002 Option Agreement between Copper Fox and Teck, on July 15, 2013 Copper Fox formed a joint venture with Teck to further explore and/or develop the Schaft Creek project located in northwestern British Columbia, Canada. Terms of the Joint Venture Agreement are:
  • Teck will pay a total of $60 million in three direct cash payments to Copper Fox: $20 million upon signing the Schaft Creek Joint Venture Agreement, $20 million upon a Production Decision, and $20 million upon the completion of the mine facility.
  • Teck will fund 100% of costs incurred prior to a production decision up to $60 million; Copper Fox's pro rata share of any pre-production costs in excess of $60 million will be funded by Teck and the two remaining direct cash payments payable to Copper Fox will be reduced by an amount equal to 25% of the expenditure in excess of the initial $60 million.
  • Teck will fund any additional costs (in excess of $220 million) incurred prior to a production decision, if required, by way of loan (at an interest rate of prime +2%) to Copper Fox to the extent of its pro rata share, without dilution to Copper Fox's 25% joint venture interest.
  • Management of the Joint Venture will be made up of two representatives from Teck and Copper Fox with voting proportional to equity interests.
  • Teck has agreed to use all reasonable commercial efforts to arrange project equity and debt financing for project capital costs of constructing a mining operation upon a production decision being made; Teck has agreed to fund Copper Fox's pro rata share of project capital costs by way of loan (at prime + 2%), if requested by Copper Fox, without dilution to Copper Fox's 25% joint venture interest.

The definitive Joint Venture Agreement between Copper Fox and Teck dated July 15, 2013, is available under Copper Fox's profile on Sedar at www.sedar.com. Feasibility Study (PDF - 21.8MB)

The Schaft Creek Joint Venture approved a 2014 program consisting of a comprehensive series of studies to review all aspects (including metallurgical, pit slope design, geological modelling and environmental) of the Schaft Creek project. The 2014 field mapping and core re-logging program to collect additional structural information for pit slope design purposes and to update the geological model for the Schaft Creek deposit was completed by the end of August. The incorporation of this information into the Schaft Creek data base is in progress. Environmental monitoring studies will also continue through 2014. The 2014 Schaft Creek program is estimated to cost approximately $2.5 million. Feasibility Study (PDF - 21.8MB)

Location Map

Vertical Section 6360500

Vertical Section 6360800

Vertical Section 6361200N

Porphyry Target Identified in 2014
Corebox 3D Model:



Corebox interactive sections:

Geology & Technical Reports


Current

January 23, 2013 Feasibility Study

May 23, 2012 Resource Estimate



Archives

July 26, 2011 Updated Mineral Resource Estimate

May 20, 2010 Updated Amended Technical Report

September 15, 2008 Canadian NI 43-101 Technical Report - Preliminary Feasibility Study on the Development of the Schaft Creek Project Located in Northwest British Columbia, Canada

December 7, 2007 Preliminary Economic assessment study (PEA) - Executive Summary

December 7, 2007 Canadian NI43-101 Technical Report - Preliminary Economic Assessment on the Development of the Schaft Creek Project Located in Northwest British Columbia, Canada

June 22, 2007 AGL Updated Resource Estimate for Schaft Creek

March 19, 2007 Diamond Drill Report

September 20, 2004 - (AMCL) and HATCH(tm) conducted a preliminary assessment (Scoping Study) of the viability of the Schaft Creek project.

May 20, 2004 - Giroux Consultants Ltd. - Status and Resource Estimate, Schaft Creek Property, N.W. British Columbia



Environmental Assessment:

The Schaft Creek Mine Project (Project) comprises the mining and processing of a multimetal porphyry deposit located in northwestern British Columbia. The Project requires an Environmental Assessment Certificate under the British Columbia Environmental Assessment Act before proceeding with activities related to construction and operation of the Project.

The Project is also be subject to federal review under the Canadian Environmental Assessment Act and thus requires a federal approval before construction can commence.

The Canada/British Columbia Agreement on Environmental Assessment Cooperation provides for cooperative environmental assessments (EA) to minimize duplication whenever possible. Thus a single environmental assessment will be undertaken for the Project.

The Project has been in the environmental assessment process since 2006 and has been collecting baseline environmental, economic, social, heritage and health data to support the environmental assessment since 2005; see below for list of baseline studies in support of the environmental assessment.

2013
Schaft Creek 2011 Baseline Hydrogeology Study (pdf - 37.2mb)

2012
Schaft Creek - Winter Moose Population and Distribution Survey - October 2012 (pdf - 6.79mb)

2011
Click here to view the Schaft Creek Mine Project Application Information Requirements/Impact Statement Guidelines - February 2011 (pdf - 9.7mb)

2010
Schaft Creek - Wildlife Habitat Suitability Baseline (November 2010) (pdf - 25.5mb)
Schaft Creek - Moose Literature Review (November 2010) (pdf - 2.9mb)
Schaft Creek - Engineering Hydrometeorology Report (July 2010) (pdf - 3.9mb)
Schaft Creek Project - ML-ARD Geochemical Shake-Flask Testing of Overburden in the Proposed Pit Area, August 2010 (pdf - 775kb)
Schaft Creek Project - ML-ARD Report on 3D Modelling of ABA Data, May 2010 (pdf - 632kb)
Schaft Creek Project - ML-ARD Report on Acid-Base Accounting and Total Solid-Phase Elements for Rock, April 2010 (pdf - 1.8mb)
Schaft Creek Socio-Economic Baseline, May 2010; (pdf - 2.5mb)
Schaft Creek Land Use Baseline, May 2010; (pdf - 6.9mb)
Schaft Creek Soils Baseline, May 2010; (pdf - 82.3mb)
Schaft Creek Archaeology Baseline Study, May 2010; (pdf - 3.8mb)
Geomorphic Channel Assessment and Channel Migration Hazard Mapping of Upper Mess Creek, January 2010 (pdf - 8.5mb)

2009
Schaft Creek 2008 and 2009 Meteorology and Air Quality Baseline, Feb 2010; (pdf - 8.1mb)
Schaft Creek 2009 Country Foods Baseline Update, May 2010; (pdf - 4.8mb)
Schaft Creek 2009 Baseline Hydrogeology Study, April 2010; (pdf - 4.8mb)

2008
Schaft Creek Hydrology Baseline 2008, Feb 2010 (pdf - 37.7mb)
Schaft Creek 2008 Fisheries Baseline Report, February 2010; (pdf - 18.9mb)
Schaft Creek 2008 Fisheries Addendum, May 2010; (pdf - 488kb)
Schaft Creek 2008 Bird Studies Addendum, May 2010; (pdf - 3.76mb)
Schaft Creek 2008 Aquatics Baseline Report, May 2010; (pdf - 38.2mb)
Schaft Creek 2008 Vegetation and Ecosystem Mapping Baseline, May 2010; (pdf - 48.7mb)
Schaft Creek 2008 Navigable Waters Assessment (pdf - 12.0mb)
Schaft Creek Project ML-ARD Phase 2 Report, February 2008 (pdf - 1.7mb)
Schaft Creek Project ML-ARD Assessment of Surficial Samples from the Proposed Access Road, February 2008; (pdf - 4.7mb)
Schaft Creek Access Route Geohazards - March 2008 (pdf - 3.75mb)
Schaft Creek Project Mountain Ungulate Baseline 2008, September 2010 (pdf - 18.6mb)

2007
Schaft Creek Project 2007 Aquatic Resources Baseline Report (pdf - 136mb)
Schaft Creek Project 2007 Archeological Baseline Study Technical Summary (pdf - 3.3mb)
Schaft Creek Project 2007 Meteorology Baseline Report (pdf - 6.1mb)
Schaft Creek Project 2007 Bat Inventory (pdf - 4mb)
Schaft Creek Project 2007 Preliminary Groundwater Baseline Report (pdf - 9.2mb)
Schaft Creek Project 2007 Noise Baseline Report (pdf - 4.1mb)
Schaft Creek Project 2007 Soils Baseline Report (pdf - 7.5mb)
Schaft Creek Project 2007 Vegetation Baseline Report (pdf - 2.5mb)
Schaft Creek Project 2007 Western Toad Baseline (pdf - 5.7mb)
Schaft Creek Project 2007 Hydrology Baseline (pdf - 86.7mb)
Schaft Creek Project 2007 Fisheries Baseline (pdf - 129mb)
Schaft Creek Project 2007 Tahltan (Country) Foods Baseline Assessment (pdf - 8mb)
Schaft Creek Access Road Assessment - October 2007 (pdf - 1.7mb)
Schaft Creek Project 2007 - Wetlands Baseline Report (pdf - 30.2mb)
Metal Leaching - Acid Rock Drainage Phase 1 Report (pdf - 1mb)

2006
Schaft Creek Project 2006 Hydrology Baseline Report (pdf - 7.9mb)
Schaft Creek Project 2006 Moose Baseline Report (pdf - 7.8mb)
Schaft Creek Project 2006 Bird Study (pdf - 5.9mb)
Schaft Creek Project 2006 Meteorology Baseline Report (pdf - 10.8mb)
Schaft Creek Project 2006 Fisheries Baseline Report (pdf - 18.8mb)
Schaft Creek Project 2006 Aquatics Baseline Report (pdf - 61.0mb)

Other (Completed) Technical Reports
Schaft Creek Project Prediction of Minesite-Drainage Chemistry, Metal Leaching, and Acid Rock Drainage (ML-ARD) through 2011 (pdf - 15.7mb)
Schaft Creek Project 2008 Environmental and Social Work Plans; (pdf - 13.5mb)
Schaft Creek Alternatives Assessment Report, July 2008; (pdf - 22.5mb)
Schaft Creek Geohazard Tailings Options - February 2008; (pdf - 4.6mb)
Schaft Creek Tailings Assessment Engineering (VA08-00390) - February 2008; (pdf - 16.4mb)
Schaft Creek Access Road Assessment Tahltan Highland - March 2008; (pdf - 1.4mb)
Schaft Creek Tailings Water Management Assessment - March 2008. (pdf - 697kb)

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