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Copper Fox identifies positive magnetic feature near Schaft Creek deposit

Copper Fox Metals (CVE:CUU) announced Tuesday the results of an airborne magnetic survey on its Schaft Creek deposit, identifying a linear positive feature measuring 20 kilometres in strike length nearby, suggesting that mineralization at the property could extend for an additional 1,000 metres, it said.

Preliminary exploration of this mineralization, and of another seven positive magnetic features believed to be associated with the Schaft Creek deposit, will begin in 2011 and will include mapping and sampling to identify copper mineralizations or other porphyry mineralizations.

The company, which has a 100% working interest in the Schaft Creek deposit, located in northern British Columbia, also said diamond drilling at its Paramount zone intersected visible copper mineralization in drill hole DDHCF407-2011 from 5.3 metres to a depth of 653 metres.

This mineralization has extended the mineralized zone another 125 metres to the east and 136 metres below the mineralized interval that was intersected in hole DDHCF399-2010.

"The drilling on the Paramount zone has the objective of expanding the limits of the mineralization of the Schaft Creek deposit by testing the large chargeability anomaly located to the east under Mount LaCasse," said president and CEO, Elmer B. Stewart.

Two diamond drills are currently working at the Paramount zone in hole DDHCF407-2011 to define the limits of the high-grade copper-gold-molybdenum-silver mineralized zone. The majority of drilling during 2011 will occur in this area.

Copper Fox, whose stock on the TSX Venture Exchange jumped 12.04% to trade at $2.14 per share as of Tuesday at 3:04 pm EDT, said it is in the process of completing a feasibility study on the 24,000 hectare Schaft Creek deposit. The company is also planning on releasing an updated resource report for the project soon.