Copper Fox Metals (CVE:CUU) announced Tuesday results from two diamond drill holes completed in the Paramount Zone of its Schaft Creek copper-gold-molybdenum-silver deposit in BC, with results pointing to higher metal and copper equivalent grades than in the latest resource estimate for the area.
Diamond drill hole CF411-2011 intersected 0.49% copper, 0.30 g/t gold, 0.04% molybdenum and 2.43 g/t silver, or 0.91% copper equivalent (CuEq) over an interval of 387.8 metres.
The 387.8 metre interval is included in a 590.4 metre interval that averaged 0.39% copper, 0.25 g/t gold, 0.031% molybdenum and 2.06 g/t silver, or 0.73% CuEq. The hole, which extended mineralization at depth an additional 175 metres, stopped in 0.72% CuEq mineralization, at a vertical depth of 615 metres below surface, the company said.
Meanwhile, hole CF412B-2011, which was drilled to a depth of 636.1 metres, returned 0.48% copper, 0.27 g/t gold, 0.038% molybdenum and 3.61 g/t silver, or 0.89% CuEq, over an interval of 145.2 metres, which was included in a 529.5 metre interval that averaged 0.38% copper, 0.28 g/t gold, 0.023% molybdenum and 2.30 g/t silver, or 0.70% CuEq. The company said this hole extends mineralization an additional 85 metres to the east.
Copper Fox also said the mineralized intervals in both DDH CF411-2011 and CF412B-2011 are open at depth, as well as to the east and west.
"We are very pleased to report that the 2011 drill results continue to expand the limits of the higher-grade mineralization with all drill holes containing significantly higher metal and copper equivalent grades than reported in the updated resource estimate for the Paramount zone," said president Elmer B. Stewart.
"Diamond drill holes CF411-2011 and CF412B-2011 have intersected multiple thick zones of higher-grade and extended mineralization to the east, west and at depth".
Two diamond drills are currently working at Schaft Creek to test the northern extension of the copper-gold-molybdenum-silver mineralization in the Main zone.
Copper Fox is currently working on completing a feasibility study on the Schaft Creek deposit, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. The feasibility study is being led by Tetra Tech, for a minimum 120,000 tonne per day open pit mine and is expected to be completed during the fourth quarter of the year.
The company holds a 100 percent working interest in a contiguous 21,024.96 hectare property which includes the Schaft Creek deposit, and is subject to a 3.5 percent Net Profits Interest held by Royal Gold, a 30 percent carried interest held by Liard Copper and an earn back option held by Teck Resources (TSE:TCK.B).
The project is situated 45 kilometres west of the Stewart-Cassiar Highway and approximately 80 kilometres south of Telegraph Creek in north western British Columbia.