Copper Fox Metals (CVE:CUU) announced Monday additional diamond drilling results from the Paramount zone of its Schaft Creek copper-gold-molybdenum-silver project in northwestern British Columbia, which extend mineralization a significant distance to the north.
The 2011 field program was completed at the end of November, with highlights including hole CF415, which intersected 0.49% copper, 0.55 grams per tonne (g/t) gold, 0.04% molybdenum and 8.79 g/t silver, or 1.10% copper equivalent, over 65.53 metres.
This hole was located 284 metres north and 81 metres east of hole CF409, and extended the mineralization in the Paramount zone an additional 250 metres to the north, and 340 metres below the floor of the proposed open pit designed in 2008.
Meanwhile, hole CF413, which was located 119 metres north and 86 metres west of hole CF411, intersected 0.34% copper, 0.21 g/t gold, 0.03% molybdenum and 2.25 g/t silver, or 0.65% copper equivalent, over an interval of 130.65 metres.
"DDH CF415 was drilled at the north end of the proposed open pit for essentially condemnation purposes. The results for this hole are a significant development in understanding the potential and size of the Paramount zone," said president Elmer B. Stewart.
"The thickness of the mineralization and assays from this hole demonstrate that mineralization could extend a considerable distance to the north past this hole location. Most importantly, the results of DDH CF415 and DDH CF413 have extended the mineralization a considerable distance beyond that outlined in the current resource estimate which is being used to design the proposed open pit mine plan contemplated in the feasibility study."
Indeed, the company has commissioned Tetre Tech, formerly Wardrop, to prepare an updated resource estimate for the property to include the new data from the 2011 drilling campaign, which extended mineralization and showed higher average grades than those currently reported for the Paramount Zone. This is expected for the second quarter of 2012.
The grade of the 2011 diamond drill results received to date from the Paramount zone is 0.34% copper, 0.22 g/t gold, 0.034% molybdenum and 1.99 g/t silver, which exceeds the average grade of the metals as set out in the current indicated mineral resource estimate from July, of 0.27% copper, 0.18g/t gold and 0.017% molybdenum.
Copper Fox also said that though a significant amount of work has been done for the feasibility study, the report will not be able to be finalized before month-end. Completion of the study, which will be based on the July resource estimate, is now expected in the first quarter of next year.
Assay results for five additional drill holes completed in the Paramount zone are pending.
The Schaft Creek deposit is one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America and the feasibility study is based on a minimum 120,000 tonne per day open pit mine.
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.