Copper Fox Commences 2011 Drilling Program, Updates Other Activities at Schaft Creek, Tuesday, May 31, 2011
(by e-mail alert)
Vancouver, British Columbia - May 31, 2011. ("Copper Fox" or the "Company") (TSX-V: CUU) is pleased to announce that diamond drilling of DDH CF407-2011 at Copper Fox's 100% owned Schaft Creek copper-gold-molybdenum-silver porphyry deposit located in northwest British Columbia has commenced. This hole is designed to test the eastern extension of the large chargeability anomaly associated with the zone of higher-grade mineralization intersected in 2010. An update on the progress of the resource estimate and airborne magnetic survey is also provided.
a) Diamond drill hole ("DDH") CF407-2011 is underway and is located on the same site as DDH CF406-2010. A second diamond drill is expected to arrive at Schaft Creek by mid June 2011,
b) The primary objective of the 2011 drilling program is to test at depth a 1,200m long by 600m wide portion of the large chargeability anomaly associated with the higher-grade mineralization located in 2010 and test the ES and GK zones of mineralization that are on the recently acquired lands located immediately north of the Schaft Creek deposit,
c) Completion of the high resolution aeromagnetic survey of the Schaft Creek project has been delayed due to adverse weather conditions. The survey is approximately 60% complete and results of this survey will be announced upon receipt of the surveyor's reports following completion, and
d) AMEC are working toward delivery of the updated resource estimation. The receipt of this report is expected shortly.
Elmer B. Stewart President and CEO of Copper Fox stated that "Our first priority for 2011 is to complete the feasibility study on the Schaft Creek deposit and to do this we must first receive the updated resource estimation. The delay in receiving this report has been frustrating but resource estimations are complex in-depth studies especially when dealing with a substantial amount of legacy data such as at Schaft Creek. I am confident that this report will be completed soon and we can then move quickly to complete the feasibility study. The delay in completing the airborne magnetic survey is a function of the weather conditions around Schaft Creek but has not affected the other portions of the 2011 program. I am pleased that we re-started the testing of the extensions of the large chargeability anomaly associated with the higher-grade mineralization located in 2010. This anomaly is interpreted to have the best potential to substantially expand the limits of the mineralization in the Schaft Creek deposit".
Diamond Drilling Program: The drilling of DDH CF407-2011 has commenced. This hole is collared on the same site as DDH CF406-2010 but is being drilled at a steeper angle and has a minimum target depth of 800m. The final depth of this hole will be determined based on observation of the core as drilling progresses. The objectives of the 8,000m diamond drilling program are to:
a) test the lateral and depth extensions of the large chargeability anomaly associated with higher-grade mineralization located in 2010, b) subject to the results of the planned Titan-24 survey, diamond drill test the ES and GK zones of mineralization that are located on the recently acquired lands, and c) diamond drill test the large chargeability anomaly located north of the Paramount zone.
A second drill is expected to arrive at Schaft Creek in mid June. Depending on snow conditions, this drill may be used to test the separate large chargeability anomaly located north of the Paramount Zone. The 2011 drilling program has been modified slightly to allow testing of the western wall of the proposed starter pit. The majority of the drilling is dedicated to testing the strike, depth and eastern extension of the large chargeability anomaly associated with the higher-grade mineralization located in 2010. Contingent on the results of the drilling of the chargeability anomaly, the size of the 2011 drilling program may be expanded by increasing the metres to be drilled and adding a third diamond drill to the program.
Airborne Geophysical Survey: Adverse weather conditions have contributed to a lower than expected number of kilometers that can be flown in a day. This decrease in daily productivity has increased the number of days required to complete the high resolution airborne magnetic survey over the Schaft Creek project. This delay does not affect the other activities associated with the 2011 program. The survey is approximately 60% complete and due to improving weather conditions the survey is expected to be completed within 10 days assuming good weather conditions.
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed the technical information disclosed in this news release.