NORTHWESTERN BRITISH COLUMBIA – Calgary-based COPPER FOX METALS has raised close to $3 million for its Schaft Creek porphyry project 120 km southwest of Dease Lake. The money will be spent on bulk sampling, drilling, baseline studies, engineering and road construction.
Copper Fox reported that it has raised the initial $2.98 million of a $3.50-million private placement. This sale consists of an aggregate of 2.25 million flow-through shares and 9.97 units (one common share and a warrant for another half a share).
The Schaft Creek gold-copper-molybdenum-silver deposit was discovered in 1957, but never exploited. Copper Fox has an option to acquire 100% of the project from Teck Cominco. With measured and indicated resources of 847 million tonnes grading 0.292% Cu, 0.019% Mo, 0.202 g/t Au and 1.796 g/t Ag (or 0.485% CuEq), the deposit could support an open pit and 58,000-tonnes/day mill for 15 years. A prefeasibility study is due this spring.
A detailed presentation about the Schaft Creek project is available at www.CopperFoxMetals.com.