Copper Fox Metals has announced results from an Preliminary Economic Assessment for its Van Dyke copper project located in Miami, Ariz.
The PEA results include a mine life of 17 years, with copper production of 1.1 billion lb. - compared to 456.9 lb. from 2015 PEA - with peak production of 85 million lb. annually in years 2-12, and initial capital expenditure of US$290.5 million, including a 30% contingency.
“The significant increase in valuation over that obtained in the 2015 PEA is a function of the 2020 resource estimate, a better understanding of metallurgical and geological characteristics of the deposit and adopting a phased approach to project development," said Elmer Stewart, Copper Fox's CEO.
"Van Dyke has the potential to become a significant project in the mid-size copper development space."
Underground mining operations at Van Dyke are reported to have produced 11.8 million lb. of copper between 1929 and 1945 with a reported grade of 5% copper.
Earlier this month, Copper Fox announced that it will acquire the Eaglehead property in British Columbia from District Copper.
The deal entails the purchase of the six contiguous mineral claims totalling 159.6 sq. km.
Eaglehead is an early-to-intermediate-stage exploration project that hosts a calc-alkalic porphyry copper-molybdenum-gold-silver system.
Midday Wednesday, Copper Fox’s stock was up 10% on the TSXV. The company has a $200-million market capitalization.
This story first appeared on www.MINING.com.