Calgary, Alberta – (Newsfile Corp. – June 25, 2021) – Copper Fox Metals Inc. (TSXV: CUU) (pink OTC: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated financial statements as at April 30, 2021 have been filed on SEDAR.
For the six-month period ended April 30, 2021, Copper Fox recorded a net loss of $ 542,580 (April 30, 2020 – $ 581,312), which equates to a loss of $ 0.00 per share (April 30, 2020 – 0, $ 00 loss per share).
During the six-month period ended April 30, 2021, the Company incurred $ 768,349 in expenses primarily to support the development of the Van Dyke and Schaft Creek copper projects, as well as to acquire the Eaglehead property and place a reclamation bond for this one. Copies of the financial statements, notes and related MD&A can be obtained on SEDAR at www.sedar.com, the Company’s website at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this press release have been previously announced through press releases. All amounts are expressed in Canadian dollars, unless otherwise indicated.
Elmer B. Stewart, President and CEO of Copper Fox, said: “Copper Fox was active on four projects during the quarter, with our primary focus being the preliminary economic assessment of Schaft Creek (”PEAS“) and the 2021 work program. The PEA on the Van Dyke Copper Project in Arizona has exceeded our expectations and established this project as a potential mid-tier copper producer and the Company is evaluating next steps to move forward Receipt of BC Mines The law permit paved the way for the addition of the Eaglehead copper project to the company’s exploration and advanced projects pipeline, and a geophysical study on the Mineral Mountain project in Arizona has start. “
Highlights for Q2 2021
- The independent PEA for the Van Dyke in situ copper recovery project (“ISCR”) has been filed on SEDAR and recommends a budget of US $ 15.5 million for diamond drilling, licensing and the completion of an ISCR pilot test program.
- Schaft Creek 2021 C $ 3.4 million metallurgical and geotechnical drilling program has been announced and is focused on improving the value of the project based on key parameters identified over the past two years.
- Announcement of an induced polarization survey on the Mineral Mountain project.
- Appointed Mark T. Brown, CPA, CA, as Chief Financial Officer.
- Obtaining the BC Mines Act permit for the Eaglehead property and finalizing the transaction with District Copper.
After the end of the period
- Filing of an NI 43-101 Technical Report, Updated Mineral Resource Estimate for the Schaft Creek Property, which forms the basis of the current PEA.
- The company provided an update on the PEA for the Schaft Creek project, which included improved mine design reducing mine stripping ratio life, capital efficient project setup, options for extend mine life or increase throughput, and potentially lower operating costs compared to 2013 feasibility. study.
- Data compiled and interpreted for the Eaglehead Copper Project in preparation for the 2021 program.
Notice of expiry of warrants
The Company wishes to remind the holders of these warrants issued within the framework of various previous private placements of private placement units of the Company indicated below, that the duration of the previously extended exercise period during which these warrants may be exercised will expire, without further extension, on the dates indicated in the table below:
|Date of issue||Exercise price||Extended expiration date|
|June 30, 2016||0.17||June 30, 2021|
|July 27, 2017||0.17||July 27, 2021|
With regard to the warrants (the “Subscription warrants 2020“) issued as part of the non-intermediary private placement unit offers concluded in March and April 2020, the Company further informs that in light of the recent price of the ordinary shares, the Company may at a future date, at its discretion given the then state of the capital markets and project funding requirements, issue a notice to 2020 warrants of the early acceleration of the expiration date for the exercise of the 2020 warrants Such a notice, when issued, will specify the accelerated expiry date for the exercise of these 2020 BSA.
After April 30, 2021, 12,197,168 warrants were exercised for proceeds accruing to the Company of $ 1,931,409.
Elmer B. Stewart, M.Sc. P. Geol., President of Copper Fox, is the Company’s Non-Independent Qualified Person under National Instrument 43-101, Disclosure Standards for Mining Projects, and has reviewed and approved the scientific and technical information disclosed in this press release. .
Selected financial results
|April 30, 2021||January 31, 2021||October 31, 2020||July 31, 2020|
|3 months ended||3 months ended||3 months ended||3 months ended|
|Loss before taxes||$||343,256||$||199,324||$||299,017||$||248,589|
|Overall (gain) / loss||842 711||791 658||(453,015||)||940 165|
|Global (gain) / loss per share, basic and diluted||0.00||0.00||(0.00||)||0.00|
|April 30, 2020||January 31, 2020||October 31, 2019||July 31, 2019|
|3 months ended||3 months ended||3 months ended||3 months ended|
|Loss before taxes||$||375,725||$||205,587||$||289,922||$||270,252|
|Net loss||375,725||205,587||188 765||270,252|
|Overall (gain) / loss||(283 957||)||110,398||257,746||528,250|
|Global (gain) / loss per share, basic and diluted||(0.00||)||0.00||0.00||0.00|
As at April 30, 2021, the Company’s cash position was $ 1,230,280 (October 31, 2020 – $ 491,933). Shortly after the end of the quarter, the Company also received $ 1,931,409 from the exercise of warrants.
About Copper Fox
Copper Fox is a leading Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned subsidiaries in Canada and the United States, namely Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek joint venture with Teck Resources Limited on the Schaft Creek copper deposit. gold-molybdenum-silver project located in northwestern British Columbia, and 100% ownership of the Van Dyke oxidized copper project located in Miami, Arizona. For more information on other Copper Fox mining properties and investments, visit the company’s website at www.copperfoxmetals.com.
For more information, please contact Lynn Ball at 1-844-464-2820 or 1-403-264-2820.
On behalf of the Board of Directors,
Elmer B. Stewart
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution regarding forward-looking information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of Canadian securities laws (collectively, “ forward – seeking information “). Forward-looking information in this press release includes statements about our Van Dyke, Schaft Creek, Mineral Mountain and Eaglehead projects; the potential as a mid-level copper producer for the Van Dyke project and the recently filed PEA’s recommended budget; the addition of the Eaglehead project to the company’s portfolio of exploration and advanced projects and obtaining BC Mines Act permits; the budget and program for 3, $ 4 million for the Schaft Creek project; and comments relating to the Company’s outstanding warrants, including the acceleration of the ex piration for the exercise of the 2020 warrants.
In connection with the forward-looking information contained in this press release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among others: the geological, financial and economic advice that Copper Fox has received is reliable and is based on best practices and methodologies consistent with industry standards; that the estimates of mineral reserves and resources and the key assumptions and parameters on which these estimates are based are reasonable; the costs and results of planned exploration activities are as planned; and the stability of economic and market conditions. Although Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
In addition, there are known and unknown risk factors that could cause Copper Fox’s actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by the forward-looking information contained in the this document. Known risk factors include, the PEA on the Schaft Creek project may not be completed as planned or at all; the $ 3.4 million budget and program for the Schaft Creek project may not be completed as planned or may not achieve desired results at all; the Mineral Mountain geophysical survey may not achieve the desired results; the Eaglehead 2021 program may not be completed; the global economy may deteriorate; uncertainty about the availability and terms of future funding; copper prices and demand can fluctuate; exchange rates may fluctuate; conditions in financial markets may deteriorate; the prices of the common shares of the Company may decline below the exercise price of any outstanding warrants of the Company; and uncertainty about the timely availability of permits and other government approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox’s continuous disclosure documents to Canadian securities regulators at www.sedar.com. All forward-looking information contained in this document is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update such forward-looking information or to publicly announce the result of any revision of either. forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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