TORONTO (miningweekly.com) – Copper project developer Copper Fox on Thursday said it has acquired two groups of mineral tenures with the aim of expanding the Schaft Creek polymetallic project, in British Columbia, and the Sombrero Butte copper project, located in Pinal County, Arizona.
Copper Fox said it had added two mineral tenures totalling 487.99 ha, located within the Schaft Creek project, for $12 000 in cash and a 2% net smelter return (NSR) royalty on the mineral claims subject to a partial NSR buyout option, which would allow Copper Fox to buy half of the NSR at any time for a cash payment of $1-million.
The company added that it had staked 183.94 ha, comprising 22 mineral tenures, along the western side of the Sombrero Butte project, to cover the expected extension of previously known copper mineralised breccia pipes within the project.
A limited field programme is currently under way to complete a preliminary assessment of these lode claims, consisting of mapping and sampling utilizing a thermo scientific portable X-ray fluorescence analyser to measure metal concentrations in outcrop.
"The purpose of the acquisition of these mineral claims at Schaft Creek is to provide additional coverage of the interpreted extension of the Schaft Creek mineral trend and infrastructure purposes.
“The additional mineral claims for the Sombrero Butte project expand the company's acreage around the mineralised diamond drill holes completed in 2008 and mineralised breccia systems located within the property located in this historical mining district, which is currently experiencing a substantial increase in the level of exploration activity,” Copper Fox CEO Elmer Stewart said in a statement.
The company’s shares traded at 79 Canadian cents apiece on the Toronto Venture Exchange on Thursday.