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Reserves & Resources

Reserves & Resources

Copper Fox has three projects located within Tier 1, proven mining districts in North America where mineral resources have been established:

  • 25% carried interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia.
  • 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona.
  • 100% ownership of the Eaglehead copper-gold-molybdenum-silver project located in northwestern British Columbia.

Resource Statement

Schaft Creek Project

Category Tonnes (Mt) Cu (%) Au (gt) Mo(%) Ag (g/t) Cu (Blb) Gold (Moz) Mo (Mlb) Ag (Moz)
Measured (M) 176.4 0.32 0.22 0.018 1.46 1.26 1.28 71.03 8.26
Indicated (I) 1,169.1 0.25 0.15 0.017 1.22 6.50 5.69 439.56 46.00
M & I 1,345.5 0.26 0.16 0.017 1.25 7.76 6.97 510.59 54.26
Inferred 343.6 0.17 0.11 0.013 0.84 1.30 1.18 95.50 9.28

Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, Mt=millions of tonnes, %=percent, g/t=grams per tonne, Blb=billions of pounds, Mlb=millions of pounds, Moz=millions of ounces. 

Mineral Resources are reported using the 2014 CIM Definition Standards.  The QP for the estimate is Mr. Michael F. O’Brien, P.Geo., Red Pennant Geosciences. The effective date is January 15, 2021. Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters:  Metal prices of US$3/lb Cu, US$1,200/oz Au, US$10/lb Mo, US$20/oz Ag, and pit slope angles that vary from 40-44┬░.  Metallurgical recoveries reflective of prior test work that averages: 86.6% Cu, 73.0% Au, 58.8% Mo, 48.3% Ag.  Mineral Resources are reported using a net smelter return (NSR) cut-off of US$4.31/t.  Tonnes are metric tonnes, with Cu and Mo grades as percentages and Au and Ag grades as gram per tonne units. Cu and Mo metal content is reported in lb and Au and Ag content is reported in troy oz.  Totals and Metal content may not sum due to rounding and significant digits used in calculations.  Resources for Schaft Creek project reported on 100% basis.

Van Dyke Project

Category Tonnes (Mt) TCu (%) ASCu (%) CNCu (%) RecCu (%) Recovery (%) Soluble Cu (Mlb) Total Cu (Mlb)
Indicated 97.6 0.33 0.23 0.04 0.24 90 517 717
Inferred 168.0 0.27 0.17 0.04 0.19 90 699 1,007

TCu=total copper, ASCu=acid soluble copper, CNCu=cyanide soluble copper, RecCu=recoverable copper, %=percent, Mt=millions of tonnes, Mlb=millions of pounds. 

Sue Bird, P.Eng., an employee of Moose Mountain Technical Services, is the QP.  The effective date is January 9, 2020.  The “reasonable prospects for eventual economic extraction: shape has been created based on a a copper price of US$2,80/lb, employment of in-situ leach extraction methods, processing costs of US$0.60/lb Cu and all in operating and sustaining costs of US$1.25/t, a recovery of 90% for total soluble copper and an average Specific Gravity of 2.6t/m3.  Approximate drill-hole spacing is 80m for Indicated Mineral Resources.  The average dip of the deposit within the Indicated and Inferred Mineral Resource outlined is 20 degrees. Vertical thickness of the mineralized envelope ranges from 40m to over 200m.  Rounding, as required by Best Practices established by the CIM reporting guidelines, may result in slight apparent differences between tonnes, grade and contained metal content.

Eaglehead

Class NSR Cutoff (C$/t) Tonnage (kt) NSR (C$/t) CuEq (%) Cu (%) Mo (%) Au (g/t) Ag (g/t) Cu (Mlb) Mo (Mlb) Au (k/oz) Ag (koz)
Indicated 5.5 70,810 24.74 0.326 0.221 0.0108 0.061 0.9 345 16.9 139.6 2,151
Inferred 5.5 242,331 18.64 0.246 0.192 0.0035 0.043 0.6 1,025 18.7 335.8 4,971

NSR=net smelter return, CuEq=copper equivalent, Cu=copper, Mo=molybdenum, Au=gold, Ag=silver, kt=thousands of tonnes, g/t=grams per tonne, Mlb=millions of pounds, koz=thousands of ounces.

Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines.  The Mineral Resource Estimate (MRE) has been prepared by Sue Bird, P.Eng., an independent Qualified Person.  The effective date of the MRE is August 21, 2023.  The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions:  Mineral Resources are reported within a conceptual constraining pit shell with Pit slopes of 50 degrees with metal prices of Cu US$3.50/lb, Mo US$20/lb, Au US$1,750/oz, Ag US$20/oz at an exchange rate of 0.77 US$ per C$.  Metallurgical recoveries reflective of prior test work averages for Cu, Mo, Au and Ag of 89.9%, 71.1% 78.6% and 78.1% respectively.  Mineral Resources are reported using a net smelter return (NSR) cut-off of C$5.50/t that includes Processing, G&A and tailings management costs.  Terms included in the NSR calculation are 97% payable for Cu and Au, 90% payable for Ag, 99% payable for Mo, 1% Unit deduction for Cu and Mo, Cu concentrate smelting of US$120/wmt, US$0.10/lb Cu refining and transport of US$100/t.  For Mo smelting costs of US$2.5/wmt con, US$1.52/lb Mo refining and US$154.05/wmt transport.  Au refining of US$8.00/oz with Ag refining of US$0.50/oz with transportation costs included in the Cu concentrate.  Tonnes are metric tonnes with Cu and Mo grades as percentages and Au and Ag grades as gram per tonne units.  Cu and Mo metal content is reported in lb and Au and Ag content is reported in troy oz.  Totals and Metal content may not sum due to rounding and significant digits used in calculations.  Resources for Eaglehead project reported on 100% basis.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

 

Definitions - The CIM Definition standards on Mineral Resources and Mineral Reserves provide as follows:

Mineral Reserves & Resources

Standard - Proven and Probable Mineral Reserves and Measured, Indicated and Inferred Mineral Resources have been estimated in accordance with the definitions of these terms adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) in November 2005 and incorporated in National Instrument 43-101, “Standards of Disclosure for Mineral Projects” (“NI 43-101”), by Canadian securities regulatory authorities. Mineral Resources are reported separately from and do not include that portion of the Mineral Resources that is classified as Mineral Reserves. That portion of Mineral Resource which is not classified as Mineral Reserve does not have demonstrated economic value.

Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals and industrial minerals in or on the earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined.

Probable Mineral Reserve is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.