Reserves & Resources

Reserves & Resources

In the mineral resource business successful exploration results in establishing either a “maiden” or “updated” mineral resource statement for a project.  Copper Fox projects where mineral resources have been established are:

  • 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.

Resource Statement

Schaft Creek Project:

Category Tonnes (Mt) Cu (%) Au (gt) Mo(%) Ag (g/t) Cu (Blbs) Gold (Mozs.) Mo (Mlbs) Ag (Mozs.)
Measured (M) 166.0 0.32 0.20 0.021 1.5 1.17 1.07 73.17 8.00
Indicated (I) 1,127.2 0.25 0.15 0.016 1.2 6.21 5.44 397.42 43.48
M & I 1,293.2 0.26 0.16 0.017 1.2 7.38 6.50 470.60 51.49
Inferred 316.7 0.19 0.14 0.019 1.1 2.23 1.42 132.33 11.18

(Mt)=millions of tonnes, (Blbs)=billions of pounds, (Mlbs.)=millions of pounds, (Mozs.)=millions of ounces
Numbers rounded to reflect Best Practice Principles
Resources for Schaft Creek project reported on 100% basis.  Teck Resources Limited, 2018 AIF, the effective date of the mineral resource is December 31, 2018.

Van Dyke Project:

Category Tonnes (Mt) Cu (%) Au (gt) Mo (%) Ag (g/t) Cu (Blbs) Gold (Mozs.) Mo (Mlbs) Ag (Mozs.)
Indicated 97.4 0.33 na na na 0.72 na na na
Inferred 168.0 0.27 na na na 1.01 na na na

(Mt)=millions of tonnes, (Blbs)=billions of pounds, (Mlbs.)=millions of pounds, (Mozs.)=millions of ounces
Numbers rounded to reflect Best Practice Principles
Resources for Van Dyke project reported on 100% basis.  Copper Fox news release dated March 29, 2020 announcing updated mineral resource estimate, the effective date of the mineral resource is January 9, 2020.

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.