Metals Update 14/07/2021

Copper Fox begins 2021 program on Eaglehead

Copper Fox Metals Inc., through its wholly owned subsidiary, Northern Fox Copper Inc., has commenced its 2021 program on the Eaglehead polymetallic porphyry copper project located in northwestern British Columbia.

Eaglehead (15,956 hectares) is an intrusion-hosted calc-alkalic polymetallic (Cu-Mo-Au-Ag (copper-molybdenum-gold-silver)) porphyry copper system hosted in a late Triassic-early Jurassic multiphase, granodioritic/dioritic intrusive stock located approximately 50 kilometres east of Dease Lake in Tahltan territory. Historical exploration includes 126 diamond drill holes (36,605 metres), preliminary metallurgical testwork, airborne and ground geophysical surveys, soil and stream sediment geochemical surveys and limited prospecting and mapping. The historical drilling concentrated on four mineralized zones: East-Bornite-Pass-Camp (see news release dated June 10, 2021).

Highlights are:

  • The 2021 budget is $700,000 and consists of an 18-kilometre induced polarization (IP) survey, and mapping, sampling and prospecting program.
  • The focus of the 2021 IP survey is to extend the chargeability/resistivity signatures to the north of the mineralized zones into the area of coincident copper mineralization and copper-molybdenum in soil geochemical anomaly.
  • Relogging and, if required, resampling of the diamond drill holes from the Far East zone.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: “The historical drilling was essentially restricted to the four mineralized zones. These zones cover a small portion of the Eaglehead intrusion which, based on trace element chemistry, is shown to be prospective for large porphyry copper deposits. Systematic mapping and prospecting of the Eaglehead intrusion was never completed. Our compilation indicates the area north of the mineralized zones is very prospective for porphyry-style mineralization. The focus of the 2021 program is to evaluate the prospectivity of this area for porphyry-style mineralization and expand the geophysical coverage in advance of a potential 2022 diamond drill program.”

Geological model

The Eaglehead project is a multiphase intrusive with porphyry-style mineralization occurring in the various intrusive phases and in mafic volcanics of the Kutcho formation wall rocks. The mineralization in the four zones identified to date is open in several directions and at depth and the sulphide mineral zonation and surface exploration data suggest the potential for porphyry-style mineralization to the north toward the centre of the Eaglehead intrusive. Structural adjustments to the mineralized zones occurred postmineralization.

2021 program

Induced polarization survey

The 2021 IP survey and mapping program covers the large, irregular Cu-Mo in soil geochemical anomaly (6,400 m long by up to 2,000 m wide) and the area of sporadic copper mineralization (3,000 m by 2,000 m) located north of the Bornite-Pass-Camp-West zones. The chargeability/resistivity signature from the 2014 IP survey indicates the anomalous (over 10 mrds) portion of these signatures remains open to the north. The 2021 IP survey extends the 2014 IP survey lines approximately 2.5 km to the north and will map the chargeability/resistivity signatures between the mineralized zones and below the area of copper mineralization and copper-molybdenum in soil anomaly. On completion of the 2021 program the data from the IP surveys will be merged resulting in an updated interpretation of chargeability/resistivity signatures over approximately 22 square km of the Eaglehead intrusive.

Mapping and sampling

Mapping and sampling of the area covered by the 2021 IP survey will be completed to provide lithological and mineralogical data to aid in the interpretation of the IP survey. In addition to aiding in the interpretation of the IP survey data, this work would provide better definition to the Eaglehead intrusive, the bedrock source and evaluate the area for porphyry copper-style mineralization.

Far East zone

The 2021 program includes relogging and if warranted sampling of the six wide-spaced diamond drill holes completed in this zone. The purpose of the work is to obtain a more detailed description of the lithologies, alteration and style and distribution of mineralization. The zone is estimated to be approximately 1,500 m long and based on current drill log descriptions is characterized by disseminated pyrite with minor chalcopyrite, bornite and occasional molybdenite. These drill holes were selectively sampled over narrow intervals leaving long intervals of unsampled drill core. Available analytical results from the diamond drilling completed on the Far East zone are reported in the attached table.

Hole No.      From (m)      To (m)    Int. (m)      Cu (%)      Mo (%)      Au (%)      Ag (%)

65              68.88       73.76        4.88       0.113          tr        0.04          tr
                96.31       99.36        3.05       0.394          tr       0.034          tr
               111.25      115.97        4.72       0.181          tr          tr        1.00
               143.40      145.08        1.68       0.376       0.004       0.080          tr
               147.83      148.74        0.91       0.475          tr       0.020        2.00
               154.53      154.83        0.30       1.035          tr       0.033        2.00
66              10.05       10.36        0.31       3.793       0.012       0.342       82.00
                29.41       29.44        0.03       6.146       0.014       0.233       79.00
                61.78       62.42        0.64       1.102          tr       0.223        6.00
                70.25       71.32        1.07       3.524       0.029       0.591       45.00
                83.14       86.86        3.72       1.761       0.010       0.067       39.24
                91.44      103.22       11.78       0.207       0.001       0.067        3.51
               112.16      112.77        0.61       0.526       0.004       0.165          tr
               129.23      144.53       15.30       0.413       0.021       0.246        8.69
               159.10      160.32        1.22       4.249       0.005       0.264       36.00
               213.20      219.15        5.95       0.208          tr          tr          tr
67              53.94       72.23       18.29       0.106       0.004       0.013           1
               130.14      133.19        3.05       0.120          tr          tr          tr
68              43.89       50.59        6.70       0.348          tr          tr        5.00
               103.32      103.35        0.03        2.13          tr          tr       11.00
               196.29      199.79        3.50       0.294          tr          tr        1.74
               215.18      221.28        6.10       0.215          tr          tr        3.50
78             116.74      124.05        7.31       0.233          tr       0.731        5.34
               140.51      151.49       10.98       0.131       0.003       0.224        3.00

Notes: The weighted average for the mineralized intervals were calculated using a 0.10-per-cent 
       copper cut-off. Where possible, historical analytical results were used to calculate 
       the weighed average grades provided that no overlap in interval or grade occurred. The 
       core intervals in the table do not represent true thickness. Numbers are rounded for 
       presentation purposes. Molybdenum values below 0.003 per cent, gold values below 0.02 
       g/t and silver values below 0.5 g/t are reported as trace (tr).

Quality assurance/quality control procedures

The historical information included in this news release is taken from assessment reports filed with the British Columbia Ministry of Mines, internal studies completed by former operators and National Instrument 43-101 technical reports filed in 2017 and 2019. The QP for this news release acted as a technical consultant and was instrumental in the planning, execution and supervision of the exploration programs completed on this project between 2014 and 2018, the last year in which exploration activities were completed. This compilation and interpretation were formed by including, but not necessarily exclusive to, drilling, assaying, mapping and soil geochemical surveys. These results have not been verified by Copper Fox and should not be considered reliable until verified by Copper Fox. The information provides an indication of the exploration potential of the property but may not be representative of the mineralization on the property.

Qualified person

Elmer B. Stewart, MSc, PGeol, president and chief executive officer of Copper Fox, is the company’s non-independent, nominated qualified person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.

About Copper Fox Metals Inc.

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper and Desert Fox Copper, are the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz. For more information on Copper Fox’s other mineral properties and investments visit the company’s website.

Canada Nickel drills 302 m of Ni at Nesbitt

Canada Nickel Company Inc. has provided additional results from its drilling program currently under way at the Nesbitt nickel property, part of the company’s larger exploration program testing regional targets around its wholly owned Crawford nickel sulphide project. The two initial discovery holes were previously described in a press release dated June 29, 2021.

Highlights

  • Third hole at Nesbitt nickel property drilled 1.8 kilometres east of initial discovery holes intersected 302 metres of nickel mineralization with intervals of visible disseminated sulphides;
  • Consistent results with the first two Nesbitt drill holes and higher-grade zone at Crawford.

Mark Selby, chair and chief executive officer, said: “This third hole was drilled 1.8 kilometres east of the first two holes at Nesbitt and demonstrates the scale potential of this new discovery on a 3.7-kilometre-long target. Located just eight kilometres north of Crawford it is a potential source of higher-grade source of feed for the Crawford mill. The results further underscore the success of our geophysical approach and the district-scale potential of our overall land package. I look forward to continued success at Nesbitt and to our upcoming follow-up on the significant 0.38 per cent nickel interval at the recently acquired Bradburn/Dargavel target.”

Nesbitt nickel project

The Nesbitt nickel project is centred on an ultramafic sill that strikes east to west for a distance of 3.7 kilometres and a width that is estimated to vary between 100 to 300 metres (for reference, the Crawford Main zone resource is 1.7 kilometres long and 225 to 425 metres wide). Consistent with the first two holes, the third hole was collared near the eastern limit of the central Nesbitt trend to explore a coincident (high) magnetic and (low) gravity anomaly identified during Canada Nickel’s geophysical exploration work conducted during the first half of 2021.

Nesbitt NES21-03 was collared on the south side of the intrusion and drilled to the north. The hole was pulled back into the volcanics to test for possible PGM (platinum group metals) mineralization at the pyroxenite- peridotite contact, which this hole did not intersect. It exited the volcanics and intersected nickel-bearing peridotite and dunite with visible sulphides for a core length of 314 metres from 126 metres to 440 metres (including a 12-metre felsic dike), where the hole returned to volcanics. The hole was stopped at 474 metres. NES21-02 was continued from 360 metres (as previously reported) to a final depth of 501 metres, where it intersected a total of 304 metres of nickel-bearing peridotite and dunite from 113 to 417 metres. The area between NES21-03 and NES21-02 (located 1.8 kilometres to the west) remains untested, along with an area 1.1 kilometres west of the initial hole NES21-01.

Analytical results from the regional exploration drill holes will be released after completion of internal quality assurance/quality control procedures.

Qualified person and data verification

Stephen J. Balch, PGeo (Ontario), vice-president of exploration of Canada Nickel and a qualified person as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc.

About Canada Nickel Company Inc.

Canada Nickel is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel, NetZero Cobalt, NetZero Iron and is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100-per-cent-owned flagship Crawford nickel-cobalt sulphide project in the heart of the prolific Timmins-Cochrane mining camp.