Business
Copper Fox Provides Update on the Preliminary Economic Assessment for Van Dyke
Calgary, Alberta--(Newsfile Corp. - October 7, 2020) - Copper Fox Metals Inc. (TSXV: CUU...
About this update from Copper Fox Metals Inc.
[{"type":"text","content":"Copper Fox Provides Update on the Preliminary Economic Assessment for Van DykeCalgary, Alberta--(Newsfile Corp. - October 7, 2020) - Copper Fox Metals Inc. (TSXV: CUU) (\"Copper Fox\" or the \"Company\") and its wholly owned subsidiary Desert Fox Copper Inc. (\"Desert Fox\") are pleased to provide a progress report on the preparation of the Preliminary Economic Assessment (\"PEA\") on its 100% owned Van Dyke oxide copper project. Moose Mountain Technical Services (\"MMTS\") is managing preparation of the PEA to assess and review the following components:Quantify the impact on project economics based on the increased soluble copper content and copper recovery factor established in the 2020 Resource EstimateMine plan updatesWell field re-design and layoutMetallurgical recovery/process flowsheet design Operating, capital and sustaining costs and the conceptual plan on timeline, development, and operationsPreparation of a pre-tax and post tax cash flow analysisElmer B. Stewart, President and CEO of Copper Fox, stated, \"Our focus during preparation of the PEA will be to work with the engineering companies to identify, assess and eliminate potential bottlenecks to enhance value. The impact on the potential to increase mine life and life of mine copper production based on the positive results outlined in the 2020 Resource Estimate need to be quantified. With the underground access plan having been completed, work has commenced on the well field layout and expected copper production. Once the PEA has been completed, a path forward for the project can be determined.\"The PEA is conceptual in nature and is being completed at an order of magnitude (plus or minus 35 per cent) comparable with a preliminary economic assessment level of study. Background to the Updated PEAIn 2015, Copper Fox completed a PEA for Van Dyke that returned a post-tax NPV8 of C$209 million and an Internal Rate of return of 27.9% (see News Release dated November 25, 2015) based on an Inferred Resource of 183.1 million tonnes grading 0.20% soluble copper (containing 797 million pounds of soluble copper) and a US$3.00/lb copper price. In 2020, Copper Fox filed on SEDAR a National Instrument 43-101 (\"NI 43-101\") Technical Report titled, \"Technical Report and Updated Resource Estimate for the Van Dyke Copper Project\" dated May 4, 2020 prepared by MMTS with an effecti...