Copper Fox Metals

A future in Schaft Creek

The team at Copper Fox Metals, based in British Columbia, has a lot to be excited about this year. Established in 2004, Copper Fox is a Canadian resource company with plans to develop the world-class Schaft Creek Project—and from what George Media reported last year, and the updates we’ve received since then, things are looking up.
 
Copper Fox’s Schaft Creek Project was established following a 2002 option agreement with Teck Cominco. Copper Fox has since earned a 100 per cent direct interest in the Schaft Creek Project, which time and time again has shown excellent potential for resource expansion and new discoveries.

World class
 
To date, the project has an indicated resource of 1.4 billion tonnes, containing 4.76 billion pounds of copper, 4.5 million troy ounces of gold, 255.2 million pounds of molybdenum, and an astonishing 32.5 million troy ounces of silver. When we called the company to get an update on the project this month, we were surprised to learn that Copper Fox has made new discoveries to complement the existing resource.

Elmer B. Stewart, chairman, president and CEO, explained that although the Schaft Creek project has not changed from a technical standpoint, the company has seen some more potential with the deposit that they did not expect. “The only thing that changed significantly is that, in 2008, there was a geophysical survey completed, that showed two very large induced potential anomalies,” he says. “The idea for us is to do a reshoot of those anomalies with more advanced geophysical techniques, sometime in the second quarter of this year.”

Stewart adds that the company will do an eight-to 10-hole diamond drilling program to test for more geophysical anomalies. “The anomalies are located in an area of the property that has not been explored a lot before, so there is potential for expanding the exploration focus of the area.”

Moving full speed ahead

In the last quarter of 2009, Copper Fox, after a tough year, was able to complete the outstanding work from the 2000-2008 field season. Stewart says that this is big news for a company who was just getting by when George Media last covered them. “We’re getting that work done, and we now have started the completion of the feasibility study. We’re anticipating completing it by Q4 of this year, and it looks like we’re on track to achieve that.”

Copper Fox has always seen the potential of the Schaft Creek area, now it is a matter of taking full advantage of the deposit, now that the company is not just trying to survive. “There is absolutely no doubt that the Schaft Creek deposit is world class,” he adds.

Still focused on First Nations development

Copper Fox has sustained developed world-class community relations, something of which the company is proud. Copper Fox has, over the years, developed a tight relationship with the Tahltan Nation and has a team dedicated to maintaining First Nations relationships. The company consistently communicates in an honest and transparent way, and participates in events and initiatives important to the Tahltan Nation.

They also provide financial support to the Tahltan Language Camp, which is held in Dease Lake and organized by Camille Callison, TCC Heritage Manager, and Shana Day, Language Project Coordinator. The camp is meant to preserve, promote and revitalize the Tahltan language by bringing together Elders and youth from the three Tahltan communities of Iskut, Telegraph Creek and Dease Lake. The camp accommodates over 150 Elders, students and teachers, who learn the traditional language, made cultural items such as drums, mini-button blankets, medicine pouches, and are also taught to sing and dance to Tahltan songs.
Being close with the community is imperative for Copper Fox, and the company’s neighbours are always of high concern to them.  

The future of Copper Fox

“Last year we were hanging by our fingernails,” Stewart says. But now, the company is evaluating next steps and as such, has asked that the company’s board start considering whether it would like to keep a 25 per cent interest in the Schaft Creek project, or what the alternatives might be.

The time to make decisions about Copper Fox’s future “is rapidly coming on us” and so it is important for stakeholders of the company to decide “where they want the company to be,” according to Stewart. “The fact of the matter is, Schaft Creek is a world-class deposit and has the potential to be a lot larger than it is. It keeps indicating that there’s a lot more to be found.”

The 2009 announcement made by the Canadian government to support infrastructure has only helped the scenario for Copper Fox, and ultimately other companies who are developing world class projects. “One of the key obstacles in development of these large projects in northern B.C. electrical power,” Stewart explains. “The announcement made by Canadian [federal and provincial] governments that they would start construction of a high voltage power line is one of the major milestones in order to advance some of these projects. It shows support for all the participants involved—First Nations communities and companies.”

Prime Minister Harper announced the $404-million transmission line through north western B.C. in September of last year, saying that the federal government would cover up to $130 million of the cost. According to a statement, he announced the government’s plan as part of a larger discussion that took place in Washington, showing his support for “a more efficient electricity grid, [and] increasing [Canada’s] use of clean and renewable sources of energy generation.”

Stay tuned for big developments from Copper Fox, as they leverage infrastructure improvements, such as this, and the world-class Schaft Creek deposit, in 2010 and the coming years.

www.copperfoxmetals.com

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