Mining News: Northern Neighbors: JV plans modest 2017 work at Schaft Creek

Copper Fox Metals Inc. Feb. 2 announced a C$900,000 program for Schaft Creek copper-gold-molybdenum project in northwestern British Columbia. This program will include a remodeling of the resource, engineering studies, environmental data collection, and permitting related to future exploration. Schaft Creek is being advanced under a joint venture between Teck Resources Ltd. (75 percent) and Copper Fox (25 percent). A 2013 feasibility study outlined a 130,000-metric-ton-per-day open-pit mine operating for 21 years at Schaft Creek, based on proven and probable reserves of 940.8 million metric tons averaging 0.27 percent copper, 0.19 grams per metric ton gold, 0.018 percent molybdenum and 1.72 g/t silver. Though the project is at the feasibility stage, the partners carried out modest programs there in 2016 and again this year. The resource modelling portion of the program will update the major parameters of the Schaft Creek project including long term metal pricing and foreign exchange, and previously estimated operating and capital costs. “The 2017 work program includes completion of the resource remodeling of the Schaft Creek deposit as well as other work related to project development, engineering and collection of additional environmental data,” said Copper Fox CEO Elmer Stewart. “The work completed on the Schaft Creek project over the past four years as well as that planned for 2017 provides the Schaft Creek Joint Venture the opportunity to update many aspects of the Schaft Creek project." Copper Fox said the partners plan to apply for a multi-year permit that covers drilling, road building and line cutting for geophysical purposes. The partners, however, do not have any immediate plans to carry out any of the activities covered by the permit. The 2017 program also includes ongoing consultation with the Tahltan First Nations on social and cultural matters.

-Shane Lasley