We have something happening today with Copper Fox Metals - this company is on the CIBC Copper M&A list.
Teck Resources will be a natural suitor here for Copper Fox Metals, but we will see what the news will bring us today. Maybe it will be results from that visible mineralization at Shaft Creek reported earlier.
"Copper Fox Metals is another runner this season and, according to Globe, our expectations of M&A potential action here is not far stretched as well. Globe has reported about Potash primed for takeover in February this year and now we have BHP bid for it this Summer - not bad for the Globe with its crystal ball at all. Copper Fox is trading at 0.75CAD today.
"Copper Fox Metals is on the move up today with volume and maybe will break out finally out of 0.4CAD range. Another long term Copper play is back in the business after the crash. Story is very high leveraged to Copper price and any potential M&A deals."
Here we go:
Copper Fox drills 54.3 m of 0.70% Cu at Schaft Creek
2010-11-04 15:45 ET - News Release
Mr. Elmer Stewart reports
DRILLING INTERSECTS SIGNIFICANTLY HIGHER GRADE MINERALIZATION AT SCHAFT CREEK AND CONFIRMS MINERALIZED NATURE OF GEOPHYSICAL ANOMALY
Copper Fox Metals Inc. (TSX-Venture: CUU) is very pleased to announce the assay results for the recently completed diamond drill hole CF398. Two diamond drills are currently working at Schaft Creek to test the extensions of the mineralization intersected in DDH CF398 and to test the deposit at depth for higher grade copper-gold mineralization. Highlights of activities are as follows:
Diamond drill hole (DDH) CF398 has intersected 0.70% copper, 0.42 g/t gold, 2.80 g/t silver and 0.04% molybdenum (1.13% copper equivalent) over an interval of 54.3 metres (m) of copper mineralization starting at 7.1 m below surface confirming the potential to outline a higher-grade "starter pit",
DDH CF398 intersected a higher grade of mineralization that assayed 0.47% copper, 0.37g/t gold, 3.00 g/t silver and 0.02% molybdenum (0.78% copper equivalent) over a 213.7 m interval from 325 m to the bottom of the hole at a depth of 538.7 m. The copper-gold-molybdenum-silver mineralization is open at depth and the assay results confirm the mineralized nature of the chargeability anomaly identified in July 2010,
The analytical results show that the copper grades and notably the gold grades increase significantly toward the bottom of DDH CF398,
The re-sampling of approximately 40 historical diamond drill holes that contain higher grade copper mineralization is progressing well,
Held public open house sessions on the draft Application Information Requirements (AIR) in Tahltan communities, Terrace and Stewart B.C. The public comment period on the draft AIR will close on November 5, 2010, and
The Quantec Titan-24 deep penetrating DCIP and MT survey over the interpreted north and south extensions of the Schaft Creek deposit has been completed.
Mr. Stewart, President of Copper Fox stated that "The decision to add another diamond drill at Schaft Creek was based on the visible mineralization encountered in DDH CF398 and DDH CF399. DDH CF398 has confirmed two very significant aspects of the Schaft Creek deposit being a zone of high grade copper mineralization at surface; potentially a "starter pit" and a substantial increase in the copper and gold grades towards the bottom of the hole. Drilling is now underway to test the down dip extension of the mineralization at the bottom of DDH CF398."