Gold and Uranium: MAX acquires interest in Majuba Hill Copper/Gold/Silver Property in Nevada; exploration to focus on high-grade silver and copper potential max.v, tnr.v, cgp.v, laq.v, bvg.c, bva.v, grc.to, ktn.v, gbn.v, rvm.to, mgn, asm.v, sgc.v, btt.v, alk.ax, slw, epz.v, abn.v, ura.v, nem, fcx, bvn, auy, abx,

  

  Max Resources was a high flyer during the last Uranium boom and than crashed into the ground. Company has managed to preserve its portfolio and even extend it. Company has a healthy working capital and now acquires another interesting property in Nevada. We can be witnessing another turn around situation in the junior mining sector. With Uranium coming back into the Energy play it could be another candidate to accumulate.

Catalyst: Gold, Silver, Uranium.

Max to acquire 75% interest in Majuba Hill property

2011-03-04 16:16 ET - News Release
Mr. Stuart Rogers reports
MAX ACQUIRES INTEREST IN MAJUBA HILL COPPER/GOLD/SILVER PROPERTY IN NEVADA; EXPLORATION TO FOCUS ON HIGH-GRADE SILVER AND COPPER POTENTIAL

Max Resource Corp. has entered into an option agreement to acquire up to a 75-per-cent interest in the Majuba Hill copper/gold/silver property in Pershing county, Nevada, from Claremont Nevada Mines LLC of Nevada. The Majuba Hill Project encompasses 2,313 acres of surface and mineral rights consisting of patented lode mining claims, unpatented lode mining claims, and private mineral rights.

Majuba Hill is a large, highly prospective, multi-mineral, intrusive-type system within the Western Nevada Gold Belt and is located approximately halfway between the Florida Canyon Mine (Jipangju) and the Hycroft Mine (Allied Nevada Corporation). The project is 28 miles northwest of Midway Gold Corporations Spring Valley Project. Access is good via 23 miles of dirt roads maintained by Pershing County leading from U.S. Interstate 80.

MAX believes that Majuba Hill is a newly defined copper/silver porphyry system that is highly prospective for the discovery of economic mineralization. We have developed a new exploration model designed to expand and define the current zones of copper/silver mineralization as well as explore new areas of the property where significant gold values have been reported but not been followed up. Initial exploration at Majuba Hill will include follow-up on rock chip samples reported by previous operators with values up to 10 g/t Au, 981 g/t Ag and 7.7% Cu as wellas soil anomalies with silver values up to 7.7 g/t Ag and copper values up to 290 g/t Cu. In addition, drill intercepts as high as 5.1 ounces per ton (opt) Ag over 15 feet were reported from drilling conducted in 2007, as summarized in the table below.

Exploration and historic production data available on Majuba Hill outline excellent potential for the discovery of new economic zones of silver/copper and gold mineralization. Production reported from historic underground mines in the project area (see Nevada Bureau of Mines and Geology Bulletin 86) included:

184,000 ounces of silver

5,800 ounces of gold

2.8 million lbs of copper

GEOLOGY OF MAJUBA HILL

The Majuba Hill property is centered on the mid-Tertiary age Majuba Hill intrusive complex which is about 4,700 feet in diameter. The lithologic assemblage is a cross-cutting series of intrusives ranging from rhyolite to latite with multiple stages of flow-banded units, intrusive breccias, and radial dikes. These are all emplaced into steeply dipping, northeast striking Triassic argillite.

Breccia textures are very diverse and typically include tourmaline as:

Breccia matrix

Cross-cutting veinlets

Disseminated tourmaline in the mineralized areas

Highlights of reverse-circulation drilling reported by Minterra Resource Corp. in 2007-8 included:

MH Hole #   Total Depth (ft) Interval        Copper  %        Silver  (opt)
                                                                           
MH-2        160-390          230 ft          0.37% Cu         0.426 opt    
Including   295-320          25 ft           1.36% Cu         
Including   340-350          10 ft                            3.50 opt     
                                                                           
MH-3        220-355          135 ft                           0.58 opt     
Including   220-290          70 ft           0.59% Cu         
                                                                           
MH-4        310-340          30 ft                            1.12 opt     
Including   335-340          5 ft                             2.90 opt     
                                                              
MH-5        0-290            290 ft          0.28% Cu         
Including   0-15             15 ft           1.18 % Cu        
including   0-100            100 ft                           0.99 opt     
Including   5-20             15 ft                            4.00 opt     
                                                                           
MH-6        0-145             145 ft         0.49% Cu         1.85 opt     
Including   110-125          15 ft                            5.10 opt     
                                                                           
MH-7        85-400           315 ft          0.34% Cu         0.70 opt     
Including   225-245          20 ft                            2.09 opt     

Stuart Rogers, President of MAX states "We have reviewed the historic data available on Majuba Hill and are excited about the silver and gold exploration potential on this property, where previous exploration was focused on copper and the high silver values were of little interest due to low silver prices at the time. In fact, all but one of the silver drill intercepts listed above were even announced by Minterra when originally recovered in 2007. With silver today trading above US$35 per ounce, historic drill intercepts such as 145 ft of 1.85 opt Ag and 0.49% Cu as well as unexplored soil anomalies with values up to 7.7 g/t Ag are extremely encouraging. We have already identified drill targets on patented land at Majuba Hill and plan to drill four core holes there immediately after completion of drilling at our Table Top gold project, only 44 miles to the northeast."

The terms of the Option Agreement with Claremont allow MAX to earn an initial 60% interest in the property over six years by spending US$6.5 Million on exploration of the property. MAX can increase its interest in the property to 75% by spending a further $3.5 Million on exploration over a subsequent two year period. The Majuba Hill property will be subject to a 3% NSR payable to the vendor, 1.5% of which may be purchased at any time for US$1.5 Million. This agreement is subject to acceptance for filing by the TSX Venture Exchange.

This news release has been reviewed by Clancy J. Wendt, P. Geo, a qualified person as that term is defined under National Instrument 43-101. Any historic information provided has not been verified by MAX and is for reference only.

We seek Safe Harbor."

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Copper, Gold and Silver in Canada: Copper Fox drills visible mineralization at Schaft CreekCUU.v TNR.v, GRC.to, ASM.v, SGC.v, NGQ.v, KTN.v, EPZ.v, ALK.ax, GBN.v, RVM.v, MGN, AMM.to, AUY, BTT.v, KS.v, ABX, NEM, GG, BVN, LUN.to, TCK, FCX, BHP, RTP

 

   Copper Fox Metals is making new highs and now we know why...

"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."

COPPER FOX UPDATES ACTIVITIES AND PLANS AT SCHAFT CREEK

CALGARY, Sept. 17 /CNW/ - Copper Fox Metals Inc. (TSX-Venture: CUU) is pleased to provide its shareholders with an update on the current diamond drilling program, on the feasibility study of the Schaft Creek copper-gold-molybdenum-silver deposit located in Northwest British Columbia and future plans to further test the mineral potential of the Schaft Creek project and extensions of the Schaft Creek deposit.

Highlights:

•Diamond drill hole (DDH) 2010CF398 with a core length of 539.5 m intersected visible bornite-chalcopyrite mineralization over approximately 90% of its core length. The diamond drill hole ended in visible chalcopyrite-bornite +/- molybdenite mineralization and the mineralization remains open at depth,

•DDH 2010CF398 intersected visible copper mineralization to a vertical depth of 450 m below surface thereby confirming the mineralized nature of the chargeability anomaly identified in July 2010. This nomaly and the mineralization remains open at depth,

•An updated National Instrument 43-101 compliant resource estimate with an effective date of December 31, 2009 is expected to be completed in October 2010,

•Stantec has been retained to manage the Environmental Assessment application process for the Schaft Creek deposit, and

•A Quantec Titan-24 deep penetrating DCIP and MT survey is planned to explore the area situated between the apparent north end of the Schaft Creek deposit and the property boundary a distance of 1,600 m for potential extensions of the Schaft Creek.

Mr. Stewart, President of Copper Fox stated that "I am pleased with the progress to date on the feasibility study and the Environmental Assessment of the Schaft Creek deposit. The 2010 field work and the Titan-24 DCIP and MT survey strongly suggest that the Schaft Creek deposit is open along strike to the north, to the east under Mount La Casse and at depth. The recently completed drill hole intersected visible copper +/- molybdenite mineralization to a vertical depth of 450 m below surface, twice the average depth of previous drill holes on this section of the Schaft Creek deposit.

Diamond Drilling Update:

The objectives of the current diamond drilling program are:

•to better define the distribution of the copper-gold-molybdenum-silver grades in the vertical dipping West Breccia zone (see News Release dated June 1, 2010) as a possible higher-grade "starter pit", and

•test the deep Induced Polarization/Resistivity ("IP") anomalies recently identified by the Quantec Titan-24 survey completed and announced in July 2010.

Diamond drill hole (DDH) 2010CF 398 is an inclined (-55 degrees) HQ diameter hole that has been completed to core length of 539.5 m (vertical depth of 450m). This hole intersected variable concentrations of visible bornite and chalcopyrite over 90% of the core length of the hole. In addition to the bornite and chalcopyrite mineralization; visible molybdenite mineralization occurs sporadically throughout the core length in quartz veinlets and in some instances also with bornite-chalcopyrite mineralization. The bornite-chalcopyrite mineralization occurs as disseminations, veins and veinlets in variably potassic altered volcanic and intrusive rocks.

DDH 2010CF398 was completed to test the upper 200 m of this section of the Schaft Creek deposit as a potential higher-grade "starter pit". This drill hole is also located on one of the Titan-24 chargeability anomalies identified in July 2010. This drill hole has extended the copper mineralization on this section from an average vertical depth of 225 m to a vertical depth of 450 m. DDH2010CF398 ended in visible copper +/- molydenite mineralization and remains open at depth. Core logging, sawing and sampling of DDH 2010CF398 is in progress and analytical results will be reported on receipt thereof.

The reader is cautioned that visible copper and molybdenite mineralization does not necessarily equate to significant concentrations of either copper or molybdenum and there is no assurance that the assay results of the samples from this drill hole will yield significant copper or molybdenum grades.

Resource Estimation:

AMEC Americas Limited is working toward completion of a National Instrument 43-101 compliant resource estimation for the Schaft Creek deposit which is expected to be received in October 2010. The effective date of the updated resource estimate is December 31, 2009 and will not include any of the analytical results from the current diamond drilling program. The data base used in the resource estimate covers the analytical data base collected from the deposit from 1957 to 2008.

Environmental Assessment Update:

Copper Fox is pleased to announce that it has engaged Stantec Consulting Ltd. (Stantec) to assemble the environmental data collected to date and prepare the EA Application for Schaft Creek. Copper Fox continues to advance the Schaft Creek Project through the British Columbia (BC) and federal environmental assessment (EA) process. Copper Fox is working closely with the Canadian Environmental Assessment Agency and the BC Environmental Assessment Office to harmonize the EA process for Schaft Creek. A draft Application Information Requirements (AIR) document that meets both the federal and provincial requirements of the EA Application will be released for a formal 30 day public comment period in October 2010.

Stantec, founded in 1954, provides professional environmental and engineering services across Canada and the United States. Stantec's Environmental Management practice specializes in environmental assessments under the Canadian Environmental Assessment Act and the British Columbia Environmental Assessment Act and has exceptional experience in the mining sector from regulatory approvals through construction, operation, closure, and decommissioning. Stantec brings strong environmental experience in the mineral industry to the Schaft Creek Project.

Additional Quantec Titan-24 DCIP and MT survey:

Copper Fox plans to complete an additional Quantec Titan-24 DCIP and MT survey over the area that extends from the apparent north end of the Schaft Creek deposit to the northern boundary of the Schaft Creek Project a horizontal distance of 1,600 m. The Titan-24 survey is scheduled to commence before the end of September and preliminary results are expected before mid-October. Contingent on the results of the Quantec Titan-24 survey, diamond drilling of identified chargeability anomalies is planned immediately thereafter.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Corporation's nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the technical information disclosed in this news release.

About Copper Fox

Copper Fox is a Canadian-based resource company listed on the TSX-Venture Exchange (CUU). Copper Fox is focused exclusively on completing the Feasibility Study on Schaft Creek located in Northwest British Columbia, one of the largest undeveloped copper, gold, molybdenum and silver deposits in Canada. Copper Fox has earned a 100% working interest in the Schaft Creek project subject to a 30% net proceeds interest held by Liard Copper Mines Limited ("Liard") a private company 78% owned by Teck Resources Limited ("Teck") and a 3.5% net profits interest held by Royal Gold Inc. Teck's 78% equity interest in Liard represents 23.4% of Liard's 30% net proceeds interest in the Schaft Creek project referred to as " Teck's indirect interest". Copper Fox can earn Teck's "indirect interest" by completing a "positive" Feasibility Study, under the terms of the 2002 Option Agreement with Teck.

Teck may at any time elect to exercise one of its "earn-back options" pursuant to the terms and conditions of 2002 Option Agreement. On receipt of a Positive Bankable Feasibility Study, as defined, Teck has 120 days in which to elect to either: i) exercise one of its earn-back options, or ii) retain a 1% net smelter return royalty, or iii) receive shares of Copper Fox to a value of $1,000,000.

If Teck exercises its earn-back option, then Teck can elect to acquire either 20%, 40% or 75% of Copper Fox's interest in the Schaft Creek Project from Copper Fox by solely funding subsequent expenditures equal to either 100%, 300% or 400% of Copper Fox's prior expenditures of which approximately $50. Million have been incurred to date. If Teck elects to earn-back a 75% working interest, Teck will be responsible for arranging Copper Fox's share of project financing and will recover such project financing funds from Copper Fox's share of metal sales until payout is reached.

The Schaft Creek Project is a contiguous land package of claims that comprises 21,025 hectares and a further contiguous group of 3,947 hectares that is not subject to Teck's earn-back, situated in northwest British Columbia, Canada. On September 15, 2008, Copper Fox announced the results of a Preliminary Feasibility Study ("PFS") on the Schaft Creek deposit that contemplated processing 100,000 tonne per day from an open pit mine using a standard flotation recovery process. The PFS estimated the current Mineral Resources* (using a 0.2% copper equivalent cutoff) at Schaft Creek includes; Measured Resources of 436.5 million tonnes grading 0.30% copper, 0.23 g/t gold, 0.02% molybdenum and 1.55 g/t silver, Indicated Resources of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver.

*United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with "best practice principals".

On behalf of the Board of Directors

Elmer B. Stewart

President & Chief Executive Officer

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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.

"Now we have Credit Swiss talking about Copper 10000 USD/t and the other base metals with upside of 30% - 100% in the coming years. Robert Friedland is pushing Green Copper with electric cars and Lithium as well"

Copper Fox Metals is a Canadian-based resource company focused on completing, by the end of 2010, a feasibility study on the Schaft Creek deposit, one of Canada's largest undeveloped copper-gold-molybdenum-silver deposits located in north western British Columbia.

In early 2010, Copper Fox retained Wardrop (a TERTA TECH company) to complete the feasibility study on the Schaft Creek deposit. The feasibility study will include an updated geological model, resource estimate, reserve estimate, revised capital cost and operating costs estimates and other technical, socio-economic and financial aspects related to the feasibility study.



Pursuant to a 2002 Option Agreement with Teck Resources Limited ("Teck") Copper Fox has acquired a 100% working interest in the Schaft Creek Project subject to a 30% net proceeds interest held by Liard Copper Mines Limited ("Liard") a private company. Teck holds a 78% equity interest in Liard representing 23.4% of the Schaft Creek project referred to as the "indirect interest". Under the terms of the 2002 Option Agreement with Teck, Copper Fox can earn the "indirect interest" by completing a "positive" Feasibility Study. For further details see Teck Option Agreement below.



In 2008, Samuel Engineering, Inc. completed a Preliminary Feasibility Study, (click here to view) on the Schaft Creek deposit, the results of which were made public on September 15, 2008. The Preliminary Feasibility Study indicates that the Schaft Creek deposit can be developed economically as an open pit mine and recommends proceeding forward to complete a feasibility study.



The conclusions of the Preliminary Feasibility Study are:



A Measured Mineral Resource of 436.5 million tonnes grading 0.30% copper, 0.23 grams per tonne ("g/t") gold, 0.02% molybdenum and 1.55 g/t silver, and an Indicated Mineral Resource of 929.8 million tonnes grading 0.23% copper, 0.15 g/t gold, 0.02% molybdenum and 1.56 g/t silver at a 0.20% Copper Equivalent cutoff;





A Proven Mineral Reserve of 411.1 million tonnes grading 0.32% copper, 0.019% molybdenum, 0.23 g/t gold and 1.72 g/t silver and a Probable Mineral Reserve of 409.9 million tonnes grading 0.28% copper, 0.020% molybdenum, 0.19 g/t gold and 1.79 g/t silver.

The numbers in the Mineral Resources and Mineral Reserves are rounded to conform with "best practice" principals. The Proven and Probable Mineral Reserves are contained within the Measured and Indicated Mineral Resources



*United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and in keeping with "best practice" principals.



18.6% internal rate of return after recovery of capital costs and before taxes,

$11.734 billion after recovery of capital costs and Pre-Tax Cash Flow,

$2.764 billion NPV after capital recovery and before taxes, discounted at 8% over 23 year mine life,

Cost of copper production net of by-product sales of gold-molybdenum-silver is a negative $0.32/pound, and

4.7 years, after recovery of capital costs and before tax, payback period.

For the base case economic analysis in the Preliminary Feasibility Study, the Net Smelter Return per tonne is US $31.47 and cash operating costs (including transportation, refining and smelting charges) are US $12.49 per tonne.



Teck Option Agreement:



Teck may at any time elect to exercise the earn-back terms and conditions of the Option Agreement.



On receipt of a Positive Bankable Feasibility Study, a defined term in the Option Agreement, Teck has 120 days in which to elect to either: i) exercise one of its earn-back options, or ii) retain a 1% net smelter return royalty, or iii) receive common shares of Copper Fox to a value of $1,000,000.



If Teck elects to exercise its earn-back option pursuant to the Option Agreement, then Teck has the right to elect to acquire either a 20%, a 40% or a 75% working interest in the Schaft Creek Project from Copper Fox by solely funding subsequent expenditures equal to either 100%, 300% or 400% of Copper Fox's prior expenditures pursuant to the Option Agreement. In the event Teck elects to earn-back a 75% working interest in the Schaft Creek Project, Teck will be responsible for arranging Copper Fox's share of project financing and will recover the project financing funds from Copper Fox's share of metal sales until payout is reached.



An example of how the Teck earn-back option works based on the assumption that Teck elects to exercise either 20%, 40% or 75% earn-back is set out below. This example assumes that Copper Fox has incurred a total of $50.0 million of qualifying expenditures pursuant to the Option Agreement at the time Teck makes its election.

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