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CUU: New Target at Mineral Mountain & Plan for PFS at Van Dyke

What you need to know:
• Copper Fox reported new exploration results from its Mineral Mountain project, identifying targets consistent with a Laramide-age porphyry system, which expands the district’s scale and potential.
• A maiden drill program is set to begin in October on a large porphyry target 1.5km north of the newly identified target.
• Copper Fox also completed the Project Execution Plan for the Van Dyke PFS, with a decision on advancement expected in October.

This morning, Copper Fox Metals Inc. (CUU:TSXV, CPFXF:OTC) released additional results from preliminary exploration work at its 100% owned Mineral Mountain porphyry copper project in Arizona. The work focused on the southeast corner of the Company’s mineral exploration permit, where three priority porphyry copper targets are outlined across 2,692ha. We remind readers that Mineral Mountain is a fully permitted, drill-ready project situated along a northeast-trending porphyry copper belt, just 25km southwest of Rio Tinto and BHP’s Resolution copper-molybdenum deposit and 20km northeast of the Florence Copper project. For more information on the property, read our full initiation report here.

The current program, in conjunction with historical work, has identified a large, broadly defined area that hosts rocks and alteration typical of a Laramide-age porphyry copper-molybdenum system. With the large porphyry target 1.5km to the north, the discovery of this target expands the scale and potential of the area. More early-stage geological work is planned for this target, such as mapping, geochemistry, age dating, etc. We look forward to results from the program, which should provide further clarity on the project. We will note that the porphyry target, ~1.5km to the north, is scheduled for a maiden drill program this October. We are maintaining our BUY rating and C$0.50/share target price on CUU.

Highlights from the preliminary exploration program:
• A northeast-trending zone of quartz-vein copper mineralization (500–30,000 ppm) extends ~2,000m in length and up to ~750m in width.
• Molybdenum mineralization (>10–282 ppm) occurs within this copper zone, spanning ~1,600m by ~400m.
• Mineralization is hosted by Laramide-age porphyritic quartz monzonite, biotite granite, and Precambrian Pinal Schist.
• Intrusive rocks show strong potassic and propylitic alteration, locally overprinted by phyllic alteration.