Copper Fox Metals (TSXV: CUU; US-OTC: CPFXF) announced results from a preliminary economic assessment for its Van Dyke copper project in Miami, Arizona.
The PEA results included a mine life of 17 years, with total copper production of 1.1 billion pounds — up from 456.9 million lb. forecast in a 2015 PEA — with peak production of 85 million lb. annually in years 2-12, and initial capital expenditure of US$290.5 million, including a 30% contingency.
“The significant increase in valuation over that obtained in the 2015 PEA is a function of the 2020 resource estimate, a better understanding of metallurgical and geological characteristics of the deposit and adopting a phased approach to project development,” Elmer Stewart, Copper Fox’s CEO, stated in a news release.
“Van Dyke has the potential to become a significant project in the mid-size copper development space.”
Between 1929 and 1945, underground mining operations at Van Dyke are reported to have produced 11.8 million pounds of the red metal with a reported grade of 5.0% copper.
In other news, Copper Fox announced earlier this month that it will acquire the Eaglehead property in British Columbia from District Copper (TSXV: DCOP).
The deal entails the purchase of the six contiguous mineral claims totalling 15,956 hectares.
Eaglehead is an exploration project that hosts a calc-alkalic porphyry copper-molybdenum-gold-silver system.