- Copper Fox Metals (CUU) has released its consolidated financial and operational results from the second quarter of 2021
- Active development and exploration on the company’s properties resulted in a net loss for the quarter and over $760,000 in incurred expenditures
- However, the company is optimistic about its current and future exploration opportunities, particularly at the newly acquired Eaglehead property
- Copper Fox Metals Inc. (CUU) is down 1.25 per cent, trading at $0.395 per share
Copper Fox Metals (CUU) has released its consolidated financial and operational results from the second quarter of 2021.
“Copper Fox was active on four projects during the quarter with our primary focus on the Schaft Creek Preliminary Economic Assessment (“PEA”) and 2021 work program,” said Copper Fox president and CEO Elmer B. Stewart.
Development of the Van Dyke and Schaft Creek copper projects led to $768,349 in incurred expenditures in the six months leading up to April 30, 2021. The company also acquired the Eaglehead property during that time.
For that six-month period, Copper Fox reported a net loss of $542,580, which was lower than the reported net loss of $581,312 as of April 30, 2020.
Highlights from the second quarter include:
- An independent PEA for the Van Dyke in-situ copper recovery project, which recommended a US$15.5 million budget for diamond drilling, permitting and completion of a pilot test program;
- The announcement of a 2021 Schaft Creek C$3.4 million metallurgical and geotechnical drilling program;
- The announcement of an induced polarization survey on the Mineral Mountain project;
- The appointment of Mark T. Brown as Chief Financial Officer; and
- The receipt of a BC Mines Act permit for the Eaglehead Property and finalization of the transaction with District Copper.
“The PEA on the Van Dyke copper project in Arizona exceeded our expectations and established this project as a potential mid-tier copper producer, and the company is evaluating the next steps to advance the project,” said Mr. Stewart.
“Receipt of the BC Mines Act permit cleared the way to add the Eaglehead copper project to the company’s pipeline of exploration and advanced stage projects,” he added, “and a geophysical survey on the Mineral Mountain project in Arizona commenced.”
Copper Fox Metals is Canadian resource company focused on the exploration and development of large, low-cost copper-gold projects in Canada and the United States.
Copper Fox Metals Inc. (CUU) is down 1.25 per cent, trading at $0.395 per share as of 11:44 am ET.