Schaft Creek Copper / Gold / Molybdenum / Silver Mine
Schaft Creek is one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America, and is situated 45 kilometers west of the Stewart-Cassiar Highway and approximately 80 kilometres south of Telegraph Creek in north western British Columbia. Copper Fox holds title and a 100% working interest in the Schaft Creek project consisting of 55,779.55 hectares (137,834 acres).
About This Project
The Schaft Creek Project was extensively explored and drilled by several mining companies since its discovery in the late 1950's culminating with the completion of a pre-feasibility study by Teck-Cominco Corp. (now Teck Resources Limited) in the early 1980s. In 2002, Copper Fox Metals Inc. secured the rights to acquire a 100% working interest in the project pursuant to an Option Agreement with Teck Resources Limited ("Teck") and related underlying agreements. In July 2013, Copper Fox formed a joint venture with Teck to further advance the development of the Shaft Creek Project. As part of this joint venture, Teck holds a 75% interest in the Schaft Creek Project, with Copper Fox holding the remaining 25%. Teck will be the operator of the Schaft Creek Joint Venture and is responsible for 100% of any costs incurred prior to any production decision, up to $60 million.
In September 2012, Copper Fox Metals revealed the results from two diamond drill holes, showing what it called "widespread mineralization" from the Discovery zone at its Schaft Creek copper-gold-molybdenum-silver project. The company has stated that with these holes, phase 1 of the 2012 exploration program has been completed, which so far has totalled 2,206 metres in six diamond drill holes.
In January 2013, Copper Fox completed a Feasibility Study prepared by Tetra Tech on the Schaft Creek deposit based on an open pit mine, processing at a nominal rate of 130,000 tonnes per day with a 21 year mine life. The open pit mine will produce 4.88 billion pounds of copper, 4.21 million ounces of gold, 25.10 million ounces of silver and 214.92 million pounds of molybdenum throughout the project's lifespan.
The Schaft Creek Joint Venture is committed to working with community members, stakeholders and the Tahltan Nation to develop an economically, environmentally and socially responsible project. The Project is communicated via open houses, public meetings, brochures and factsheets.
The Schaft Creek Project is currently undergoing review from the British Columbia Environmental Assessment Office and is in the pre-application phase.