The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Commissioning PEA to update plan for large BC copper mine North of 60 Mining News – November 25, 2020
A core logging tent during the 2008 program at the Schaft Creek porphyry copper-gold project in BC's Golden Triangle.
Copper Fox Metals Inc. Nov. 24 reported that it is having a preliminary economic assessment completed for Schaft Creek, a copper-gold-molybdenum project in northwestern British Columbia being advanced under a joint venture between Teck Resources Ltd. (75%) and Copper Fox (25%).
Prior to the 2013 formation of this JV, Copper Fox had a feasibility study prepared that detailed a 130,000-metric-ton-per-day open-pit mining operation at Schaft Creek estimated to produce 4.88 billion pounds of copper, 4.21 million ounces of gold, 25.1 million oz of silver, and 214.9 million lb of molybdenum over a 21-year mine life.
This operation was based on 940.8 million metric tons of proven and probable reserves averaging 0.27% copper, 0.19 grams per metric ton gold, 1.72 g/t silver, and 0.018% molybdenum.
Since 2013, roughly C$19 million has been invested at Schaft Creek. This work included geological mapping of the deposit, relogging of 43,000 meters of core, two drill programs, updating the 3D geological model, collection of baseline environmental data, and an updated resource estimate.
A study into various mining scenarios determined that a 133,000-metric-ton-per-day operation would be best for Schaft Creek.
Copper Fox is commissioning the PEA to provide an update based on an operation of this size, that also includes an expanded resource estimate, and changes in financial assumptions and metals prices over the nearly eight years since the completion of the feasibility study.
"The PEA will provide important technical and economic updates on the Schaft Creek Project up to 2020," said Copper Fox Metals President and CEO Elmer Stewart. "The recent studies have identified a number of opportunities to lower capital and operating costs that enhances the value of the project."
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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