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Pasofino Gold Announces Results for a Further 12 Holes at Tuzon Deposit on the Dugbe Gold Project

Toronto, Ontario–(Newsfile Corp. – September 8, 2021) – Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) ("Pasofino" or the "Company") …

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Toronto, Ontario--(Newsfile Corp. - September 8, 2021) - Pasofino Gold Limited (TSXV: VEIN) (OTCQB: EFRGF) (FSE: N07A) ("Pasofino" or the "Company")  is pleased to announce that it has received results from a further 12 holes drilled at the Tuzon deposit on the Dugbe Gold Project, in which the Company has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest).

Highlights

  • 11 of the 12 holes contain gold mineralised intervals. Results for all 12 holes are provided in table 1.
  • 10 intersections at +2 g/t gold, which is encouraging for the update to the Mineral Resource Estimate (MRE) that is expected in early October, 2021.
  • Three holes have 100 to 200 gram-metres of gold within multiple stacked intervals, starting at or near surface.
  • Based on the new results, opportunities for further expansion are apparent.

Intersections include the below:

  • TDC176_GT has 3 mineralised intervals including:
                   30.1m @ 1.94 g/t from 53.4 m downhole, within which is 4.5 m grading 3.56g/t Au.
  • TDC177 has 3 intervals:
                  32.0m @ 0.58 g/t from surface.
                  77.0m @ 0.95 g/t from 174m downhole, within which is 27.8 m @ 2.33 g/t.
                  71.0m @ 1.50 g/t from 318 m downhole, within which is 18.1 m @ 2.31 g/t.
  • TDC190 has 5 mineralised intervals including:
                  12.5m @ 1.19 g/t from 99.0m downhole.
                  15.5m @ 0.70 g/t from 149.5 m downhole.
                  54.5m @ 1.38 g/t from 194.5m downhole.
  • TDC182 at the northern limit of the deposit intersected very shallow mineralisation:
                  41.9m @ 1.08 g/t from 4.0m downhole, within which is 7.0 m @ 2.42 g/t Au.
  • Trenching on the 6 km gold-in-soil trend extending southwest on strike from Tuzon is nearing completion. The first batch of 350 samples is at the lab. The trenches are adding to the initial 3 on this trend reported in May[1] which included 36 m @ 0.6 g/t.

Ian Stalker, CEO, commented;

"These intersections continue to demonstrate the scale of the Tuzon deposit and the common occurrence of 100 to 200 gram-metre holes, and that it remains open for further expansion. We look forward to completing the updated Mineral Resource Estimate for Tuzon and the nearby Dugbe F deposit within the coming weeks."

Table 1. All intersections (not highlights) in numerical order, for the latest 12 drillholes at Tuzon. Those shown in grey-italic font for TDC031, TDC081 and TDC086 are for the upper part of the hole drilled between 2011 and 2014, recently extended by up to 250 m. Those ending _GT are holes that were drilled partially for geotechnical purposes.
Note: Some intersections may not reflect the true thickness of the mineralized layer.

BHIDFrom (m)To (m)Intersection g/t Au
    
TDC031125.0139.014.0m @ 1.30 g/t
179.0213.034.0 @ 1.22 g/t
416.0425.09.0m @1.23 g/t
    
TDC0810.018.818.8m @ 1.78 g/t
358.5363.04.5m @ 0.58 g/t
    
TDC08652564.0m @ 2.18 g/t
72141.669.6m @ 1.30 g/t
including 9.0 m grading 3.6 g/t Au from 128.0 m downhole
196.9206.29.3m @ 1.42 g/t
368.30419.5051.2m @ 1.08 g/t
including 3.0 m grading 3.00 g/t Au from 388.5 m downhole
 
TDC176_GT53.483.530.1m @ 1.94 g/t
including 4.5 m grading 3.56g/t Au from 61.0 m downhole
133.0156.623.6m @ 1.01 g/t
256.0260.04.0m @ 1.67 g/t
    
TDC1770.032.032.0m @ 0.58 g/t
174.0251.077.0m @ 0.95 g/t
including 27.8 m grading 2.33 g/t Au from 206.7 m downhole
318.0389.071.0m @ 1.50 g/t
including 18.1 m grading 2.31 g/t Au from 322.5 m downhole
 
TDC178_GT21.124.02.9m @ 1.32 g/t
33.136.83.7m @ 1.02 g/t
106.6121.514.9m @ 1.53 g/t
197.2204.37.1m @ 2.20 g/t
    
TDC1824.045.941.9m @ 1.08 g/t
including 7.0 m grading 2.42 g/t Au from 5.0 m downhole
 
TDC183_GT15.534.619.1m @ 1.64 g/t
including 6.1 m grading 4.88 g/t Au from 21.0 m downhole
63.786.723.0m @ 1.49 g/t
including 2.5 m grading 4.76 g/t Au from 65.2 m downhole
97.1116.619.5m @ 0.97 g/t
259.6294.234.6m @ 1.12 g/t
    
TDC1853.421.518.2m @ 1.0 g/t
    
TDC188_GTNo significant intersection
  
TDC189272.5280.07.5m @ 1.93 g/t
2.415.012.6m @ 1.10 g/t
including 1.5 m grading 5.68 g/t Au from 3.5 m downhole
 
TDC19099.0111.512.5m @ 1.19 g/t
149.5165.015.5m @ 0.70 g/t
179.7182.52.8m @ 1.92 g/t
194.5249.054.5m @ 1.38 g/t
258.0275.117.1m @ 0.75 g/t

 

Results may support gains to the current 2 Moz (Indicated) MRE at Tuzon.

TDC177 is close to the southwest extent of the thick lower limb of mineralisation, also referred to as 'zone B' and so the intersection in this hole for this zone (71.0m @ 1.50 g/t Au) confirms the extension of this quality zone. TDC086 is a further 80 m south of TDC177 and was a 2013 hole deepened by 177 m. The new part of the hole intersected 51.2m @ 1.08 g/t from 368.3m downhole confirming the extension of the thick hinge of zone B mineralisation southwards, leaving it open for further expansion. TDC190 is an 'infill hole' but with intersections that are better than the thickness and grades of the previous block model at this position.

The results from these 12 holes, and the other recently reported infill and step-out holes may support gains to the Tuzon MRE based on the 'stacked' and thick intersections including broad zones of >2 g/t Au. Work on the updated MRE for Tuzon by SRK Consulting (UK) Limited commenced and is expected to be reported early October, along with the updated MRE for the nearby Dugbe F deposit.

Opportunities for further expansion of the deposit are apparent: an obvious drill target evident on the southeast 'limb' of the fold south of line 1120N is a continuation of the zone intersected in recently reported[2] TDC186 (17.3 m @ 2.70 g/t), as labelled in figure 1. And the thick hinge zone as intersected by TDC177 (71.0m @ 1.50 g/t from 318m downhole) and TDC086 needs further drilling to follow it southward along strike (figure 2).

Trenching program to test gold in soil trend on strike of Tuzon

The trenching program is nearing completion, 5 of 7 trenches are complete and the first batch of samples is at the laboratory. Trenches are on the 'Tuzon South' and 'Dugbe Shear Zone' targets to follow-up on encouraging 'first-pass' trench results reported in May 2021. These targets are on a 6 km long trend defined by soil anomalism extending southwest on strike from Tuzon. Drilling is planned for Q3/Q4 to test the best trench results.

Figure 1. Cross-section on line 1120 N at Tuzon, showing the TDC177 intersection and further opportunities

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Figure 2. Long section through the Tuzon deposit showing intersections with >20 gram-metres gold.
*announcement dated 18 May 2021

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The Tuzon Deposit and Recent Drilling

The deposit footprint is 1.7 km long with an average width of 250 to 300 m, in plan view. Parts of the mineralised layer outcrop for the full length of the deposit. The depth to the base of the mineralised zone ranges from just below surface to over 400 m in the south reflecting the steady plunge of the controlling fold structure. As at the nearby Dugbe F deposit, the host-rock is orthopyroxene gneiss with increased sulphide content (visible pyrrhotite, arsenopyrite and pyrite). At Tuzon the layer has been repeatedly folded and is interpreted to be a large synform which plunges to the southwest at approximately 20 degrees. The mineralised layer is thickened on certain parts of the fold limbs and around the recumbent lower-most fold hinge. The northern limb is referred to as 'zone A' and the southern limb of the fold and the hinge of the synform are referred to as 'zone B'. Zone B is higher grade than zone A with an average of 1.7 g/t gold.

A total of approximately 35,500 m of core drilling was completed by Hummingbird Resources between 2011 and 2014 in support of the current MRE which has an Indicated MRE of 41.9 Mt with an average grade of 1.51 g/t Au and contained gold of 2.03 M ounces. The current Inferred MRE is 10.4 Mt with an average grade of 1.31 g/t Au and contained gold of 0.44 M ounces.

Pasofino added 23 drill-holes at Tuzon between April and July 2021, totaling 6,675 metres of drilling. Of these, six holes were partially for geotechnical purposes and 17 were pure resource drill-holes. Five of the exploration holes involved the deepening of previous (2014 and earlier) drillholes (TDC031, TDC040, TDC078, TDC081, TDC086). The holes were drilled to:

  • Expand the proximal lateral and strike extent of the mineralisation which they have achieved.
  • Provide 'infill' intersections to support the mineralisation model.
  • Identify further upside, which they have.
  • Provide data and samples for geotechnical inputs into the DFS pit-design.

Drilling procedure and Quality Assurance and Quality Control (QAQC)

The new holes were positioned using a professional surveying instrument, the Trimble R12i Rover unit. Downhole orientation surveys were completed for all holes and core was oriented to assist with interpretation. All drilling and logging was completed in adherence to industry standard operating procedures. Core recovery is over 95% for all mineralized intersections. Core was drilled HQ (65 mm diameter) through the overburden typically 2-10 m depth, then NQ (47 mm diameter) size. Samples were all half core, analyzed by ALS Kumasi in Ghana, a facility compliant to ISO 17025:2005 for the analytical methods used for the samples. Samples range from 1 kg to over 5 kg depending on the length of each sample. Within every 20 core samples submitted a certified standard and blank was inserted. The results of these samples show acceptable levels of variance. Duplicate (other half of the core) samples were inserted 1 in every 20 core samples to check on precision. Sample weights on dispatch and received sample weights were examined to monitor for sample swaps. All samples were stored and transported to the laboratory securely and accompanied by a company representative until arrival at the laboratory. Similar QAQC measures were undertaken for the previous drillholes reported herein; those samples were analyzed by ALS in Loughrea, Ireland which is an ISO 17025:2005 compliant facility for the analytical methods used for the samples. All samples were analyzed by fire assay with atomic absorption finish on a sample with 50g nominal weight.

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Figure 3. Map locating the cross-section in figure 1 and drill-holes.

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Table 2. Collar positions of the new drillholes reported herein. Coordinates are in UTM zone 29N, WGS84 datum.

Hole_IDEastNorthElevationAzimuthInclination
TDC031555228.9562665.3117.7295-60
TDC081555171.0562944.0118.1295-60
TDC176_GT555171.9562943.9118.1115-70
TDC177555134.3562862.7108.0295-70
TDC178_GT555247.1563063.0108.970-70
TDC182555412.7563584.8105.8115-60
TDC183_GT554864.7562508.7117.2310-85
TDC185555425.2563614.596.011560
TDC188_GT555026.0562494.7110.1140-80
TDC189555105.9562430.7105.3295-60
TDC190555327.4563139.3108.3295-60

 

Qualified Persons Statement

Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Mr. Andrew Pedley. Mr. Pedley is a full-time consultant of Pasofino Gold Ltd.'s wholly-owned subsidiary ARX Resources Limited. He is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is as a Qualified Person under National Instrument 43-101.

About the Dugbe Gold Project

The 2,559 km2 Dugbe Project is located in southern Liberia and situated within the south westmost part of the Birimian Supergroup, which is host to the majority of West African gold deposits. To date, two gold deposits have been identified on the Project; Dugbe F and Tuzon. The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area. A large amount of exploration in the area was conducted by Hummingbird, including 74,497 m of diamond coring. 70,700 m of this was at the Dugbe F and Tuzon deposits, discovered by Hummingbird in 2009 and 2011 respectively. Both deposits outcrop at surface and may be amenable to open-cut mining. In addition, there are a number of prospects within the Project, including 'Sackor' where gold mineralization has been intersected in drill-holes and where additional drilling is planned. No other prospects have been drill-tested to date. At some prospects extensive trenching identified anomalous levels of gold that require drill-testing. An aggressive exploration program to test the prospects is planned by the Company. In 2019, Hummingbird signed a 25-year Mineral Development Agreement ("MDA") with the Government of Liberia providing the necessary long-term framework and stabilization of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is 3%, the income tax rate payable is 25% (with credit given for historic exploration expenditures), the fuel duty is reduced by 50%, and the Government of Liberia is granted a free carried interest of 10% in the Project. Over $70 million has been spent by Hummingbird on the Project.

Table 3. Mineral Resource Estimate for the Dugbe Gold Project using a 0.5 g/t Au cut-off grade

CategoryTonnes (million)Au Grade (g/t)Contained Gold (000 ounces)
    
Tuzon Deposit
Indicated41.91.512,032
Inferred10.41.31439
    
Dugbe F Deposit
Indicated5.81.46273
Inferred16.31.57823
    
Totals
TOTAL INDICATED47.71.512,304
TOTAL INFERRED26.71.471,262

 

  1. Rounding errors may be evident when combining totals in the table but are immaterial.
  2. The effective date of the Mineral Resource Estimate is August 19, 2020 as reported in "Dugbe Gold Project, Liberia NI 43-101 Technical Report, Effective Date 19 August 2020," a report prepared by SRK Consulting (UK) Limited.
  3. The Qualified Person is Mr. Martin Pittuck (CEng, MIMMM).
  4. The Mineral Resource has been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council (2014), and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administrators National Instrument 43-101 (NI 43-101).
  5. The estimates are stated using a 0.5 g/t Au cut-off grade.
  6. Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
  7. Mineral Resource estimates are stated within conceptual pit shells that have been used to define Reasonable Prospects for Eventual Economic Extraction (RPEEE). The pit shells used the following main parameters: (i) Au price of US$1700/ounce; (ii) plant recovery of 90%; and (iii) mean specific gravity of 2.78 t/m3for fresh rock and 1.56 t/m3for oxide material for Tuzon, and for Dugbe F a mean specific gravity of 2.73t/m3.

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Figure 4. Dugbe Gold Project Mineral Development Area.

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About Pasofino Gold Ltd.

Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN). Pasofino, through its wholly-owned subsidiary, has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia's 10% carried interest) in the Dugbe Gold Project.

For further information, please visit www.pasofinogold.com or contact:

Ian Stalker, President & CEO

T: 604 367 8110
E: istalker@pasofinogold.com

Cautionary Statements Regarding Forward-Looking Statements

This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "aim", "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the ability to successfully file and obtain approval for the Qualifying Prospectus, the ability to obtain all requisite regulatory approvals in respect of the Qualifying Prospectus, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.


[1] Announcement dated 18 May 2021
[2] Announcement dated 18 August 2021

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Today’s News

GGX Gold Corp Retains 360 Aviation for IR Services

VANCOUVER, BC / ACCESSWIRE / September 23, 2021 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce that…

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VANCOUVER, BC / ACCESSWIRE / September 23, 2021 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce that it has retained the services of 360 Aviation Services Inc. (360) for Investor Relation Services.

360 Aviation Service Inc. a B.C. Corporation is an established capital markets advisory firm servicing Canadian small cap companies across the North American markets.

360 will provide strategic marketing, investor relations and capital markets communications services. 360 will arrange and attend meetings with investors, maintain ongoing contact and broaden relationships with the professional investment community on GGX Gold Corp's behalf. The agreement is for a term of six months and GGX Gold will pay a monthly fee of $4,500. The investor relations agreement remains subject to TSX-V approval.

Barry Brown, chief executive officer of GGX Gold, stated: "We continue to focus on unlocking the value at our Gold Drop Property. The potential of a bulk sample at the C.O.D. vein will provide invaluable information to our team as we continue to advance the project."

The Company also announces that it has granted 975,000 stock options at an exercise price of $0.16 to its directors, officers, employees, consultants and investor relations. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the Company. Options issued for investor relations vest quarterly over a period of 12 months from the date of issuance. The stock options are not transferable and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.

On Behalf of the Board of Directors
Barry Brown, CEO
604-488-3900
Office@GGXgold.com

Forward Looking Statement
This News Release may contain forward-looking statements including but not limited to comments regarding the acquisition of certain mineral claims. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Revolver undertakes no obligation to update such statements, except as required by law.

Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: GGX Gold Corp.



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Copper Fox Announces 2021 Third Quarter Operating and Financial Results

Calgary, Alberta–(Newsfile Corp. – September 23, 2021) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased…

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Calgary, Alberta--(Newsfile Corp. - September 23, 2021) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated July 31, 2021, financial statements have been filed on SEDAR.

For the nine months ended July 31, 2021, Copper Fox had a net loss of $747,620 (July 31, 2020 - $845,158) which equated to $0.00 loss per share (July 31, 2020 - $0.00 loss per share).

During the nine months ended July 31, 2021, the Company incurred $1,156,194 in expenditures primarily furthering the development of the Van Dyke and Schaft Creek copper projects, and the acquisition costs, the reclamation bond and expenses related to the 2021 exploration program for the Eaglehead copper project. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company's web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, President and CEO of Copper Fox stated, "During the Quarter, our primary focus was the Schaft Creek Preliminary Economic Assessment ("PEA") and advancing the Van Dyke copper project. Compilation of the historical data has significantly increased our understanding of the geometry, controls and potential to located additional polymetallic copper mineralization within the Eaglehead project. The large positive chargeability/resistivity anomalies outlined at Mineral Mountain demonstrate a strong correlation to copper-molybdenum mineralization exposed in outcrop and has provided the confidence to move the project to the drilling stage planned for early 2022."

2021 Q3 Highlights

  • Filed a National Instrument 43-101 Technical Report, containing a Mineral Resource Estimate Update for the Schaft Creek Property.
  • Advanced the PEA for the Schaft Creek project.
  • Completed an induced polarization survey on the Mineral Mountain copper project.
  • Compilation, geological modelling and commencement of the 2021 field program on the Eaglehead project.

After the Period End

  • Retained Montgomery & Associates to prepare a data gap analysis and conceptual Hydrogeological Model for the Van Dyke project.
  • Qualified to trade on the OTCQX® Best Market (trading symbol CPFXF) and retained the services of Stonegate Capital Partners, Inc. for an initial period of six months to provide investor relations services in the United States.
  • Announced the results of the PEA for the Schaft Creek project which yielded an after-tax net present value of US$842.1 million (on 100% basis using constant dollars) and internal rate of return of 12.9%, life of mine EBITDA of US$10.81 billion and free cash flow before recovery of initial capital expenditures of US$9.96 billion.

Warrant Exercised

During the nine months ended July 31, 2021, a total of 33,175,667 warrants were exercised for proceeds to the Company of $5,193,404.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

Selected Financial Results

July 31, 2021April 30, 2021January 31, 2021October 31, 2020
3 Months Ended3 Months Ended3 Months Ended3 Months Ended
Loss before taxes$205,040$343,256$199,324$299,017
Net loss205,040343,256199,324(291,983)
Comprehensive (gain) / loss 32,777842,711791,658(453,015)
Comprehensive (gain) / loss per share, basic and diluted0.000.000.00(0.00)
    
July 31, 2020April 30, 2020January 31, 2020October 31, 2019
3 Months Ended3 Months Ended3 Months Ended3 Months Ended
Loss before taxes$248,589$390,982$205,587$289,922
Net loss248,589390,982205,587188,765
Comprehensive (gain) / loss 940,165(406,527)110,398257,746
Comprehensive (gain) / loss per share, basic and diluted0.00(0.00)0.000.00

 

Liquidity

As of July 31, 2021, the Company's cash position was $3,781,225 (October 31, 2020 - $491,933).

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia, and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

For additional information please contact:
Lynn Ball at 1-844-464-2820 or 1-403-264-2820 or investor@copperfoxmetals.com

On behalf of the Board of Directors,

Elmer B. Stewart
President and Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information in this news release include statements about our Van Dyke, Schaft Creek, Mineral Mountain and Eaglehead projects; filing a NI 43-101 Technical Report, Mineral Resource Estimate Update for the Schaft Creek Property; advancing the PEA for the Schaft Creek project; a data gap analysis and conceptual hydrogeological model for the Van Dyke project; acquisition of the Eaglehead project; compilation of data on the Eaglehead project; the 2021 program for the Eaglehead project and the results of a geophysical survey and planned drill program on the Mineral Mountain project.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial, and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are reasonable; the costs and results of planned exploration activities are as anticipated; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, the PEA on the Schaft Creek project may not be completed as planned or at all; the data gap analysis and conceptual hydrogeological model for the Van Dyke project may not be completed as planned or at all, the 2021 program for the Eaglehead project may not be completed as planned or achieve the desired results; the compilation of Eaglehead exploration results may not be realized; the geophysical survey on the Mineral Mountain project may not result in locating additional mineralization; a drilling program at Mineral Mountain may not be completed as planned or at all; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; trading prices of the Company's common shares may decrease below the exercise price of any outstanding warrants of the Company; and uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97493

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Jayden Completes Continuation to British Columbia

 

Vancouver, B.C. – TheNewswire – September 23, 2021; Jayden Resources Inc., ("Jayden" or the “Company") (TSXV:JDN) announces that at the Company’s…

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Vancouver, B.C. - TheNewswire - September 23, 2021; Jayden Resources Inc., ("Jayden" or the “Company") (TSXV:JDN) announces that at the Company’s annual general and special meeting of shareholders held on July 21, 2021, the Company’s shareholders approved by special resolution the continuation of the Company from the Companies Law (2021 Revision) of the Cayman Islands into the jurisdiction of British Columbia under the Business Corporations Act (British Columbia) (the “Continuation”), and the Company has completed the necessary amendments to the Company’s constating documents to ensure compliance with the Business Corporations Act (British Columbia).

The Continuation is intended to provide management of the Company with increased flexibility, and to reduce administrative costs. There have been no changes to the operations or activities of the Company in connection with the Continuation.

Effective at the market open on September 24, 2021, the common shares of the Company will continue to trade on the TSX Venture Exchange under the name Jayden Resources Inc., under the Company’s existing TSX Venture Exchange stock symbol “JDN”.

Holders of the Company’s current Ordinary Shares are now holders of Common Shares.  The Company’s new CUSIP and ISIN numbers to the Company’s Common Shares are 47208P105 and CA47208P1053 respectively.  A new share certificate for Common shares indicating the Company as a Company continued under the Business Corporations Act (British Columbia) will be issued in the normal course further to share transfers and other share transactions.  In the meantime, holders of existing share certificates that represent Ordinary Shares of the Company will continue to represent Common Shares of the Company.  The existing Ordinary common shareholders do not have to exchange their current share certificates for Common Share certificates with the Company’s transfer agent.

Details of the Continuation is more particularly set out in the Company’s Information Circular dated June 22, 2021 as SEDAR filed on June 22, 2021 in connection with the Company’s July 21, 2021 annual general and special meeting.

For further information about Jayden and this news release please contact Mike Thast at 778-331-2093 or visit Jayden’s website at www.jaydenresources.com.

On Behalf of the Board:

"David Eaton"
President &CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2021 TheNewswire - All rights reserved.

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