Mr Elmer Stewart president and CEO of Copper Fox Metals Inc announced that the closing of the acquisition from Bell Copper Corporation of 100% of Bell Copper's interests in the Sombrero Butte property located in Pinal County, Arizona and all Bureau of Land Management lode claims that Bell Copper acquired which are adjacent to Bell Copper's interests in the Van Dyke copper deposit located in Miami, Arizona. Copper Fox acquired the Sombrero Butte Copper Project and Van Dyke BLM Claims by paying to Bell Copper the US dollar equivalent of CAD 1,000,000 in cash and assuming Bell Copper's continuing obligations in respect of the Sombrero Butte Copper Project and Van Dyke BLM Claims.
Highlights:
A description of the Van Dyke property and Sombrero Butte property was provided in the news release issued by Copper Fox on July 9th 2012. For easy reference the highlights of the Sombrero Butte property and the Van Dyke BLM Claims include:
1. The area to the west of the Van Dyke deposit referred to as Azurite Ridge is surrounded on three sides by the Van Dyke BLM claims.
2. At Azurite Ridge, copper oxide mineralization hosted in Pinal schist is exposed in outcrop over a horizontal distance for approximately 500 meters,
3. The Van Dyke BLM claims have not been explored for copper mineralization using current exploration techniques,
4. Several clusters of copper bearing breccia pipes have been tested by diamond drilling on the Sombrero Butte property where 29 of 34 holes drilled to test 8 breccia pipes intersected significant copper mineralization over core intervals ranging from 2 meter to 72 meters and average copper grades ranging from 0.37% to 5.85% and
5. The first phase of exploration of the Sombrero Butte property would include a deep penetrating Induced Polarization geophysical survey as well as detailed mapping.
The acquisition of Bell Copper's interests in the Van Dyke copper deposit is pending subject to Bell Copper completing the acquisition pursuant to the terms of the purchase and sale and royalty agreement between Bell Resources Corporation, a wholly owned subsidiary of Bell Copper and Bennu Properties, LLC, Albert W. Fritz Jr and Edith Spencer Fritz including payment by Bell Copper of USD 500,000 in cash to the Bennu Vendors on closing.
Source - Copper Fox Metals
(www.steelguru.com)
