Copper Fox Metals (TSXV: CUU) announced that it will acquire the Eaglehead property in British Columbia from District Copper (TSXV: DCOP).
In a press release, the Calgary-based miner said the transaction will take place via a property acquisition agreement to be executed by its subsidiary Northern Fox Copper. The deal entails the purchase of the six contiguous mineral claims totalling 15,956 hectares that comprise Eaglehead. The claims are located in the Liard Mining Division of northern British Columbia.
The aggregate consideration to be paid by Northern Fox for the property is C$1.4 million.
Eaglehead is an early-to-intermediate-stage exploration project that hosts a calc-alkalic porphyry copper-molybdenum-gold-silver system.
Since the discovery of the Camp zone in 1963, various exploration activities have been completed by numerous companies, including grid-based soil geochemical sampling, modern ground-based and airborne geophysical surveys, 126 diamond drill holes and preliminary metallurgical test work.
According to Copper Fox, exploration has identified five zones of porphyry-style copper-molybdenum-gold-silver mineralization that could be part of the same porphyry copper system, but further exploration, including diamond drilling, would be required to evaluate the porphyry potential of the project.