One of the most well known fallen angels of the junior resource sector, Copper Fox Metals (CUU.V), is on the move today jumping as much as 44% on speculation of a takeover following a meeting with its partner on its flagship Schaft Creek Project, Teck Resources (TCK):
This comes after the company received a sizable tax refund last week which will allow Copper Fox to fund its general and administrative expenses in addition to completing its planned activities on other projects this year.
Technically speaking the .280-.300 area is important support/resistance dating back to early last year. A daily close above .30 on heavy volume would be highly significant from a technical standpoint.
We have reached out to the company for comments on today’s trading activity and will update readers accordingly.
UPDATE – From Copper Fox Investor Relations:
“The Company’s management is unaware of any material change in the Company’s operations that would account for the recent increase in market activity other than the release of our news on Friday advising the receipt of payment on our British Columbia Mineral Exploration Tax Credit from the Canada Revenue Agency.”