Calgary, Alberta–(Newsfile Corp. - January 6, 2022) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers (‘km’) east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (15,956 ha) of the late Jurassic age, multi-phase Eaglehead stock located at the southern margin of the Quesnel terrane. The Quesnel terrane hosts several porphyry copper deposits including Lorraine, Mt. Milligan, and Mount. Polley to the south. The 2021 program at Eaglehead focused on the Far East zone located approximately 3km southwest of the East zone.

Highlights:

The 2021 program has identified several chemically distinct intrusive phases and three episodes of copper mineralization in the Far East zone.
The porphyry “footprint” on the Eaglehead project has been extended approximately 3km along strike to include the Far East zone.
In diamond drill hole (‘DDH’) 66, the core interval from 70.26m to 160.32m contains four intervals of Cu-Mo-Au-Ag mineralization, including a 12.56m interval that returned a weighted average of 0.473% Cu, 0.013% Mo, 0.119g/t Au and 7.53g/t Ag.
DDH-78 contains two intervals of Cu-Au-Ag mineralization including 0.276% Cu, 0.003% Mo, 0.732g/t Au and 6.85 g/t Ag over a core interval of 7.17m.
The mineralized drill holes reported in this news release tested a positive chargeability signature, identified in 2006-2007, that measures approximately 2,000m long and on average, 600m wide.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The 2021 program has identified a sizable porphyry copper target in the Far East zone which significantly extends the porphyry ‘footprint’ of the Eaglehead project. The metal associations, alteration patterns and shape of the mineralized intervals in the Far East zone is similar to that previously identified in the Pass, Bornite, and East zones. The highly anomalous ‘fertility indices’ in DDH-78, suggest several stages of intrusive activity including contributions from a highly evolved, hydrous ‘fertile’ magma. The multiple intrusives, combined with overlapping episodes of copper mineralization suggests the drill holes in the Far East zone intersected the upper level of a highly evolved porphyry copper system. The results of the 2021 geophysical survey are currently being assessed and will be reported when received.”

Drill Core Analytical Results:
A total of 293 core samples (including re-sampled intervals) were collected from five diamond drill holes in the Far East zone. All intervals (regardless of thickness) of copper mineralization above a 0.05% Cu cut-off are listed below.

The mineralized intervals are hosted in granodiorite, hornblende quartz diorite and mafic volcanics of the Kutcho group. The overlapping metal assemblages suggests multiple injections of hydrothermal fluids emanating upwards along a system of fractures and faults from an evolving porphyry copper system at depth.

DDH ID From (m) To (m) Interval (m) Cu (ppm) Cu (%) Mo (ppm) Au (g/t) Ag (g/t)

65 96.32 99.36 3.04 3550 0.355 11.0 0.038 1.53

110.36 115.15 4.79 2130 0.213 7.0 0.020 0.76

135.87 148.74 12.87 910 0.091 7.0 0.017 0.18

153.92 154.84 0.92 607 0.061 tr tr 1.30

162.72 165.20 2.48 796 0.080 tr 0.012 1.46
66 10.05 10.36 0.31 11150 1.115 30.0 0.151 21.20

29.21 30.00 0.79 1215 0.122 tr tr 1.57

42.00 45.99 3.99 530 0.053 tr tr 0.35

61.78 62.42 0.64 14300 1.430 tr 0.394 6.93

70.26 71.32 1.06 20800 2.080 133.0 0.142 28.20

83.15 114.60 31.45 2670 0.267 36.0 0.063 4.54

131.98 144.54 12.56 4730 0.473 127.0 0.119 7.53

157.58 160.32 2.74 18910 1.891 53.0 0.252 13.05

191.65 192.00 0.35 870 0.087 6.0 0.042 0.47

213.20 219.15 5.95 1150 0.115 tr tr 0.16
67 18.60 19.50 0.90 2320 0.232 37.0 0.161 1.07

31.09 44.80 13.71 560 0.056 33.0 0.012 0.16

53.95 72.24 18.29 1110 0.111 52.0 0.018 0.32

104.88 105.00 0.12 4370 0.437 41.0 0.070 1.13

126.80 133.20 6.40 910 0.091 31.0 0.012 0.29
68 47.00 50.59 3.59 1020 0.102 18.0 tr 1.01

103.30 103.60 0.30 1790 0.179 tr tr 1.56

123.75 125.12 1.37 1780 0.178 21.0 tr 1.19

157.30 160.30 3.00 650 0.065 20.0 tr 0.56

198.90 199.80 0.90 1925 0.193 tr tr 1.35

208.94 209.70 0.76 1085 0.109 tr tr 1.40

215.20 224.30 9.10 1540 0.154 tr 0.120 1.58

233.50 239.57 6.07 1770 0.177 tr 0.011 2.20
78 116.89 124.05 7.16 2764 0.276 30.0 0.732 6.85

140.51 151.49 10.98 1355 0.136 14.0 0.343 4.13


Notes: a) metal concentrations of less than 0.01g/t Au and 5.0 ppm Mo listed as tr., b) cut-off for mineralized intervals 0.05% Cu., c) grade capping was not employed. d) weighted average interval includes up to 10m core length of material below the Cu cut-off.

The analytical program increased lengths of the mineralized intervals in several drill holes and identified additional intervals of Cu mineralization. Significant Cu-Mo-Au mineralization occurs in DDH-66 and DHH-67 in proximity to the Kutcho/Intrusive contact. DDH-78 located approximately 200m north of DDH 66 returned a similar style of mineralization with significantly higher Au concentrations. The 2021 analytical results yielded similar copper-molybdenum concentrations, lower silver and modestly higher gold concentrations than previously reported.

Geology:
The Far East zone is underlain by biotite granodiorite and hornblende quartz diorite phases of the Eaglehead stock and Kutcho andesitic volcanics, intruded by late-stage aplite, quartz feldspar porphyry and mafic dikes. The mineralized intervals are characterized by strong potassic alteration followed by successive phases of phyllic and propylitic overprinting. The Cu mineralization primarily occurs in fractures and to a lesser extent in quartz veinlets.

The mapping north of the Pass and Camp zones located several copper occurrences. This area is underlain by biotite granodiorite intruded by several late-stage hydrothermal breccia of variable apparent thickness.

Fertility Indices:The use of trace element ratios is being used as an effective method, using least-altered samples to distinguish between potential ore-forming intrusions from ordinary, unproductive intrusions. Loucks (2014) demonstrated that Cu-rich porphyry Cu-Au deposits are associated with intrusions that have average Sr/Y values ranging from 50 to 150 whereas Au-rich porphyry Cu-Au deposits are associated with magmatic rocks that have lower average Sr/Y values ranging from 25 to 75.

The unusually high contents of Sr and V, and unusually low contents of Y and Sc in a magma result from the accumulation of dissolved H2O due to multiple cycles of replenishment and crystallization in high-pressure magma chambers. The element ratios Al2O3/TiO2, Sr/Y and V/Sc are effective in discriminating copper-ore-forming intrusions from unproductive intrusions.

The following table lists the core intervals from the Far East zone with positive trace element indicator ratios.

DDH From (m) To (m) Lithology Sr/Y V/Sc Al2O3/TiO2
66 10.36 102.51 iGBD 61 10 55

146.76 157.51 iGBD 61 10 49
67* 72.24 75.40 iGBDQE 104 12 55
78 4.27 154.00 iGBD 111 11 80


* = Quartz “eye” bearing biotite granodiorite dike intruding Kutcho Volcanics.

Analytical Procedures:
Sample preparation and analytical work were completed by ALS Laboratories located in Vancouver, BC. ALS’s package codes PREP31-A was used for sample preparation, MEMS61 four-acid digestion was used to determine total copper (as part of a 48-element suite), and Au-AA23 for gold content via fire-assay and atomic absorption spectrometry. Copper over limits (>10,000 parts per million) were assayed using ALS code Cu-OG62. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation for laboratory analysis.

Quality Control:
A total of 20 field blank and 39 certified reference standards were inserted (insertion rate 1:12) in the samples sent for analysis. QA/QC procedures completed on the blanks and standards indicated a 6% overall failure rate based on the CV for each of the standards and blank.

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