Calgary, Alberta–(Newsfile Corp. - March 20, 2024) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated January 31, 2024, financial statements have been filed on SEDAR+.

For the three months ended January 31, 2024, Copper Fox had a net loss of $230,877 (January 31, 2023 - $279,590) which equated to $0.00 loss per share (January 31, 2023 - $0.00 loss per share).

During the three months ended January 31, 2024, the Company incurred $503,344 in exploration expenditures primarily furthering the development of the Van Dyke (Miami, AZ), Mineral Mountain (Mineral Mountain Mining District, AZ), Sombrero Butte (Bunker Hill Mining District, AZ and Eaglehead (Liard Mining District, BC) copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR+ at www.sedarplus.ca, 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, activities consisted of further derisking of the Van Dyke project by Copper Fox and the Schaft Creek project by the Schaft Creek Joint Venture (“SCJV”). The SCJV completed the most comprehensive field program completed to date and subsequent to the Quarter-end announced a C$18.7 million program and budget for 2024 to complete the studies required to transition the project from the Scoping to the Prefeasibility Study (“PFS”) stage by the end of 2024 or early 2025. Completion of the drillhole rehabilitation program at Van Dyke allows the Company to initiate the collection of hydrogeological and water quality data; key data that is required to advance the project to the permitting stage.

Exploration activities on our 100% owned Eaglehead, Mineral Mountain and Sombrero Butte projects all yielded positive results. The Company extended the term of the exploration permit by two years on the Eaglehead project by filing a Notification of Deemed Authorization in February with the BC Ministry of Mines. An exploration plan to conduct a “maiden” drilling program at Mineral Mountain has been submitted to the Arizona Bureau of Land Management (“BLM”) and is currently under review. The open-ended, strong chargeability body at depths ranging from 300 and 500 meters (‘m’) below surface underlying the copper footprint at Mineral Mountain represents a compelling target, like the buried giant Resolution porphyry copper deposit located twenty-five miles northeast of the project. The hyperspectral survey at Sombrero Butte identified a significant number of previously unknown magmatic breccia bodies suggesting the possibility of multiple porphyry centers.”

2024 Q1 Highlights

At Schaft Creek (Liard Mining District, BC), the Schaft Creek Joint Venture (“SCJV”) received the results from the geotechnical drilling portion of the C$17.2 million 2023 program. The drilling intersected significant intervals of porphyry mineralization in five of the geotechnical drillholes including DDH SCK-23-468, located in the Paramount zone, which intersected higher grade mineralization:

a 166.40 m core interval (295.10 to 461.50 m) that averaged 0.308% copper, 0.019% molybdenum, 0.117g/t gold and 0.82g/t silver that contained a 33.68 m interval (427.82 to 461.50 m) that averaged 0.602% copper, 0.033% molybdenum, 0.228g/t gold and 1.28 g/t silver, and

a 206.14 m core interval (481.80 to 687.94 m) that averaged 0.494% copper, 0.029% molybdenum, 0.282g/t gold and 1.79g/t silver that contained a 90.70 m core interval (481.80 to 572.50 m) that averaged 0.710 % copper, 0.042% molybdenum, 0.305 g/t gold and 2.09 g/t silver.

At Van Dyke, the mineral solubility/mineralogical testwork indicated a high degree of oxidization, rapid leaching rates for the copper minerals and low acid consuming gangue and host rock mineralogy. This work investigated two key project parameters and indicated low potential to generate carbon dioxide gas and the precipitation of gypsum during leaching operations; two operational issues that significantly impact copper production.

At Mineral Mountain, the 2023 geophysical program outlined a large, open-ended positive chargeability/ resistivity anomaly at depth ranging between 300-500 m underlying the porphyry “footprint” a setting similar to the buried Resolution porphyry copper deposit to the northeast and the Florence porphyry copper deposit to the southwest.

Subsequent to the Quarter-end

On February 6, 2024, the Company announced that the hyperspectral survey on the Sombrero Butte project identified a significant number of previously unknown interpreted magmatic breccia pipes suggesting the potential of more than one porphyry center. Magmatic breccias are a key indicator of the presence of a buried porphyry copper system.
On February 14, 2024, the Company announced completion of the drillhole rehabilitation program and upgrading of the VWP’s and data recorders in three drillholes at the Van Dyke project.
On February 29, 2024, the Company announced the 2024 Schaft Creek program.
The objective of the program is to advance key project parameters to transition the project from Scoping to Prefeasibility Study (“PFS”) stage by the end of 2024 or early in 2025.
Planned expenditures in 2024 are C$18.7 million to be fully funded by Teck.
Technical Activities:
Completion of the metallurgical testwork program currently underway
4,500 m of drilling focused on key technical areas including the Highwall, Tailing Storage Facility (“TSF”), and Rock Storage Facility (“RSF”)
Engineering Studies:
Site wide geotechnical and facilities assessment of the TSF, RSF and proposed infrastructure
Update access road alignment
Update construction timeline
Updates to the Resource, Geologic, Structural and Slope Stability Models
Continue the monthly Environmental Baseline data collection program initiated in 2023 and strengthen collaboration and engagement with the Tahltan Nation
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
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