Calgary, Alberta–(Newsfile Corp. - February 15, 2023) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its audited annual consolidated October 31, 2022 financial statements have been filed on SEDAR.

All the Company’s subsidiaries are wholly owned.

For the year ended October 31, 2022, Copper Fox had a net loss of $1,290,966 (October 31, 2021 - $861,228) which equated to $0.00 loss per share (October 31, 2021 - $0.00 loss per share).

During the year ended October 31, 2022, the Company incurred $1,312,952 in expenditures toward furthering the development of its Schaft Creek and Van Dyke copper projects as well as exploration of its Eaglehead, Sombrero Butte and Mineral Mountain copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, 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, “Activities during and subsequent to the year ended included analytical results of the 2022 metallurgical drilling program at Schaft Creek which extended and increased continuity of the near-surface higher-grade mineralized zones reported in 2021. These results allow for the metallurgical testwork, one of the main project enhancements identified in the 2021 Preliminary Economic Assessment, to commence. Following the positive results from the biological evaluation (BE) of the Van Dyke project, field operations to determine the possibility of re-habilitating selected drill holes is underway. The positive exploration results from the Sombrero Butte and Mineral Mountain porphyry copper projects continued to upgrade and support the porphyry potential on both projects. At Eaglehead, despite the delay of the planned 2022 drill program, the field operations resulted in expanding the limits of the porphyry style mineralization and provided the information to allow the 3D modelling of the four open-ended porphyry deposits located within the project area to begin.”

2022 Q4 Highlights

On August 2, 2022, the Company provided a summary of operations at the Eaglehead project.
On August 18, 2022, the Company announced an update at the Mineral Mountain project detailing the 3D modelling results.
On August 25, 2022, the Company provided a summary of activities completed at the Eaglehead project in anticipation of receipt of the permit to conduct drilling operations.
On September 8, 2022, the Company released the results of an early-stage BE of certain parts of the Van Dyke project and announced plans to commence Phase 1 activities of the hydrogeologic monitoring program.
On September 14, 2022, the Company announced that the proposed 2,500-metre drilling program on its Eaglehead project would be delayed due to non-receipt of the drilling permit.
On October 17, 2022, the Company announced the completion of metallurgical drilling program at the Schaft Creek project by completing 4,688 meters in eleven drill holes focusing on collecting samples to complement historical metallurgical testwork.
Subsequent to the Year Ended

On November 10, 2022, the Company provided an update as well as detailing plans for its Van Dyke project.
On November 29, 2022, the Company provided an update on the Eaglehead project including receiving the Mines Act permit to conduct activities set out in the Notice of Work dated February 1, 2022 from the BC Ministry of Mines.
On January 18, 2023, the Company provided the analytical results for six (6) of the eleven (11) drill holes completed as part of the 2022 metallurgical drill program at the Schaft Creek project. The program expanded the coverage across the Schaft Creek deposit with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. A wide range of metal concentrations were intersected in the six drill holes.
Warrant Exercises

Subsequent to the fiscal year ended, the Company has received 23,451,667 exercised warrants for total proceeds of $2,110,650.

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
see & read more on https://copperfoxmetals.com/news/copper-fox-announces-2022-fourth-quarter-operating-155023/