Copper Fox Metals Announces Completion of Metallurgical Drilling Program for Schaft Creek Project

Calgary, Alberta–(Newsfile Corp. – October 17, 2022) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) is pleased to provide its shareholders with an update on summer and fall field activities at the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. The Schaft Creek Project is managed by the Schaft Creek Joint Venture (“SCJV”). Teck Resources Limited (“Teck”) is the operator of SCJV and holds a 75% interest, with Copper Fox holding the remaining 25% interest. Updated activities include:

  • The drill program completed 4,688 meters (“m”) in eleven (11) drill holes focused on collecting samples to supplement historical metallurgical testing.

  • Drill core samples will augment the collection of metallurgical data at Schaft Creek’s three zones of mineralization; six (6) drill holes were completed at Liard, three (3) at Paramount and two (2) at West Breccia.

  • Basic environmental data collection activities, including upgrades to meteorological data collection stations, have been completed.

Elmer B. Stewart, President and CEO of Copper Fox, said, “The metallurgical drilling program focused on collecting samples as part of the five-year plan to mine pits in areas of Schaft mineralization. Creek and provided additional information on mineralogy, alteration and mineralization controls to inform sample selection for the metallurgical testwork program. Analytical results from the 2022 drill program are pending and will be announced upon receipt and completion of QA/QC procedures.

2022 metallurgical drilling program

The locations and drill traces of drill holes 2021 and 2022 are shown in Figure 1. These drill holes will be sampled for metallurgical testing. The drill hole locations were selected to increase the sampling density within the identified geometallurgical domains within each mineralized zone to better inform the prediction of metal flow and recovery and to obtain additional data on the grade and continuity of mineralization.

Additional activities in 2022:

In addition to the drilling program, other field activities included:

  1. Acquisition of updated LiDAR and Orthophoto data for geotechnical and project planning purposes,

  2. Repositioned weather camera at camp to monitor snow levels during winter,

  3. Schaft Creek Online Climate Station Upgrades,

  4. Continuation of hydrology and water sampling with environmental data adequacy analysis is to commence in Q4 2022,

  5. Kitchen and camp upgrades to expand facilities for future programs.

Figure 1: Map of the Schaft Creek deposit plan outlining the five-year pit shell and the life-of-mine pit shell, as shown in the “Schaft Creek Preliminary Economic Assessment (PEA),an NI 43-101 Technical Report”, with an effective date of September 10, 2021, prepared by Tetra Tech Canada Inc. (“Tetra Tech”), H. Ghaffari. MASc., P.Eng. and. Al. as qualified persons. (see press release of September 20, 2021).

Elmer B. Stewart, MSc. P. Geol., President and Chief Executive Officer of Copper Fox, is the Company’s Non-Independent Qualified Person designated in accordance with National Instrument 43-101, Disclosure Standards for Mining Projects, and has reviewed and approved the information scientific and technical information disclosed in this press release.

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company focused on the exploration and development of copper in Canada and the United States. The principal assets of Copper Fox and its wholly-owned subsidiaries in Canada and the United States, namely Northern Fox Copper Inc. and Desert Fox Copper Inc., are 100% owned by the Van Dyke Oxidized Copper Project located in Miami , Arizona, and the 25% ownership interest in the Schaft Creek joint venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. For information on other Copper Fox mining properties and investments, visit the company’s website at http://www.copperfoxmetals.com.

For more information, contact: Investor line 1-844-484-2820 or Lynn Ball at 1-403-264-2820.

On behalf of the Board of Directors

Elmer B. Stewart
President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of Canadian securities laws. Forward-looking information is generally identifiable by the use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “budgets”, “could”, “estimates “, “expects”, “forecasts”, “projects” and similar expressions, as well as the negative of these expressions. The forward-looking information contained in this press release includes statements concerning: 4,688 m of drilling in 11 holes the proposed metallurgical test program; geotechnical data collection; and; environmental baseline collection activities.

In connection with the forward-looking information contained in this press release, Copper Fox and its affiliates have made numerous assumptions regarding, among other things: the geological, metallurgical, technical, financial and economic advice Copper Fox has received is reliable and based on industry-standard practices and methodologies; the speed of field studies; and stable economic and market conditions. Although Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

In addition, there are known and unknown risk factors that could cause Copper Fox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in the present. Known risk factors include, but are not limited to: the 4,688 m drilling program may not produce significant copper concentrations; geotechnical data collection may not provide meaningful data; metallurgical testing may not be performed as planned or at all; 2022 baseline environmental data may not meet regulatory guidelines; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; exchange rate; and uncertainty as to the timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is set forth in Copper Fox’s continuous disclosure documents filed with Canadian securities regulators at www.sedar.com. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update such forward-looking information or to publicly announce the outcome of any revision of any forward-looking information contained herein to reflect future results, events or developments, except as required by law.

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