Copper Fox Provides Schaft Creek Update

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide its shareholders an update of activities on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. Activities currently in progress include:

Preparing for the planned 5,000 meter summer drill program.
Completing geotechnical analysis and updating the structural geology interpretation to inform the 2022 and 2023 geotechnical program scope to identify opportunities to further decrease the Life of Mine strip ratio and strengthen base case overall pit slope design criteria. Completing rock geochemistry analysis to confirm the scope of the 2022 field program.
Finalizing metallurgical test work contract to process samples from the 2021 and 2022 drilling program.
Refining the 2022 environmental baseline data collection activities to reflect the updated project configuration and current regulatory requirements.
Strengthening our 2022 engagement plan with the Tahltan Nation.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "In addition to planning for the 2022 field program, the SCJV is advancing several initiatives to deliver into the overall 2022 program objectives. The results of these activities will guide the geotechnical program, align the environmental program to regulatory requirements, and expand consultation with the Tahltan Nation on advancing the Schaft Creek project. These activities are focused on further defining and confirming value-add opportunities to inform a decision on initiation of a potential future Prefeasibility Study."

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, and has reviewed and approves the scientific and technical information disclosed in this news release.

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% 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 and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at https://www.copperfoxmetals.com.

For additional 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 Chief Executive Officer

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.

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: a 5,000m drill program; identifying opportunities to decrease Life of Mine; finalizing a metallurgical test work contract; refining the 2022 environmental baseline collection activities; strengthening the 2022 engagement plan with the Tahltan Nation; a potential Prefeasibility Study stage.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the speed of field studies; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which 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 herein. Known risk factors include among others: the load flow and interconnection costing analysis, the operating cost to commodity prices sensitivity analysis, Geotechnical Analysis, the Structural Geology Interpretation and metallurgical test work may not be completed as planned or at all; the 2022 environmental activities, the environmental baseline monitoring and Environmental Baseline Data may not meet regulatory guidelines; engagement with the Tahltan Nation may not be completed within the timeline or at all; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120755

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Mineralized	DDH	TD	From	To	Interval	Cu	Au	Mo	Ag	CuEq
Zone	ID	(m)	(m)	(m)	(m)	(%)	(g/t)	(%)	(g/t)	(%)
Liard	SCK-22-456	401.00	73.30	81.00	7.70	0.151	0.176	0.011	1.15	0.260
			112.30	257.00	144.70	0.442	0.552	0.032	3.46	0.778
		includes	116.70	187.00	70.30	0.670	0.859	0.043	5.41	1.180
			292.00	305.00	13.00	0.170	0.072	0.005	0.95	0.217
			372.00	401.00	29.00	0.193	0.037	0.01	0.83	0.232
Paramount	SCK-22.457	647.00	11.40	90.00	78.60	0.188	0.050	0.009	0.65	0.231
			174.00	183.00	9.00	0.109	0.041	0.003	0.46	0.136
			199.00	291.35	92.35	0.212	0.026	0.006	1.29	0.240
			312.00	339.58	27.58	0.102	0.007	0.003	0.57	0.113
			377.00	647.00	270.00	0.371	0.090	0.054	1.60	0.520
		includes	377.00	422.63	45.63	0.442	0.095	0.088	1.63	0.656
		includes	536.00	626.00	90.00	0.447	0.106	0.058	1.82	0.612
Paramount	SCK-22-458	500.00	19.00	299.60	280.60	0.316	0.088	0.020	1.12	0.399
			343.65	356.00	12.35	0.290	0.054	0.016	1.04	0.318
			372.80	422.40	49.60	0.235	0.104	0.015	1.55	0.142
			452.00	480.00	28.00	0.123	0.028	0.002	0.60	0.142
West Breccia	SCK-22-459	46.00	6.00	46.00	40.00	0.145	0.126	0.003	0.76	0.214
Liard	SCK-22-460	356.00	5.80	268.00	262.20	0.251	0.096	0.007	0.77	0.313
		includes	21.85	36.00	14.15	0.548	0.290	0.008	2.30	0.710

Mineralized Zone	DDH ID	Easting (m)	Northing (m)	Elev (m)	Azimuth (degrees)	Dip (degrees)	Total Depth (m)
Liard	SCK-22-456	379808	6359996	933	270	-60	401
Paramount	SCK-22.457	379247	6360689	891	100	-50	647
Paramount	SCK-22-458	379480	6360338	904	90	-70	500
West Breccia	SCK-22-459	379557	6359713	883	90	-65	46
Liard	SCK-22-460	380421	6359707	1116	90	-55	356

	October 31, 2022				July 31, 2022		April 30, 2022		January 31, 2022
		3 Months Ended			3 Months Ended		3 Months Ended			3 Months Ended
Loss before taxes	$	461,137		$	277,827	$	363,283		$	248,719
Net loss		401,137			277,827		363,283			248,719
Comprehensive (gain)/loss		(668,062	)		832,007		(116,314	)		140,436
Comprehensive (gain)/loss per share, basic and diluted		0.00			0.00		0.00			0.00

	October 31, 2021				July 31, 2021		April 30, 2021		January 31, 2021
		3 Months Ended			3 Months Ended		3 Months Ended			3 Months Ended
Loss before taxes	$	367,608		$	205,040	$	343,256		$	199,324
Net loss		113,608			205,040		343,256			199,324
Comprehensive loss		133,849			32,777		842,711			791,658
Comprehensive loss per share, basic and diluted		0.00			0.00		0.00			0.00

Mineralized Zone	DDH ID	Azi	Dip	TD (m)	From (m)	To (m)	Int. (m)	Cu (%)	Au (g/t)	Mo (%)	Ag (g/t)	CuEq (%)
Liard	SCK-22-450	90	-70	539	21.00	109.00	88.00	0.433	0.292	0.022	1.91	0.620
				Includes	21.00	60.00	39.00	0.533	0.250	0.037	1.97	0.728
					133.00	319.80	186.80	0.213	0.232	0.012	1.42	0.351
					319.80	433.20	113.40	0.330	0.308	0.051	2.04	0.579
					433.20	472.40	39.20	0.083	0.033	0.001	0.43	0.102
					472.40	514.00	41.60	0.497	0.418	0.007	4.25	0.725
					538.00	539.00	1.00	0.214	0.265	0.000	3.05	0.352
Liard	SCK-22-451	90	-65	371	15.70	249.92	234.22	0.347	0.117	0.019	1.44	0.443
				Includes	19.10	78.00	58.90	0.443	0.414	0.047	2.41	0.737
				Includes	183.00	244.00	61.00	0.419	0.091	0.005	1.21	0.476
					249.20	371.00	121.80	0.098	0.053	0.000	0.44	0.125
Liard	SCK-22-452	270	-60	755	16.00	250.55	234.55	0.450	0.274	0.019	2.05	0.624
				Includes	46.00	163.00	117.00	0.678	0.558	0.080	2.60	1.102
					261.00	377.00	116.00	0.082	0.109	0.002	0.51	0.140
					377.00	573.00	196.00	0.220	0.225	0.023	1.37	0.375
					573.00	600.25	27.25	0.067	0.041	0.038	0.57	0.159
					600.25	719.60	119.35	0.215	0.057	0.014	0.95	0.272
Liard	SCK-22-453	270	-70	248	21.00	144.00	123.00	0.237	0.100	0.017	0.94	0.320
				Includes	45.00	95.00	50.00	0.330	0.173	0.039	1.42	0.490
					162.00	213.00	51.00	0.134	0.110	0.001	0.88	0.192
					227.00	240.00	13.00	0.177	0.275	0.020	0.80	0.348
West Breccia	SCK-22-454	100	-60	302	5.25	206.00	200.75	0.261	0.117	0.010	3.47	0.348
				Includes	112.23	141.35	29.12	0.374	0.206	0.010	4.16	0.506
					241.10	302.00	60.90	0.152	0.020	0.001	0.50	0.165
Paramount	SCK-22-455	245	-70	476	43.45	94.25	50.80	0.130	0.063	0.012	1.76	0.189
					94.25	141.00	46.75	0.179	0.356	0.026	1.59	0.403
					141.00	211.00	70.00	0.123	0.232	0.020	1.02	0.275
					211.00	232.72	21.72	0.443	0.519	0.015	3.08	0.730
					232.72	383.00	150.28	0.168	0.100	0.010	0.62	0.237
					395.00	443.00	48.00	0.158	0.047	0.014	0.63	0.209

Zone	DDH #	From (m)	To (m)	Interval (m)	Cu (%)	Mo (%)	Au (g/t)	Ag (g/t)
Camp	24	17.54	30.29	10.29	0.070	0.006	tr	0.21
	24	160.00	189.57	27.00	0.060	0.004	tr	0.07
Pass	37	139.00	155.24	16.24	0.133	tr	0.02	0.15
Bornite	40	123.60	131.80	8.20	0.090	tr	0.02	0.17
	58	282.00	295.70	13.70	0.100	tr	tr	0.26
East	59	96.85	103.00	6.15	0.051	tr	tr	0.21
	59	109.35	115.55	6.20	0.130	tr	tr	0.43

Copper Fox Provides Schaft Creek Update

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