Copper Fox Provides Update on Schaft Creek Project

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide the analytical results from the 2021 metallurgical drilling program for the Schaft Creek project. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV") formed in 2013 between Teck Resources Limited ("Teck") (75%) and Copper Fox (25%) with Teck being the operator. The Schaft Creek deposit is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products.

The 2021 drill program expanded the metallurgical sampling coverage in the deposit to better inform metal recoveries and comminution characteristics within the early part of the mine life. Four drill holes were completed in the Liard Zone targeting representative geometallurgical domains within the first five-year mine plan as contemplated in the Schaft Creek Preliminary Economic Assessment (see news release dated September 20, 2021). Highlights of the drilling program are set out below.

Highlights:

• The drilling intersected copper-gold-molybdenum mineralization including low grade, life of mine ("LOM") and higher-grade mineralization for the metallurgical test work.

• DDH SCK-21-447 intersected a 216.5 m interval from 7.6 to 224.1 m that averaged 0.295 % copper, 0.367 g/t gold, 0.004 % molybdenum and 1.97 g/t silver. This interval includes 108.4 m of 0.411 % copper, 0.560 g/t gold, 0.004 % molybdenum and 2.84 g/t silver starting at 7.6 m.

• DDH SCK-21-446 intersected 104.0 m of 0.333 % copper, 0.123 g/t gold, 0.007 % molybdenum and 1.22 g/t silver starting at 86.0 m downhole.

• Selection of the samples for metallurgical testwork has commenced.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "Receipt of the analytical results from the 2021 metallurgical drilling program allows sample selection and commencement of the planned metallurgical testwork. The drilling intersected several near surface higher-grade intervals of mineralization and has confirmed continuity and grade of the mineralization between existing drill holes and provides additional confidence in the geological and resource model for the Schaft Creek deposit."

Drilling Program:
Mineralized intervals for the 2021 drilling were calculated using a 0.10 % copper cutoff grade. Samples lower than the cut-off grade were included in the weighted average provided that the sample interval below the cut-off did not exceed 10.0 m in core length. Information on the drill holes completed, including the weighted average grades of the mineralized intervals, are set out in the table below.

 
Note: The core intervals listed in the above tables do not represent true widths, CuEq=copper equivalent, %=percent, g/t=grams per tonne, m=meters, TD=total depth of drill hole.

Copper equivalent calculations are based on 100.0 % of the copper content plus 71 % of the gold content, 60.1 % of the molybdenum content and 40.3 % of the silver content. Metal prices used are copper US$3.25/pound, gold US$1,500/ounce, molybdenum US$10.00/pound and silver US$20.00/ounce.

To view the location of 2021 drill holes, visit the Copper Fox website at:
https://copperfoxmetals.com/projects/schaft-creek-project/maps/

Discussion of Diamond Drill Results:
The 2021 drill program expanded the metallurgical sampling coverage in the deposit to better inform metal recoveries and comminution characteristics. It also provides additional confidence in the geological and resource model for the Schaft Creek deposit and below are associated assays results.

DDH SCK-21-445 was drilled to a depth of 272.6 m in the eastern section of the Schaft Creek deposit. This hole intersected an interval of higher-grade mineralization from surface to a depth of 190.6 m and a lower-grade zone to the end of the drill hole. The drill hole ended in mineralization grading 0.249 % copper, 0.011 g/t gold, 0.005 % molybdenum and 0.18 g/t silver.

DDH SCK-21-446 intersected a 244.5 m interval of mineralization containing two intervals of higher-grade copper-gold-molybdenum-silver mineralization, including 104.0 m of 0.333 % copper, 0.123 g/t gold, 0.007 % molybdenum and 1.22 g/t silver starting at a core length of 86.0 m.

DDH SCK-21-447 was drilled to a depth of 258.1 m and intersected, from surface to a depth of 116.0 m, an average of 0.441 % copper, 0.560 g/t gold, 0.004 % molybdenum and 0.696 g/t silver. The core interval from 224.10 to 258.1 m returned copper concentrations that ranged up to 0.197 % copper, 0.011 to 0.119 g/t gold, trace molybdenum and from 0.11 to 2.29 g/t silver. The drill casing was left in this hole with the objective of re-entering the drill hole in 2022 to test deeper mineralization.

DDH SCK-21-448 was drilled to depth of 42 m before being suspended due to closure of the 2021 drilling program. The drill casing was left in the hole with the objective of re-entering the drill hole in 2022. This holed ended in mineralization grading 0.353 % copper, 0.136 g/t gold, 0.014 % molybdenum and 0.95 g/t silver. The drill casing was left in this hole with the objective of re-entering the drill hole in 2022 to test deeper mineralization.

Diamond Drilling and Sampling Procedures:
The diamond drilling was completed using HQ core size. Overall core recovery was estimated to be greater than 90%. After cutting with a diamond saw, one half of the core is collected for sample preparation and analysis and the other half is retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.5 to 4.1 m, with most intervals being 2.0 m. A total of 423 samples were collected and analyzed at ALS Canada Ltd.("ALS") located in Vancouver, British Columbia.

Base metals and silver concentrations were determined by ALS MEMS61 package and a 4-acid digestion. Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.

Quality Control:
The Joint Venture follows a rigorous Quality Assurance/Quality Control program. Of the 423 core samples collected, 63 blanks and standards and 25 duplicates were inserted into the sample stream submitted to ALS.

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.

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 www.copperfoxmetals.com.

For additional information contact: Investor line 1-844-464-2820 or Lynn Ball, at 1-403-264-2820.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

Neither 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 regarding average grade of mineralized intervals; sample selection and commencement of the planned metallurgical test work and drill holes ending in mineralization.

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. 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 average grade of mineralized intervals may not be significant; sample selection and commencement of the metallurgical test work may not be completed as planned or at all; and the mineralization at the end of the drill holes may not continue at depth; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115714