Copper Fox Provides Eaglehead Update

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to provide an update on the exploration activities completed during the 2021 field program on its 100% owned Eaglehead polymetallic porphyry project located approximately 50 kilometers east of Dease Lake in northwestern British Columbia. The Eaglehead project is located within the Quesnel Terrane and covers approximately 13,439.62 hectares centered over the late Jurassic age Eaglehead intrusive stock. The Quesnel Terrane hosts several porphyry copper deposits including Lorraine, Mt. Milligan, and Mount Polly.

Highlights:

• Re-logging of historical drill core in the Far East zone has extended the porphyry "footprint" approximately 2 kilometers ("km") to the south-east of the mineralized East zone,
• 293 samples of historical drill core from the Far East zone were collected for analysis,
• A re-interpretation of the 2014 high sensitivity airborne geophysical survey has identified several regional scale structural zones that better explains the structural control and distribution of the zones of mineralization,
• Water sampling program initiated to collect water quality data prior to drilling activities planned for 2022, and
• The 2021 geophysical program was suspended due to deteriorating weather conditions.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "The Eaglehead project hosts five zones of copper-gold-molybdenum-silver porphyry style mineralization located in the prolific Quesnel Terrane of northwestern British Columbia. Establishing a water quality program is an important aspect of Copper Fox's approach to exploration, the data from which will provide valuable information to monitor the effect of exploration activities on water quality. The 2021 program successfully expanded the porphyry "footprint", increased our understanding of the distribution and structural controls on the mineralization, and mapped the chargeability/resistivity signature over a large area north of the Camp and Pass zones."

Core re-logging:

Re-logging and sampling of core from five historical drill holes in the Far-East zone was completed. The Far East zone is located approximately 2km southeast from the East zone.

The re-logging (1,828.9 meters ("m")) identified lithologies, alteration and a copper-molybdenite-pyrite mineral association typically associated with porphyry systems and several intervals of previously un-sampled porphyry style mineralization. A total of 293 core samples representing 659m of drill core were collected for analysis. Of the 293 samples collected, 153 samples were from previously un-sampled intervals and the balance represent re-sampling of previously sampled intervals. Results will be reported on receipt of the analytical results.

The re-logging program suggests that the porphyry "footprint" in the Far East zone could be an extension of the large porphyry system identified approximately 2km to the northwest of the Far East zone. The re-logging better defined the contact of the Eaglehead intrusive with the Kutcho volcanics and the extension of the interpreted Thibert fault system to the southeast.

Surface Mapping:

Mapping and prospecting completed north of the Pass-Camp-West mineralized zones located several new copper occurrences (malachite and chalcopyrite) hosted in phyllic and potassic altered granodiorite. Malachite was also observed occurring on granodiorite fragments within vertically dipping, hydrothermal breccia pipes that range in size from 5 to 30m in outcrop. Sampling of these copper occurrences was completed, and the analytical results will be reported on receipt.

2021 Geophysical Survey:

Deteriorating weather conditions resulting in increased safety issues caused early termination (35% completed) of the helicopter supported program. The survey (1.5km by 4km) covered a portion of the large copper-molybdenum in soil geochemical anomaly and the area of abundant copper mineralization (in outcrop/subcrop) located north of the Pass and Camp mineralized zones. The survey data will be merged with the 2014 geophysical survey to provide a more comprehensive subsurface picture of the chargeability and resistivity signatures underlying this area. An interpretation of the results for the geophysical survey will be reported upon receipt.

Airborne Magnetic Survey:

A re-interpretation of the 2014 high sensitivity airborne geophysical survey identified several previously unrecognized regional scale subsidiary faults related to the larger, regional scale Thibert and Eaglehead fault systems. One of these structures occupies the 500m gap (no drilling in this gap) between the Bornite and East zone. The re-interpretation also indicates a strong spatial correlation between the Thibert structural zone and the five previously identified zones of porphyry style mineralization within the project.

Baseline Water Quality Survey:

Establishing the baseline water quality of an area is an important step in exploration prior to commencing drilling activities. A 15-station sampling grid has been established to monitor potential changes in the water quality baseline related to current and future exploration activities. The samples were tested for 48 trace elements (metals), mercury, and total dissolved solids (TDS). An independent consulting group will be retained to review the results and monitor the ongoing sampling program.

Analytical Procedures:

The outcrop and core samples were forwarded to ALS Laboratories located in Vancouver, BC for preparation and analytical work. ALS's package code PREP31-A was employed to prepare the samples, MEMS61 four-acid analysis was used to determine copper-molybdenum-silver (as part of a 48-element suite), and Au-AA23 for gold content via fire-assay and atomic absorption spectrometry. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.

Quality Control:

Core samples were collected over intervals that ranged from 0.12m to 9.45m. The sample intervals were selected to accommodate previously sampled intervals. A total of 20 field blank and 39 certified reference standards were inserted (insertion rate 1:12) in the samples sent for analysis.

COVID-19:

Copper Fox developed and implemented rigorous COVID-19 precautions and procedures, incorporating guidelines from the Tahltan Nation, Province of British Columbia, and Health Canada to ensure our employees and contractors safety. These protocols reduced the potential for community contact and spreading of the virus.

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 the 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: Lynn Ball at 1-844-464-2820 or 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 about: the Eaglehead 2021 exploration program; re-logging of historical drill core in the Far East zone; extending the porphyry "footprint"; sampling of historical drill core for analysis; identification of several regional scale structural zones; suspension of the geophysical survey; and initiation of a water sampling program.

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 Eaglehead program may not result in the location of additional areas of mineralization; the porphyry "footprint" in the Far East zone may be a small isolated porphyry system; the spatial correlation of the regional scale structural zones with the mineralized zones may not be accurate; the water sampling program may not yield meaningful results; the core samples may not yield significant mineralization; uncertainties relating to interpretation of the previous results; the overall economy may deteriorate; 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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