Copper Fox Updates Mineral Mountain Project

Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Copper Inc., are pleased to provide an update of recent studies and its exploration plans for its 100% owned Mineral Mountain porphyry copper project located approximately 15 miles east of Florence, Arizona.

Highlights:

• SWCA, Incorporated ("SWCA") has been retained to complete an environmental assessment in advance of the proposed geophysical survey (see News Release dated July 13, 2020).
• A geochemical factor analysis has identified a clearly defined CuMoAuAgTe target measuring about 2,000 meters north-south by 500 meters east-west in Target #1.
• The vectoring analysis has identified an overlapping multi-phased hydrothermal event related to the Laramide intrusion.
• The vector study recommended a 1,500m long diamond drill hole to determine if the source of the surface CuMoAuAgTe target is within economically minable depths and whether it comprises potentially economic grades.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "Copper Fox welcomes the opportunity to complete the requested environmental assessment prior to commencing the proposed geophysical survey at Mineral Mountain. This assessment is expected to provide significant information that would be beneficial in the planning of future drilling programs. The vector study has better constrained the interpreted center of the porphyry system and identified multiple overlapping hydrothermal events that supports the project's geological model and suggests that a substantial porphyry copper system exists in the subsurface, situated directly beneath the CuMoAuAgTe anomaly."

Environmental Assessment

Copper Fox was advised by the Bureau of Land Management ("BLM") that it is required to complete an Environmental Assessment ("EA") of the project prior to commencing the proposed ground geophysical survey (see news release July 13, 2020) The Plan of Operations are located within designated Critical Habitat for the Acuña cactus, presence of which triggers a National Environmental Policy Act analysis requirement. Copper Fox has retained SWCA, Incorporated ("SWCA") of Phoenix, Arizona to complete the EA and to comply with the BLM and other Arizona state statutes and requirements. Commencement of the EA is subject to receipt of authorization from the BLM to complete the EA survey. The request for authorization has been submitted to the BLM and is pending. The EA will consist of three specific components:

Task 1: Cactus Survey

This portion of the EA consists of surveying a portion of the property for the Acuña cactus and other vegetation species within the project area.

Task 2: Cultural Resources

This portion of the EA process includes a cultural resources survey over a portion of the property administered by the BLM and consists of an archaeological survey of the project to locate and document previously recorded and new archaeological features or sites. If features or sites are located, the survey may also include consultation with any affected Native American Tribes.

Task 3: Preparation of Environmental Assessment

The results from Task 1 and 2, provides the information required for natural/biological, and cultural resources to be included in the EA. The EA will be published on the BLM's website where it will have a 30-day public comment period. Based on any public comments and those of the BLM, the EA will be updated and revised to reflect those comments. The EA will then move through a process of Finding Of No Significant Impact (FONSI) and final draft Decision Record (DR) describing any selected alternatives or project mitigation, prior to final approval.

Rationale for Geochemical Factor Analysis Study:

The Geochemical Factor Analysis was completed by Dr. T. Marsh, P. Eng. Q-Mode factor analysis was conducted on 618 rock chip and trench samples, for which 48-element multi-acid digestions and gold fire assays have been completed. The conclusions and interpretation of the study results are:

• The study indicates shallow-level hydrothermal fluid leaks out of a geochemically well-zoned deeper porphyry copper system.
• These leaks are manifested in the steeply dipping, copper-bearing veins and aplite dikelets that support the conjecture that significant (i.e. >15°) post-mineral rotation of the entire district has not occurred since the Laramide mineralizing event.
• The mineralization constitutes leaks from a buried system is supported by:
  • the extreme contrasts between the geochemical factor scores in samples a few meters apart, can only be explained by hydrothermal fluids from an evolving fluid reservoir utilizing the same tightly constrained fluid pathways (veins, veinlets, fractures),
  • the district scale extent of distinct but related geochemical factors is consistent with an evolved porphyry copper hydrothermal system.

Study Procedure:

The factor analysis approach groups elements that behave in a statistically similar manner into multi-element "factors", which explains most of the geochemical variance in the dataset. Once the geochemical factors are identified, the entire database can be reconstituted in terms of these factors and it is common for the geographic distribution of factors to show a more robust relationship to geology than individual chemical elements. Factor analysis results were subjected to Oblimin rotation to yield the eighteen geochemical factors.

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 listed on the TSX Venture Exchange (TSXV: CUU) 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.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact:
Lynn Ball: investor@copperfoxmetals.com
(844) 464-2820 or (403) 264-2820

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 statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). 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 includes statements regarding: environmental assessment of the property; the geochemical factor analysis and the CuMoAuAgTe target; an overlapping multi-phased hydrothermal event and a recommended 1,500m long diamond drill hole to test the source of the surface CuMoAuAgTe target.

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 advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards and the reliability of historical reports. 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 environmental assessment of the property may not be completed as planned or at all; the geochemical factor analysis, the CuMoAuAgTe target and overlapping multi-phased hydrothermal event may not be indicative of porphyry copper mineralization; and the recommended 1,500m long diamond drill hole may not locate the source of the surface CuMoAuAgTe target or intersect significant concentrations of copper mineralization; uncertainties relating to interpretation of the outcrop sampling results; the geology, continuity and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64308