Copper Fox Announces First Quarter 2024 Operating and Financial Results

Calgary, Alberta–(Newsfile Corp. – March 20, 2024) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated financial statements have been filed on SEDAR+ on January 31, 2024.

For the three months ended January 31, 2024, Copper Fox had a net loss of $230,877 (January 31, 2023 – $279,590), representing a loss of $0.00 per share (January 31, 2023 – $279,590). Month 31 – $0.00 loss per share).

During the three months ended January 31, 2024, the Company primarily owned Van Dyke (Miami, Arizona), Mineral Mountain (Mineral Mountain Mining District, Arizona), and Sombrero Butte (Bunker Hill Mining District, Arizona). and Eagle Head (Liard Mining District, British Columbia) Copper Project Copies of the financial statements, notes, and related management discussion and analysis are available on SEDAR+ at www.sedarplus.ca and on our website at www.copperfoxmetals. com) or contained in this news release were previously announced by the news release. All amounts are in Canadian dollars unless otherwise stated. Masu.

Elmer B. Stewart, President and CEO of CopperFox, said, “Activities during the quarter included the Van Dyke Project by CopperFox and the Shaft Creek Project by the Shaft Creek Joint Venture (“SCJV”). It consisted of further risk aversion. SCJV has completed the most comprehensive field program ever completed and, at the end of the quarter, to complete the studies necessary to move the project from the scoping to the pre-feasibility study (“PFS”) stage. announced a C$18.7 million program and budget for 2024. Completion of the Van Dyke Island borehole remediation program will allow the company to begin collecting hydrogeological and water quality data, critical data needed to advance the project to the permitting stage.

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Exploration activities at our wholly owned Eagle Head, Mineral Mountain and Sombrero Butte projects have all produced positive results. The company filed a deemed approval notice with the B.C. Ministry of Mines in February, extending the exploration permit for the Eagle Head project by two years. An exploration plan to conduct a “maiden” drilling program at Mineral Mountain has been submitted to the Arizona Bureau of Land Management (“BLM”) and is currently under review. Beneath Mineral Mountain's copper footprint, an open-ended, strongly charged object located at depths ranging from 300 to 500 meters (“m”) below the Earth's surface, is a buried celestial body located 25 miles northeast of Mineral Mountain. It represents an attractive target, such as the giant Resolution porphyry copper deposit. project. Hyperspectral surveys at Sombrero Butte identified numerous previously unknown magmatic breccia bodies, suggesting the possibility of multiple porphyry centers. ”

Highlights of Q1 2024

• At Shaft Creek (Liard Mining District, British Columbia), Shaft Creek Joint Venture (“SCJV”) has received results from the geotechnical drilling portion of the C$17.2 million 2023 program. Drilling intersected significant sections of porphyry mineralization and intersected high-grade mineralization in five geotechnical drill holes, including DDH SCK-23-468 located in the Paramount Zone.

  • 166.40m core spacing (295.10-461.50m) containing average 0.308% copper, 0.019% molybdenum, 0.117g/t gold, 0.82g/t silver; 33.68m spacing containing average 0.602% copper ( 427.82-461.50m), 0.033% Molybdenum, 0.228g/t Gold, 1.28g/t Silver, and

  • 206.14m core spacing (481.80 to 687.94m) with average 0.494% copper, 0.029% molybdenum, 0.282g/t gold, 1.79g/t silver, 90.70m core spacing with average 0.710% copper (481.80-572.50m), Molybdenum 0.042%, Gold 0.305 g/t, Silver 2.09 g/t.

• At Van Dyke, mineral solubility/mineralogical testing indicated high oxidation, rapid leaching rates of copper minerals, and low acid consumption gangue and host rock mineralogy. This study investigated two important parameters of the project and showed that carbon dioxide gas and gypsum precipitation are unlikely to occur during the leaching operation. Two operational issues significantly impact copper production.

• At Mineral Mountain, the 2023 geophysics program will explore an environment similar to the resolution porphyry copper deposits buried in the northeast and Florence, at depths ranging from 300 to 500 meters beneath a porphyry “footprint”. A large-scale open-ended positive charge/resistivity anomaly is outlined. Porphyry copper deposits to the southwest.

After the end of the quarter

• On February 6, 2024, our hyperspectral survey of the Sombrero Butte Project identifies numerous previously unknown interpreted magmatic breccia pipes that suggest multiple porphyry centers. announced that it did. Magmatic breccia is an important indicator of the presence of buried porphyry copper systems.

• On February 14, 2024, the company announced the completion of the Van Dyke Project's borehole remediation program and VWP and data recorder upgrades in three boreholes.

Elmer B. Stewart, M.A.; P. Geol., President of Copper Fox, is a non-independent designated person of the Company pursuant to National Instrument 43-101, Standards for Disclosure of Mineral Projects, and the scientific and technical information disclosed in this news release. are reviewed and approved. .

Key financial results

Liquidity

As of January 31, 2024, the company's cash position was $934,007 (October 31, 2023 – $1,368,852).

About Copper Fox

Copper Fox is a Canadian Tier 1 resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned subsidiaries Northern Fox Copper and Desert Fox Copper in Canada and the United States are the Shaft Creek joint venture with Teck Resources Ltd. in the Shaft Creek Copper Field; 25% of the interest. 100% ownership of the gold-molybdenum-silver project in northwestern British Columbia and the Van Dyke oxide copper project in Miami, Arizona. For more information about Copper Fox's other mineral properties and investments, please visit his website at www.copperfoxmetals.com.

For more information, please contact Lynn Ball at 1-844-464-2820 or investor@copperfoxmetals.com.

On behalf of the Board of Directors,

Elmer B. Stewart
Representative Director and President

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 statements within the meaning of Section 27A of the Securities Act 1933 and Section 21E of the Securities Exchange Act of 1934 and forward-looking information within the meaning of the Canadian Securities Act (collectively, “forward-looking”). It contains. -The information you are looking for”). Forward-looking information in this news release includes statements regarding: Avoiding the risks of the Van Dyke and Shaft Creek projects. Advance the Van Dyke project to the permitting stage. Conducted “virgin” drilling program at Mineral Mountain. Mineral Mountain's powerfully charged body presents an attractive target like resolution. and numerous previously unknown magmatic breccia bodies, suggesting that Sombrero Butte may have multiple porphyry centers.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made a number of assumptions regarding, among other things: The geological, financial and economic advice received by Copper Fox is reliable and based on practice and practice. Methodology consistent with industry standards. that the estimates of mineral reserves and resources and the significant assumptions and parameters underlying such estimates are reasonable; The costs and results of planned exploration activities are in line with expectations. and stabilization of economic and market conditions. Although Copper Fox believes that these assumptions are reasonable, they are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risks that may 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. There are factors. Known risk factors include that the 2024 work program may not be completed as planned or at all; Your budget may be underestimated. Exploration permits may not be received. Critical data collection may not provide the information needed to enter the permitting stage. The overall economy may deteriorate. uncertainties regarding the availability and terms of future financing; The price and demand for copper can fluctuate. Exchange rates may fluctuate. Financial market conditions may worsen. The trading price of our common stock may be lower than the exercise price of our outstanding stock acquisition rights. The timely availability of permits and other government approvals is also uncertain.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulators (www.sedarplus.ca). All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and Copper Fox undertakes no obligation to revise or update such forward-looking information or to disclose the results of any revisions to the forward-looking information contained herein. There is no obligation to make it public. Unless required by law, statements herein are made to reflect future results, events, or developments.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202493.