News

Calgary, Alberta–(Newsfile Corp. - September 25, 2024) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) is pleased to announce that its unaudited interim consolidated July 31, 2024, financial statements have been filed on SEDAR+.

For the nine months ended July 31, 2024, Copper Fox had a net loss of $826,730 (July 31, 2023 - $882,395) which equated to $0.00 loss per share (July 31, 2023 - $0.00 loss per share). As of the date of the MD&A, September 24, 2024, the Company’s cash position was $1,145,000.

During the nine months ended July 31, 2024, the Company incurred $825,069 in exploration expenditures primarily furthering the development of the Van Dyke (Globe-Miami Mining District, AZ), Mineral Mountain (Mineral Mountain Mining District, AZ), Sombrero Butte (Bunker Hill Mining District, AZ) and Eaglehead (Liard Mining District, BC) copper projects. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR+ at www.sedarplus.ca, the Company’s web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, President and CEO of Copper Fox stated, “During the Quarter, the positive results from the geotechnical study at Van Dyke included a safer, faster and more environmentally friendlier method to develop the decline and that the project’s geotechnical data was sufficient to meet the threshold for a prefeasibility study (PFS). The permitting process to allow completion of the four-drillhole “maiden” drilling program at Mineral Mountain and the surface exploration at Sombrero Butte are progressing. The stream water sampling program completed at Eaglehead during the Quarter showed no appreciable changes in the water quality since inception of the program in 2021.

At Schaft Creek, the Schaft Creek Joint Venture (SCJV) completed the field portion of the most comprehensive annual program since formation of the joint venture, budgeted at C$18.7 million. The drilling filled in gaps in the geotechnical data and extended the mineralization in the Schaft Creek deposit to the north. While the preliminary indications from the metallurgical testwork are encouraging, the testwork is progressing slower than expected. Lock cycle testing of the rougher concentrate samples is underway and the testwork program is expected to be completed in Q4-2024. The results of the metallurgical program are necessary to better understand the metallurgical performance of the mineralization and optimize the processing flowsheet design.”

2024 Q3 Highlights

• On May 22, 2024, the Company provided an update on the application to obtain a permit to conduct drilling operations at its 100% owned exploration stage Mineral Mountain porphyry copper property.
  
  
• On May 30, 2024, the Company provided an update on its 100% owned Sombrero Butte project which included planning a deep penetrating geophysical survey to define the size and the chargeability anomalies underlying Target #1 and #2.
  
  
• On June 18, 2024, the Company announced that the 2024 field program at the Schaft Creek project is underway.
  
  
• On July 10, 2024, the Company announced the results of the geotechnical investigation at Van Dyke copper project. Call & Nicholas was contracted to collect geotechnical data in support of a planned prefeasibility-level design study of a decline from which to establish injection and recovery well stations to enable leaching of the oxidized portion of the Van Dyke copper deposit. Highlights of the geotechnical investigation are as follows:
  • The current drillhole data coverage will support a PFS.
  • Geotechnical parameters of the Gila Conglomerate are generally consistent, and match expected ranges of the Gila Conglomerate in other parts of the Globe-Miami Mining District.
  • A preliminary assessment of the rock quality of the Gila Conglomerate suggests that excavation of the spiral decline utilizing a road header is viable.
  • Shotcrete and rock bolting will be required for permanent ground support.
  • When excavating the decline, a two-pass ground support strategy will consist of a first-pass flash coat (two inches) of shotcrete and a second pass consisting of rock bolts and a final coat of shotcrete.
    
    
• On July 17, 2024, the Company extended the porphyry trend at Mineral Mountain and suggested the introduction of several phases of molybdenite mineralization during emplacement of the porphyry system.
  • The field portions of the archeological, cultural, and biological investigations required to complete the Environmental Review (ER) have been completed. Results are being compiled.
  • The ER and Solicitation of Public Comments on the Plan of Operations is expected to take approximately four to six months to complete with an estimated cost of US$45,000. The estimated timeline and costs are subject to change contingent on amendments to the scope of work that could be requested by either Federal or State authorities.
  • Utilization of fertility indices supports the porphyry potential of the Laramide-age Mineral Mountain intrusive and has extended the potential strike length of this mineralized trend approximately three kilometers to the northeast.
  • Indicators of distal to proximal hydrothermal activity related to porphyry-style mineralization have been identified within Target #1, #2, and #3.
    
    
• On July 31, 2024, the Company completed a non-brokered private placement for a total of 5,116,000 units at $0.22 per unit for aggregate gross proceeds of $1,125,520.

Subsequent to the Quarter-end

On September 24, 2024, the Company provided an update on the Schaft Creek Project. Highlights of the program are as follows:

• The 2024 Geotechnical Drilling Program has been completed with 6 drillholes totalling 2,472 meters (m).
• Three of the six geotechnical holes intersected significant intervals of porphyry style mineralization.
• The mineralization intersected in DDH SCK-24-472 extended the hydrothermal breccia of the Paramount zone approximately 250 m to the north.
• Lock cycle testing of the rougher concentrate samples is underway. The metallurgical testwork is expected to be completed by the end of Q4 2024.
• Environmental Baseline data collection continues with surface and ground water sampling and hydrological measurements taken on a monthly basis as well as meteorology, fish and glacial surveys.
• Archaeology investigations were conducted in the area around the proposed Tailing Management (TMF) and Rock Storage (RSF) facilities.
• Final reports on the 2023 Environmental Baseline programs are under review.
• Camp upgrades have been completed to support future programs of up to 85 people, including the commissioning of the solar and battery power system.

Subsequent to July 31, 2024, the Company received $900,000 from the exercise of 3,600,000 warrants.

Elmer B. Stewart, MSc. P. Geol., President 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.

Selected Financial Results

Liquidity
As at July 31, 2024, the Company’s cash position was $689,082 (October 31, 2023 - $1,368,852).

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 www.copperfoxmetals.com.

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 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 in this news release include statements about; positive results from the geotechnical study at Van Dyke and that the geotechnical data is sufficient for a PFS; obtaining permits for a “maiden” drilling program at Mineral Mountain and the surface exploration at Sombrero Butte are progressing; the stream water sampling at Eaglehead showed no appreciable changes; and that the drilling at Schaft Creek filled in geotechnical gaps and extended the mineralization to the north.

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, financial, and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are reasonable; the costs and results of planned exploration activities are as anticipated; 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, the Van Dyke project may not progress to the PFS stage; exploration permits may not be received; surface exploration may not progress as planned; metallurgical testwork results may not be received or provide the information expected; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; trading prices of the Company’s common shares may decrease below the exercise price of any outstanding warrants of the Company; 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.sedarplus.ca. 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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