Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2021 SCHAFT CREEK PROGRAM

Copper Fox Metals Inc. has provided its shareholders an outline of the 2021 program for the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. The Schaft Creek project is managed through the Schaft Creek joint venture (SCJV). Teck Resources Ltd. is the operator of the SCJV and holds a 75-per-cent interest with Copper Fox holding the remaining 25-per-cent interest.

2021 program highlights:

• Review construction timeline and off-site infrastructure costs to reduce initial capital cost and improve project valuation;
• Confirm throughput assumptions, metal recoveries and production and ensure a fit-for-purpose process design flowsheet and associated equipment selection;
• Confirm opportunity to decrease the life-of-mine (LOM) strip ratio to reduce operational costs and associated greenhouse gas emissions;
• Review environmental baseline data requirements in accordance with the updated project configuration;
• Update regulatory requirements and associated permitting timeline;
• Continue to bring forward value recognition opportunities;
• Budget of $3.4-million.

Elmer B. Stewart, president and CDS Clearing and Depository Services Inc of Copper Fox, stated: "The proposed 2021 program is focused on confirming value add opportunities identified over the past two years at Schaft Creek. The work plan focuses on obtaining additional information to confirm opportunities to lower capital and operating costs, and refine project infrastructure requirements to increase value. A significant aspect of the 2021 program will be to continue our engagement with the Tahltan Nation."

Program summary

The company plans to complete up to a 4,000-metre drill program and associated metallurgical and geotechnical testwork to provide information to confirm select value opportunities. The 2021 program will confirm throughput assumptions, improved metal recoveries, metal production and ensure a capital efficient fit-for-purpose process design flowsheet. The collection of additional geotechnical information in the proposed pit area may provide opportunities to decrease the LOM strip ratio and reduce operational cost and associated greenhouse gas emissions.

Geometallurgical drilling

The geometallurgical drilling is directed at collecting samples representative of the geometallurgical domains in the mine plan to conduct comminution, open- and closed-circuit flotation, mineralogical analysis, and tailings thickening/filtration testing. The laboratory component of the program will take place in early 2022.

Geotechnical drilling

The geotechnical drilling within the pit area will provide data to confirm pit slope angles, decrease the LOM strip ratio, and reduce operational cost and associated greenhouse gas emissions.

Environmental activities

The planned environmental work is a continuation of environmental baseline monitoring focused on climatology and hydrology, baseline flora and fauna data, and an updated review of project regulatory requirements in accordance with the current project configuration to inform an updated permitting timeline.

In addition to the above technical activities, a significant component of the 2021 program includes continued socio-economic interaction with the Tahltan Nation.

Elmer B. Stewart, MSc, PGeol, president and chief executive officer 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 Metals Inc.

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange, 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 Desert Fox Copper Inc. and Northern Fox Copper Inc., are the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

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