Mr. Elmer Stewart reports

COPPER FOX PROVIDES FINAL ANALYTICAL RESULTS FOR 2022 METALLURGICAL DRILLING PROGRAM AT SCHAFT CREEK PROJECT

Copper Fox Metals Inc. has provided analytical results for the last five of 11 drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. 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. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver byproducts.

The 2022 metallurgical drill program completed 4,688 metres with the objective of collecting samples to complement historical metallurgical testwork. The drill program expanded the metallurgical sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal recoveries and comminution characteristics. Eleven drill holes were completed across the project's mineralized zones: Liard (six holes), Paramount (three holes) and West Breccia (two holes). Highlights and additional details regarding the analytical results received are summarized below.

Highlights:

• The analytical results from the last five drill holes intersected copper-gold-molybdenum-silver mineralization across a range of grades, representative of the project life of mine for metallurgical testwork. Below are selected mineralized intervals from the drilling results reported in this news release.
• DDH SCK-22-456 in the Liard zone intersected 144.7 m grading 0.442 per cent copper (Cu), 0.552 gram per tonne (g/t) gold (Au), 0.032 per cent molybdenum (Mo) and 3.46 g/t silver (Ag) (CuEq (copper equivalent) 0.778 per cent) starting at 112.3 m downhole. This interval includes 70.3 m of 0.67 per cent copper, 0.859 g/t gold, 0.043 per cent molybdenum and 5.41 g/t silver (CuEq 1.18 per cent) starting at 116.7 m.
• DDH SCK-22-457 in the Paramount zone intersected 270 m grading 0.371 per cent copper, 0.09 g/t gold, 0.054 per cent molybdenum and 1.6 g/t silver (CuEq 0.52 per cent) starting at 377 m downhole. This interval includes 45.63 m of 0.442 per cent copper, 0.095 g/t gold, 0.088 per cent molybdenum and 1.63 g/t silver (CuEq 0.656 per cent) starting at 377 m, and 90 m of 0.447 per cent copper, 0.106 g/t gold, 0.058 per cent molybdenum and 1.82 g/t silver (CuEq 0.612 per cent) starting at 536 m.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The mineralized intervals from drill holes in the Liard zone reported in this news release further extend the continuity of previously reported zones of near-surface higher-grade mineralization between existing drill holes within the Liard zone. Paramount zone drill hole SCK-22-457 demonstrated an interval of higher-grade copper-gold-molybdenum-silver mineralization representative of mineralization within the Paramount zone. With all analytical results from the 2022 metallurgical drilling program in hand, sample selection for metallurgical testwork has commenced."

Metallurgical drilling program 2022

Mineralized intervals reported in this news release were calculated using a 0.10 per cent CuEq cut-off grade. Samples lower than the selected cut-off grade were included in the weighted average interval provided that the sample interval below the cut-off did not exceed 10 m in core length. Intervals of lower-grade mineralization are reported to demonstrate metal distribution within the drill holes. Information on the drill holes completed, including the weighted average grades of the mineralized intervals, are shown in the associated table.

Discussion of diamond drill results

The 2022 metallurgical drilling program allows sample selection for metallurgical testwork to commence, and increases metallurgical sample coverage across the Schaft Creek deposit to better inform metal recoveries and comminution characteristics. The mineralized intervals reported from this drilling program further extend the near-surface higher-grade mineralization zones reported in 2021 and increase continuity of this type of mineralization between existing drill holes.

Liard zone

Drill holes SCK-22-456 and DDH SCK-22-460 intersected broad intervals (ranging from 14.15 m to 70.30 m) of near-surface higher-grade copper-gold-molybdenum-silver mineralization. These mineralized intervals further extend the lateral continuity of near-surface higher-grade mineralization zones reported in 2021 between existing drill holes within the Liard zone. The last sample at the bottom of DDH SCK-22-456 returned 0.127 per cent Cu, 0.107 g/t Au, 0.001 per cent Mo and 0.73 g/t Ag.

Paramount zone

DDH SCK-22-457 intersected a 270 m interval of higher-grade mineralization starting at a depth of 377 m. This deeper interval of higher-grade copper-gold-molybdenum-silver mineralization is representative of mineralization within the Paramount zone. The last sample in this drill hole returned 0.127 per cent Cu, 0.049 g/t Au, 0.002 per cent Mo and 0.57 g/t Ag.

West Breccia zone

DDH SCK-22-459 was completed to a depth of 46 m. The mineralized interval reported in the associated table includes a nine m interval (from 15 m to 24 m) for which no core was recovered. The last sample in DDH SCK-22-459 contained 0.231 per cent Cu, 0.082 g/t Au, 0.002 per cent Mo and 1.2 g/t Ag.

Diamond drilling and sampling procedures

The diamond drilling was completed using HQ diameter core. Overall core recovery was estimated to be greater than 90 per cent. After cutting with a diamond saw, one-half of the core was collected for sample preparation and analysis, and the other half was retained for future reference. Sample intervals were selected to not cross major lithological or hydrothermal alteration changes and ranged from 0.5 m to 2.60 m in length, with most intervals being an average of two m long. A total of 1,356 samples analyzed at ALS Canada Ltd., located in Vancouver, B.C., are reported in this news release.

Base metal and silver concentrations were determined by ALS MEMS61 package and a four-acid digestion. Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.

Quality control

The joint venture follows a rigorous quality assurance/quality control program. Of the 1,356 core samples collected, 163 field blanks and certified reference materials, and 107 duplicates were inserted into the sample batches submitted to ALS.

Qualified person

Mr. Stewart, MSc, PGeol, 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 the scientific and technical information disclosed in this news release.

About Copper Fox Metal Inc.

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-per-cent interest in the Schaft Creek joint venture with Teck Resources 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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