Mr. Elmer Stewart reports

COPPER FOX ANNOUNCES 2023 EXPLORATION PLANS FOR MINERAL MOUNTAIN COPPER PROJECT

Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have executed a contract with Quantec Geosciences USA Inc. to conduct a deep penetrating geophysical survey on its 100-per-cent-owned Mineral Mountain project located approximately 25 kilometres (15 miles) east of Florence, Ariz. The geophysical survey will employ Quantec's Orion 3-D Swath DCIP configuration. Highlights of the survey are set out below.

Highlights

• The objective of the survey is to further define the horizontal and depth extensions of the open-ended chargeability and resistivity signatures associated with the 4,500-metre-long by 2,000 m wide copper footprint.
• Detailed mapping of lithology, alteration and mineralization along the proposed geophysical survey lines is planned to better interpret the results of the geophysical survey.
• The survey is to commence in May, 2023, and may vary subject to crew availability.
• Geochemical vectoring (copper-zinc ratio) defined a 4,000 m long northeast-southwest trending corridor potentially hosting two additional porphyry targets on strike with the mineralized Laramide age intrusive.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The planned Orion 3-D Swath DCIP survey has been used at our advanced exploration-stage Eaglehead copper-gold-molybdenum porphyry project in Northern British Columbia with considerable success. Mineral Mountain is a Laramide age porphyry copper-molybdenum system with enriched gold concentrations like several porphyry systems in the Safford mining district in southeastern Arizona with potential to locate several additional porphyry centres on strike with the mineralized Laramide age intrusive."

Geological model

Mineral Mountain is a copper-(gold-molybdenum)-rich porphyry system characterized by a strong copper-magnetite association that was subjected to several episodes of weathering/oxidization commonly seen in porphyry copper systems in Arizona. The Cu-Au-Mo mineralization is hosted in mineralized and non-mineralized, porphyritic granodioritic and quartz monzonitic phases of the Laramide age intrusive (69.7 plus/minus 400,000 annum; uranium/lead zircon). The porphyry-style mineralization is associated with strong potassic alteration (K-spar-biotite-magnetite) and sericitic (sericitic-chlorite plus/minus actinolite) alteration. Propylitic (epidote plus chlorite) is peripheral to mineralization and in places overprints the potassic and sericitic alteration evidenced by copper-epidote veining. The mineralization, alteration and the open-ended positive chargeability signature/resistivity signature identified in 2021 show a strong spatial correlation to several late-stage, pipe-like intrusives within the Laramide intrusive with positive magnetic signatures attributed to early-stage potassic alteration.

2023 geophysical survey

The objective of the planned 50.5-kilometre survey is to map the chargeability and resistivity signatures of the porphyry mineralization and associated alteration patterns located within the multiphase Laramide age intrusive. Utilizing the Orion 3-D Swath DCIP survey configuration is expected to provide a better definition of the thickness of the surface weathering/oxidization profile, expand the limits of the chargeability and resistivity signature outlined in 2021 and map the two additional porphyry targets identified by the Cu/Zn ratio modelling.

Geochemical vectoring

Porphyry copper deposits exhibit metal zonation patterns grading from copper mineralization at the core (proximal) outward to base metal mineralization (distal) toward the edge of the porphyry system. The Cu/Zn ratio is commonly used to indicate proximity to the centre of a porphyry system. The Cu/Zn ratio (based on 500 samples) for the Mineral Mountain project identified a structurally controlled northeast Cu/Zn trend consistent with the copper mineralization, alteration patterns and interpreted late-stage intrusive activity. The areas exhibiting a Cu/Zn ratio greater than 50 exhibit a strong spatial association to the known copper occurrences within Laramide age intrusive and suggest the potential for additional porphyry centres within the Mineral Mountain project.

Elmer B. 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 of 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 and the OTC market, and is 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 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz., and 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. For more information on Copper Fox's other mineral properties and investments visit the company's website.

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