Mr. Elmer Stewart reports

COPPER FOX PREPARES FOR GEOPHYSICAL SURVEY AT MINERAL MOUNTAIN COPPER PROJECT

Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have provided an update on the recently completed mapping program in advance of the planned geophysical survey on its 100-per-cent-owned Mineral Mountain copper project located approximately 25 kilometres (15 miles) east of Florence, Ariz. (see news release dated March 30, 2023). Highlights of the mapping program are set out below.

Highlights:

• Copper mineralization occurs primarily in quartz-K-spar-hematite, quartz-hematite, quartz and hematite veins hosted in potassic altered porphyritic quartz monzonite.
• Fracture-controlled, chalcopyrite-pyrite mineralization (trace amounts) occurs within the quartz monzonite on the margins of the main zone of copper mineralization.
• The pipe-like positive magnetic features identified by the 2022 airborne magnetometer survey are due to a significant increase in magnetite content in the porphyritic quartz monzonite.
• The positive magnetic signature associated with the two potential targets along strike of the main zone of mineralization is attributed to discrete zones of increased magnetite content in the Pinal schist and the Laramide intrusive.
• The mapping located several occurrences of copper mineralization crosscutting late-stage aplite and granodiorite dikes that suggest the introduction of several episodes of copper mineralization.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The copper-magnetite (hematite) association and the discovery of chalcopyrite/pyrite mineralization on the margin of the Laramide intrusive supports the exploration model of a gold-molybdenum-enriched porphyry copper system. The distribution and strong spatial association between the zones of copper mineralization and potassic alteration within a broader zone of pervasive sericite-chlorite alteration suggests leakage along faults and fractures from a buried porphyry system. Incorporation of the data from the recent program into the project database is under way and an updated compilation is expected to be completed in advance of commencing the geophysical survey."

Geological model

Mineral Mountain is a copper-(gold-molybdenum)-rich porphyry system characterized by a strong copper-magnetite association that has been subjected to several episodes of weathering/oxidization/supergene enrichment, a process commonly observed at porphyry copper systems in Arizona. These weathering/oxidization/supergene episodes have transformed the primary copper mineralization (chalcopyrite-chalcocite and possibly bornite) to secondary copper minerals, specifically malachite, chrysocolla and chalcocite, and the magnetite to hematite. The mineralization is hosted in a porphyritic quartz monzonitic phase of the Laramide-age intrusive (69.7 plus/minus 400,000 annum; uranium/lead zircon) associated with strong potassic alteration (K-spar-biotite-magnetite) contained within a broader zone of sericitic-chlorite alteration. Propylitic (epidote plus chlorite plus calcite) alteration has been observed within the potassic and sericitic alteration but is primarily located on the margin of the sericite-chlorite alteration. The mineralization and alteration show a strong spatial correlation to several pipe-like positive magnetic signatures attributed to early-stage potassic alteration.

Mapping program

The mapping was completed within a 50-metre-wide (approximate) corridor along the trace of the proposed geophysical lines recording lithologies, alterations, style of mineralization and various types of vein assemblages. Porphyritic (hornblende, feldspar, quartz phenocrysts) quartz monzonite is the main intrusive phase cut by late-stage porphyritic (hornblende, feldspar, quartz phenocrysts) dikes of dacite and latite composition. The mapping identified seven types of veins, four of which carry copper mineralization.

The mineralized veins are extensively leached due to the weathering/oxidization cycles leaving only remnants of malachite, chrysocolla and secondary chalcocite within the veins. The copper mineralization is primarily hosted in quartz-K-spar-hematite veins, quartz-hematite veins, quartz veins and hematite veins, and occasionally as disseminated malachite within the porphyritic quartz monzonite intrusive. Non-mineralized quartz veins, K-spar veins and quartz-calcite veins were also observed. Trace amounts of chalcopyrite and pyrite occur coating fractures and as dissemination in the porphyritic quartz monzonite marginal to the main zone of secondary copper mineralization along the eastern side of the Laramide intrusive.

The sericite-chlorite alteration is evidenced by moderate to intense white sericite and locally light green sericite. Propylitic alteration typically occurs as apple green epidote in discrete veinlets, along fracture surfaces and on the edges of feldspar grains.

Target investigation

Northeast target: Mapping and prospecting located three discrete areas of increased magnetic susceptibility due to fine-grained magnetite in the Pinal schist. The reason for these increased concentrations of magnetite is unknown at this time. The mapping and prospecting did not locate porphyry-style copper mineralization.

Southwest target: Mapping in this area located several mineralized quartz-K-spar-hematite and quartz-hematite veins.

Magnetic susceptibility measurements

Several magnetic susceptibility measurements were taken at each outcrop and then averaged to arrive at an average value for that outcrop. A Terraplus KT-10 magnetic susceptibility meter was used to collect the data. Data output was recorded in metres by kilogram by seconds by 10-6.

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 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 focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and U.S. subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper, 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.

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