Mr. Elmer Stewart reports

COPPER FOX PROVIDES UPDATE FOR MINERAL MOUNTAIN COPPER PROJECT

Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have provided the results of continuing compilation of recently acquired data in advance of the planned geophysical survey on its 100-per-cent-owned Mineral Mountain project located approximately 25 kilometres (15 miles) east of Florence, Ariz. (see news release dated April 19, 2023). The survey is expected to commence before the end of June subject to the arrival of the geophysical crew. Highlights of the compilation are set out below.

Highlights

• The modelling of analytical data outlined overlapping, northeast-trending zones of greater than 1,000 parts per million (ppm) copper and greater than 30 ppm molybdenum.
• The copper zone measures approximately 3,000 metres by 700 m, and the molybdenum zone measures approximately 2,800 m by 600 m. These zones exhibit a strong spatial correlation to the chargeability signature identified in 2021.
• Whole rock geochemistry has outlined two distinct rock suites: a granodiorite-quartz diorite suite and a quartz monzonite suite. The recent sampling returned significant copper mineralization ranging from 1,620 to 27,200 ppm in granodiorite, quartz diorite and quartz monzonite intrusive phases of the Mineral Mountain intrusive.
• A new wholly owned subsidiary of Copper Fox named Desert Fox Mineral Mountain Co. has been formed for legal and accounting purposes.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The compilation and modelling indicates the Mineral Mountain intrusive is more complex than previously thought. Whole rock geochemistry utilizing alkali/silica diagrams indicates proximal alkalic and subalkalic intrusive phases containing significantly different copper concentrations suggesting multiple mineralized intrusive phases from an interpreted 'cupola' underlying the project consistent with the modelling of the 2022 airborne magnetic survey data."

Geological model

The copper footprint exposed at Mineral Mountain is interpreted to represent the oxidized surface expression of a gold-molybdenum-rich porphyry copper system similar to other porphyry copper deposits in the Safford mining district in Arizona.

The oxidized/supergene process transformed the primary copper mineralization (chalcopyrite-chalcocite) to secondary copper minerals; specifically, malachite, chrysocolla and chalcocite and the magnetite to hematite. The mineralization is hosted in a porphyritic Laramide age intrusive (69.7 plus or minus 400,000 annum; uranium/lead zircon) associated with strong potassic alteration (Kspar-biotite-magnetite) contained within a broader zone of sericitic-chlorite alteration.

Compilation

Modelling

Modelling of the copper and molybdenum concentrations was completed using thresholds of 1,000 ppm for copper and 30 ppm for molybdenum. The locations, dimensions and general outline of the copper and molybdenum modelled shapes exhibit a strong correlation. The molybdenum mineralization overlaps and extends to the west of the copper shape.

Inflection points in the overlapping copper, molybdenum and 2021 chargeability signatures indicate postmineralization structural readjustment (dextral movement) marked by a strong north-trending late-stage dike swarm. The late-stage dike swarm is interpreted to have been emplaced along an interpreted north-trending fault zone.

Copper mineralization

Sampling of selected outcrop along the proposed geophysical survey lines was completed for whole rock geochemical and petrographic studies to determine the chemical composition and obtain detailed description of the mineralogy/alteration of the samples. Of the 13 samples collected, one sample contained chalcopyrite, nine samples exhibited evidence of leaching and a combination of quartz vein, fracture and disseminated styles of copper mineralization. Six of the samples of granodiorite, quartz diorite and quartz monzonite composition returned copper concentrations ranging from 0.16 per cent up to 2.72 per cent, with the highest copper concentration (0.67 per cent and 2.72 per cent) contained within the quartz monzonite samples. The results of the petrographic study on these samples are pending.

Whole rock geochemistry

Whole rock geochemical studies based on alkali/silica ratio indicate two distinct populations of intrusive rocks. The majority of the samples are subalkaline and plot within the granodiorite/quartz diorite fields. The second population is alkalic in nature and plot in the quartz monzonite/monzonite field. The clustering of the sample locations on the alkali/silica diagram suggests two very distinct intrusive phases.

Quality assurance/quality control

The copper and molybdenum shapes were generated using the implicit modelling application contained within the Micromine software package. Whole rock analyses were completed by Actlabs (International Organization for Standardization/International Electrotechnical Commission 17025:2017; ISO 9001:2015) located in Ancastor, Ont., using its 4LITHO (11 plus) QOP WRA/QOP WRA 4B2 (major/trace elements fusion inductively coupled plasma -- optical emission spectroscopy/inductively coupled 00 plasma mass spectrometry) package. Whole rock classifications utilized the total alkalis versus silica IUGS classification system for intrusive rocks.

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 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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