Mr. Elmer Stewart reports

COPPER FOX REPORTS RESULTS OF MINERALOGICAL STUDY FOR VAN DYKE COPPER PROJECT

Copper Fox Metals Inc., through its wholly owned subsidiary, Desert Fox Copper Inc., has released results of the mineralogical study conducted in conjunction with the solubility test work (see news release dated Nov. 15, 2023) on its 100-per-cent-owned Van Dyke in situ copper recovery (ISCR) project located in the Globe-Miami mining district in Gila county, Arizona.

The mineralogical study was completed on samples selected from within the proposed phase I mine plan set out in the 2020 preliminary economic assessment for the Van Dyke deposit. The purpose of the study was to better define variations in wall-rock mineralogy as well as carbonate and iron oxide concentrations within the oxide/transitional mineralogical zones of Van Dyke project. Highlights of the mineralogical study are:

Highlights:

• Primary gangue mineral (mineral components of the Pinal schist) are quartz, muscovite/sericite, biotite and chlorite, all low-acid-consuming minerals;
• The carbonate concentration averaged 0.013 per cent, a positive feature in ISCR extraction;
• Iron oxide concentration (jarosite/goethite/hematite) averaged 0.96 per cent, a positive feature in ISCR extraction;
• Copper mineralogy consists of carbonates, silicate and oxides all 100 per cent soluble in leaching solutions;
• Call & Nicholas has commenced the drill core logging portion of the geotechnical program.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The results of the solubility/mineralogical study indicate low concentrations of calcium gangue and iron oxide minerals that mitigates the potential to generate either carbon dioxide gas or precipitation of gypsum during the leaching process. The generation of carbon dioxide gas and precipitation of gypsum are key operational components that impedes leaching kinetics and reduces copper production. The mineralogy of the Pinal schist hosting the Van Dyke deposit indicate low acid consumption and support the previously reported projected acid consumption ratio of 1.5 kilograms acid per 1.0 kilogram copper produced."

Van Dyke deposit

The leach cap overlying the Van Dyke oxidized copper deposit is characterized by variable concentrations of clay, hematite, limonite, jarosite and goethite; typically contains less than 100 parts per million copper; and ranges in thickness across the deposit. The Van Dyke copper deposit consists of three distinctive mineralogical zones: an upper oxide zone (primarily malachite, azurite, chrysocolla and native copper (possibly cuprite)), underlain by a transition zone (primarily chalcocite with lesser malachite, chrysocolla and azurite) and underlain by the primary sulphide zone (primarily chalcopyrite with lesser concentrations of chalcocite and bornite).

Mineralogical test work

The geology, the copper mineralogy and the concentrations of calcium gangue minerals (carbonates/calcium plagioclase) and iron oxide minerals are some of the key components in the applicability of ISCR as a technology to extract copper from an oxidized copper deposit.

During leaching operations, the interaction of the diluted acidic solution with higher concentrations of calcium-bearing gangue minerals and carbonates results in the generation of carbon dioxide gas and precipitation of gypsum. The amounts of these products generated during leaching are a function of the concentration of calcium gangue minerals and carbonates in the host rock and mineralized structures; and both can be significant impediments to fluid flow rates and potential copper production.

The very low concentration of calcium gangue and carbonates at Van Dyke suggests a low potential for the generation of carbon dioxide gas and precipitation of gypsum during the leaching process.

Analytical procedures

The mineral solubility/mineralogical test work (QEMSCAN) was completed by Base Met Labs U.S. Ltd. (BML), located in Tucson, Ariz., and at BML's Kamloops, B.C., facilities. Sample preparation for the mineral solubility (bottle roll) tests consisted of stage crushing 100 per cent of the sample to passing 10 mesh (1.70 millimetres) and split into one-kilogram test samples, from which a 100-gram subsample was separated (riffled out) and pulverized for QEMSCAN bulk mineral analysis (BMA) to provide: (i) modal mineralogy and abundance (including copper speciation); (ii) copper deportment; and (iii) QEMSCAN versus assay reconciliation.

Qualified person

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 approved the scientific and technical information disclosed in this news release.

About Copper Fox Metals 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 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.; the 100-per-cent interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects, located in Arizona; the 25-per-cent interest in the Schaft Creek joint venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project; and the 100-per-cent-owned Eaglehead polymetallic porphyry copper project, each located in northwestern British Columbia.

We seek Safe Harbor.