Mr. Elmer Stewart reports

COPPER FOX EXTENDS PORPHYRY TREND AT MINERAL MOUNTAIN

Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Mineral Mountain Co., have released results of a recently completed sampling program and provided an update on the permitting process related to obtaining a drilling permit on its 100-per-cent-owned Mineral Mountain porphyry copper property (2,692.4 hectares) located within the Mineral Mountain mining district in Arizona.

The Mineral Mountain mining district occurs within a northeast-trending porphyry copper belt and is located approximately 25 kilometres (15 miles) southwest from Rio Tinto and BHP's giant Resolution porphyry copper-molybdenum deposit and approximately 25 km northeast of Taseko's Florence porphyry copper deposit.

Highlights:

• The field portions of the archeological, cultural and biological investigations required to complete the environmental review (ER) have been completed (see news release dated May 22, 2024). Results are being compiled.
• The ER and solicitation of public comments on the plan of operations is expected to take approximately four to six months to complete with an estimated cost of $45,000 (U.S.). The estimated timeline and costs are subject to change contingent on amendments to the scope of work that could be requested by either federal or state authorities.
• Utilization of fertility indices supports the porphyry potential of the Laramide-age Mineral Mountain intrusive and has extended the potential strike length of this mineralized trend approximately three kilometres to the northeast.
• Indicators of distal to proximal hydrothermal activity related to porphyry-style mineralization have been identified within targets 1, 2 and 3 (see news release dated April 11, 2024).

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "We are pleased with the progress of the environment review process and having the baseline data in hand allows SWCA to transition to compilation and interpretation of the data sets. In addition to advancing the environmental review process, our recent work has expanded the porphyry potential of the Mineral Mountain district by at least three kilometres to the northeast and suggests the introduction of several phases of molybdenite mineralization during emplacement of the porphyry system."

Permitting process

The collection of the baseline data for the archeological, cultural and biological investigations required for the ER is completed. Further discussion has resulted in the BLM (Bureau of Land Management) recommending that the Acuna Cactus survey area be reduced from the initial 400-plus-acre area to approximately 88 acres focused on the potential disturbed areas around the proposed drill hole locations.

Exploration

The recent program was completed to locate surface indications of hydrothermal activity indicative of a buried porphyry system in the areas overlying targets 2 and 3 and ground-truth a late-stage intrusive identified by the 2022 airborne magnetic survey within target 1 (see news release dated April 11, 2024). Analytical results for the sampling completed on each target are shown in the attached table.

The three geophysical targets are underlain by an intrusive suite consisting of porphyritic and non-porphyritic biotite diorite, hornblende-biotite granodiorite, biotite-hornblende granodiorite, quartz monzonite and late-stage granite intrusives. Results of the recent field program are outlined as follows:

• Target 1: The interpreted intrusive is a mineralized chlorite-sericite altered biotite-quartz diorite with disseminated secondary copper and molybdenite mineralization that returned an elevated rhenium concentration of 0.46 part per million.
• Target 2: The centre of this target is located approximately 1,000 metres northeast of target 1 and the recent program located additional occurrences of secondary copper mineralization, quartz-sericite and hydrothermal magnetite veins.
• Target 3: The centre of this area of higher chargeability is located approximately 1,200 metres southwest of target 1. The recent program located secondary copper mineralization, quartz-potassium-feldspar, quartz-calcite, chlorite and quartz-sericite veins, all indicators of hydrothermal activity associated with a porphyry copper system.

Fertility indices

Magma fertility is commonly used to distinguish between potentially productive versus barren magma suites. The use of trace elements and zircon geochemistry can be used as a pathfinder for porphyry copper-plus-or-minus-molybdenum-plus-or-minus-gold deposits by identifying distinctive chemical signatures, indicative of the fertility of the parent magma (Yong, 2016).

The main intrusive phases in targets 1, 2 and 3 exhibit strong positive europium/europium/silicon dioxide, lanthanum/ytterbium/silicon dioxide and vanadium/scandium/silicon dioxide ratios like known porphyry copper deposits and are considered prospective to host porphyry copper mineralization. The small Laramide-age, biotite-hornblende granodiorite intrusive located approximately three kilometres northeast of the Mineral Mountain intrusive also yielded positive europium/europium/silicon dioxide and lanthanum/ytterbium/silicon dioxide ratios, thus extending the prospective mineralized trend at least three kilometres farther to the northeast.

Analytical method and sampling procedure

Geochemical analyses of representative outcrop samples were completed by ALS Canada Ltd., located in Vancouver, B.C., using ASL codes ME-MS61L by ICP-MS, MS61L-REE REE, ME-ICP06 and OA-GRA05 for LOI (loss on ignition) determination. ALS has an ISO/IEC 17025:2017 UKAS (reference No. 4028) accreditation. Vancouver Petrographics Ltd., located in Langley, B.C., completed the petrography description of selected rock samples.

Elmer B. Stewart, MSc, PGeo, 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 focused on copper exploration and development in Canada and the United States. Its wholly owned subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 100-per-cent ownerships of the Van Dyke ISCR (in situ copper recovery) project and the Mineral Mountain and Sombrero Butte porphyry copper exploration projects, all 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.

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