Mr. Elmer Stewart reports

COPPER FOX IDENTIFIES DRILLING TARGETS ON SOMBRERO BUTTE COPPER PROJECT

Copper Fox Metals Inc. and its wholly owned subsidiary, Desert Fox Copper Inc., have provided a compilation of the analytical results and field observations from the 2019 program on the Sombrero Butte copper project in Arizona.

The Sombrero Butte property comprises 2,913 acres in the heart of the Laramide-age copper porphyry belt in the state of Arizona. The property is located 71 kilometres northeast of Tucson, Ariz., and adjoins the Copper Creek porphyry copper deposit located approximately three kilometres north. Copper Creek is characterized by an abundance of mineralized breccia pipes exposed in outcrop overlying the porphyry deposit. These breccia pipes are a significant geological feature of the Copper Creek porphyry deposit and other porphyry copper deposits and mines throughout Arizona.

2019 program highlights:

• Analyses from the 199 samples submitted to Skyline Assayers and Laboratories in Tucson have been received.
• A new area (600 metres by 500 metres) of copper-molybdenum mineralization hosted in the Laramide-age Copper Creek granodiorite has been identified.
• A 1,500 m long by 600 m wide area of copper-molybdenum mineralization coincides with the chargeability anomaly, a significant portion of which is hosted in the Laramide-age Glory Hole volcanics.
• The chargeability anomaly and the two areas of copper-molybdenum mineralization show a spatial correlation with the north-northwest-trending Range Front fault system, consistent with a major porphyry mineralized trend in Arizona.
• The mineralized structures demonstrate a north-northwest and east-northeast trend, consistent with the Laramide mineralized trends in Arizona.
• The highest copper and molybdenum values occur in grey porphyry dikes with most of the significant copper-molybdenum concentrations occurring in the Laramide-age Glory Hole volcanics.
• The trace element geochemical data have outlined a zone of potassic alteration that transitions to a pyrite plus sericite halo to the east in the Glory Hole volcanics. The breccia pipes and mineralized structures within the Glory Hole volcanics indicates upward migration of hydrothermal fluids from a buried porphyry system.
• Drilling targets have been identified; an application is being prepared for a permit to conduct a drilling program in 2020.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "We are pleased to have achieved our objectives with the exploration work completed so far at Sombrero Butte. We've continued to technically derisk the property to the point where the results received so far have identified the surface footprint of a large porphyry system and has provided us with the confidence required to establish drill hole locations to test the potential of this copper porphyry system."

Geological model

The Sombrero Butte project is underlain by a multiphase porphyry copper system hosted in the Copper Creek granodiorite. Evolution of the porphyry system resulted in the formation of sulphide mineralization as indicated by the chargeability anomaly and intensity of mineralized veins (formerly pyrite veins) exposed in a portion of the Copper Creek intrusive. Intrusive activity and expulsion of mineralized fluids upward into the overlying Glory Hole volcanics resulted in the formation of mineralized dikes, vein/veinlets and breccia pipes and the easterly transition from potassic to pyrite-sericite alteration which support the interpreted downdip extension of the porphyry system to the northeast under the Glory Hole volcanics. Subsequent uplift and erosion followed by a prolonged period of oxidization and leaching is evidenced by the variable copper-molybdenum concentrations contained in oxidized breccia pipes and mineralized structures exposed in outcrop.

Geology

The area covered by the 2019 program is underlain by the Copper Creek granodiorite, the eastern extension of which is covered by older Laramide-age Glory Hole volcanics. The 2019 program located several previously unknown outcrops of Copper Creek granodiorite, a significant number of breccia pipes (47) and a series of north-northwest- and east-northeast-trending grey porphyry, dark porphyry, granite porphyry and diorite porphyry dikes.

Mineralization

The copper-molybdenum mineralization exhibits a strong structural control and occurs in steep and shallow-dipping veins and veinlets in two north-northwest-trending zones hosted in Copper Creek granodiorite and Glory Hole volcanics. Within these two zones, the mineralized structures exhibit prominent north-northwest and east-northeast trends. The highest copper-molybdenum concentrations occur in grey porphyry, with the majority of the of the higher copper-molybdenum concentrations occurring within the Laramide-age Glory Hole volcanics. The associated table outlines the median, mean and range of values for copper, molybdenum, gold and silver.

                       Cu            Mo            Au            Ag
                    (ppm)         (ppm)         (ppb)         (ppm)

Median              113.0           2.2             7           0.2
Mean                256.0          12.3             9           0.5
                                                 less
                                                 than
Min value             2.2           0.1             5           0.1
                  greater
                     than
Max value          10,000         706.0            96          14.5

A total of 64 samples contained greater than 256 parts per million copper (mean value) and 107 samples contained greater than 113 ppm copper (median value). For molybdenum, 20 samples contained greater than 12.3 ppm (mean value) and 84 samples contained greater than 2.2 ppm molybdenum (median value). The copper concentration are consistent with the oxidized and leached nature of the mineralized structures, typical of Arizona porphyry copper systems.

Alteration

Hydrothermal magnetite, potassic (K-spar-secondary biotite-magnetite) and argillic (dickite) alteration phases were observed during the 2019 field program. Hydrothermal magnetite occurs in shallow and steep-dipping veins and veinlets hosted in the Copper Creek granodiorite. Argillic-altered breccia pipes occur to the west of Copper Creek intrusive and to the east in the Glory Hole volcanics. Vectoring of the trace element geochemistry supports the field observation and aided in defining the zones of potassic alteration in the Copper Creek intrusive and the pyrite-sericite alteration located to the east in the Glory Hole volcanics. Comparison of the trace element geochemical data with pathfinder elemental ranges for porphyry copper systems suggest that the current topographic surface is at or near the transition from the deep sericitic (above the copper shell) to the potassic alteration zones.

Analytical procedures

The 199 samples submitted to Skyline Assayers & Laboratories in Tucson, Ariz., were crushed to plus 75 per cent minus 10 mesh, split and pulverized to plus 95 per cent minus 150 mesh. A multiacid (HNO3 (nitric acid), HF (hydrofluoric acid) and HClO4 (perchloric acid)) digestion and Skyline analytical package code FA-01 fire assay for gold and code TE-5 a multipackage for base and trace elements were utilized. Skyline has an ISO/IEC 17025/2005 accreditation.

Quality control

The quality assurance/quality control program utilized insertion of field blanks into the sample stream. All blanks reported values within acceptable limits.

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 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 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 and a 100-per-cent ownership of the Van Dyke oxide copper project located in Miami, Ariz.

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