Elmer B. Stewart, President and CEO of Copper Fox, stated, “Copper Fox is pleased that the Schaft Creek project is included in Teck Resources Limited’s Project Satellite initiative.  The results from the 2017 work program and inclusion in the Project Satellite initiative demonstrate the advanced nature of the Schaft Creek project.  The 2018 work program is underway with the objective of evaluating a number of scenarios to identify value enhancing opportunities for the Schaft Creek project.  The Company is awaiting receipt of the analytical results for the recently completed trench sampling program on the Mineral Mountain project.  These results are an important factor in determining the next steps in advancing this project to the drill ready stage.”

2018 Q1 Highlights 

• The 2018 work program for the Schaft Creek project has commenced.  The main activity is related to a desktop study that is adopting a multi-phased approach to identifying value opportunities that enhance the overall value of the Schaft Creek project. 

• The resource modeling work completed by the Schaft Creek Joint Venture (“SCJV”) in 2017 resulted in improvements to the geological interpretation and has found no material changes to the 2012 Resource Estimate included in the 2013 Feasibility Study of the Schaft Creek deposit.

• The 2013 Schaft Creek Feasibility Study remains current.  If upon completion of the 2018 desktop studies the SCJV concludes that there is the potential to materially change project economics, the SCJV will assess the timing and scope of further studies including a NI 43-101 Technical Report if warranted. 

• The Multi-Year Area Based Permit (“MYAB”) applied for in 2017 is expected shortly.  The main activities, pursuant to the MYAB, include approval for up to 50 diamond drill holes, 5 kms of new drill road and 20 kms of line cutting; none of which are contemplated at this time.

• At Mineral Mountain; sampling of the historical trenches located within the mineralized area outlined in 2016 has been completed.  Results are pending.  The average metal concentration for the 74 samples collected from within this area in 2016 (approximately 1,100m by 900m) is: 1.21% copper, 0.01% molybdenum, 0.16g/t gold, and 35g/t silver. 

• At Carmax’s Eaglehead project, compilation work has identified two large, unexplored targets and concluded that a larger portion of the Eaglehead intrusive is prospective for porphyry style mineralization than previously thought.

The SCJV has approved a $0.8 million budget and program for 2018.  This work includes investigating the potential of a phased approach as an alternative to the approach adopted in the 2013 Feasibility Study as well as collection of baseline environmental data and ongoing discussions with the Tahltan First Nation.