Copper Fox files Schaft Creek report on SEDAR

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2021-05-11 08:28 ET - News Release

Mr. Elmer Stewart reports

COPPER FOX FILES SCHAFT CREEK TECHNICAL REPORT ON SEDAR

Copper Fox Metals Inc. has filed on SEDAR a National Instrument 43-101 technical report, which includes the results of a resource estimate update for the Schaft Creek copper-gold-molybdenum-silver porphyry project located in northwest British Columbia (see news release dated March 22, 2021). The Schaft Creek project is managed through the Schaft Creek joint venture (SCJV) formed in 2013 between Teck Resources Ltd. (75 per cent) and Copper Fox (25 per cent) with Teck being the operator.

The technical report, titled "Mineral Resource Estimate Update for the Schaft Creek Property, British Columbia, Canada," with an effective date of Jan. 15, 2021, was prepared by H. Ghaffari, MASc, PEng, and J. Huang, PhD, PEng, of Tetra Tech Canada Inc. and Michael F. O'Brien, PGeo, of Red Pennant Geosciences.

Elmer B. Stewart, president and chief executive officer of Copper Fox, stated: "The updated resource estimate forms the basis of the Schaft Creek preliminary economic assessment (PEA) that is under way and identifies opportunities to grow the project resource base. The technical report recommends a multipurpose drill program, including the collection of geological, geotechnical and metallurgical information."

                  RESOURCE ESTIMATE FOR THE SCHAFT CREEK PROJECT, EFFECTIVE DATE JAN. 15, 2021

Category          Average Value           Metal Content     
                Mass        Cu        Au        Mo        Ag      CuEq          Cu        Au        Mo        Ag
                  Mt         %       g/t         %       g/t         %         Mlb       Moz       Mlb       Moz

Measured       176.4      0.32      0.22      0.01     81.46      0.48    1,261.49      1.28     71.03      8.26
Indicated    1,169.1      0.25      0.15      0.01     71.22      0.37    6,502.98      5.69     439.5    646.00
Total M+I    1,345.5      0.26      0.16      0.01     71.25      0.39    7,764.47      6.97     510.5    954.26
Inferred       343.6      0.17      0.11      0.01     30.84      0.26    1,303.07      1.18     95.50      9.28

Mineral resources are reported using the 2014 CIM definition standards.

Mineral resources are reported within a conceptual constraining pit shell that includes the following input 
parameters: metal prices of $3 per pound Cu, $1,200 per ounce Au, $10/lb Mo, $20/oz Ag and pit slope angles that 
vary from 40 to 44 degrees, metal prices are in U.S. dollars.

Metallurgical recoveries reflective of prior test work that averages:  86.6 per cent for copper, 73.0 per cent 
for gold, 58.8 per cent for molybdenum and 48.3 per cent for silver.

Mineral resources are reported using a net smelter return (NSR) cut-off of $4.31 (U.S.)/t.

Tonnes are metric tonnes, with copper and molybdenum grades as percentages, and gold and silver grades as gram 
per tonne units.

Copper and molybdenum metal content is reported in pounds and gold and silver content is reported in troy ounces.

Totals and metal content may not sum due to rounding and significant digits used in calculations.

Copper equivalent per cent was estimated using average metallurgical recoveries for copper, gold, molybdenum and 
silver and metal prices stated in this release.

Cautionary note to investors:

While the terms measured (mineral) resource, indicated (mineral) resource and inferred (mineral) resource are recognized and required by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.

Investors are advised that current mineral resources are not current mineral reserves and do not have demonstrated economic viability.

Recommended program

The program is designed to allow several of the proposed drill holes to be utilized for metallurgical and geotechnical investigation while increasing confidence in the mineral resource.

Tetra Tech recommends a program consisting of 7,300 metres of drilling within the core of the known resource area to collect geotechnical data, provide samples for metallurgical test work, increase the confidence of the mineral resource categories and investigate potential extension to the mineralization. The cost of the recommended program is estimated to be $4.96-million (Canadian).

Qualified persons

Michael F. O'Brien, PGeo, of Red Pennant Geosciences, is the qualified person (QP) who prepared the resource estimate. J. Huang, PhD, PEng, of Tetra Tech is the QP who completed the metallurgical review and H. Ghaffari, MASc, PEng, of Tetra Tech is the QP who compiled and reviewed the QA/QC for the resource estimate disclosed in this news release. The QPs have approved the scientific and technical content of this news release. Elmer B. Stewart, MSc, PGeol, president of Copper Fox, the company's nominated QP pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release. Mr. Stewart is not independent of Copper Fox.

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 the 100-per-cent ownership of the Schaft Creek oxide copper project located in Miami, Ariz.

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