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Copper Fox Announces Corporate Update on Schaft Creek Joint Venture and Other Projects

October 31, 2019

Calgary, Alberta–(Newsfile Corp. - October 31, 2019) - Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) (“Copper Fox” or the “Company”) is pleased to provide shareholders an update of activities for the Schaft Creek Joint Venture (“SCJV”) and its 100% owned Van Dyke and Sombrero Butte copper projects.

Highlights

  • The field portion of the 2019 Schaft Creek program has been completed, field crews have been demobilized, and the camp facilities are now protected for winter.
  • The 2019 Schaft Creek program (see News Release dated April 17, 2019) is expected to be complete by the end of November.
  • The Van Dyke resource update being prepared by Moose Mountain Technical Services (“MMTS”) is underway.
  • The 2019 field work on the Sombrero Butte project has identified the source of the chargeability body within the Copper Creek Granodiorite, 47 additional breccia pipes and outlined widespread secondary copper mineralization, typical of a leached porphyry copper system.

Elmer B. Stewart, President and CEO of Copper Fox, stated, “Copper Fox’s objectives for 2019 were two-fold, first to work with Teck Resources Limited (“Teck”) to complete an in-depth investigation to surface additional value for the 133 ktpd scenario at Schaft Creek and secondly to advance the Van Dyke, Sombrero Butte and Mineral Mountain projects to the next stage of exploration or development. The program at Sombrero Butte has yielded positive results and outlined widespread secondary copper mineralization, porphyry style alterations patterns and a swarm of breccia pipes supporting the presence of a porphyry copper system.

Schaft Creek Joint Venture:
The Schaft Creek copper-gold-molybdenum project is managed through the SCJV. Teck is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25%. The 2019 work program is following the recommendations of the 2018 Sizing and Infrastructure Study by investigating a range of access options, revisions to planned infrastructure, re-locating the tailings management and mill facilities to utilize options that significantly reduce capital and operating costs along with updating permitting options related to the 133 ktpd scenario. The Schaft Creek Joint Venture has upgraded the environmental monitoring stations in place, has collected another full season of baseline environmental data, and continues to work collaboratively with the Tahltan Nation on issues of importance through the existing Communications Agreement.

Van Dyke:
The positive results from the analytical program completed earlier this year indicated the possibility of increasing the soluble copper content of the Van Dyke deposit and certainty in the resource base by upgrading the resource categories for the project. MMTS has been retained to complete the updated resources estimate and have completed a statistical review of the 2019 data base and preliminary shapes for the Oxide and Supergene mineralization. Achieving the objectives of the resource update could provide the possibility of advancing the project to the pre-feasibility stage.

Sombrero Butte:
The mapping and sampling programs have been completed. The source of the chargeability body is attributed to a combination of strong potassic and argillic alteration, the presence of moderate to intense limonitic (after pyrite) veins/fractures and widespread secondary copper mineralization, as would be expected in an oxidized and leached environment. Within the Copper Creek Granodiorite, potassic (K-spar-hydrothermal biotite-magnetite) alteration is surrounded by sericite occurring as envelopes on mineralized structure within the Glory Hole volcanics to the east. Chlorite occurs as an alteration product of hydrothermal biotite and epidote is conspicuously absent. The 47 previously unknown breccia pipes located during the program occur above the interpreted northeast plunging chargeability body and intrude the Copper Creek Granodiorite and Glory Hole volcanics.

Analytical Procedures:
The samples collected to date have been submitted to Skyline Assayers & Laboratories located in Tucson, Arizona. Samples will be crushed to plus 75% -10 mesh, split and pulverized to plus 95% -150 mesh. Sample pulps will be subjected to a multi-acid digest (HNO3, HF, and HClO4) digestion. Analyses will be completed utilizing Skylines analytical package code FA-01 fire assay for gold and code TE-5 a multi-package for base and other trace elements. Metal concentration in samples exceeding the upper limit of detection were assayed for copper using (MEA) and silver (FA-04). Skyline has an ISO/IEC 17025/2005 accreditation.

Quality Control:
Field blanks have been inserted with the samples for which analyses are being reported.

Elmer B. Stewart, MSc. P. Geol., President and CEO 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:
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) 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% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments visit the Company’s website at www.copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact:
Lynn Ball: investor@copperfoxmetals.com
(844) 464-2820 or (403) 264-2820

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, “forward-looking information”). Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding: the 2019 program for the Schaft Creek project being completed by the end of November; surfacing additional value for Schaft Creek’s 133 ktpa scenario; obtaining the Van Dyke resource update from Moose Mountain Technical Services; increasing the soluble copper content of the Van Dyke deposit; advancing the Van Dyke project to the pre-feasibility stage; and the characteristics of a porphyry copper system at the Sombrero Butte project.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the possibility that the 2019 program for the Schaft Creek may not be completed as contemplated or at all; the in-depth investigation into Schaft Creek’s 133 ktpd scenario may not surface additional value; the possibility that an updated resource estimate on the Van Dyke project may not be completed within a reasonable time frame or at all; the work on the Van Dyke project may not increase the soluble copper content of the Van Dyke deposit or advance the project to the pre-feasibility stage; the possibility that the results of the Sombrero Butte program may not represent a buried porphyry system; uncertainties relating to interpretation of the analytical results; the geology, continuity and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing; and uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49270

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