Copper Fox Files NI-43-101 Technical Report and Discusses Eaglehead Project

Calgary, October 12, 2023 - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to report that it has on behalf of its wholly owned subsidiary Northern Fox Copper Inc., filed on SEDAR a National Instrument 43-101 ("NI 43-101") Technical Report (the "Technical Report") which includes the results of an updated mineral resource estimate for the Eaglehead copper-molybdenum-gold-silver porphyry project located in Tahltan territory in northwestern British Columbia (see news release dated August 30, 2023).

The Technical Report, titled "NI 43-101 Mineral Resource Estimate on the Eaglehead Project, NI 43-101 Technical Report", with an effective date of August 21, 2023, was prepared by Sue Bird, P.Eng., of Moose Mountain Technical Services ("MMTS"). The Technical Report provides an updated resource estimate of the deposit as well as summaries of project history, geology, mineralization, deposit characteristics; exploration targets, and recommends a program that includes additional drilling and metallurgical testwork estimated to cost approximately $1.7 million. The objective of the proposed program would be to test the continuity of the mineralization between the Bornite and East zones and provide additional samples for preliminary metallurgical test work to obtain additional copper, gold, molybdenum, and silver recovery, and comminution data.

Elmer B. Stewart, President and CEO of Copper Fox stated, "The Technical Report provides the updated geology, alteration and mineralization hosted within an 8km by 3km area located on the southern portion of the Early Jurassic Eaglehead Pluton in proximity to the regional scale Thibert fault system. The recommended program is focused on determining the continuity of the mineralization between the Bornite and East zones and providing additional data on metal recoveries and comminution characteristics of the porphyry mineralization which if successful could have a significant impact on the resource potential and pit shape for the Bornite-East zones going forward. In addition, the Technical Report demonstrates the porphyry potential of the project and the possibility of expanding the resource base."

Cautionary Note to Investors

While the terms "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.

United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability.

The geology, alteration, age and chemical affinity at Eaglehead suggests many similarities to the "Plutonic" sub-type of porphyry copper systems in British Columbia. Other type of Plutonic porphyry systems in British Columbia includes the deposits at Highland Valley and Ike. The area hosting the mineralization is referred to in the Technical Report as the "mineralized corridor". The mineralized corridor is characterized by:

• The mineralization is primarily hosted in biotite granodiorite, with lesser amounts in hornblende quartz diorite and quartz porphyry, common host rocks to porphyry copper deposits.
  
  
• The porphyry copper-molybdenum-gold-silver mineralization is characterized by multiple stages of overlapping and cross-cutting copper-molybdenum-iron sulphides exhibiting variable alteration phases and gangue mineral associations. The cross-cutting relations suggest multiple introductions of copper and molybdenite mineralization.
  
  
• The mineralized zones exhibit a strong spatial association with magnetic vector inversion anomalies interpreted to represent the potassic core of either a single or multiple porphyry centers due to the presence of hydrothermal magnetite.
  
  
• The mineralization and alteration show a strong spatial relationship to a 6km long positive chargeability anomaly. The drilling has tested only a portion of the lateral and horizontal extent of the chargeability anomaly. The mineralization could extend between the currently defined zones and is open to the south and at depth to the north.
  
  
• The change in metal associations and alterations to the northwest along the mineralized corridor suggests a progression to success higher levels in the porphyry system as suggested by the depth of the magnetic vector inversion anomalies and the change from copper-molybdenum-gold-silver in the East zone to almost exclusively copper in the Camp zone. The distribution and intensity of the alteration changes from widespread potassic in the East zone transitioning to dominantly phyllic and propylitic in the Camp zone.

The locations and constraining pit shapes of the mineralized zones included in the updated Mineral Resource Estimate are shown in Figure-1. For clarity, the low-grade halo surrounding the four main modelled zones is not shown on the figure.

Figure-1: Location and pit shapes of the four main mineralized zones. Eaglehead Project

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2177/183685_51d0641cc40fa9df_001full.jpg.

Qualified Persons

Ms. Sue Bird - P. Eng., of MMTS is the Qualified Person ("QP") who prepared the Technical Report. Ms. Bird, as the Qualified Person, has approved the scientific and technical content of this news release. Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's nominated Qualified Person 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

Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 100% ownership of the Van Dyke oxide copper project located in Miami, AZ, the 100% interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects located in Arizona, the 25% interest in the Schaft Creek Joint Venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project and the 100% owned Eaglehead polymetallic porphyry copper project each located in northwestern British Columbia. For more information on Copper Fox's mineral properties and investments visit the Company's website at copperfoxmetals.com.

For additional information contact: Jason Shepherd at 1-844-464-2820; investor@copperfoxmetals.com

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

Neither 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 information" within the meaning of the Canadian securities laws. 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 include statements about the mineral resource estimate for the Eaglehead project; the completion and filing of a National Instrument 43-101 technical report related to the Eaglehead mineral resource estimate; a recommended $1.7 million program of drilling and metallurgical testwork; the objective of the proposed program; the mineralized corridor; potential existence and size of mineralization within the Eaglehead project; and geological interpretations and potential mineral resources. Information concerning mineral resource estimates also may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined.

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, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards. 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 recommended $1.7 million program of drilling and metallurgical testwork may not be completed as planned or at all; the objective of the proposed program may not be achieved; the actual mineralization in the Eaglehead deposit may not be as favorable as suggested by the resource estimate; the description of the mineralized corridor may not be as favorable as suggested by the data; fluctuations in copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, and recovery rates; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; 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.sedarplus.ca. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183685