Copper Fox Announces 2022 First Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2022 FIRST QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – March 28, 2022. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX -V: CUU –
OTCQX: CPFXF) is pleased to announce that its unaudited interim consolidated January 31, 20 22, financial
statements have been filed on SEDAR.
For the three months e nded January 31, 20 22, Copper Fox had a net loss of $ 248,719 (January 31, 2021 –
$199,324) which equated to $0.00 loss per share (January 31, 2021 - $0.00 loss per share).
During the three months ended January 31, 2022, the Company incurred $182,041 in exploration expenditures
primarily furthering the development of the Van Dyke, Eaglehead and Schaft Creek copper projects. Copies of
the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at
www.sedar.com, the Company’s web site at www.copperfoxmetals.com or by contacting the Compan y directly.
All references to planned activities and technical information contained in this news release have been
previously announced by way of news releases . All amounts are expressed in Canadian dollars unless otherwise
stated.
Elmer B. Stewart, Pres ident and CEO of Copper Fox stated, “ The activities during the Quarter focused on
finalization of 2021 activities on the Van Dyke, Schaft Creek and Eaglehead projects. Preparations for the 2022
metallurgical and geotechnical drilling program at Schaft Creek and the drilling and metallurgical program on its
Eaglehead project are underway. The Geologic Field Operations Plan (GFOP) for the Sombrero Butte project has
been received and the GF OP for Min eral Mount ain project and the Notice of Work (NoW) for the E aglehead
project are pending.”
2022 Q1 Highlights
• filed on SEDAR the NI 43 -101 technical report which included the results of a Prelim inary Eco nomic
Assessment for the Schaft Creek project.
• provided an update on its Van Dyke ISCR project , including an independent, order of magnitude
(plus/minus 30%) estimate of the timeline, costs and data/surveys required to complete the
hydrogeological portion of the pre-application and formal permitting process.
• provided an update on its Eaglehead project that included the identification of several chemically
distinct intrusive phases and extending the porphyry ‘footprint’ approximately 3km to the sout heast to
include the Far East zone. Highlights of the re -logging and sampling program include ; four intervals of
Cu-Mo-Au-Ag miner alization, from 70.26m to 160.32m in DDH -066, including a 12.56m interval that
returned a weighted average of 0.473% Cu, 0.01 3% Mo, 0.119g/t Au and 7.53g/t Ag, and DDH -078
contained a 7.17m interval that returned a weighted average of 0.276% Cu, 0.003% Mo, 0.732g/t Au and
6.85 g/t Ag.
Subsequent to the Period Ended
• announced the analytical results of the four-hole, 2021 drilling program f rom the Schaft Creek Project
that returned a broad range of metal grades representat ive of the metal grade ran ges for the Schaft
Creek deposit including 0.411% Cu, 0.560g/t Au, 0.004% M o and 3.86g/t Ag over a core interval of
108.4m. All four drill holes ended in mineralization above the cut -off grade used in the updated
resource estimation completed in early 2021.
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• announced the 2022 program and budget for the Schaft Creek pr oject. The main components of the
program include a proposed 5,000m drilling program, updating the permitting timeline with the current
project configuration, environmental and climatological studies, and engagement with the Tahltan
Nation. The 2022 program is estimated to cost $6.6 million.
• announced the 2022 exploration plan for the Sombrero Butte project , consisting of a high sensitivity
airborne magnetic and radiometric survey over the pr operty and mapping of the area surrounding a
Laramide age stock located on the south end of the projec t. The magnetic data from the airborne
survey can be used to locate interpreted potassic al tered, late stage buried intrusi ves and low T h/K
anomalies due to an increase in potassium conc entration related to p otassic alteration phase of a
porphyry system. It is expected this approach would more precisely locate late stage intrusives and
provide an estimated depth to the top of late stage intrusives within the currently defined 3,000m long
chargeability target. The budget for the Sombrero Butte project is $35,000.
• announced its 2022 exploration plan for the Mineral Mountain project. Geochemical vectoring and
mineralogical associations suggest that the main part of the porphyry system lies at an undetermined
depth below surface. A high sensitivity airborne magnetic and radiometric s urvey is planned. The
magnetic data from the airborne survey can be used to locate interpreted potas sic altered, late stage
buried intrusives and low Th/K anomalies due to an increase in potassium conc entration related to
potassic alteration phase of a porphyry system. It is expected this approach would more precisely locate
late stage intrusives and provide an estim ated depth t o t he top of late stage intrusives within the
currently defined 2,900m long chargeability target. The GFOP for the Mineral Mountain project includes
a property wide deep pene trating Induced Polarization ("IP") survey to better define the char geability
and resistivity signatures associated with any late -stage intrusive stocks identified by the magnetic
survey. Completion of the IP survey will be decided after receipt of the results o f the airborne survey.
The estimated cost of t he 2022 airborne s urvey is $ 45,000, the budget increases to $220,000 if the IP
survey is completed.
• provided the results of the ORION Swath DCIP survey and the details of a mineral tenure exchange on its
Eaglehead property. The ORION survey located a 2,500m long by 1,200m wide charg eability anomaly
underlying the large area of copper mineralization in outcrop/subcrop and coincident copper-
molybdenum in -soil geochemical anomaly located nor th of the Pass -Camp zones . The limits of the
chargeability of the chargeability anomaly remains open in several directions.
• announced its 2022 ex ploration plan for the Eaglehead property, focusing on demonstrating continuity
of the polymetallic porphyry mineralization in the 500m long zone between the East and Bornite zones .
A f our hole, 2,500m drilling program is planned which, if successful , would yield a mineralized zone
exceeding 2,000m in strike length. Metallurgical test work (lock-cycle testing, BWi and Ab i) water
quality and archeological surveys are also planned. The NoW and an application for an Archeological
permit have been submitted for review and a pproval and completion of the 2022 work program is
contingent on receipt of these permits and availability of service providers. The 2022 program has been
budgeted at $830,000.
Elmer B. Stew art, MSc. P. Geol., President 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.
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Selected Financial Results
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
January 31, 2022 October 31, 2021 July 31, 2021 April 30, 2021
Loss before taxes $ 248,719 $ 367,730 $ 205,040 $ 343,256
Net loss 248,719 113,730 205,040 343,256
Comprehensive loss 140,436 133,971 32,777 842,711
Comprehensive loss per share,
0.00 0.00 0.00 0.00
basic and diluted
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
January 31, 2021 October 31, 2020 July 31, 2020 April 30, 2020
Loss before taxes $ 199,324 $ 298,567 $ 248,589 $ 375,725
Net (income) loss 199,324 (292,433) 248,589 375,725
Comprehensive (gain) / loss 791,658 (453,015) 940,165 (283,957)
Comprehensive (gain) / loss per share, basic
and diluted 0.00 (0.00) 0.00 (0.00)
Liquidity
As at January 31, 2022, the Company’s cash position was $2,203,546 (October 31, 2021 - $2,646,608).
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 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 the 100% ownership of the Van Dy ke oxide copper pr oject located in
Miami, Ariz ona. For more information on Copper Fox’s other mineral properties and investments visit the
Company’s website at www.copperfoxmetals.com.
For additional information please contact Lynn Ball at 1-844-464-2820 or 1-403-264-2820.
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 statements within the meaning of the Section 27A of the Securities Act of 1933
and Se ction 21E of t he Securities Exchange Act of 1934, and forward -looking information within the meaning of the
Canadian s ecurities laws (collectively, “forward -looking information”). Forward-looking information in this news release
include statements about; receiving GFOP’s and NoW’s for Mineral Mountain and Eaglehead projects; recommended work
programs and budgets for our Schaft Creek, Sombrero Butte, Mineral Mountain and Eaglehead projects.
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In c onnection with the for ward-looking information contained in this news release, Copper Fox and its subsidiaries have
made numerous assumptions regarding, among other things: the geological, financial, and economic advice that Copper Fox
has received is reli able and is ba sed upon practices and methodologies which are consistent with industry standards; that
the mineral rese rve and resources estimates and the key assu mptions and parameters on which such estimates are based
are reasonable; the costs and results of planned exploration activities are as anticipated ; and the stability of economic and
market conditions. While Cop per Fox considers these assumptions to be re asonable, these assumptions are inherently
subject to significant uncertainties and contingencies.
Additionally, t here are known and unknown risk factors which could cause Copper Fox’s actual results, performance, or
achievements to be materially differe nt from any future results, performance or achievements expressed or imp lied by the
forward-looking information cont ained herein. Known risk factors include, the GFOP ’s, NoW’s and archaeology permits
may not be received; the 2022 work programs may not be completed as planned or at all; the budgets may be
underestimated; the overall economy may deteriorate; uncerta inty as to the availability and terms of future financing;
copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may
deteriorate; trading prices of the Company’s common shares may decrease below the e xercise price of any outstanding
warrants of the Company; 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 a ny 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.