Copper Fox Announces 2022 Second Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2022 SECOND QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – June 7, 2022. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX V:CUU –
OTCQX:CPFXF) is pleased to announce that its unaudited interim consolidated April 30, 2022, financial
statements have been filed on SEDAR.
For the six months e nded April 30 , 2022, Copper Fox had a net loss of $612,002 (April 30, 2021 – $542,580)
which equated to $0.00 loss per share (April 30, 2021 - $0.00 loss per share).
During the six months ended April 30 , 2022, the Compan y incurred $376,743 in expenditures primarily
furthering the development of the Mineral Mountain, Sombrero Butte, Eaglehead, Van Dyke 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 Company 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.
2022 Q2 Highlights
• At Eaglehead a large chargeability anomaly was identified, and a land exchange was completed.
• High resolution airbor ne magnetic an d ra diometric sur veys were announced for both the Mineral
Mountain and Sombrero Butte projects.
• Analytical results for the four-hole 2021 metallurgical drilling pro gram from the Scha ft Creek project
were announced.
• The 2022 Schaft Creek summer program was announced contemplating a $6.6M budget which includes
a 5,000m drilling program.
• Proactive Investors were retained to provide the Company media and research services.
• Ausenco was retained to provide process and hydrogeologi cal se rvices f or the Van Dyke project, the
2022 budget will be finalized once all contractor estimates have been received.
• The first instalment on the promissory note ($340,000), pursuant to the Eaglehead property acquisition
agreement, was made on April 19, 2022.
During the next quarter, activities will focus on the drilling and metallurgical programs for the Schaft Creek and
Eaglehead projects and ground verification of the results of the airborne surveys on the Mineral Mountain and
Sombrero Butte project s. At Van Dyke, barring any unforeseen additional delays , receipt of the
recommendations and estimated activity costs from the hyd rogeological/process/resource contractors is
expected during the quarter . The initial focus of the 2022 Van Dyke program would be completion of
archaeological/fauna/flora studies to establish a baseline for the project prior to commencing physical activities.
Mobilization for the 2022 field programs at Schaft Creek and Eaglehead typically commence in early June, these
could be delayed due to heavy snow conditions, resulting from a late spring thaw.
Elmer B. Stewart, President and CEO of Copper Fox stated, “Our focus in 2022 is to position the Company to take
advantage of the anticipated need for specialty metals; specifically copper to advance the “green econ omy”
through a combination of investigating project enhancements at Schaft Creek and Van Dyke, drilling to advance
the Eaglehead project to a resource estimate stage and selection of future drill targets at Mineral Mountain and
Sombrero Butte. At Eaglehead, positive results from the drilling program potentially could lead to a resource
estimation toward the end of 2022 or early 20 23 and provide samples for additiona l metallurgical testwork to
2
better define metallurgical variability and metal recoveries for the mineralization. During the Quarter, Copper
Fox expects to announce its 2022 program for the Van Dyke project.”
Subsequent to the Period End
• Moose Mountain Technical Services were retained to review all data for the Eaglehead project including
the proposed 2022 drill ing program. Logistics for the 2022 program progressed and the drilling and
archaeological contracts were executed. Age dating of the granodiorite and quartz diorite phases of the
Eaglehead in trusive is compara ble to other calc -alkalic porphyry copper systems in BC with the
molybdenite indicating fo rmation of the porphy ry minera lization being approximately 700,00 0 years
after emplacement of the Eaglehead intrusive.
• Results of the high -resolution airborne magnetic and radiometric survey on the Mineral Mountain
project were announced. The survey identified several interpreted late-stage felsic stocks, but only
three stocks located alo ng the eastern/northern Laramide/Precambrian contact show a strong spatial
correlation to the copper-molybdenum mineralization, chargeability anomaly and a well-defined, strong
Th/K anomaly.
Elmer B. Stewart, M Sc. 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.
Selected Financial Results
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
April 30, 2022 January 31, 2022 October 31, 2021 July 31, 2021
Loss before taxes 363,283$ 248,719$ 367,730$ 205,040$
Net loss 363,283 248,719 113,730 205,040
Comprehensive (gain) / loss (116,314) 140,436 133,971 32,777
Comprehensive (gain) / loss per share,
basic and diluted
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
April 30, 2021 January 31, 2021 October 31, 2020 July 31, 2020
Loss before taxes 343,256$ 199,324$ 298,567$ 248,589$
Net (income) loss 343,256 199,324 (292,433) 248,589
Comprehensive (gain) / loss 842,711 791,658 (453,015) 940,165
Comprehensive (gain) / loss per share,
basic and diluted 0.00 0.00 (0.00) 0.00
0.00 0.00 0.00 (0.00)
Liquidity
As at April 30, 2022, the Company’s cash position was $1,314,535 (October 31, 2021 - $2,646,608).
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSX V:CUU) focused on
copper exploration and development in Canada and the Unit ed 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 th e Schaft
Creek copper -gold-molybdenum-silver project located in northwestern British Columbia , and the 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.
3
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 Section 21E of the Securities Exchange Act of 1934, and forwar d-looking information wi thin the meaning of t he
Canadian securities laws (collectively, “forward -looking information”) . Forward-looking information in this news release
include statements about our Mineral Mountain, Sombrero Butte, Eaglehead, Van Dyke and Schaft Creek projects; focusing
on the 2022 exploration programs and budgets ; completing the grou nd verification of the geophysical surv eys; completing
a resource estimate on the Eaglehead project.
In connection with the forw ard-looking informa tion contained in this news releas e, Coppe r Fox and its subsidiaries have
made numerous assumptions regarding, among other things: the geological, financial, and economic advice that Copper Fox
has received is reliable and is based upon practices and metho dologies which are consistent with industry standards; that
the mineral reserve and resources estimates and the key assumptions 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 Copper Fox considers these assumptions to be reasonable, these assumptions are inherently
subject to significant uncertainties and contingencies.
Additionally, th ere are known and u nknown risk factors which could ca use Copp er 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 conta ined he rein. Known risk factors include ; the $6.6 million budget and program for the
Schaft Creek project may not be completed as planned or at all or achieve the desired result s; the 2022 work program at
Eaglehead may not be completed as planned or at all ; the Mineral Mountain and Sombrero Butte geophysical surveys may
not achieve the desired results; the overall economy may deteriorate; uncertainty as to the availability and terms of future
financing; copper prices and demand may f luctuate; currency exchange rates may fluct uate; condit ions in the financial
markets may deteriorate; trading prices of the Company’s common shares may decrease below the exercise price of any
outstanding warrants of the Company; and uncertainty as t o time ly availability of permits and other govern mental
approvals.
A more complet e 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 her ein
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 revis ions to any of the forward -looking information
contained herein to reflect future results, events, or developments, except as required by law.