Copper Fox Announces 2023 Second Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2023 SECOND QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – June 21, 2023. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSXV:CUU –
OTCQX:CPFXF) is pleased to announce that its unaudited interim consolidated April 30, 2023 , financial
statements have been filed on SEDAR.
For the six months e nded April 30, 2023 , Copper Fox had a net loss of $533,608 (April 30, 2022 – $612,002)
which equated to $0.00 loss per share (April 30, 2022 - $0.00 loss per share).
During the six months ended April 30, 2023 , the Compan y incurred $324,201 in expenditures primarily
furthering the development of the Van Dyke, Mineral Mountain and Eaglehead copper projects. Copies of the
financial state ments, notes , and related management disc ussion 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.
Elmer B. Stewart, Pres ident and CEO of Copper Fox stated, “During the Quarter activities included completing
the secon d debenture payment on the Eaglehead project, m onitoring activities at Schaft Creek and
implementing the planned programs for the Van Dyke and Mineral Mountain projects. Preliminary results
indicate that the drill hole r ehabilitation program may be successful in establishing several hydrogeological
monitoring stations at Van Dyke and the similarities to porphyry copper deposits in the Safford Mining District in
Arizona provides an explanation for the enhanced gold concentrations associated with the porphyry style copper
mineralization at Mineral Mountain. Going forward, Copper Fox expects to complete the previously announced
planned activities at Van Dyke and Mineral Mountain and focus act ivities tow ard a determination on th e
possibility of completing a resource estimatio n at Eaglehead along with completing a limited program at
Sombrero Butte. At Schaft Creek , t he $17.2 million , 2023 program is underway , it includes geotechnical/
metallurgical/resource drilling, metallurgical test work and monthly environmental sampling, all funded by Teck
Resources Limited. An update on the Schaft Creek 2023 fie ld program is expected to be released after the next
meeting of the Schaft Creek Management Committee which is scheduled for the end of June 2023.”
2023 Q2 Highlights
• provided final analytical results for the 4,688-meter, 2022 metallurgical drill program at the Schaft Creek
project. The 2022 drill program was completed to complement metallurgical sampling coverage across
the Schaft Creek project, with a focus on the early part of the mine life, to better inform metal
recoveries, comminution characteristics and compliment the historical metallurgical test work.
• announced the 2023 exploration pla ns for the Mineral Mountain copper project that includes a
geophysical survey employing Quantec’s Orion 3-D Swath DCIP config uration and an update on
the mapping program completed in advance of the planned geophysical survey.
• provided an update of activities and plans for Van Dyke including initiating Phase I of a Hydrogeologic
Monitoring and Testing Program along with other activities.
• Ernesto Echavarria exercised a total of 21,666,667 common share purchase warrants of the Company.
As a result of the exercise of the warrants, together with prior acquisitions, Mr. Echavarria now holds an
aggregate of 312,242,855 common shares of the Company, representin g approximately 56.84% of the
currently issued and outstanding shares.
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Subsequent to the Period End
• provided an update of recent activities and plans on its Van Dyke ISCR project which included Cascade
Drilling and Technical Services commencing surge, bail and pump testing on four drill holes, the planning
for the mineralogical, solubility, whole rock and trace element studies had been completed and planning
and preparation of the s ampling program to co llect samples of the Gila conglomerate for unconfined
compressive strength (UCS) tests for geotechnical purposes was ongoing.
• provided the results of compilation of recently acquired data i n advance of the planned geophysical
survey on its Mineral Mountain project . Highlights of the co mpilation are, the modelling of analytical
data outlined overlapping, northeast -trending zones of greater than 1,000 parts per million (ppm)
copper and greater than 30 ppm molybdenum , the copper zone measures approximately 3,0 00 metres
(“m”) by 700 m, and the molybdenum zone measures approximately 2,800 m by 600 m , these zones
exhibit a strong spatial correlation to the chargeability sig nature identified in 2021 and w hole rock
geochemistry had outlined two distinct rock suites: a granodiorite-quartz diorite suite and a quartz
monzonite suite. The recent samp ling returned significant copper mineralization ranging from 1,620 to
27,200 ppm i n granodiorite, quartz diorite and quartz monzonite intrusive phases of the Mineral
Mountain intrusive.
Elmer B. Stewart, 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.
Selected Financial Results
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
April 30, 2023 January 31, 2023 October 31, 2022 July 31, 2022
Loss before taxes $ 254,018 $ 279,590 $ 461,137 $ 277,827
Net loss 254,018 279,590 401,137 277,827
Comprehensive loss (43,966) 563,026 (668,062) 832,007
Comprehensive loss per share,
basic and diluted 0.00 0.00 0.00 0.00
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 $ 367,608 $ 205,040
Net loss 363,283 248,719 113,608 205,040
Comprehensive loss (116,314) 140,436 133,849 32,777
Comprehensive loss per share,
basic and diluted 0.00 0.00 0.00 0.00
Liquidity
As at April 30, 2023, the Company’s cash position was $928,641 (October 31, 2022 - $132,192).
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange ( TSXV: CUU) and the OTC
Markets (OTCQX:CPFXF) 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 100% ownership of the Van Dyke oxide copper project located in
Miami, Arizona and 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.
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For more information on Copper Fox’s o ther mineral properties and investments visit the Company’s website at
www.copperfoxmetals.com.
For additional information contact Jason Shepherd at: 1-844-464-2820 or [email protected].
On behalf of the Board of Directors,
Elmer B. Stewart
President and Chief Executive Officer
Neither TSX Ventu re Exchange nor its Re gulation 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 Exchang e Act of 1934, and forward -looking inf ormation wi thin the meaning of the
Canadian securities laws (colle ctively, “forward -looking information”) . Forward-looking information in this news release
include statements about ; monitoring ac tivities at Schaft Creek ; some holes at Van Dyke being rehabilitated for
hydrogeological modeling; Mineral Mountain being similar to other porphyry copper deposits in the Safford Mining District;
determining completing a resource estimate at Eaglehead and completing a limited program at Sombrero Butte.
In connectio n with the forward -looking informat ion contained in thi s news release, Co pper 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 method ologies which are co nsistent with indu stry standards; that
the mineral reserve and resources estimates and the key assumptions and pa rameters on which such estimat es are based
are reasonable; the costs and results of planned exploration activities are as a nticipated; and the stability of economic and
market conditions. While Copper Fox considers these assumptions to be reasonable, thes e assumptions are inherently
subject to significant uncertainties and contingencies.
Additionally, there are known and un known risk factors w hich could cause C opper Fox’s actual results, performance, or
achievements to be materiall y different from any fu ture results, performance or a chievements expressed or implied by the
forward-looking information contained herein . Known risk factors include ; the 2023 work programs at Mineral Mountain,
Vân Dyke, Sombrero Butte and Schaft Creek may not be completed as planned or at all ; the rehabilitated holes at Van Dyke
may not be usable for the hydrogeological modeling; the Mineral Mountain geophysical survey may not achieve the desired
results; the overall economy may deterio rate; uncertainty as to the availability and terms of future financing; copper prices
and d emand may fluctuate; currency exchange rates may fluctua te; conditions in the financial markets may deteriorate;
trading prices of the Company’s common shares may de crease below the exer cise 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 continu ous
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 revis e 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.