Copper Fox Announces 2024 First Quarter Operating and Financial Results
COPPER FOX ANNOUNCES 2024 FIRST QUARTER OPERATING AND FINANCIAL RESULTS
Calgary, Alberta – March 20, 2024. 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 24, financial
statements have been filed on SEDAR+.
For the three months e nded January 31, 20 24, Copper Fox had a net loss of $ 230,877 (January 31, 2023 –
$279,590) which equated to $0.00 loss per share (January 31, 2023 - $0.00 loss per share).
During the three months ended January 31, 2024, the Company incurred $503,344 in exploration expenditures
primarily furthering the development of the Van Dyke (Miami, AZ), Mineral Mountain (Mineral Mountain Mining
District, AZ), Sombrero Butte (Bunker Hill Mining District, AZ and Eaglehead (Liard Mining District, BC) copper
projects. Copies of the financial statements, notes , and related management discussion and analysis may be
obtained on SEDAR + at www.sedarplus.ca, 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, President and CEO of Copper Fox stated, “ During the Quarter, activities consisted of further
derisking of the Van Dyke project by Copper Fox and the Schaft Creek project by the Schaft Creek Joint Venture
(“SCJV”). The SCJV completed the most comprehensive field program completed to date and subsequent to the
Quarter-end announced a C$18.7 million program and budget for 2024 to complete the studies required to
transition the project from the Scoping to the Prefeasibility Study (“PFS”) stage by the end of 2024 or early 2025.
Completion of the drillhole rehabilitation program at Van Dyke allows the Company to initiate the collection of
hydrogeological and water quality data; key data that is required to advance the project to the permitting stage.
Exploration activities on our 100% owned Eaglehead, Mineral Mountain and Sombrero Butte projects all yielded
positive results. The Company extended the term of the exploration permit by two years on the Eaglehead
project by filing a Notification of Deemed Authorization in February with the BC Ministry of Mines. An
exploration plan to conduct a “maiden” drilling program at Mineral Mountain has been submitted to the Arizona
Bureau of Land Management (“BLM”) and is currently under review. The open-ended, strong chargeability body
at depths ranging from 300 and 500 meters (‘m’) below surface underlying the copper footprint at Mineral
Mountain represents a compelling target , like the buried giant Resolution porphyry copper deposit located
twenty-five miles northeast of the project. The hyperspectral survey at Sombrero Butte identif ied a significant
number of previously unknown magmatic breccia bodies suggesting the possibility of multiple porphyry
centers.”
2024 Q1 Highlights
• At Schaft Creek (Liard Mining District, BC), the Schaft Creek Joint Venture (“SCJV”) received the results from
the geotechnical drilling portion of the C$17.2 million 2023 program. The drilling intersected significant
intervals of porphyry mineralization in five of the geotechnical drillholes including DDH SCK -23-468, located
in the Paramount zone, which intersected higher grade mineralization:
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o a 166.40 m core interval (295.10 to 461.50 m) that averaged 0.308% copper, 0.019% molybdenum,
0.117g/t gold and 0.82g/t silver that contained a 33.68 m interval (427.82 to 461.50 m) that averaged
0.602% copper, 0.033% molybdenum, 0.228g/t gold and 1.28 g/t silver, and
o a 206.14 m core interval (481.80 to 687.94 m) that averaged 0.494% copper, 0.029% molybdenum,
0.282g/t gold and 1.79g/t silver that contained a 90.70 m core interval (481.80 to 572.50 m) that
averaged 0.710 % copper, 0.042% molybdenum, 0.305 g/t gold and 2.09 g/t silver.
• At Van Dyke, the mineral solubility/mineralogical testwork indicated a high degree of oxidization, rapid
leaching rates for the copper minerals and low acid consuming gangue and host rock mineralogy. This work
investigated two key project parameters and indicated low potential to generate carbon dioxide gas and the
precipitation of gypsum during leaching operations; two operational issues that significantly impact copper
production.
• At Mineral Mountain, t he 2023 geophysical program outlined a large , open -ended positive chargeability/
resistivity anomaly at depth ranging between 300 -500 m underlying the porphyry “footprint” a setting
similar to the buried Resolution porphyry copper deposit to the northeast and the Florence porphyry copper
deposit to the southwest.
Subsequent to the Quarter-end
• On February 6, 2024, the Company announced that the hyperspectral survey on the Sombrero Butte project
identified a significant number of previously unknown interpreted magmatic breccia pipes suggesting the
potential of more than one porphyry center. Magmatic breccias are a key indicator of the presence of a
buried porphyry copper system.
• On February 14, 2024, the Company announced completion of the drillhole rehabilitation program and
upgrading of the VWP's and data recorders in three drillholes at the Van Dyke project.
• On February 29, 2024, the Company announced the 2024 Schaft Creek program.
o The objective of the program is to advance key project parameters to transition the project from
Scoping to Prefeasibility Study (“PFS”) stage by the end of 2024 or early in 2025.
o Planned expenditures in 2024 are C$18.7 million to be fully funded by Teck.
o Technical Activities:
- Completion of the metallurgical testwork program currently underway
- 4,500 m of drilling focused on key technical areas including the Highwall, Tailing Storage Facility
(“TSF”), and Rock Storage Facility (“RSF”)
o Engineering Studies:
- Site wide geotechnical and facilities assessment of the TSF, RSF and proposed infrastructure
- Update access road alignment
- Update construction timeline
- Updates to the Resource, Geologic, Structural and Slope Stability Models
o Continue the monthly Environmental Baseline data collection program initiated in 2023 and
strengthen collaboration and engagement with the Tahltan Nation
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.
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Selected Financial Results
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
January 31, 2024 October 31, 2023 July 31, 2023 April 30, 2023
Loss before taxes $ 230,877 $ 232,117 $ 348,787 $ 254,018
Net loss 230,877 232,117 348,787 254,018
Comprehensive (gain) / loss 905,445 (602,417) 870,509 (43,966)
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
January 31, 2023 October 31, 2022 July 31, 2022 April 30, 2022
Loss before taxes $ 279,590 $ 461,137 $ 277,827 $ 363,283
Net loss 279,590 401,137 277,827 363,283
Comprehensive (gain) / loss 563,026 (668,062) 832,007 (116,314)
Comprehensive loss per share,
basic and diluted 0.00 0.00 0.00 0.00
Liquidity
As at January 31, 2024, the Company’s cash position was $934,007 (October 31, 2023 - $1,368,852).
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 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.
For additional information please contact Lynn Ball 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 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 in this news release include statements about ; derisking the Van Dyke and Schaft Creek projects;
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advancing the Van Dyke project to the permitting stage; conducting a “maiden” drilling program at Mineral
Mountain; the strong chargeability body at Mineral Mountain representing a compelling target like Resolution ;
and a significant number of previously unknown magmatic breccia bodies suggesting the possibility of multiple
porphyry centers at Sombrero Butte.
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, financial, and
economic advice that Copper Fox has received is reliable and is based upon practices and methodologies 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, 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, the 2024
work programs may not be completed as planned or at all; the budgets may be underestimated ; exploration
permits may not be received; key data collection may not provide the information required to enter the
permitting stage; the overall economy may deteriorate; uncertainty 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
exercise 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.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.