Copper Fox Provides Final Analytical Results FOR 2022 Metallurgical Drilling Program at Schaft Creek Project
COPPER FOX PROVIDES FINAL ANALYTICAL RESULTS FOR
2022 METALLURGICAL DRILLING PROGRAM AT SCHAFT CREEK
PROJECT
Calgary, Alberta – February 21, 2023. Copper Fox Metals Inc. (“Copper Fox” or the “Company”)
(TSX-V: CUU – OTCQX: CPFXF) is pleased to provide analytical results for the last five (5) of eleven
(11) drill holes completed as part of the 2022 metallurgical drill program on the Schaft Creek project. The
Schaft Creek project is managed through the Schaft Creek Joint Venture (“SCJV”). Teck Resources
Limited (“Teck”) is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the
remaining 25% interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the
largest undeveloped porphyry copper deposits in North America that contains significant gold -
molybdenum-silver by-products.
The 2022 metallurgical drill program completed 4,688 meters (“m”) with the objective of collecting
samples to complement historical metallurgical test work. The drill program expanded the metallurgical
sampling coverage across the Schaft Creek project, with a focus on the early part of the mine life, to better
inform metal recoveries and comminution characteristics. Eleven (11) drill holes were completed across
the project’s mineralized zones; Liard (six holes), Paramount (three holes) and West Breccia (two holes).
Highlights and additional details regarding the analytical results received are summarized below.
Highlights
- The analytical results from the last five drill holes intersected copper-gold-molybdenum-silver
mineralization across a range of grades representative of the project life of mine for metallurgical test
work. Below are selected mineralized intervals from the drilling results reported in this news release.
- DDH SCK-22-456 in the Liard zone intersected 144.70 m grading 0.442% copper, 0. 552g/t gold,
0.032% molybdenum and 3.46g/t silver (CuEq 0.778%) starting at 112.30 m downhole. This interval
includes 70.30 m of 0.670% copper, 0. 859g/t gold, 0.0 43% molybdenum and 5.41g/t silver (CuEq
1.180%) starting at 116.70 m.
- DDH SCK-22-457 in the Paramount zone intersected 270.00 m grading 0.371% copper, 0.090g/t gold,
0.054% molybdenum and 1.60g/t silver (CuEq 0.520%) starting at 377.0 m downhole. This interval
includes 45.63 m of 0. 442% copper, 0. 095g/t gold, 0.0 88% molybdenum and 1.63g/t silver (CuEq
0.656%) starting at 377.00 m and 90.00 m of 0.447% copper, 0.106g/t gold, 0.058% molybdenum and
1.82g/t silver (CuEq 0.612%) starting at 536.00 m.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The mineralized intervals from drill holes in
the Liard zone reported in this news release further extend the continuity of previously reported zones of
near-surface higher-grade mineralization between existing drill holes within the Liard zone . Paramount
zone drill hole, SCK -22-457 demonstrated an interval of higher-grade copper-gold-molybdenum-silver
mineralization representative of mineralization within the Paramount zone. With all analytical results from
the 202 2 metallurgical drilling program in hand, sample selection for metallurgical test work has
commenced.”
2022 Metallurgical Drilling Program
Mineralized intervals reported in this news release were calculated using a 0.10 CuEq % copper equivalent
cut-off grade. Samples lower than the selected cut-off grade were included in the weighted average interval
provided that the sample interval below the cut-off did not exceed 10.0 m in core length. Intervals of lower
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grade mineralization are reported to demonstrate metal distribution within the drill holes. Information on
the drill holes completed, including the weighted average grades of the mineralized intervals, are tabulated
below.
Mineralized DDH TD From To Interval Cu Au Mo Ag CuEq
Zone ID (m) (m) (m) (m) (%) (g/t) (%) (g/t) (%)
Liard SCK-22-456 401.00 73.30 81.00 7.70 0.151 0.176 0.011 1.15 0.260
112.30 257.00 144.70 0.442 0.552 0.032 3.46 0.778
includes 116.70 187.00 70.30 0.670 0.859 0.043 5.41 1.180
292.00 305.00 13.00 0.170 0.072 0.005 0.95 0.217
372.00 401.00 29.00 0.193 0.037 0.01 0.83 0.232
Paramount SCK-22.457 647.00 11.40 90.00 78.60 0.188 0.050 0.009 0.65 0.231
174.00 183.00 9.00 0.109 0.041 0.003 0.46 0.136
199.00 291.35 92.35 0.212 0.026 0.006 1.29 0.240
312.00 339.58 27.58 0.102 0.007 0.003 0.57 0.113
377.00 647.00 270.00 0.371 0.090 0.054 1.60 0.520
includes 377.00 422.63 45.63 0.442 0.095 0.088 1.63 0.656
includes 536.00 626.00 90.00 0.447 0.106 0.058 1.82 0.612
Paramount SCK-22-458 500.00 19.00 299.60 280.60 0.316 0.088 0.020 1.12 0.399
343.65 356.00 12.35 0.290 0.054 0.016 1.04 0.318
372.80 422.40 49.60 0.235 0.104 0.015 1.55 0.142
452.00 480.00 28.00 0.123 0.028 0.002 0.60 0.142
West Breccia SCK-22-459 46.00 6.00 46.00 40.00 0.145 0.126 0.003 0.76 0.214
Liard SCK-22-460 356.00 5.80 268.00 262.20 0.251 0.096 0.007 0.77 0.313
includes 21.85 36.00 14.15 0.548 0.290 0.008 2.30 0.710
Note: The core intervals listed in the above table do not represent true widths, CuEq = copper equivalent, % = percent, g/t =
grams per tonne, m = meters, TD = total depth of drill hole. Int = interval in meters. Copper equivalent calculations are based
on:100.0% of the copper content plus 71% of the gold content, 60.1% of the molybdenum content and 40.3% of the silver content.
Metal prices used in the copper equivalent calculation are copper US $3.25/pound, gold US $1,500/ounce, molybdenum
US$10.00/pound and silver US$20.00/ounce.
Drill hole data for holes reported in this news release are as follows:
Mineralized DDH Easting Northing Elev Azimuth Dip Total Depth
Zone ID (m) (m) (m) (degrees) (degrees) (m)
Liard SCK-22-456 379808 6359996 933 270 -60 401
Paramount SCK-22.457 379247 6360689 891 100 -50 647
Paramount SCK-22-458 379480 6360338 904 90 -70 500
West Breccia SCK-22-459 379557 6359713 883 90 -65 46
Liard SCK-22-460 380421 6359707 1116 90 -55 356
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The drill hole locations and hole traces of the 2021 and the 2022 program are shown in Figure-1:
Figure 1: Plan map of the Schaft Creek deposit outlining the five -year pit shell and life-of-mine pit shell as set out in the “Schaft
Creek Preliminary Economic Assessment (PEA), a NI 43-101 Technical Report”, with an effective date of September 10, 2021,
prepared by Tetra Tech Canada Inc. (“Tetra Tech”), H. Ghaffari. M.A.Sc., P.Eng et. al. as Qualified Persons (see news release
dated September 20, 2021).
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Discussion of Diamond Drill Results
The 2022 metallurgical drilling program allows sample selection for metallurgical test work to commence
and increases metallurgical sample coverage across the Schaft Creek deposit to better inform metal
recoveries and comminution characteristics. The mineralized intervals reported from this drilling program
further extend the near-surface higher-grade mineralization zones reported in 2021 and increase continuity
of this type of mineralization between existing drill holes.
Liard Zone
Drill holes SCK-22-456, and DDH SCK-22-460 intersected broad intervals (ranging from 14.15 m to 70.30
m) of near -surface higher -grade copper -gold-molybdenum-silver mineralization. These mineralized
intervals further extend the lateral continuity of near-surface higher-grade mineralization zones reported in
2021 between existing drill holes within the Liard zone. The last sample at the bottom of DDH SCK-22-
456 returned 0.127% Cu, 0.107g/t Au, 0.001%Mo and 0.73g/t Ag.
Paramount Zone
DDH SCK-22-457 intersected a 270.00 m interval of higher-grade mineralization starting at a depth of
377.00 m. This deeper interval of higher -grade copper-gold-molybdenum-silver mineralization is
representative of mineralization within the Paramount zone . The last sample in this drill hole returned
0.127% Cu, 0.049g/t Au, 0.002% Mo and 0.57g/t Ag.
West Breccia Zone
DDH SCK-22-459 was completed to a depth of 46.0 0 m. The mineralized interval reported in the above
table includes a 9.00 m interval (from 15.00 m to 24.00 m) for which no core was recovered. The last
sample in DDH SCK-22-459 contained 0.231% Cu, 0.082g/t Au, 0.002% Mo and 1.20g/t Ag.
Diamond Drilling and Sampling Procedures
The diamond drilling was completed using HQ diameter core. Overall core recovery was estimated to be
greater than 90%. After cutting with a diamond saw, one half of the core was collected for sample
preparation and analysis and the other half was retained for future reference. Sample intervals were selected
to not cross major lithological or hydrothermal alteration changes and ranged from 0.50 to 2.60 m in length,
with most inter vals being an average of 2.0 m long. A total of 1,356 samples analyzed at ALS Canada
Ltd.(“ALS”) located in Vancouver, British Columbia are reported in this news release.
Base metal and silver concentrations were determined by ALS MEMS61 package and a 4-acid digestion.
Gold concentrations were determined using ALS Au_ICP21 package. ALS has a 9001:2008 International
Standard Organization rating. ALS has an ISO/IEC 17025:2017 UKAS (ref 4028) accreditation.
Quality Control
The Joint Venture follows a rigorous Quality Assurance/Quality Control program. Of the 1,356 core
samples collected, 163 field blanks and certified reference materials and 107 duplicates were inserted into
the sample batches submitted to ALS.
Qualified Person
Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company’s non-independent,
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.
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 Canadia n and
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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 northwester n British Columbia and a 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 contact: Jason Shepherd at 1-844-464-2820.
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 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,” “budg ets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions,
and the negative of such expressions. Forward-looking information in this news release include statements regarding
average grade of mineralized intervals; sample selection and drill holes ending in mineralization.
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, t hese
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 average grade
of mineralized intervals may not be significant ; the mineralization at the e nd of the drill holes may not cont inue at
depth; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.
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 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.