Copper Fox Provides Update ON Schaft Creek Project
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COPPER FOX PROVIDES UPDATE ON SCHAFT CREEK PROJECT
Calgary, Alberta – June 17, 2024. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSXV:CUU |
OTCQX:CPFXF | FSE:HPU) is pleased to provide an update 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 remain ing 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 2024 program (see news release dated February 29, 2024) is budgeted at C$18.7 million (funded by Teck) and
focuses on furthering technical investigations required to confirm key aspects of the open pit design and continuing
environmental baseline studies in alignment with Tahltan Nation’s cultural and social traditions. The program is
anticipated to allow the project to progress towards the start of the Prefeasibility Study stage.
Highlights
• The 2024 field program is underway:
o Upgrades to the camp facilities including installation of solar array to supply clean, renewable electrical
power are in progress.
o The geotechnical drilling program is advancing with two drill rigs to collect additional data in key areas
identified in the 2023 Geotechnical Investigation.
• Engineering Studies:
o The report on the 2023 geotechnical drilling and related geophysical and hydrogeological surveys has
been received (see Geotechnical Investigation section below) and is being used to guide the 2024
geotechnical program.
o Metallurgical studies are underway with completion expected in Q3 2024, preliminary results are
showing opportunities to optimize the processing flowsheet. Studies will include updated metal
recovery and grinding projections.
• Environmental Studies and Community:
o The Environmental Baseline data collection program is underway including surface water,
groundwater, fish, meteorology, and glacial surveys.
o Archaeological surveys in areas of proposed infrastructure to progress toward final site layout.
o Strengthening collaboration and engagement with the Tahltan Nation through the support of
educational opportunities, youth athletics and cultural training.
Elmer B. Stewart, President, and CEO of Copper Fox, stated, “The 2024 program is underway and will position the
Schaft Creek project to progress toward the start of the Prefeasibility Study stage. Completion of the 2023
Geotechnical Investigation augments the projects geotechnical knowledgebase and makes recommendations for
additional data collection and studies to better assess pit slope condition s ahead of updating the current open pit
design. In relation to the metallurgy testwork, the preliminary indications from the grinding and metal recovery
projections are encouraging, completion of the se studies are necessary to define metallurgical performance and
optimize the overall processing flowsheet.”
Geotechnical Investigation
Piteau Associates Engineering Ltd managed the 2023 Geotechnical Investigation which included geomechanical
logging of the 2023 drill core, downhole geophysical surveys, packer testing , vibrating wire piezometer (VWP)
installations, field and laboratory rock mechanics testing, data compilation, analysis and preliminary design. Slope
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design acceptability criteria for the Schaft Creek open pit slope design were developed based on a review of industry
standards for open pit slopes, as laid out in “Guidelines for Open Pit Slope Design”.
The proposed Schaft Creek open pit is approximately 3.1 k ilometers (‘km’) long and 1.7 km wide, with proposed
open pit slopes in excess of 1,200 m eters (‘m’) high. The mine plan is based on a conventional truck -and shovel
operation with a 21-year life of mine, producing 1.03 billion tonnes (Bt) of mill feed and 1.03 Bt of waste rock with
average grades of 0.26% Cu, 0.16 g/t Au, 0.017% Mo, and 1.23 g/t Ag (Copper Fox 2021 Preliminary Economic
Assessment (‘PEA’)).
As background to the 2023 Geotechnical Investigation, a feasibility-level geotechnical assessment completed in
2013 concluded that the final pit walls would be mainly developed in relatively competent rock with overall slope
angles of 40° being considered feasible within the northwest, northeast, east, and southeast design sectors for slope
heights ranging from 570 to 1,370 m and overall slope angles of 44° considered feasible within the southwest and
west design sectors for slope heights ranging from 380 to 400 m. Recent studies reported in the 2021 PEA on
optimization of the project shifted the location of the proposed open pit to the west. The 2023 geotechnical program
was completed to support the progression of the geotechnical model for an updated open pit design. The results
from the 2023 program indicate that the deposit can be subdivided into 5 separate geotechnical domains, each with
recommended pit slope angles , ranging from 3 9° – 51° and indicating potential for 30 m high benches in the
southwestern portions of the pit. Additional drilling is required to confirm the geotechnical design within specific
geotechnical domains. These recommendations have been incorporated into the 2024 field program.
Metallurgical Testwork
The metallurgical testwork is being completed by Base Metal lurgical Laboratories Ltd., located in Kamloops,
British Columbia under the direction of the metallurgical division of Teck. While the preliminary indications from
the testwork are encouraging, additional testwork results are pending for a complete characterization of
metallurgical performance which will enable optimization of the process plant design. In addition, waste rock and
tailings characterization is underway to better understand the variability across the deposit and throughout the mine
life.
Qualified Person
Elmer B. Stewart, MSc. P.Geo., 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 subsidiaries being Northern Fox Copper
Inc. and Desert Fox Copper Inc., are the 100% ownerships of the Van Dyke ISCR project, and the Mineral Mountain
and Sombrero Butte porphyry copper exploration projects all located in Arizona, the 25% interest in the Schaft
Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project and
the 100% owned Eaglehead polymetallic porphyry copper project each located in northwestern British Columbia.
For more information on Copper Fox’s mineral properties and investments visit the Company’s website a t
www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact: Fidel Montegu at 1-844-464-2820 or [email protected].
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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,” “budgets,” “could,” “estimates,” “expects,” “forecasts,” “projects” and similar expressions,
and the negative of such expressions. Forward-looking information in this news release includes statements
regarding results and recommendations of the geotechnical drillin g program; collection of geotechnical,
metallurgical, environmental data; advancing community engagement; preliminary results of grinding and copper
recoveries: and continuing studies related to the metallurgical testwork program.
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: th e geological, metallurgical, engineering,
financial and economic advice that Copp er 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, 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, among
others: results and recommendations of the geotechnical drilling program may not be accurate; the recommendation
from the geotechnical drilling may not be completed; collection of geotechnical, metallurgical, environmental data;
advancing community engagement may not be completed as expected or at all; preliminary results of grinding and
copper recoveries may not be accurate : and the continuing studies related to the metallurgical testwork program
may not be completed as expected or at all.
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.