Copper Fox Provides Update ON the Van Dyke Copper Project
COPPER FOX PROVIDES UPDATE
ON THE VAN DYKE COPPER PROJECT
Calgary, Alberta – May 11, 2023, Copper Fox Metals Inc. (‘Copper Fox’ or the ‘Company’) (TSXV:CUU)
(OTCQX:CPFXF), through its wholly owned subsidiary Desert Fox Copper Inc., is pleased to provide an update
on its 100% owned Van Dyke in-situ copper recovery (‘ISCR’) project located in the Globe-Miami Mining District,
Gila County, Arizona.
The 202 0 Preliminary Economic Assessment (‘PEA’) for the Van Dyke project, prepared in accordance with
National Instrument 43-101, (click here for the News Release) indicated an after-tax Net Present Value of US$645
million and an Internal Rate of Return of 43.4%, based on a 17 year mine life using a US$3.15/lb copper price. The
PEA recommended advancing the project to the Preliminary Feasibility St udy (‘PFS’) stage. Based on this
recommendation the Company is proceeding with a drill hole rehabilitation and testing program along with other
activities highlighted below:
Highlights
• Cascade Drilling and Technical Services (‘Cascade’) has commenced surge, bail, and pump testing on four
drill holes.
• Planning for the mineralogical, solubility, whole rock and trace element studies has been completed.
• Sampling of the Gila Conglomerate for unconfined compressive strength (‘UCS’) tests for geotechnical
purposes is planned.
Elmer B. Stewart, President and CEO of Copper Fox stated, “ The results of the drill hole rehabilitation activities
completed to date at Van Dyke have been encouraging. The objective of the current work program is to provide
additional data on critical technical parameters of the deposit and provide more certainty in the overall approach to
project development. Contingent on the results of the current work program, the next phase of work would be the
planning of a multi-purpose drill program to establish additional hydrogeological monitoring stations, upgrade or
expand mineral resource categories and obtain samples for additional pressure leach testing and geotechnical
purposes.”
Rehabilitation Work
Cascade has commenced work on the four historical drill holes that were selected for surge, bail, and pump testing.
This work is expected to take approximately three weeks to complete, barring any unforeseen delays. Fluids
retrieved from the wells will be stored in containers for disposal at regulated sites. Upon completion of the testing,
sampling is planned to determine the chemistry of the groundwater . Successful completion of the testing should
lead to installation of downhole hydrogeological monitoring equipment to collect hydrogeological data for future
permitting requirements.
Mineralogical Solubility Tests
The PEA focused on a 17 -year mine life extracting the soluble copper from the Van Dyke deposit . The deposit
consists of an upper Oxide zone (primarily malachite. azurite, chrysocolla) underlain by a Transition zone (mixture
of malachite, azurite, chrysocolla and chalcocite) which is underlain by the Chalcocite zone (primarily chalcocite).
Five drill holes, located within Phase 1 of the mine plan (leach panels 1-5) set out in the PEA, have been selected
for mineralogical composition, bottle roll tests, and both whole rock and trace element geochemical analyses. A
total of sixty-five sample locations, covering a broad range of acid soluble copper grades from the Oxide, Transition
and Chalcocite zones within these five drill holes have been selected for the planned testwork. On receipt of the
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leach test results, additional samples from drill holes within leach panels 1-5 and leach panels 6-11 (Phase 2 of the
mine plan) may be selected for stud ies. The samples will be selected from our existing core facility located in
Miami, Arizona and is expected to commence in late May.
Geotechnical Testing
The development of the Van Dyke project contemplates underground access by way of a decline to a depth of
approximately 250 meters below surface and advancing an underground ramp into the Gila Conglomerate above
the “leach cap” overlying the Van Dyke deposit. The program consists of collecting samples for UCS tests to assess
the mechanical properties of the Gila Conglomerate . The data from this study would provide critical
information toward determining the level of ground support required, if any, for the underground workings.
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, and has
reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) in Canada
and the OTC Market (OTCQX: CPFXF) in the United States 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, 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. For more information on Copper Fox’s other
mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact: Jason Shepherd at [email protected] or 1-844-464-2820
Neither the 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 is 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 include statements about timing of additional well
rehabilitation and testing/water sampling activities; completion of geotechnical, mineralogical and solubility tests
on selected samples from the Van Dyke deposit and; UCS testing of the Gila Conglomerate.
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: completing the planned hydrogeologic program
on time and within budget; the availability of service providers; 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; and the stability of economic and market conditions . While Copper Fox
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considers these assumptions to be reasonable, these assumptions are inhe rently 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, performan ce or achievements
expressed or implied by the forward -looking information contained herein . Known risk factors include among
others: the conditions of the selected sites may not be suitable for downhole testing/water sampling activities ;
sampling and additional rehabilitation may not be completed as planned or at all; the mineralogical and solubility
tests may not return the desired results or be completed as planned or at all; the geotechnical t ests may not be
completed as planned or at all; uncertainties relating to interpretation of the previous results; the overall economy
may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices
and demand; currency exchange rates; 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.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 forw ard-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.