Copper Fox to Complete Airborne Magnetic Survey ON Sombrero Butte Project
COPPER FOX TO COMPLETE AIRBORNE MAGNETIC SURVEY ON
SOMBRERO BUTTE PROJECT
Calgary, Alberta–July 28, 2020. Copper Fox Metals Inc. (“Copper Fox” or the “Company”) (TSX-V: CUU –
OTC-Pink: CPFXF) and its wholly owned subsidiary, Desert Fox Copper Inc. , are pleased to provide an update
of compilation work and exploration plans for its 100% owned Sombrero Butte porphyry copper project located
approximately 70 kilometers (‘kms’) northeast of Tucson, Arizona.
The Sombrero Butte property is located approximately 3 kms south of the Copper Creek porphyry copper deposit.
Copper Creek is in the NNW structural trend that hosts the Ray, San Manuel and Bisbee porphyry copper deposits
in Arizona . This deposit is hosted in the Copper Creek granodiorite and is characterized by an abundance of
mineralized breccia pipes exposed in outcrop overlying the porphyry deposit. These breccia pipes are a significant
geological feature of this and other porphyry copper deposits and mines throughout Arizona.
Highlights:
• A 150-line km drone-based magnetometer survey is planned to outline the magnetic signatures over two
large porphyry copper targets hosted in the Laramide age Copper Creek granodiorite.
• The magnetic survey should further define and constrain the distribution of alteration patterns and structures
within the two targets.
• The results from diamond drill hole (‘DDH’) SB-03, completed in 2008, suggest proximity to a mineralized
chargeability body within Target #1, the magnetic survey could better define this target.
• The porphyry targets exhibit swarms of mineralized breccia pipes , alteration patterns, mineralized
structures, and chargeability signatures typical of a porphyry copper system.
• The geochemical mapping, pathfinder elements and alteration indicator minerals also support the presence
of one or more cupolas of buried porphyry systems.
Elmer B. Stewart, President and CEO of Copper Fox, stated, “The magnetic survey is expected to better define the
geometry, structural control and alteration patterns associated with both targets. The work to date continues to
update the geological model, identify significant structural control, and constrains the distribution of the
mineralization and alteration patterns in both targets. The objective of the magnetic survey is to confirm the current
interpretation and based on size and location, Target #2 would be the priority target to establish drill locations for
the next phase of exploration.”
Rationale for Magnetic Survey
Exploration Model:
The Sombrero Butte project covers the southern portion of the Copper Creek granodiorite intrusive. Historical
surface exploration and diamond drilling (2006 to 2008) combined with the chargeability/resistivity survey
completed by Copper Fox in 2015 has identified two, large Laramide age porphyry copper exploration targets based
on the Copper Creek deposit exploration model.
Target #1 covers the area of historical mining activities and is characterized by a swarm of mineralized breccia
pipes in potassic and phyllic altered Copper Creek granodiorite overlying a 500 by 500 meter (‘m’) chargeability
body at a depth of 400m below surface . Historical deep drilling in this area focussed on th e mineralized breccia
pipes.
The deepest zone of porphyry style mineralization within Target #1 was encountered in DDH SB-03 collared
approximately 200m south of the identified chargeability body. This drill hole intersected a mineralized breccia
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pipe from 466 to 492m that returned a weighted average grade of 1.19% copper, 0.013% molybdenum, 0.08g/t gold
and 4.83g/t silver.
The Copper Creek granodiorite below the mineralized breccia pipe from 500 to 610m contains stockwork style
veins of quartz + K-feldspar + chalcopyrite and from 610 to 645m, the quartz + K-feldspar veins continue as thin,
hairline veinlets containing minor chalcopyrite. The mineralized veins and veinlets in the Copper Creek
granodiorite are associated with pervasive K-feldspar flooding and locally, with selvages of advanced argillic and
phyllic alteration. The data suggests that DDH SB-03 intersected the outer edge of a mineralized porphyry system.
Target #2 is a near surface 2,000m long chargeability body characterized by copper-molybdenum mineralization
in steep and shallow dipping veins and veinlets , mineralized breccia pipes and extensive goethite veining (after
pyrite) in Copper Creek granodiorite and Glory Hole Volcanics displaying potassic, phyllic and advanced argillic
alteration. The distribution of the minera lization, alteration and geometry of the chargeability body suggest a
significant structural component present in Target #2.
The geometry and distribution of the chargeability component of the chargeability/resistivity signature suggests the
“potassic core” (low chargeability <10 mrad/high resistivity) of a porphyry system transitioning outward to a broad
zone of moderate chargeability (10-30mrad) “phyllic alteration zone” and then to a wide zone of high chargeability
(>30mrad) interpreted to be a “pyritic shell” commonly observed in porphyry copper systems. The compositional
variations of the late stage intrusive dikes within this target is interpreted to represent the cupola of the p orphyry
system.
Copper Fox has submitted their Geological Field Operations Plan (“ GFOP”) with the Arizona State Land
Department to conduct t he magnetometer survey. The survey is expected to commence in September subject to
receipt of approval of the GFOP.
Survey Parameters:
The drone/magnetic system consists of a GEM Systems GSMP -35UC UAV Potassium magnetometer onboard a
battery operated DJI Matrice 600 Pro Hexacopter. GPS positions and total field intensity data are recorded
continuously at 10 Hz which provides a sampling interval of approximately 0.5-meter data points along flight lines.
Flight altitude will be set at 85m above ground level. A second magnetometer will record continuously at a fixed
ground location to allow for diurnal corrections
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 (TSX -V: CUU) 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 C reek
copper-gold-molybdenum-silver project located in northwestern 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 http://www.copperfoxmetals.com.
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On behalf of the Board of Directors
Elmer B. Stewart
President and Chief Executive Officer
For additional information contact:
Lynn Ball: [email protected]
(844) 464-2820 or (403) 264-2820
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 o f 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 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: a 150-line km high sensitivity airborne geophysical survey, the distribution of alteration patterns
and structures ; the results of DDH SB-03 suggest ing proximity to a mineralized chargeability body within Target #1 ; and
features characteristic of a porphyry copper system.
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 advice that Copper Fox has received is reliabl e and is
based upon practices and methodologies which are con sistent with industry standards and the reliability of historical reports .
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: the 150 km of magnetic survey may
not be completed as planned or at all; the magnetic survey may not outline alteration and structural features; the results obtained
from DDH SB-03 may not be indicative of a porphyry copper system; the dimensions and shape of the mineralized areas may
not be as es timated; the surface min eralization may not represent buried porphyry style mineralization ; uncertainties relating
to interpretation of the outcrop sampling results; the geology, continuity and concentration of the mineralization; the financial
markets and the overall economy may deteriorate; the need to obtain additional financing and uncertainty of meeting anticipated
program milestones; 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 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.