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Copper Fox Announces 2024 Schaft Creek Program

2024 Program Highlights:

• The objective of the program is to advance the key project parameters to transition the project from Scoping to Prefeasibility Study ("PFS") stage by the end of 2024 or early in 2025.
• Planned expenditures in 2024 are C$18.7 million to be fully funded by Teck.
• Technical Activities:
  • Completion of the metallurgical testwork program currently underway
  • 4,500m of drilling focused on key technical areas including the Highwall, Tailing Storage Facility ("TSF"), and Rock Storage Facility ("RSF")
• 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
• Continue the Environmental Baseline data collection program initiated in 2023 and strengthen collaboration and engagement with the Tahltan Nation.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "The objective of the 2024 program is to gather necessary information to transition the project from Scoping to PFS stage by confirming key aspects of the site design and continuing the environmental baseline program while aligning these activities with the cultural and social traditions of the Tahltan Nation. The planned work activities are focused on completing investigations where required and confirming value-add opportunities which will inform the PFS."

2024 Program Summary
The 2024 program is expected to advance the project from Scoping to PFS stage by confirming key aspects of the site and project design layout and to advance the geotechnical model. Determination of exact drill meter allocation will occur by the end of Q1 2024 as data gathered in 2023 is being processed and interpreted. Essential camp upgrades including completion of the solar power facility is planned.

The key components of the 2024 program for Schaft Creek are:

Drilling:
The 2024 program consists of 2 drills and a planned 4,500-meter geotechnical drilling campaign allocated to the proposed open pit Highwall, TMF, and RSFs. The exact drilling allocations will be determined after receiving final results of the Pit Slope Stability study and interpretation of the geotechnical data collected in 2023. This work is expected to be received by the end of March 2024.

Environmental Baseline Studies:
The 2024 program plans to continue the Environmental Baseline studies initiated in 2023 in preparation of an Environmental Assessment Permit submission. Studies will include water sampling (both surface and ground water), meteorology, hydrogeology, fish and fish habitat data collection, glacier and wildlife monitoring and cultural, heritage and archaeology studies in and around the project footprint.

The data from these studies will be used to refine the project footprint and update details and design of infrastructure components including the Highwall, RSF locations, camp design, TMF, power transmission route, haul and access road designs to inform the PFS.

Cultural/Social:
A significant portion of the 2024 program includes strengthening collaboration with the Tahltan Nation on cultural and social traditions initiatives as well as community support programs, continued community engagement and active engagement with the Tahltan Lands Department and Archaeology Team.

Camp Upgrade:
Camp upgrades will include completion of the solar power facility and refurbishment of existing bunkhouses and wash facilities. These upgrades will allow for expanded future field programs and ensure safe and efficient execution of the proposed 2024 field program.

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 Canadian exploration and development company focused on Tier 1 copper projects 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% ownership of the Van Dyke oxide copper project located in Miami, AZ, the 100% interest in the Mineral Mountain and Sombrero Butte porphyry copper exploration projects 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 at www.copperfoxmetals.com.

For additional information contact: Lynn Ball at 1-844-464-2820; investor@copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

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 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 include statements about: the 2024 program advancing the project; updating the project configuration and permitting timeline; a 4,500 m drill program; continuing environmental data collection, completion of metallurgical study; transitioning the project from Scoping to Prefeasibility Study stage; bringing forward value recognition opportunities; and a budget of C$18.7 million.

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; the speed of field studies; 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 among others: the 2024 drill program and associated metallurgical and geotechnical testwork may not be completed within the timeline or at all; the environmental work and socio-economic interaction with the Tahltan Nation may not be completed within the timeline or at all; the planned expenditures for the 2024 program may be over/under-estimated; 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.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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199832