Update On The Van Dyke Copper Project

CALGARY - Copper Fox Metals Inc. through its wholly owned subsidiary Desert Fox Copper Inc., reported on the Van Dyke in-situ copper recovery (ISCR) project located in the Globe-Miami Mining District, Gila County, Arizona. The 2020 Preliminary Economic Assessment ('PEA') for the Van Dyke project, prepared in accordance with National Instrument 43-101 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 Study ('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 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; and Sampling of the Gila Conglomerate for unconfined compressive strength ('UCS') tests for geotechnical purposes is planned.

Elmer B. Stewart, President and CEO, said, "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."

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.

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 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 studies. The samples will be selected from the existing core facility located in Miami, Arizona, preparing to commence.

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.