News

Calgary, Alberta–(Newsfile Corp. - August 19, 2020) - Copper Fox Metals Inc. (TSXV: CUU) (‘Copper Fox’ or the ‘Company’), through its wholly owned subsidiary Desert Fox Copper Inc., is pleased to announce that it has engaged Moose Mountain Technical Services (“MMTS”) to update the 2015 Preliminary Economic Assessment (“PEA”) on its 100% owned Van Dyke in-situ copper recovery (“ISCR”) project located in the Globe-Miami Mining District in Arizona.

Mr. Elmer Stewart, President and CEO of Copper Fox, stated, “Updating of the 2015 PEA is essential to determine the effects of the positive changes in resource classification and the substantial increase in soluble copper content that was reported in the 2020 Updated Resource Estimate. The robust geological and updated copper recovery models combined with higher long term copper pricing are expected to have a significant impact on both project economics and mine life, indicating that the Van Dyke project continues to prove itself as a serious competitor in the ISCR sector in Arizona.”

Rationale for the Updated PEA:

In May 2020, Copper Fox filed the “NI 43-101 Technical Report and Updated Resource Estimate for the Van Dyke Copper Project”, effective date January 9, 2020 with S. Bird, P.Eng. and R. Lane, P.Geo., as Qualified Persons. The key highlights of the report included a portion of the resource classification being upgraded from Inferred to Indicated, an increase in the soluble copper content by 50% and the projected soluble copper recovery to 90%. Tables 1 and 2 show the comparison and changes between the 2020 and the 2015 resource estimates for the Van Dyke project.

Table 1: 2020 Resource Estimate

(%)=percent, TCu=total copper, Soluble Cu=estimated pounds of recoverable copper, Mlbs=million pounds

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Table-2: 2015 Inferred Mineral Resource Estimate within Potentially Economic Confining Shape

(%)=percent, TCu=total copper, Oxide Cu=estimated pounds of recoverable copper, Mlbs=million pounds

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Not only will the updated PEA take into consideration the positive results of the 2020 Updated Resource Estimate, it will also include the most up to date technical improvements for the ISCR process with the objective of reducing both the project’s capital and operating costs. A Summary of the Base Case Economic Results for the 2015 Preliminary Economic Assessment on the Van Dyke Project based on 797 Mlbs of soluble copper content are shown below:

2015 PEA Highlights:

The results of the 2015 PEA are preliminary in nature as they include an inferred mineral resource which is considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. There is no certainty that the PEA forecasts will be realized or that any of the resources will ever be upgraded to reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability

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) 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 Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and a 100% ownership of the Van Dyke in-situ copper recovery 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.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact:
Lynn Ball: investor@copperfoxmetals.com
(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 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 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: updating of the 2015 PEA; determining the effect of the positive changes in resource classification and the substantial increase in soluble copper content; the robust geological and updated copper recovery models combined with higher long term copper pricing having a significant impact on both project economics and mine life; the Van Dyke project being a serious competitor in the ISCR sector; estimates from the 2020 Updated Resource Estimate; and including the most up to date technical improvements to reduce the project’s capital and operating costs.

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 reliable and is based upon practices and methodologies which are consistent 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 updated PEA may not be completed as planned or at all; the results of the updated PEA may not have a significant impact on the economics or mine life of the project; the Van Dyke project may not remain a serious competitor in the ISCR sector; resources may not be as estimated in the 2020 Updated Resource Estimate; technical improvements may not reduce the project’s capital and operating costs; 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62064