Copper Fox Provides Update on the Van Dyke Copper Project – Copper Fox Metals (OTC:CPFXF)

Calgary, Alberta–(Newsfile Corp. – May 11, 2023)– Copper Fox Metals Co., Ltd. Coo CPFXF (“Copperfox” or “Company”), through a wholly owned subsidiary Desert Fox Copper Co., Ltd. is pleased to provide an update on the wholly owned Van Dyke Company’s In-Situ Copper Recovery (“ISCR”) project in the Grove-Miami Mining Area in Gila County, Arizona.

2020 Preliminary Economic Assessment (“PEA”) for the Van Dyke Island Project, prepared in accordance with National Instrument 43-101; (Click here for news release) showed 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 copper price of US$3.15/lb. The PEA recommended that the project proceed to the Preliminary Feasibility Study (“PFS”) stage. Based on this recommendation, we are pursuing a drill hole repair and testing program along with other activities listed below.

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  • Cascade Drilling and Technical Services (“Cascade”) has commenced surge, bail and pump testing at four boreholes.
  • Projects for mineralogical, solubility, whole rock and trace element studies have been completed.
  • Sampling of the Gila conglomerate for uniaxial compressive strength (“UCS”) testing for geotechnical purposes is planned.

Copperfox President and CEO Elmer B. Stewart said, “The results of the borehole remediation activities completed so far at Van Dyke have been encouraging. The objectives of the current work program are: It is to provide additional data on key technical parameters of the excavator.” Depending on the results of the current program of work, the next phase of work will involve planning a multi-purpose drilling program aimed at installing additional hydrogeological monitoring stations, upgrading or expanding minerals. Explore resource categories and obtain samples for additional pressure leach testing or geotechnical purposes. ”

Rehabilitation work
Cascade has commenced work on four historic boreholes selected for surge, bail and pump testing. This work is expected to take approximately three weeks to complete, barring unforeseen delays. Liquids recovered from wells are stored in containers for disposal at regulated locations. Once the tests are complete, sampling is planned to investigate the chemistry of the groundwater. Successful completion of testing should lead to the installation of downhole hydrogeological monitoring equipment to collect hydrogeological data for future permit requirements.

Mineral solubility test
PEA focused on a 17-year mine life to extract soluble copper from the Van Dyke deposit. The deposit consists of an upper oxide zone (mainly malachite, azurite, chrysocolla) and an underlying transition zone (malachite, azurite, chrysocolla and chalcopyrite mixture), followed by a chalcopyrite zone (mainly chalcopyrite). copper ore) exists.

Five boreholes within Phase 1 (Leach Panels 1-5) of the PEA-mandated mine plan were selected for mineral composition, bottle roll testing, and both whole rock and trace element geochemical analyses. I was. A total of 65 sample locations covering a wide range of acid-soluble copper grades from oxide, transition and chalcopyrite zones within these five drill holes were selected for planned testing work. Upon receipt of the leaching test results, additional samples from the drill holes within leaching panels 1-5 and leaching panels 6-11 (Phase 2 of the Mine Plan) may be selected for study. Samples will be selected from our existing core facility in Miami, Arizona and are expected to begin in late May.

Geotechnical testing
The Van Dyke Project development will access the subsurface by advancing an underground ramp into the Gila conglomerate that descends to a depth of approximately 250 meters below the surface and above the “leaching cap” that covers the Van Dyke deposit. is being considered. The program consists of collecting samples for UCS testing to evaluate the mechanical properties of Gila Conglomerate. Data from this study provide important information for determining the level, if any, of ground support required for underground works.

Elmer B. Stewart, M.Sc. President and CEO of Copper Fox, he is P. Geol., a non-independent nominee of the Company pursuant to National Instrument 43-101, Disclosure Standards for Mineral Projects, and the scientific and technical disclosures disclosed below. We are reviewing and approving information. this news release.

About Copperfox
Copper Fox is a Canadian Tier 1 resource company listed on the TSX Venture Exchange. Coo in Canada and the OTC market CPFXF In the United States, it focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and U.S. subsidiaries are 100% ownership of the Van Dyke copper oxide project in Miami, Arizona and his 25% ownership of the Schaft Creek joint venture with Teck Resources Limited. is the interest of The Copper-Gold-Molybdenum-Silver project at Shaft Creek in northwest British Columbia. For more information on Copper Fox’s other mineral properties and investments, please visit our website at: http://www.copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
Representative Director and President

For more information, please contact Jason Shepherd at investor@copperfoxmetals.com or 1-844-464-2820.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible 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 Sections 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 Securities Act of Canada (collectively, “forward-looking statements”). It contains. – information you are looking for”). Information about forward-looking statements may be classified as “possible,” “may,” “plan,” “intend,” “anticipate,” It can be identified by using words such as “will” and “expect”. “Expressions such as ‘forecast’, ‘plan’, and negative expressions thereof. Forward-looking information in this news release includes statements regarding the timing of additional well renovations and testing/sampling activities. Completion of geotechnical, mineralogical and solubility tests on selected samples from the Van Dyck deposit. His UCS test for Gila Conglomerate.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries make a number of assumptions regarding, among other things: Complete the planned hydrogeology program on time and on budget. Availability of Service Providers. The geological, metallurgical, engineering, financial and economic advice received by Copper Fox is reliable and based on practices and methodologies consistent with industry standards. and stabilization of economic and market conditions. Although Copper Fox believes these assumptions are reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Further, Copper Fox’s actual results, performance or achievements may be materially different from any future results, performance or achievements expressed or implied by any forward-looking information contained herein. An unknown risk factor exists. Known risk factors include: Selected site conditions may not be suitable for downhole testing/sampling activities. Sampling and additional rehabilitation may not be completed as planned, or may not be completed at all. Mineralogical and solubility studies may not return the desired results, may not complete as planned, or may not complete at all. Geotechnical tests may not be completed as planned, or may not be completed at all. Uncertainties regarding the interpretation of previous results. The overall economy could get worse. Uncertainty regarding the availability and terms of future financing. Fluctuations in commodity prices and demand. exchange rate. It is also uncertain whether permits and other government approvals will be obtained in a timely manner.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox’s Continuous Disclosure Statement to Canadian Securities Regulators at: www.sedar.com. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and Copper Fox undertakes no obligation to revise or update such forward-looking information, or to make any revisions to the forward-looking information contained herein. We are not obligated to publish it. They are included 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/165602

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