Copper Fox Announces 2023 Exploration Plans for Mineral Mountain Copper Project

Calgary, March 30, 2023 - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Copper Inc. ("Desert Fox"), are pleased to announce that they have executed a contract with Quantec Geosciences USA Inc. to conduct a deep penetrating geophysical survey on its 100% owned Mineral Mountain project located approximately 25 kilometers ('km') (15 miles) east of Florence, Arizona. The geophysical survey will employ Quantec's ORION 3D Swath DCIP configuration. Highlights of the survey are set out below:

Highlights

• The objective of the survey is to further define the horizontal and depth extensions of the open-ended chargeability and resistivity signatures associated with the 4,500 meter ('m') long by 2,000 m wide copper "footprint".

• Detailed mapping of lithology, alteration and mineralization along the proposed geophysical survey lines is planned to better interpret the results of the geophysical survey.

• The survey is to commence in May 2023 and may vary subject to crew availability.

• Geochemical vectoring (Cu/Zn ratio) defined a 4,000 m long northeast-southwest trending corridor potentially hosting two additional porphyry targets on strike with the mineralized Laramide age intrusive.

Elmer B. Stewart, President, and CEO of Copper Fox, stated, "The planned ORION 3D Swath DCIP survey has been used at our advanced exploration stage Eaglehead copper-gold-molybdenum porphyry project in northern British Columbia with considerable success. Mineral Mountain is a Laramide age porphyry copper-molybdenum system with enriched gold concentrations like several porphyry systems in the Safford mining district in southeastern Arizona with potential to locate several additional porphyry centers on strike with the mineralized Laramide age intrusive."

Geological Model
Mineral Mountain is a copper (gold-molybdenum) rich porphyry system characterized by a strong copper-magnetite association that was subjected to several episodes of weathering/oxidization commonly seen in porphyry copper systems in Arizona. The Cu-Au-Mo mineralization is hosted in mineralized and non-mineralized, porphyritic granodioritic and quartz monzonitic phases of the Laramide age intrusive (69.7 +/- 0.4 Ma; U/Pb zircon). The porphyry style mineralization is associated with strong Potassic alteration (K-Spar-biotite-magnetite) and Sericitic (sericitic-chlorite +/-actinolite) alteration. Propylitic (epidote + chlorite) is peripheral to mineralization and in places overprints the Potassic and Sericitic alteration evidenced by copper-epidote veining. The mineralization, alteration and the open-ended positive chargeability signature/resistivity signature identified in 2021 show a strong spatial correlation to several late-stage, pipe-like, intrusives within the Laramide intrusive with positive magnetic signatures attributed to early stage Potassic alteration.

2023 Geophysical Survey
The objective of the planned 50.5 km survey (see Image #1) is to map the chargeability and resistivity signatures of the porphyry mineralization and associated alteration patterns located within the multi-phase Laramide age intrusive. Utilizing the ORION 3D SWATH DCIP survey, configuration is expected to provide a better definition of the thickness of the surface weathering/oxidization profile, expand the limits of the chargeability and resistivity signature outlined in 2021 and map the two additional porphyry targets identified by the Cu/Zn ratio modelling.

Image #1: Planned 2023 Geophysical survey outline.

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Geochemical Vectoring
Porphyry copper deposits exhibit metal zonation patterns grading from copper mineralization at the core (proximal) outward to base metal mineralization (distal) toward the edge of the porphyry system. The Cu/Zn ratio is commonly used to indicate proximity to the center of a porphyry system. The Cu/Zn ratio (based on 500 samples) for the Mineral Mountain project identified a structurally controlled northeast Cu/Zn trend (see Image #2) consistent with the copper mineralization, alteration patterns and interpreted late-stage intrusive activity. The areas exhibiting a Cu/Zn ratio greater than 50 exhibit a strong spatial association to the known copper occurrences within Laramide age intrusive and suggests the potential for additional porphyry centers within the Mineral Mountain project.

Image #2: Plan map showing generalized Cu/Zn ratio at various contour intervals within the Laramide age intrusive. Dimensions of the identified areas may be larger than actual due to extrapolation of values by the Micromine modelling software.

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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) and the OTC Market (OTCQX: CPFXF) and is 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 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona and the 25% interest in the Schaft Creek Joint Venture with Teck Resources Ltd. on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia. For more information on Copper Fox's other mineral properties and investments visit the Company's website at copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

For additional information contact: Jason Shepherd 1-844 484-2820 or at investor@copperfoxmetals.com.

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; completion of a geophysical survey; Cu/Zn ratio modelling; the identification of late stage intrusives; the correlation of several of the late-stage intrusives and copper-molybdenum mineralization and alteration; and exploration of the project.

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 geophysical and geological surveys may not be completed as planned or at all; further exploration of the property may not be completed as planned or at all; the dimensions and shape of the mineralized areas may not be as estimated; the Cu/Zn modelling may not be accurate; the surface mineralization may not represent a buried porphyry style mineralization; uncertainties relating to interpretation of the outcrop sampling results; continuity and concentration of the mineralization; the financial markets and the overall economy may deteriorate; the need to obtain additional financing 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.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.

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