Copper Fox Reports On Activities

VANCOUVER, BC - Copper Fox Metals Inc. reported with update of corporate activities. Over the past few weeks, spot copper prices have shown some significant gains. As indicated in the last corporate update, Copper Fox has been positioning itself to take advantage of this long-expected move to higher copper prices. Elmer B. Stewart, President and CEO of Copper Fox, stated, "We are very pleased with the approach and progress on the updated resource block model for the Schaft Creek deposit. The positive results of the preliminary metallurgical test work from Carmax's Eaglehead project and the preliminary results of the mapping and sampling program from the Mineral Mountain project are encouraging."

Highlights: The resource block modeling for the Schaft Creek deposit is ongoing. The results of this work are expected to be made available during the latter half of the first quarter of 2017; Upon completion of the resource block modeling, a decision will be taken on whether an updated resource estimate for Schaft Creek is required; On Carmax's Eaglehead project, locked cycle test work has yielded recoveries of 89.9% copper, 71.1% molybdenite, 78.6% gold, and 78.1% silver; The mineralization at the Mineral Mountain project shows a strong northeast structural control as well as a Cu-Mo-Ag-Au-Bi-Te geochemical association, a typical signature of porphyry copper systems.

Since the update on November 9, 2016, the work required to update the resource model for the Schaft Creek deposit continues. This work includes a full review of all data generated on the Schaft Creek deposit since the late 1960s up to and including the work completed by the Schaft Creek Joint Venture between 2013 and 2016. This work also includes incorporating updated geological model information which provides a better understanding of the lithological and structural controls on the mineralization. As previously stated, one of the objectives of this work is to better understand the content and distribution of precious metals in the deposit and whether or not an updated resource estimate for the Schaft Creek deposit is required. The results of the resource modeling work should be available during the first quarter of 2017, after which a decision to update the resource estimate will be taken.

Carmax has released the results of the preliminary test work completed on their Eaglehead copper project located in northwest British Columbia. The work by SGS shows that the copper mineralization consists mainly of chalcopyrite with lesser amounts of bornite. Based on locked cycle test work, the final copper-molybdenite bulk concentrate assayed 29.6% Cu, 2.72% Mo, 28.2 g/t Au, and 175.9 g/t Ag with estimated metal recoveries of 89.9% copper, 71.1% molybdenite, 78.6% gold, and 78.1% silver. The copper-molybdenite concentrate contained very low concentrations of arsenic, selenium and tin. Carmax also reports that tests to upgrade molybdenum recovery in a separate molybdenum cleaner circuit were not completed.

The Mineral Mountain project is located in a northeast trending structural lineament that hosts the porphyry copper deposits at Casa Grande, Resolution and in the Miami-Globe district in Arizona. Bedrock exposures within the project are estimated to be approximately 10-15%. The recently completed program consisted of outcrop and trench sampling (where applicable) as well as mapping lithologies, alterations, and vein assemblages. The work was completed within the area (approximately 3,000ft X 2,000ft) reported to contain copper +/- molybdenite mineralization hosted in a Laramide age Granodiorite intrusion.

Analytical results for 51 of the samples collected have been received. A number of these samples had to be re-submitted for assays due to over limits on the initial geochemical analytical method. Rock chip samples (approximately one kilogram) were collected from outcropping material to characterize the metals present in veins and other mineralized structures. The samples were transported to Skyline Laboratories in Tucson, Arizona and delivered in person.

Samples were crushed to plus 75% -10 mesh, split and pulverized to plus 95% -150 mesh. Pulps were subjected to a multi-acid digest (HNO3, HF, HClO4) followed by analysis by ICP/OES. Gold was analyzed on a 30-gram charge by fire assay with an atomic absorption finish. Fluorine was analyzed by an ion-selective electrode. The Skyline's package code Te-5 was used to analyze the samples for the base and other trace elements. Skyline has an ISO/IEC 17025/2005 accreditation.