Copper Fox to Complete IP Survey on Mineral Mountain Project

Calgary, Alberta--(Newsfile Corp. - July 13, 2020) -  Copper Fox Metals Inc. (TSXV: CUU) (OTC Pink: CPFXF) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Copper Inc., are pleased to provide an update of recent studies and its exploration plans for its 100% owned Mineral Mountain porphyry copper project located approximately 15 miles east of Florence, Arizona.

Highlights:

  • An 18.2 km chargeability/resistivity survey is planned to test two large porphyry copper targets.
  • Age dating (U/Pb zircon age) of the quartz monzonite stock yielded a mean age of 69.7 +/- 0.4 Ma. confirming a Laramide age for the intrusive.
  • The copper mineralization is hosted in a multi-phase intrusive ranging in composition from quartz monzonite to granodiorite.
  • The Laramide age intrusive exhibits a significant degree of zircon inheritance from basement rocks but has not been structurally tilted (dismembered) after emplacement like many of the other Laramide age porphyry copper systems in Arizona.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "The above highlighted points and our efforts over the past two years has re-defined the geology, identified two large porphyry copper targets, demonstrated the mineral potential of the project and strongly refutes many of the previous interpretations and concepts related to the Laramide age intrusion at Mineral Mountain. This intrusive is located on the same structural trend that hosts the Globe-Miami, Resolution and Ray porphyry deposits which have similar age dates and zircon inheritance from basement source rocks as the intrusive at Mineral Mountain. All the data, along with the size of the mineralized footprint, alteration patterns and widespread copper mineralization suggest the Laramide intrusive at Mineral Mountain could host a large porphyry copper system. The IP survey is designed to test the depth extent of the copper mineralization exposed in both targets and establish drill locations for the next phase of exploration."

Geophysical Survey:
Geofisica TMC has been contracted to complete an 18.2 km deep penetrating chargeability/resistivity survey over Target #1 and Target #2. The geophysical survey consists of nine, 400m spaced lines designed to test at depths of more than 500m and will include the historical chargeability anomaly outlined in 1971 within Target #1. As part of the process to obtain the permit required to conduct the geophysical survey, the Bureau of Land Management ("BLM") has advised that an environmental assessment will be required. The geophysical survey is expected to commence on receipt of permit approvals from the BLM and the Arizona State Land Department.

Significance of Age Dates:
A recent study by Seedorff, et al., utilizing U-Pb zircon geochronology on porphyry copper deposits in the Miami-Globe-Resolution-Ray area of Arizona indicated that the intrusions hosting Laramide age porphyry copper deposits exhibit variable magmatic sources and in places, a significant degree of zircon inheritance from basement source rocks. U-Pb zircon ages for intrusives in the Globe-Miami, Pinto Valley, and Resolution deposits ranged from ca. 69-61 Ma. and 69 Ma at Ray. The ages of the inherited zircon cores correspond closely to the ages of basement rocks implying that basement rocks of similar ages and lithologies contributed to the magmas that produced these Laramide porphyry copper deposits. The study was able to investigate the intrusives hosting the Laramide porphyry copper deposits at various depth due to normal faulting related to extensional tectonics during the Cenozoic period that dismembered and tilted many of these intrusives exposing various depth within the porphyry systems for study.

Source: Seedorff et. al: Temporal evolution of the Laramide arc: U-Pb geochronology of plutons associated with porphyry copper mineralization in east-central Arizona, The Geological Society of America Field Guide 55

Age Dating:
Age date (U/Pb zircon age) determinations were completed on zircons extracted from a sample of the quartz monzonite stock from the Mineral Mountain project. The study of the zircons yielded a Laramide age and a significant amount of inheritance from older Precambrian age basement rocks. The Laramide age dates (based on 27 age determinations) ranged from 66 to 74 Ma., with a weighted mean age of 69.7 +/- 0.4 Ma, statistically indistinguishable from dated lithologies from other porphyry copper systems in this part of Arizona.

The Precambrian zircons fall into two statistical groups: younger Proterozoic and older Proterozoic. The younger Proterozoic zircons yield a weighted mean age of 1311 +/- 16 Ma, while the older Proterozoic zircons yield a weighted mean age of 1661 +/- 22 Ma. These Proterozoic dates line up well with the units in the region. The Ruin/Oracle granite has ages in the 1300-1400 Ma range, while the Madera diorite has been dated around 1630 Ma.

Structural Analysis:
An analysis of 1,110 measurements of dikes and mineralized veins to determine the geometry of the Laramide age intrusive (69.7±0.4 million years ago) and orientation of mineralized structures was completed to optimize the orientation of the proposed geophysical survey.

The study included four classes of intrusive dikes and four classes of hydrothermal vein types of Laramide age. All classes show modal dips within 20 degrees of vertical, though strike directions vary (systematically with age) from N15°W to Due North to N68°E. These results demonstrate that since the Laramide igneous and hydrothermal events, the intrusive remained upright and that there was no tilting of the porphyry system.

Petrographic Studies:
Petrographic studies indicate the presence of a multi-phase intrusive stock with mineralized and a non-mineralized granodiorite phases in addition to the mineralized quartz monzonite. The variable magnetite (trace to 5%), hornblende (0 to 7%) and biotite concentrations in the quartz monzonite samples suggests the possibility of several phases of quartz monzonite emplacement. The petrographic work confirmed earlier potassic, pervasive sericite and late stage propylitic alteration phases and confirmed mineralogical changes in disseminated, quartz veinlet and fracture controlled chalcopyrite mineralization to secondary malachite, covellite and chalcocite due to weathering/oxidization/enrichment processes that were active subsequent to the Laramide hydrothermal event.

Analytical and Sampling Procedures:

The age dating analysis was completed by GeoSep Services located in Moscow, Idaho, USA. The procedure used to extract the zircons from the sample is as follows; crush (if necessary), sieve, water wash to remove lighter particles (e.g. clay), separate in Lithium Meta-tungstate to remove particles with a specific gravity less than 2.95, remove magnetic grains with a hand magnet and a Frantzmagnetic separator, separate in Di-iodomethane (Methylene Iodide) to remove particles with a specific gravity less than 3.33 followed by collections of zircon.

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 oxide copper 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: 18.2 km chargeability/resistivity survey; an age date of 69.7 +/- 0.4 Ma; a structural analysis indicating the Quartz Monzonite stock has not been structurally disturbed; and mineralized structures and late stage porphyritic dikes consistent with other Laramide age porphyry systems in Arizona.

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 18.2 km of chargeability/resistivity survey may not be completed as planned or at all; the an age date of 69.7 +/- 0.4 Ma, while similar to other deposits may not host significant copper mineralization; the structural analysis may not be indicative of an undisturbed porphyry copper system; and mineralized structures and late stage porphyritic dikes may not contain significant concentrations of copper; the dimensions and shape of the mineralized areas may not be as estimated; the surface mineralization may not represent buried porphyry style mineralization; uncertainties relating to interpretation of the outcrop sampling results; the geology, continuity and concentration of the mineralization; 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/59549

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