Vancouver, British Columbia – June 25, 2026, – Fox Tungsten Ltd. (TSXV: FOXT) (“Fox Tungsten” or the “Company”)
is pleased to announce the start of its fully funded 20,000 meter drill
program. The Company has mobilized the first of two diamond drill rigs
to site and drilling is now underway at the Fox Project, located
approximately 75 km northeast of 100 Mile House in south-central British
Columbia. The second drill rig is expected to arrive on site in early
July.
The 2026 drill program will focus on three key objectives:
- Fox Resource Growth: Approximately 60% of drilling
will be dedicated to expanding the existing Fox resource in support of
an updated mineral resource estimate and Preliminary Economic Assessment
(“PEA”) in H1 2027. A particular focus will be testing the continuity
of mineralization between the BN, RC and BK zones along strike, as well
as targeting down-dip extensions of the BN and RC zones. - Fox Exploration: Approximately 30% of drilling will
target high-priority exploration opportunities across the broader Fox
property with the objective of identifying new tungsten-bearing zones
and expanding the project’s long-term growth potential. This will
include targeting deeper down-dip extensions of the existing resource
zones, and potential new areas at Fox North and the August Showing. - Silverboss Exploration: Approximately 10% of
drilling will be directed toward the nearby Silverboss property, where
the Company will evaluate several prospective copper and molybdenum
targets. This will include potential molybdenum mineralization to the
north-west of Glencore’s decommissioned Boss Mountain mine at the 10
Mile Creek target, and drill testing the Gus Zone copper soil anomaly.
The Company expects drilling to continue
to October 2026, with assay results to be released periodically as they
become available.
Figure 1 – 2026 Target Areas at the Fox Project
In addition to drilling, the Company will
undertake a range of field activities during the 2026 season, including
prospecting, geological mapping, geochemical sampling, and metallurgical
testing to support future project development.
To support the 2026 exploration campaign,
the Company has recently completed construction of a new, larger
exploration camp (Figure 3). The upgraded facility is designed to
accommodate the increased workforce and operational requirements
associated with the largest drill program in the Company’s history.
The Company’s exploration program is being
managed by Coast Mountain Geological Ltd., a leading British
Columbia-based geological consulting firm with extensive experience
advancing critical mineral projects. Paycore Drilling Ltd. has returned
as the Company’s drilling contractor following their successful
completion of the 2025 Fox drill program.
“We are excited to begin our largest
exploration program to date at Fox,” said Steve Gray, CEO of Fox
Tungsten. “With two drill rigs operating throughout the summer, a new
camp in place, and a clear focus on resource growth and new discoveries,
this program represents a major step toward unlocking the full
potential of the Fox district. The results of this work will form the
foundation of an updated resource estimate and our planned PEA in 2027.”
Fox’s 2026 exploration program comes amid
growing government and industry focus on securing domestic supplies of
critical minerals. China currently accounts for approximately 80% of
global tungsten production, highlighting the strategic importance of
developing new sources of supply in North America and allied
jurisdictions.
Figure 2 – Regional Program Overview
Figure 3 – New Fox Exploration Camp
Qualified Person Statement
The technical and scientific contents of
this release have been verified and approved by John Sims, P.Geo, a
qualified person pursuant to National Instrument 43-101, Standards of
Disclosure for Mineral Projects.
On behalf of the Board of Directors,
“Steve Gray”
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Steve Gray
Email: steve.gray@foxtungsten.com
Phone: 416-898-7247
About Fox Tungsten Ltd.
Fox Tungsten is focused on making new
discoveries and building resources in proximity to infrastructure on the
Company’s 100-percent-owned portfolio of diversified metals projects in
British Columbia.
Projects include the high-grade Fox
Tungsten deposit and the Silverboss molybdenum-copper-gold-silver
project adjacent to Glencore’s closed Boss Mountain molybdenum mine.
Fox Tungsten is committed to responsible
mineral resource development. The Company’s priority is to build and
sustain mutually beneficial relationships with Indigenous Communities in
the territories in which the Company explores.
Additional information relating to Fox Tungsten Ltd. may be obtained or viewed on the SEDAR+ website at www.sedarplus.ca or on the Company’s website at www.foxtungsten.com.
Forward Looking Statement
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.
This press release contains
“forward-looking information” within the meaning of applicable
securities laws, including statements that address capital costs,
recovery, grade, and timing of work or plans at the Company’s mineral
projects. Forward-looking information may be, but not always, identified
by the use of words such as “seek”, “anticipate”, “foresee”, “plan”,
“planned”, “continue”, “expect”, “thought to”, “project”, “predict”,
“potential”, “targeting”, “intends”, “believe”, “opportunity”, “further”
and others, or which describes a goal or action, event or result such
as “may”, “should”, “could”, “would”, “might” or “will” be undertaken,
occur or achieved. Statements also include those that address future
mineral production, reserve potential, potential size or scale of a
mineralized zone, potential expansion of mineralization, potential
type(s) of mining, potential grades as well as to Fox Tungsten’s ability
to fund ongoing expenditure, or assumptions about future metal or
mineral prices, currency exchange rates, metallurgical recoveries and
grades, favourable operating conditions, access, political stability,
obtaining or renewal of existing or required mineral titles, licenses
and permits, labour stability, market conditions, availability of
equipment, accuracy of any mineral resources, anticipated costs and
expenditures. Assumptions may be based on factors and events that are
not within the control of Fox Tungsten and there is no assurance they
will prove to be correct. Such forward-looking information involves
known and unknown risks, which may cause the actual results to
materially differ, and/or any future results expressed or implied by
such forward-looking information. Additional information on risks and
uncertainties can be found within Financial Statements, Prospectus and
other materials found on the Company’s SEDAR profile at www.sedarplus.ca.
Although Fox Tungsten has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking information, there can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those anticipated
in such statements. Fox Tungsten withholds any obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by law.
