AFX:CC - Arctic Fox Begins High Resolution Airborne Magnetic Survey at Pontax North
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA (June 18, 2024) – TheNewswire – Arctic FoxLithium Corp. (CSE: AFX / FSE: O5K) (the “Company” ) ispleased to announce that it has begun a high resolution airbornemagnetic survey over its Pontax North Lithium property in JamesBay.
The helicopter-borne system includes two laser pumpedmagnetic sensors providing 1,000 measurements per second (1,000 Hz)from a “stinger” mounted at the front of a Guimbal G2 lighthelicopter. The survey will be flown with lines 50 metre apart and 500metre control lines spacing and at a minimum survey drape elevation of15 m to 20m above the ground depending on the overalltopography.
Airborne Magnetic SurveyHighlights
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Enhanced Aeromagnetic Resolution: The survey will be completed at 50 m linespacing and at a minimum survey drape elevation of 15 m above theground. The advantage of a single continuous survey is it won’trequire merging multiple data sets with differentresolutions.
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Increased Geological Understanding: The survey will provide Arctic Fox with muchbetter definition of the important geological units and structures onthe property
Harry Chew, President and Chief Executive Officer ofArctic Fox states: “We are pleased to be executing thishigh-resolution magnetic survey as it will serve as a cornerstone toour upcoming summer exploration program. With this state-of-the-arthigh resolution magnetic survey, we will be able to update the geologymap and identify key stratigraphic contacts and structures fortargeted exploration.
2024 Airborne Magnetic Survey
The high resolution airborne magnetic survey over thePontax North Lithium property will be completed by Novatem Inc. basedout of Mont Saint-Hilaire, Québec. The project is located 13kilometres south-west of the KM 381 Relais in James Bay.
The survey will cover a total area of 16.3km 2 and include an estimated 404 total line-kilometres. Novatem will beproviding preliminary processing and quality control of thegeophysical data on site as well as the preparation and supply ofpreliminary and final products.
The identification of pegmatites belonging to thefavourable Causabiscau Suite in the northern part of the Pontax NorthProperty during the 2023 prospection, with coincident Be-Cs-Ta-Nb-Rb anomalies upto 100 times the average concentration of the upper continental crustand lithium anomalies up to 5.3 times that of Li, are a definitive indicator of the rare-element potential ofthe system and presents a significantopportunity for targeted exploration. We alsoexpect from this high resolution airborne magnetic survey to highlightadditional mineralized pegmatite dykes below overburden.
The Company also wishes to announce that it will nolonger be proceeding with its options on the Delta Lake and Spiusproperties. Management feels that the Company should focus itsresources on the Pontax North Property at this time as promisinggeological units and structures have been identified on theproperty.
About Arctic Fox Lithium Corp.
Arctic Fox Lithium Corp. is a junior mineralexploration company focused on the acquisition and development ofmineral properties containing battery, base and preciousmetals.
The Company’s 2,859-hectare Pontax North LithiumProject (“ PontaxNorth ”) is located 12 km south of Allkem Ltd.(ASX/TSX:ALLKEM) (“ Allkem ”) James Bay Lithium Project( Proven & ProbableReserves of 37.3 Mt @ 1.27% Li2O ; Measured & Indicated Resourcesof 54.3 Mt @ 1.30% Li2O - NI 43-101 TechnicalReport dated September 29, 2023) and 12 km north of Stria LithiumInc.’s (CSE:SRA) Pontax Lithium Project ( non NI 43-101 conformable InferredResource of 10.1 Mt at 1.04%Li2O - Stria Press Release dated August 14,2023) , located in northern Québec,approximately 130 km east of James Bay and the Cree Nation’sEastmain community.
The northern portion of Pontax North contains a lithiumprospective zone in a similar geological environment to Allkem’sproject. The Causabiscau Suite which hosts the Cyr lithium deposit isindeed characterized by the abundance of S-type granitic pegmatite, alithology known for its Be, Li, Cs, Nb, and Ta potential. Beryl (aberyllium silicate mineral) has been reported by Quebec MERNgeologists in several outcrops within this zone. The Causabiscau Suiteappears strongly underexplored despite its recognized lithiumpotential.
References to adjacentproperties:
12 km North: Allkem Ltd. James BayLithium:
The technical report entitled “NI43-101 Technical Report Feasibility Study James Bay Lithium ProjectQuebec, Canada” prepared by G Mining Services, SLR Consulting, WaveInternational and WSP Canada and dated September 29, 2023.
12 km South: Stria Lithium Inc.(Pontax Lithium Project):
https://strialithium.com/exploration/pontax-project/
* This news release containsinformation about adjacent properties on which Arctic Fox has no rightto explore or mine. Readers are cautioned that mineral deposits onadjacent properties are not indicative of mineral deposits on theCompany’s properties.
The technical information containedwithin this News Release has been reviewed and approved byBenjamin
Mougin, P. Géo, M. Sc. andQualified Person as defined in National Instrument 43-101 Standards ofDisclosure
for Mineral Projects
For further information, please contact:
Harry Chew, President, CEO
Phone: (604) 689-2646
On behalf of the Board of Directors,
“Harry Chew”
Harry Chew
President & CEO
Arctic Fox Lithium Corp.
Twitter: https://twitter.com/arcticfoxLi
LinkedIn: https://www.linkedin.com/company/arcticfoxlithium
Facebook: https://www.facebook.com/arcticfoxlithium
Instagram: https://www.instagram.com/arcticfoxlithium
YouTube: https://www.youtube.com/@arcticfoxlithium
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this pressrelease.
Forward-LookingInformation: This releaseincludes certain statements that may be deemed "forward-lookingstatements". All statements in this release, other thanstatements of historical facts, that address any activities and eventsor developments that Arctic Fox Lithium Corp. (" Arctic Fox ") expects to occur, areforward-looking statements. Although Arctic Fox believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those forward-looking statements. Forward-looking statements inthis press release include, but are not limited to, statementsrelating to: potential benefits of the fieldwork described in thispress release; and the future potential of and exploration on theproperties described in this press release. Factors that could causeactual results to differ materially from those in forward lookingstatements include the failure to complete the fieldwork on the timingand terms as contemplated or at all; uncertainty with respect to theresults of future exploration and the ability to conduct anyexploration activities on the properties described in this pressrelease; market prices; disruptions relating to the COVID-19 pandemic;and continued availability of capital and financing and generaleconomic, market or business conditions. These statements are based ona number of assumptions including, among other things, assumptionsregarding general business and economic conditions; in order toconduct anticipated exploration activities; and that the explorationcompilation work described in this press release will be completed asanticipated. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those projected in the forward-lookingstatements. Arctic Fox does not assume any obligation to update orrevise its forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required byapplicable law.
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