AFX:CC - Arctic Fox Lithium Corp. Discusses Allkem Ltd.'s Recent New High Grade Zone at its James Bay Project in Quebec
(TheNewswire)
Vancouver, B C - TheNewswire - May 9, 2023 - ArcticFox Lithium Corp. (CSE:AFX ) ( FSE:7N4) (the “Company” ) is very encouraged by the recent results that Allkem Ltd. ( ASX/TSX:ALLKEM)( “Allkem” ) has released on a new high grade zone identified directlynorthwest of the main mineralized zone at their James Bay Lithiumproject. As reported by Allkem on May 4, 2023: “ highlightedintercepts include 125 metres at 1.7 per cent lithium oxide from 68 min drill hole JBL-23-048, and 72 m at 1.89 per cent Li2O from 11 m indrill hole JBL-23-024. True thicknesses are estimated to between 60per cent and 80 per cent of downhole thicknesses”.
Mr. Harry Chew, President, CEO and director, commented:“Allkem’s new zone of mineralization to the northwest of itscurrent resource provides scope for the potential of the entiresurrounding area. The Company’s Pontax North project is less than13.5 km from Allkem’s new zone of mineralization. The initialresults reported by Allkem reinforces the potential for discovery ofadditional lithium occurrences in the region.”
About Pontax North
The 2,756-hectare Pontax North Lithium Project(th e“Property”) is located 12 km south of Allkem Ltd. (ASX/TSX:ALLKEM)(“Allkem”) James Bay Lithium Project and 12 km north of StriaLithium Inc.’s (CSE:SRA) Pontax Lithium Project, located in northernQuébec, approximately 130 km east of James Bay and the CreeNation’s Eastmain community.
The northern portion of the Property contains a lithiumprospective zone in a similar geological environment to Allkem’sproject. According to the Quebec Ministère del’Énergie et des Ressources Naturelles (MERN) this zone is characterized by the abundance of S-typepegmatitic granite intrusions, a lithology known for its Be, Li, Nb,and Ta potential. Beryl (a beryllium silicate mineral) is reported inseveral outcrops within this zone. The Property is known to contain a10 km long pegmatite trend as mapped by MERN.This trend appears to be underexplored, despite its recognized lithiumpotential. Swarms of lithium-bearing granitic dykes are present 12 kmnorth of the Property at Allkem’s Cyr showing and at StriaLithium’s Pontax showing 12 km to the south.
Allkem is proposing to develop a lithium mine at theirJames Bay Lithium Project, located adjacent to the Billy DiamondHighway which provides access to key infrastructure in the region. The2021 Feasibility Study and Maiden Ore Reserve (“FS”) details a 321ktpa spodumene operation utilizing conventional open pit mining.Allkem’s spodumene expertise from the success of its Mt. Cattlinoperations in Western Australia has been applied to the design anddevelopment of the James Bay Project. The FS suggests that James BayProject will be the most competitive operation in the region with thelowest capital and operating costs. Shallow, high-grade mineralizationwith favourable infrastructure also supports the low-cost operation.Allkem has published a mineral resource estimate of 40.3 Mt @1.40%Li2O ( FS summaryhere ) and mineralization is stillopen.
Stria launched its first full drilling program at itsPontax project in 2017, completing seven holes for a total of 911.4 m.All seven holes intersected spodumene - bearing pegmatite dykesgrading from 0.65% Li2O to 2.49% Li2O over a minimum of 1.0 m( Stria Lithium website ). The best intercept was 21.39mgrading 1.16% Li2O in drill hole 975-17-0142.
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 and dated January 11,2022.
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.
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.
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.
The technical information containedwithin this News Release has been reviewed and approved by Gerald G.Carlson, Ph.D., P.Eng., Director of Arctic Fox and Qualified Person asdefined in National Instrument 43-101 Standards of Disclosure forMineral Projects.
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 the future potential of and the exploration on theproperties described in this press release. Factors that could causeactual results to differ materially from those in forward lookingstatements include uncertainty with respect to the results of futureexploration and the ability to conduct any exploration activities onthe properties described in this press release; market prices;disruptions relating to the COVID-19 pandemic; and continuedavailability of capital and financing and general economic, market orbusiness conditions. These statements are based on a number ofassumptions including, among other things, assumptions regardinggeneral business and economic conditions; and the Company havingsufficient resources to be able to conduct anticipated explorationactivities. 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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