AFX:CC - Arctic Fox Lithium Corp. Engages Noranda Royalties to Compile Data on its Lithium Properties in the James Bay Region of Quebec
(TheNewswire)
Vancouver, B C - TheNewswire - March 27 , 2023- Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE:7N4) (the “ Company ”) is pleasedto announce that it has engaged Noranda Royalties (“ Noranda ”) tocompile geological data on its Kana Lake and Pontax North Lithiumprojects in the James Bay region of Quebec. Noranda is an innovativeand passionate mineral exploration services entity. Noranda offers awide range of services, from creating assets from the earliest stagesto project management. The compilation of data will be a follow upto previous work done by the Quebec Ministère de l’Énergie et desRessources Naturelles (“ MERN ”). The work done by Noranda isanticipated to provide details on the pegmatite outcrops, rock samplesand any similarities to other discoveries in the area.
Mr. Gary Claytens, Strategic Advisor to the Company,commented: “The information that we will be provided once Norandahas completed their work will hopefully help us to better understandthe geology of our projects and compile data that MERN has previouslymade publicly available. This geological data compilation will beinvaluable to the Company as it plans its future explorationprograms.”
About Kana Lake
The Kana Lake Lithium project is located north of theFliszar Lithium showing in the James Bay region of Quebec. During asummer/fall 2022 survey program conducted by MERN their geologistsidentified this area as a new lithium prospective zone that ischaracterized by the presence of numerous E-W trending pegmatiticgranite dykes. The presence of garnet and muscovite in these rocksindicates a hyperaluminous composition, suitable for the developmentof lithium mineralization. These pegmatites are consistent with theFliszar Lithium showing to the south of the property which three grabsamples rich in lepidolite, returned up to 1.83% LiO2, 0.34% Cs, 1.11%Rb, 126 ppm Nb, 374 ppm Ta and 0.3% B*.
About Pontax North
The 1,803-hectare Pontax North Lithium Project islocated 12 km south of Galaxy Resources Ltd. (ASX:GXY) now Allkem Ltd.(ASX/TSX:ALLKEM) (“Allkem”) James Bay Lithium Project and 12 kmnorth of Stria Lithium Inc.’s (CSE:SRA) Pontax Lithium Project,located in northern Québec, approximately 130 km east of James Bayand the Cree Nation’s Eastmain community.
The claims within the northern portion of the propertycontains a lithium prospective zone in a similar geologicalenvironment to Allkem’s project. According to MERN this zone is characterized by theabundance of S-type pegmatitic granite intrusions, a lithology knownfor its Be, Li, Nb, and Ta potential. Beryl (a beryllium silicatemineral) is reported in several outcrops within this zone. TheProperty is known to contain a 10 km long pegmatite trend as mapped by MERN. This trend appears to be underexplored,despite its recognized lithium potential. Swarms of lithium-bearinggranitic dykes are present 12 km north of the Property at Allkem’sCyr showing and at Stria Lithium’s Pontax showing 12 km to thesouth.
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 (“FS”) details a 330 ktpa spodumeneoperation utilizing conventional open pit mining. Allkem’s spodumeneexpertise from the success of its Mt. Cattlin operations in WesternAustralia has been applied to the design and development of the JamesBay Project. The FS suggests that James Bay Project will be the mostcompetitive operation in the region with the lowest capital andoperating costs. Shallow, high-grade mineralization with favourableinfrastructure also supports the low-cost operation. Allkem haspublished 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: Galaxy Lithium JamesBay2 Lithium:
https://gxy.com/james-bay-2/
12 km South: Stria Lithium Inc.(Pontax Lithium Project):
https://strialithium.com/projects/pontax-project/
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.
* 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 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: potential benefits of the data compilation described inthis press release; and the future potential of the propertiesdescribed in this press release. Factors that could cause actualresults to differ materially from those in forward looking statementsinclude the failure to complete the data compilation work on thetiming and terms as contemplated or at all; uncertainty with respectto the results 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 datacompilation 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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