AFX:CC - Arctic Fox Lithium Corp. Enters Into Option Agreement for Additional Claims Adjacent to its Kana Lake Lithium Project in the James Bay Region of Quebec
(TheNewswire)
Vancouver, B C - TheNewswire - April 19, 2023 - Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE:7N4) (the “Company” ) ispleased to announce that it has entered into a property optionagreement (the “Agreement” ) dated April 17, 2023 (the “EffectiveDate” ) with 1Minerals Corp. ( “1Minerals” ) toacquire fifty-one (51) mining claims, covering approximately 2,700hectares adjacent to its Kana Lake Lithium project in the James Bayregion of Québec. Under the terms of the Agreement the Company mustpay and issue the following:
i. issue 600,000 fully paid common shares of the companywithin thirty (30) days of the Effective Date;
ii. pay $50,000 or issue $50,000 worth of fully paid commonshares of the company within one hundred and eighty (180) days of theEffective Date;
iii. pay $250,000 or issue $250,000 worth of fully paid commonshares of the company within one year following the Effective Date;and
iv. pay $250,000 or issue $250,000 worth of fully paid commonshares of the company within two years following the Effective Date.
In addition, the project is subject to a 2% NSR (NetSmelter Returns) royalty in favor of 1Minerals of which the Companyhas an irrevocable right to purchase 1.5% at any time after the optionhas been exe rcised for $2,000,000.
Mr. Harry Chew, President, CEO and director, commented:“Our strategic holdings at our Kana Lake Lithium Project now consistof 91 claims covering approximately 4,832 hectares with multiplepegmatite outcrops. In light of the recent geological compilationwork done by Noranda Royalties we decided it was important for us tosecure these surrounding claims.”
About Kana Lake
The Kana Lake Lithium project is located north of theFliszar Lithium showing in the James Bay region of Québec. During asummer/fall 2022 survey program conducted by the Qu é bec Ministère de l’Énergie et desRessources Naturelles ( “MERN” ) their geologists identified thisarea as a new lithium prospective zone that is characterized by thepresence of numerous E-W trending pegmatitic granite dykes. Thepresence of garnet and muscovite in these rocks indicates ahyperaluminous composition, suitable for the development of lithiummineralization. These pegmatites are consistent with the FliszarLithium showing to the south of the property which three grab samplesrich in lepidolite, returned up to 1.83% LiO2, 0.34% Cs, 1.11% Rb, 126ppm Nb, 374 ppm Ta and 0.3% B*.
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: the future payments and share issuances relating to theoption agreement described in this press release; potential benefitsof the claims described in this press release; and the futurepotential of and the exploration on the properties described in thispress release. Factors that could cause actual results to differmaterially from those in forward looking statements includeuncertainty with respect to the results of future exploration and theability to conduct any exploration activities on the propertiesdescribed in this press release; failure of the Company to exercisethe option described in this press release; market prices; disruptionsrelating to the COVID-19 pandemic; and continued availability ofcapital and financing and general economic, market or businessconditions. These statements are based on a number of assumptionsincluding, among other things, assumptions regarding general businessand economic conditions; and the Company having sufficient resourcesto be able to conduct anticipated exploration activities. Investorsare cautioned that any such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those projected in the forward-looking statements. Arctic Foxdoes not assume any obligation to update or revise its forward-lookingstatements, whether as a result of new information, future events orotherwise, except as required by applicable law.
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