AFX:CC - Arctic Fox Lithium Corp. Executes Definitive Agreement to Acquire the Pontax North Lithium Project in the James Bay Region of Quebec
(TheNewswire)
V ancouver , B C - TheNewswire - March 21,2023 - Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE:7N4) (the “ Company ”) is pleased to announce that, further to itsprevious press release dated February 27, 2023, the Company hasentered into a Definitive Agreement (the “ Agreement ”)with1000383374 Ontario Inc. (“ 3374 ”) to acquire 34 active mineral claimslocated in the James Bay region of Quebec. The 34 mineral claimsknown as the Pontax North Lithium project consist of 1,803 hectares ofland. Under the terms of the Agreement the Company will issue6,000,000 common shares to the shareholders of 3374 at price forcommon share of $0.12. In addition, the Company will pay to theshareholders of 3374 $50,000 on the closing date. On closing theCompany will become the sole shareholder of 3374. It is currentlyanticipated that the closing date will occur on or before March 20,2023.
Harry Chew, President and CEO, commented: “I am verypleased that we are able to add a very prospective lithium property toour current portfolio in the James Bay region of Quebec”.
The acquisition will not constitute a change ofbusiness for the Company.
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 the Quebec Ministère de l’Énergie et des RessourcesNaturelles (MERN) this zone is characterizedby the abundance of S-type pegmatitic granite intrusions, a lithologyknown for its Be, Li, Nb, and Ta potential. Beryl (a berylliumsilicate mineral) is reported in several outcrops within this zone.The Property is known to contain a 10 km long pegmatite trendas mapped by MERN. This trend appears to beunderexplored, despite its recognized lithium potential. Swarms oflithium-bearing granitic dykes are present 12 km north of the Propertyat Allkem’s Cyr showing and at Stria Lithium’s Pontax showing 12km 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 (“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 most competitiveoperation in the region with the lowest capital and operating costs.Shallow, high-grade mineralization with favourable infrastructure alsosupports the low-cost operation. Allkem has published a mineralresource 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: the closing of the acquisition described in this pressrelease; future share issuances; the completion of all terms asdescribed in the Agreement; and the future potential of the propertydescribed in this press release. Factors that could cause actualresults to differ materially from those in forward looking statementsinclude the failure to close the acquisition on the timing and termsas contemplated in the Agreement or at all; uncertainty with respectto the results of future exploration and the ability to conduct anyexploration activities on the property 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 all necessaryapprovals (regulatory and otherwise) required in respect of theacquisition and share issuances described in this press release willbe obtained. 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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