AFX:CC - Arctic Fox Lithium Corp. Provides Corporate Update

May, 18 2023 08:00 AM Arctic Fox Ventures Inc.

(TheNewswire)

VANCOUVER, BRITISH COLUMBIA – TheNewswire - May 18, 2023 – ArcticFox Lithium Corp. (CSE:AFX ) / ( FSE:7N4) (the“ Company ”) is pleased to share its corporateadvancements and achievements since the start of 2023, which targetedkey lithium projects in the James Bay region of Quebec,including:

Name change from Arctic Fox Ventures Inc. to Arctic Fox LithiumCorp.;
New corporate website www.articfoxlithium.com );
Entered into an Option Agreement on the Kana LakeLithium project;
Appointment of Mr. Gary Claytens as strategicadvisor;
Entered into an Option Agreement on the Pontax NorthLithium project;
Listing on the Frankfurt Stock Exchange under thesymbol 7N4;
Data compilation by Noranda Royalties on the Kana Lakeand Pontax North Lithium projects;
Staking of additional 18 claims (953 ha) adjacent toPontax North Lithium project;
Entered into an Option Agreement for an additional 51contiguous claims to the Company’s Kana Lake Lithium project;and
Entered into an Option Agreement on the Delta LakeLithium project.

Harry Chew, Chief Executive Officer and President ofthe Company commented: “In a short period of time we have been ableto assemble a portfolio of properties in the highly potential lithiumregion of James Bay, Quebec. The mining friendly province of Quebecand its desire to become Canada’s leading lithium producer is agreat environment for our properties to be situated in. We areextremely excited to work towards advancing our projects to the nextlevel.”

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*.

About Pontax North

The 2,756-hectare Pontax North Lithium Project(“ Pontax North ”) 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 Pontax North contains a lithiumprospective zone in a similar geological environment to Allkem’sproject. According to the Quebec Ministère de l’Énergie et desRessources Naturelles (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 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 ) andmineralization is still open.

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 aminimum of 1.0 m ( Stria Lithium website ). The bestintercept was 21.39m grading 1.16% Li2O in drill hole975-17-0142.

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/

About Delta Lake

The 1,056 hectare Delta Lake Lithium project(“ Delta Lake ”) is located 55 km southeast of Allkem’s James Bay Lithium Project and 20 km north of CriticalElements Lithium Corp. (TSXV: CRE) (“ CEL ”) Rose LithiumProject.

The geological environment in the northwestern portionof Delta Lake is similar to that hosting Allkem’s lithiummineralization. According to the Québec Ministère de l’Énergie etdes Ressources Naturelles ( “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.

Allkem (55 km northwest) is proposing to develop alithium mine at their James Bay Lithium Project, located adjacent tothe Billy Diamond Highway which provides access to key infrastructurein the region. The 2021 Feasibility Study and Maiden Ore Reserve(“ FS ”) details a 321,000 tonne per year operation utilizingconventional open pit mining. Allkem’s spodumene expertise from thesuccess of its Mt. Cattlin operations in Western Australia has beenapplied to the design and development of the James Bay Project. The FSsuggests that James Bay Project will be the most competitive operationin the region with low capital and operating costs. Shallow,high-grade mineralization with favourable infrastructure also supportsthe low-cost operation. Allkem has published a mineral resourceestimate of 40.3 Mt @1.40% Li2O ( FSsummary here ) and mineralization is still open.

CEL’s Rose Lithium-Tantalum mine (20 km south) isanticipated to start production in approximately 21 months. The minewill excavate a total of 26.3M tonnes ore grading an average of 0.87%Li 2 O and 138 ppmTa 2 O 5 after dilution. The mill willprocess 1.61M tonnes of ore per year to produce an annual average of224,686 tonnes of technical and chemical grade spodumene concentratesand 441 tonnes of tantalite concentrate. The ore is contained inseveral parallel and continuous shallow dipping pegmatite dykesoutcropping on surface. The ore zones are open at depth and a futureunderground operation is possible. Over the life of mine, the openpit will excavate a total of 182.4M tonnes of waste rock and 10.9 Mtonnes of overburden. The average strip ratio is 7.3 tonnes of wasteper tonne of ore. ( CEL website ).

References to adjacentproperties:

55 km Northwest: Allkem Ltd. JamesBay Lithium:

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.

20 km South: Critical ElementsLithium Corp. Rose Lithium-Tantalum:

The technical report entitled“Rose Lithium-Tantalum Project Feasibility Study NI 43-101 TechnicalReport” prepared by WSP Canada Inc. and dated July 26, 2022.

* 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 and the growth of theindustry Arctic Fox operates in. Factors that could cause actualresults to differ materially from those in forward-looking statementsinclude: uncertainty with respect to the results of future explorationand the ability to conduct any exploration activities on theproperties described in this press release; market prices; disruptionsrelating to the COVID-19 pandemic; changes to the lithium industry andthe broader mining industry; continued availability of capital andfinancing and general economic, market or business conditions. Thesestatements are based on a number of assumptions including, among otherthings, assumptions regarding general business and economicconditions; and Arctic Fox having sufficient resources to be able toconduct anticipated exploration activities. Investors are cautionedthat any such statements are not guarantees of future performance andactual results or developments may differ materially from thoseprojected in the forward-looking statements. Arctic Fox does notassume 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.

Company Name:	Arctic Fox Ventures Inc.
Stock Symbol:	AFX:CC
Market:	CNQC

Twitter