AFX:CC - Arctic Fox Lithium Corp. Stakes Additional Claims Adjacent to its Pontax North Lithium Project in the James Bay Region of Quebec
(TheNewswire)
Vancouver, B C - TheNewswire - March 30, 2023 - Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE:7N4) (the “Company” ) is pleased to announce that ithas staked an additional eighteen (18) claims covering 953 hectaresadjacent to the northwest corner of its Pontax North Lithium projectin the James Bay region of Quebec. The Company identified theseclaims based on the geological data compilation report conducted byNoranda Royalties ( “Noranda” ) on its Pontax North Lithiumproject. The report indicated that these claims contain pegmatitesand rock samples that indicate highly anomalous rubidum (124 ppm)which is often an indicator element for the possible presence oflithium in a pegmatite. These additional 18 claims will be in the name of ArcticFox Lithium Corp. and will be valid for three years from the date ofregistration.
Mr. Harry Chew, President, CEO and director, commented:“We are pleased to add to our existing portfolio of claims based onthe geological data compilation report that we received from Noranda. We are excited about the potential to have additional explorationwork conducted on our properties this coming summer season that couldprovide valuable information to move our projects forward.”
About Pontax North
The 2,756-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 staking described in this pressrelease; and the future potential of and exploration to be conductedon the properties described in this press release. Factors that couldcause actual results to differ materially from those in forwardlooking statements include uncertainty with respect to the results offuture exploration and the ability to conduct any explorationactivities on the properties described in this press release; marketprices; 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; the ability to conductanticipated exploration activities; and potential mineralization atthe Company’s properties. Investors are cautioned that any suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those projected in theforward-looking statements. Arctic Fox does not assume any obligationto update or revise its forward-looking statements, whether as aresult of new information, future events or otherwise, except asrequired by applicable law.
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