AFX:CC - Ground Crews Commence Work on Arctic Fox Lithium Corp.'s Projects in the James Bay Region of Quebec
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA – TheNewswire - October 3, 2023 –Arctic Fox Lithium Corp. (CSE:AFX ) / ( FSE:O5K) (the “Company” ) is pleased to announce that its contractor, StrategyExploration Advisors ( “Stratexplo” ), an independent explorationconsulting firm based out of Rouyn-Noranda, Québec, has begunfieldwork on the Company’s lithium projects in the James Bay Regionof Québec (the “ Properties ”). Stratexplo crews will beresponsible for conducting surface exploration on the Properties,including field logistics, sample collection and dispatch, geologicalmapping and interpretation, exploration targeting and advising as perNational Instrument 43-101 collection and reporting guidelines. TheCompany has provided Stratexplo with data from the Company’s recentLiDAR survey, data compilation done by Noranda Royalties Inc. and ahigh level review done by Resources Potentials Pty Ltd. to assist itsground crews on targeting potential Lithium-Caesium-Tantalum( “LCT” ) pegmatites on its projects. The exploratory fieldwork tobe conducted by Stratexplo commenced on October 2, 2023 and isanticipated to last approximately 28 days in total.
Mr. Harry Chew President and CEO to the Company,commented: “I am extremely happy that the bans from the devastatingforest fires in the area have been lifted and we are now able to takeadvantage of the short window to have ground crews on our projectsthis year. I am excited to review the results of the fieldwork andto confirm the presence of any potential LCT pegmatites on ourproperties.”
About Arctic Fox Lithium Corp.
Arctic Fox Lithium Corp. is a junior mineralexploration company focused on the acquisition and development ofmineral properties containing battery, base and preciousmetals.
The Company’s 5,976 hectare Kana Lake Lithium projectis located north of the Fliszar Lithium showing in the James Bayregion of Québec. During a summer/fall 2022 survey programconducted by the Qu é becMinistère de l’Énergie et des Ressources Naturelles ( “MERN” ) theirgeologists identified this area as a new lithium prospective zone thatis characterized 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% Be*.
The Company’s 2,756-hectare Pontax North LithiumProject (“ PontaxNorth ”) is located 12 km south of 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 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 ) 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: 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/
The Company’s 1,056 hectare Delta Lake Lithiumproject (“ DeltaLake ”) is located 55 km southeast ofAllkem’s James Bay Lithium Project and 20 kmnorth of Critical Elements 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 isstill 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. ( CELwebsite ).
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.
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.
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.
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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.
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 timing and potential benefits of the fieldworkdescribed in this press release; and the future potential of andexploration on the properties described in this press release. Factorsthat could cause actual results to differ materially from those inforward looking statements include the failure to complete thefieldwork on the timing and terms as contemplated or at all;uncertainty with respect to the results of future exploration and theability to conduct any exploration activities on the propertiesdescribed in this press release; market prices; disruptions relatingto the COVID-19 pandemic; 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; that Arctic Fox will have the necessary resources(financial and otherwise) required to conduct anticipated explorationactivities; and that the exploration work described in this pressrelease will be completed as anticipated. Investors are cautioned thatany 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.
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