AFX:CC - High Level Independent Review of Arctic Fox Lithium Corp.'s Properties in the James Bay Region of Quebec

September, 11 2023 08:00 AM Arctic Fox Ventures Inc.

(TheNewswire)

Vancouver, British Columbia- TheNewswire - September 11 , 2023- Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE:O5K) (the “Company” ) is pleased to announce thatResource Potentials Pty Ltd. ( “Respot” ) has completed a high levelreview of the Company’s properties in the James Bay region ofQuébec. Respot is a consulting firm based in Perth, Australia, thatspecializes in geophysical survey design, budgeting, contracting,acquisition and quality control, data processing-modelling, datainversion, data integration, interpretation and drill holetargeting.

The Company commissioned Respot to provide a high-levelindependent report on its holdings in the James Bay region of Québecwhich was authored by Mr. John Sinnott, a senior consultinggeophysicist at Respot. Some of the highlights of the report are asfollows:

Independent review confirms high potential forLithium-Caesium-Tantalum ( “LCT” ) pegmatites to be present at theCompany’s Delta Lake and Kana Lake projects, with lower potential atits Pontax North project;
The Delta Lake and Kana Lake project areas have afavorable regional geological setting of east to west trending Archeangreenstone belts and regional scale fault structures, favourable ageof granite intrusions surrounding the greenstone at around 2.65billion years old, and proximity to LCT pegmatite occurrences anddeposits;
Multiple preliminary target areas have been outlinedusing publicly available aeromagnetic and remote sensing data sets,and rock sample and geological mapping data from SIGÉOM (a geomininginformation system with unique spatial reference made publiclyavailable by the Ministry of Natural Resources and Forestry ofQuébec) identifying potential pegmatites;
Many potential pegmatite target areas have coincidentmagnetic lows which indicates possible pegmatite intrusions crossingthe magnetic greenstone units and extending at depth;
Independent review also confirms the Company’sexploration pathway including LiDAR digital elevation surveying,high-resolution airborne magnetic and radiometric geophysicalsurveying, and surface geological mapping and sampling to explore forLCT pegmatites and generate drilling targets.

Mr. Ross Brown, Special Adviser to the Board ofDirectors of the Company, commented: “Regional to project scalegeology and geophysics have combined to confirm high potential for LCTpegmatites in the Company’s project areas. We have multiplepotential granitic pegmatite occurrences with unknown lithium mineralcontent mapped by government geologists, many of which havecoincidental magnetic low signatures. This indicates the potentialfor extensions of pegmatite dykes below surface in all project areas. Our upcoming field exploration and LiDAR digital elevation surveywill test surface exposures at these rapidly evolving target areas.”

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 5,716 hectare Kana Lake Lithium project(“ Kana Lake ”) is located north of the Fliszar Lithium showing in theJames Bay region of Québec. During a summer to fall 2022 fieldsurvey program conducted by the Qu é bec Ministère de l’Énergie et des Ressources Naturelles( “MERN” ), their geologists identified this area as a new lithiumprospective zone that is characterized by the presence of numerouseast-west trending granitic pegmatitic dykes. The presence of garnetand muscovite in these rocks indicates a hyperaluminous composition,suitable for the development of lithium mineralization. Thesepegmatites are consistent with the Fliszar Lithium showing to thesouth of the property, which three grab samples rich in lepidolitereturned up to 1.83% LiO2, 0.34% Cs, 1.11% Rb, 126 ppm Nb, 374 ppm Taand 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 12km north 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 usually formed in granitic pegmatites) is reported in severaloutcrops within this zone. The Property is known to contain a 10 kmlong pegmatite trend mapped by MERN. This trend appears to beunderexplored, despite its recognized lithium potential. Swarms oflithium-bearing granitic dykes are present 12 km to the north of theProperty at Allkem’s Cyr showing and at Stria Lithium’s Pontaxshowing located 12 km 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.The Allkem 2021 Feasibility Study and Maiden Ore Reserve(“ FS ”) details a 321 tonne per year spodumene operationutilizing conventional open pit mining. Allkem’s spodumene expertisefrom the success of its Mt. Cattlin operations in Western Australiahas been applied to the design and development of the James BayProject. 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 dykes gradingfrom 0.65% Li2O to 2.49% Li2O over a minimum of 1.0 m ( Stria Lithium website ). The best intercept was 21.39 mgrading 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 is reported in severaloutcrops within this zone.

Allkem is proposing to develop a lithium mine at theirJames Bay Lithium Project, located 55 km to the northwest and adjacentto the Billy Diamond Highway, which provides access to keyinfrastructure in the region. The 2021 Allkem Feasibility Study andMaiden Ore Reserve (“ FS ”) details a 321,000 tonne per yearoperation 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 low capital and operatingcosts. 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( FSsummary here ) and mineralization isstill open.

CEL’s Rose Lithium-Tantalum mine located 20 km to thesouth is anticipated to start production in approximately 21 months. The mine will excavate a total of 26.3M tonnes ore grading anaverage of 0.87% Li 2 O and138 ppm Ta 2 O 5 afterdilution. The mill will process 1.61M tonnes of ore per year toproduce an annual average of 224,686 tonnes of technical and chemicalgrade spodumene concentrates and 441 tonnes of tantalite concentrate.The ore is contained in several parallel and continuous shallowdipping pegmatite dykes outcropping on surface. The ore zones are openat depth and a future underground operation is possible. Over thelife of mine, the open pit will excavate a total of 182.4M tonnes ofwaste rock and 10.9 M tonnes of overburden. The average strip ratio is7.3 tonnes of waste per 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.

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 significance and interpretation of the Respot report described in this pressrelease; and the future potential of and exploration on the propertiesdescribed in this press release. Factors that could cause actualresults to differ materially from those in forward looking statementsinclude the failure uncertainty with respect to the results of futureexploration and the ability to conduct any exploration activities onthe properties described in this press release; market prices;disruptions relating to the COVID-19 pandemic; continued availabilityof capital 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; that the future exploration work describedin this press release will be completed as anticipated or at all; andthat the Company will have sufficient resources, financial andotherwise, to conduct future exploration on its properties. 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.

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