AFX:CC - Noranda Royalties Completes Compilation of Data on Arctic Fox Lithium Corp.'s Pontax North Lithium Project in the James Bay Region of Quebec
(TheNewswire)
Vancouver, B C - TheNewswire - March 29, 2023 - Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE:7N4) (the “Company” ) ispleased to announce that Noranda Royalties ( “Noranda” ) hascompleted a compilation of geological data on its Pontax North Lithiumproject in the James Bay region of Quebec. Noranda compiled its datafrom previous work done by the Quebec Ministère de l’Énergie etdes Ressources Naturelles ( “MERN” ). The work done by Norandaconfirms that there are eighteen (18) outcrops with thirteen (13) ofthem identified as pegmatite on the Company’s Pontax North Lithiumproject.
Mr. Gary Claytens, Strategic Advisor to the Company,commented: “The data compilation report received from Norandareinforces the presence of pegmatite outcrops on our Pontax NorthLithium project as supported by information that MERN has made publiclyavailable. The Company can now have its field crew focus on thesepegmatite outcrops identified in Noranda’s report during theupcoming exploration season once weather permits.”
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 MERN this zone ischaracterized by the abundance of S-type pegmatitic graniteintrusions, a lithology known for its Be, Li, Nb, and Ta potential.Beryl (a beryllium silicate mineral) is reported in several outcropswithin this zone. The Property is known to contain a 10 km longpegmatite trend as 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 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 summary here ) and mineralization 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 a minimum of 1.0 m( Stria Lithium web site ). The best intercept was 21.39m grading 1.16% Li2O in drillhole 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 data compilation described inthis press release; and the future potential of and exploration on theproperties described in this press release. Factors that could causeactual results to differ materially from those in forward lookingstatements include the failure to complete the data compilation workon the timing and terms as contemplated or at all; uncertainty withrespect to the results of future exploration and the ability toconduct any exploration activities on the properties described in thispress release; market prices; disruptions relating to the COVID-19pandemic; and continued availability of capital and financing andgeneral economic, market or business conditions. These statements arebased on a number of assumptions including, among other things,assumptions regarding general business and economic conditions; inorder to conduct anticipated exploration activities; and that the datacompilation work described in this press release will be completed asanticipated. 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.
Copyright (c) 2023 TheNewswire - All rights reserved.