AFX:CC - Shareholders Approve All Matters at Arctic Fox Lithium Corp.'s AGM
(TheNewswire)
Vancouver, B C - TheNewswire - April 11, 2023 - Arctic Fox Lithium Corp. (CSE:AFX ) ( FSE:7N4) (the “Company” ) ispleased to announce that all matters presented at its Annual GeneralMeeting ( “AGM” ) of shareholders held on Tuesday, April 4, 2023 at 10 amPacific Time were approved.
All matters submitted to shareholders for approval asset out in the Company’s notice of AGM and Information Circular,dated March 6, 2023, were unanimously approved by the votes cast atthe meeting.
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 Kana Lake Lithium project is locatednorth of the Fliszar Lithium showing in the James Bay region ofQuebec. During a summer/fall 2022 survey program conducted by MERNtheir geologists identified this area as a new lithium prospectivezone that is characterized by the presence of numerous E-W trendingpegmatitic granite dykes. The presence of garnet and muscovite inthese rocks indicates a hyperaluminous composition, suitable for thedevelopment of lithium mineralization. These pegmatites are consistentwith the Fliszar Lithium showing to the south of the property whichthree grab samples rich in lepidolite, returned up to 1.83% LiO2,0.34% Cs, 1.11% Rb, 126 ppm Nb, 374 ppm Ta and 0.3% B*.
The Company’s 2,756-hectare Pontax North LithiumProject 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 claims within the northernportion of this property contains a lithium prospective zone in asimilar geological environment to Allkem’s project. According tothe Quebec Ministère de l’Énergie et desRessources Naturelles (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 trendappears to be underexplored, despite its recognized lithium potential.Swarms of lithium-bearing granitic dykes are present 12 km north ofthe Property at Allkem’s Cyr showing and at Stria Lithium’s Pontaxshowing 12 km to the south. Allkem is proposing to develop a lithiummine at their James Bay Lithium Project, located adjacent to the BillyDiamond Highway which provides access to key infrastructure in theregion. The 2021 Feasibility Study and Maiden Ore Reserve (“FS”)details a 321 ktpa spodumene operation utilizing conventional open pitmining. Allkem’s spodumene expertise from the success of its Mt.Cattlin operations in Western Australia has been applied to the designand development of the James Bay Project. The FS suggests that JamesBay Project will be the most competitive operation in the region withthe lowest capital and operating costs. Shallow, high-grademineralization with favourable infrastructure also supports thelow-cost operation. Allkem has published a mineral resource estimateof 40.3 Mt @1.40% Li2O ( FS summaryhere ) and mineralization is stillopen. Stria launched its first full drilling program at its Pontaxproject in 2017, completing seven holes for a total of 911.4 m. Allseven 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 21.39mgrading 1.16% Li2O in drill hole 975-17-0142.
References to adjacentproperties:
12 km North: Allkem Ltd. James Bay2Lithium:
https://www.allkem.co/projects/james-bay
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: the future potential of and the exploration on theproperties described in this press release. Factors that could causeactual results to differ materially from those in forward lookingstatements include 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; and the ability to conduct anticipatedexploration activities. 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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