Arctic Fox announces amendment to its option agreement
Suite #905-1030 West Georgia St., Vancouver, BC Canada V6E 2Y3
Phone (604) 689-2646 Fax (604) 689-1289
ARCTIC FOX VENTURES INC.
January 13, 2022 Trading Symbol: CSE –AFX
ARCTIC FOX AMENDS ITS OPTION AGREEMENT ON ITS SPIUS PORPHYRY COPPER PROJECT
Vancouver, B.C. – January 13, 2022 – Arctic Fox Ventures Inc. (CSE: AFX) ("Arctic Fox" or the "Company”) is
pleased to announce that it has amended the terms of its option agreement on its Spius copper porphyry
project (“Spius” or the “Property”). The Property is located 40 km southwest of Merritt, British Columbia, and
is currently under option from Pacific Ridge Exploration Ltd. (“Pacific Ridge”).
As per an Amendment Agreement (the “Agreement”) dated December 27, 2021 Arctic Fox and Pacific Ridge
have agreed to extend the date for the issuance of an additional 200,000 common shares and payment of
$15,000 cash from December 31, 2021 to June 30, 2022. All other terms under the original option agreement
between Arctic Fox and Pacific Ridge remain unchanged.
Both Arctic Fox and Pacific Ridge felt that the extension was necessary because of limited access to the
Property created by the forest fires in the summer and more recently the flooding in the area. The parties
hope to gain access to the Property in early spring so that if can further assess its merits.
About Spius
Spius was explored for its porphyry potential in the 1960’s and early 1970’s. Exploration focused on a gossan
area where work included an IP survey, trenching and 27 percussion and core drill holes. The drilling was
shallow, with none of the drill holes exceeding 100 metres. Most of the records from this early exploration
work have been lost, including the drill logs. The Property was optioned by Pacific Ridge in 2018 and surface
exploration was completed, including soil sampling and an IP survey. In 2019, Pacific Ridge drilled 1,087 metres
in four holes. The best mineralization was encountered at the bottom of hole SP -19-03, drilled at the northern
end of the Copper Zone, encountering 51.8 m averaging .099% Cu (224.3 to 273 m), including 39.0 metres at
.113% Cu. All drill holes encountered porphyry -style mineralization and alteration top to bottom, with variably
anomalous Cu and Mo values.
During the spring of 2021 the Company conducted 457.4 m, two hole drill program. The first hole encountered
broken ground conditions and was terminated at 77.3 m, short of its target depth of 150 m. From a depth of
35.85 m to the bottom of the hole it encountered porphyry style mineralization, averaging 0.114% Cu, 23.5
ppm Mo and 0.7 ppm Ag over 41.45 m. The hole encountered one interval of higher -grade copper: 0.886% Cu
over 1.3 m (66.05 to 67.35 m) The second hole was terminated at 380.1 m due to difficult ground conditions,
just shy of its 400 m target depth. It encountered porphyry style mineralization throughout its length, including
0.155% Cu, 71 ppm Mo and 0.8 ppm Ag over 15.2 m (341.25 to 356.45 m). The hole encountered two intervals
of higher -grade copper: 0.832% Cu over 0.65 m (257.5 to 258.4 m) and 0.658% Cu over 1.32 m (34 6.18 to
347.5 m). These higher -grade intervals occur within zones of quartz -sericite-pyrite veins with potassium
feldspar altered selvages, with chalcopyrite and traces of molybdenite, and they show the potential for more
robust copper mineralization in ot her parts of the Spius porphyry system. The Company will be further
evaluating the results of its 2021 Spius drill program before determining what further steps it will take in
exploring the property.
VAN_LAW\ 2478804\4
Suite #905-1030 West Georgia St., Vancouver, BC Canada V6E 2Y3
Phone (604) 689-2646 Fax (604) 689-1289
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 Ventures Inc.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng.,
Director of Arctic Fox and Qualified Person as defined by National Instrument 43-101 policy.
Forward-Looking Information: This release includes certain statements that may be deemed "forward -looking statements". All statements in this
release, other than statements of historical facts, that address exploration drilling and other activities and events or deve lopments that Arctic Fox
Exploration Ltd. ("Arctic Fox") expects to occur, are forward-looking statements. Although Arctic Fox believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments
may differ materially from those forward -looking statements. Factors that could cause actual results to differ materially from those in forward looking
statements include market prices, exploration succ esses, and continued availability of capital and financing and general economic, market or business
conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding genera l business and
economic conditions, that one of the options will be exercised, the ability of Arctic Fox and other parties to satisfy stock exchange and other regulatory
requirements in a timely manner, the availability of financing for Arctic Fox’s proposed programs on reasonable terms , and the ability of third party
service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and
actual results or developments may differ materially from those project ed in the forward-looking statements. Arctic Fox does not assume any obligation
to update or revise its forward -looking statements, whether as a result of new information, future events or otherwise, except as required by applicable
law.