Arctic Fox Lithium Corp. Discusses Allkem Ltd.’S Recent New High Grade Zone at Its James BAY Project IN Québec
Suite #905-1030 West Georgia St., Vancouver, BC Canada V6E 2Y3
Phone (604) 689-2646 Fax (604) 689-1289
May 9, 2023 Trading Symbol: CSE - AFX
FSE - 7N4
ARCTIC FOX LITHIUM CORP. DISCUSSES ALLKEM LTD.’S RECENT NEW HIGH GRADE
ZONE AT ITS JAMES BAY PROJECT IN QUÉBEC
VANCOUVER, BRITISH COLUMBIA (May 9, 2023) – Arctic Fox Lithium Corp. (CSE: AFX / FSE: 7N4) (the
“Company”) is very encouraged by the recent results that Allkem Ltd. (ASX/TSX:ALLKEM) (“Allkem”) has
released on a new high grade zone identified directly northwest of the main mineralized zone at their James Bay
Lithium project. As reported by Allkem on May 4, 2023 : “ highlighted intercepts include 125 metres at 1.7 per
cent lithium oxide from 68 m in drill hole JBL -23-048, and 72 m at 1.89 per cent Li2O from 11 m in d rill hole
JBL-23-024. True thicknesses are estimated to between 60 per cent and 80 per cent of downhole thicknesses”.
Mr. Harry Chew , President, CEO and director , commented: “ Allkem’s new zone of mineralization to the
northwest of its current resource pr ovides scope for the potential of the entire surrounding area. The Company’s
Pontax North project is less than 13.5 km from Allkem’s new zone of mineralization. The initial results reported
by Allkem reinforces the potential for discovery of additional lithium occurrences in the region.”
About Pontax North
The 2,756-hectare Pontax North Lithium Project (the “Property”) is located 12 km south of Allkem Ltd.
(ASX/TSX:ALLKEM) (“Allkem”) James Bay Lithium Project and 12 km north of Stria Lithium Inc.’s
(CSE:SRA) Pontax Lithium Project, located in northern Québec, approximately 130 km east of James Bay and
the Cree Nation’s Eastmain community.
The northern portion of the Property contains a lithium prospective zone in a similar geologica l environment to
Allkem’s project. According to the Quebec Ministère de l’Énergie et des Ressources Naturelles (MERN) this
zone is characterized by the abundance of S -type pegmatitic granite intrusions, a lithology known for its Be, Li,
Nb, and Ta potenti al. Beryl (a beryllium silicate mineral) is reported in several outcrops within this zone. The
Property 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. Sw arms of lithium -bearing granitic dykes are present 12
km north of the Property at Allkem’s Cyr showing and at Stria Lithium’s Pontax showing 12 km to the south.
Allkem is proposing to develop a lithium mine at their James Bay Lithium Project, located adj acent to the
Billy Diamond Highway which provides access to key infrastructure in the region. The 2021 Feasibility
Study and Maiden Ore Reserve (“FS”) details a 3 21 ktpa spodumene operation utilizing conventional open
pit mining. Allkem’s spodumene expertise from the success of its Mt. Cattlin operations in Western Australia
has been applied to the design and development of the James Bay Project. The FS suggests that James Bay
Project will be the most competitive operation in the region with the lowest capi tal and operating costs.
Shallow, high -grade mineralization with favourable infrastructure also supports the low -cost operation.
Allkem has published 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 its Pontax project in 2017, completing seven ho les for a total
of 911.4 m. All seven holes intersected spodumene - bearing pegmatite dykes grading from 0.65% Li2O to
2.49% Li2O over a minimum of 1.0 m ( Stria Lithium web site ). The bes t intercept was 21.39m grading
1.16% Li2O in drill hole 975-17-0142.
Suite #905-1030 West Georgia St., Vancouver, BC Canada V6E 2Y3
Phone (604) 689-2646 Fax (604) 689-1289
References to adjacent properties:
12 km North: Allkem Ltd. James Bay Lithium:
The technical report entitled “NI 43-101 Technical Report Feasibility Study James Bay Lithium Project Quebec, 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/
* This news release contains information about adjacent properties on which Arctic Fox has no right to explore or mine. Readers are
cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.
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 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 press 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 in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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 any activities and events or developments t hat Arctic Fox Lithium Corp. ("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. Forward-looking statements in this press release include, but are not limited to, statements relating to the future potential of and the exploration
on the properties described in this press release. Factors that could cause actual results to differ materially from those in forward looking statements include
uncertainty with respect to the results of future exploration and the abili ty to conduct any exploration activities on the propert ies described in this press
release; market prices; disruptions relating to the COVID -19 pandemic; 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 general business and
economic conditions; and the Company having sufficient resources to be able to conduct anticipated exploration activities. Investors are cautioned that any
such statements are not guarantees of future performance and actual results or developments may differ materially from those projected 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.