Arctic Fox Lithium Corp. Stakes Additional Claims Adjacent to Its Pontax North Lithium Project in the James BAY Region of Quebec
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March 30, 2023 Trading Symbol: CSE - AFX
FSE - 7N4
ARCTIC FOX LITHIUM CORP. STAKES ADDITIONAL CLAIMS ADJACENT TO ITS PONTAX
NORTH LITHIUM PROJECT IN THE JAMES BAY REGION OF QUEBEC
VANCOUVER, BRITISH COLUMBIA ( March 30, 2023) – Arctic Fox Lithium Corp. (CSE: AFX / FSE: 7N4)
(the “Company”) is pleased to announce that it has stake d an additional eighteen ( 18) claims covering 953
hectares adjacent to the northwest corner of its Pontax North Lithium project in the James Bay region of Quebec.
The Company identified these claims based on the geological data compilation report conducted by Noranda
Royalties (“Noranda”) on its Pontax North Lithium project. The report indicated that these claims contain
pegmatites and rock samples that indicate high ly anomalous rubidum (1 24 ppm) which is often an indicato r
element for the possible presence of lithium in a pegmatite . These additional 18 claims will be in the name of
Arctic Fox Lithium Corp. and will be valid for three years from the date of registration.
Mr. Harry Chew, President, CEO and director , commented: “We are pleased to add to our existing portfolio of
claims based on the geological data compilation report that we received from Noranda. We are excited about the
potential to have additional exploration work conducted on our properties this coming summer season that could
provide valuable information to move our projects forward.”
About Pontax North
The 2,756-hectare Pontax North Lithium Project is located 12 km south of Galaxy Resources Ltd. (ASX:GXY)
now 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, app roximately 130 km east of
James Bay and the Cree Nation’s Eastmain community.
The claims within the northern portion of the property contains a lithium prospective zone in a similar geological
environment to Allkem’s project. According to MERN this zone is characterized by the abundance of S -type
pegmatitic granite intrusions, a lithology known for its Be, Li, Nb, and Ta potential. 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. Swarms 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 adjacent to the
Billy Diamond Highway which provides access to key infrastructure in the region. The 2021 Feasibility
Study (“FS”) details a 330 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 Proj ect will be the
most competitive operation in the region with the lowest capital 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 f irst full drilling program at its Pontax project in 2017, completing seven holes for a total
of 911.4 m. All seven holes intersected spodumene - bearing pegmatite dykes grading from 0.65% Li2O to
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Phone (604) 689-2646 Fax (604) 689-1289
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 drill hole 975-17-0142.
References to adjacent properties:
12 km North: Galaxy Lithium James Bay2 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 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.
* 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.
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 b e deemed "forward-looking statements". All statements in this release,
other than statements of historical facts, that address any activities and events or developments that 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: potential benefits of the staking described
in this press release; and the future potential of and exploration to be conducted 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
ability 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 bas ed on a
number of assumptions including, among other things, assumptions regarding general business and economic conditions; the ability to conduct anticipated
exploration activities; and potential mineralization at the Company’s properties . 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.