Harfang Reports on Exploration Results on Its Pontax Property Under Option to Li-FT Power (Eeyou Istchee James Bay, Québec)
Harfang Reports on Exploration Results on Its Pontax Property Under Option to
Li-FT Power (Eeyou Istchee James Bay, Québec)
MONTREAL, Nov. 16, 2022 -- Harfang Exploration Inc. (“Harfang” or the “Company”) (TSX-V: HAR) is pleased to provide an
exploration update on the Pontax Property (the “Property”) under option to Li-FT Power Ltd. (“Li-FT”; CSE: LIFT) located in
the Eeyou Istchee James Bay region, Québec (Figure 1). The Property is located within Li-FT’s large regional Pontax Project
that they are actively exploring. Results discussed in this news release were obtained from the initial exploration program
conducted by Li-FT on the Property following its recent option agreement with Harfang (see news release dated on July 21,
2022).
During the summer of 2022, Li-FT completed a regional till geochemistry survey and preliminary prospecting on three of its
properties in the region, including on the Harfang’s Property. The goal of that exploration program was to search for lithium
pegmatite mineralization beneath the extensive glacial sediment cover (see LiFT’s news release dated on November 15, 2022).
Till Geochemistry and Rock Sampling Results
The cluster of till samples defining the anomaly corresponds to high values in Li-Cs-P-Nb-Ga-Mn-W-Mo ± Ta-Sn-Rb. It covers
an area of approximately 8 by 7.5 kilometres overlapping the southwestern portion of Harfang’s Property (Figures 1 and 2 ).
The geochemical anomalism suggests a spatial relationship with a variably pegmatitic granite and supracrustal rocks.
Sixty-five (65) grab rock samples were collected on the Property from boulders and outcrops. The best sample, assaying
0.41% Li2O, was collected from an amphibolite adjacent to a pegmatite in a quarry located 600 metres from the Billy-Diamond
Highway (Figure 2). A pegmatite boulder collected further north on the Property assayed 0.30% Li 2O.
Once the results have been assessed by Li-FT, a more extensive exploration program targeting lithium-bearing pegmatites is
anticipated to be initiated to further define the till anomaly and potentially develop drill targets.
Commented Ian Campbell, President and CEO of Harfang, “We are very pleased with the first exploration program executed by
Li-FT and the results received today. They demonstrate the presence of a large lithium-in-till anomaly occurring in part on our
Property requiring further exploration work. The option with Li-FT represents the first step of our Critical and Strategic Minerals
strategy of entering into partnerships that advance some of the projects in our portfolio containing significant upside for these
metals and related minerals including lithium, tantalum, nickel, copper and cobalt .”
About the Pontax Property and the Li-FT Option Agreement
The Property is comprised of 287 mining claims totalling 15,323 hectares and was acquired by Harfang in 2020 by map
staking, based on its grassroots potential for precious and base metals, and its prospectivity for lithium-bearing pegmatites.
The northwestern part of the Property covers a portion of the structural boundary between the La Grande and Nemiscau
subprovinces. Such structural limits are commonly associated with lithium-bearing pegmatites in the region (e.g. Wabouchi,
James Bay Lithium, Rose).
The area is partially accessible by vehicles from the Billy-Diamond Highway which cuts across the Property. Limited historical
exploration for gold was carried out in select areas of the eastern part of the Property.
Upon signing of the option agreement, Li-FT became the project operator and may acquire a 70% interest in the Property on
completion of a total of $150,000 in cash payments and incurring a total of $5 M in exploration expenditures on or before the
sixth anniversary date of the agreement. Upon Li-FT’s exercise of the option, Harfang will have the option of converting its
remaining participating interest of 30% into a 2.5% net smelter return royalty or to form a joint venture to further explore the
Property.
QA/QC and Sampling Protocols
Till samples were collected between 20 and 80 centimetres below the surface from the C-horizon of glacial till. Approximately
one kilogram of material was collected from each sample site and shipped to Bureau Veritas (“ BV”) in Timmins, Ontario, for
preparation. Samples were prepared for analysis according to BV method SS230 whereby individual samples were sieved to
isolate the - 230 mesh (- 63 microns) fraction. Samples were analyzed at BV in Vancouver, British Columbia, with BV method
MA250 (four-acid digestion with ICP-MS finish) for multi-element data and BV method AQ130 (aqua regia with ICP-MS finish)
for gold analysis (30-g material).
Rock samples were collected from boulders or outcrops. Between 0.5 and 2 kilograms of material were placed in a plastic bag
and submitted to BV in Timmins, Ontario, for preparation. Samples were prepared for analysis according to BV method PRP70
-250, whereby 250 grams of material was crushed, split and pulverized to isolate the - 200 mesh (- 74 microns) fraction. Some
0.25 grams of this material was analyzed using BV method MA250 (see description above) for multi-element analysis. Thirty
(30) grams of material was analyzed using BV method FA430 (lead collection fire assay with AAS finish). Grab samples are
selective by nature and are not necessarily representative of the mineralized zones.
Cautionary Note: Li-FT collected all till and rock samples and oversaw the QA/QC and sampling protocols described above.
Harfang was not involved in the collection of the samples and cannot validate results reported in this news release.
Vertical Amalgamation
Harfang is also pleased to announce that it has completed a vertical amalgamation with its wholly-owned subsidiary, LaSalle
Exploration Corp., effective November 1, 2022, with the name of the amalgamated company to remain “Harfang Exploration
Inc.”. The amalgamation will streamline the Company’s mining exploration activities under a single corporate entity and will
reduce corporate and operational expenses.
Qualified Person
The technical information in this news release was prepared and approved by François Huot, P.Geo., Vice President
Exploration of Harfang, who is a non-independent qualified person for the technical disclosure as defined by the National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”).
About Harfang Exploration Inc.
Harfang Exploration Inc. is well financed with approximately $9.49 M in the treasury as of July 31, 2022 and is a technically
driven mineral exploration company with the primary mission to discover ore deposits in Québec and Ontario. The Company is
managed by an experienced team of industry professionals with a proven track record of success, controls a portfolio of highly
prospective projects and has a strong financial position. Harfang is dedicated to best practices through engagement with all
stakeholders and commitment to the environment.
On behalf of the Board of Directors and for further information, please contact:
Ian Campbell
President and Chief Executive Officer
Tel: 647 680-3820
Email: [email protected]
Web: www.harfangexploration.com
Cautionary Statement Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events,
expectations, plans and prospects that constitute forward-looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result
of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those
anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ
materially from these forward-looking statements as well as future results. Although the Company believes that the
expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any
forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or
otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.