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Arctic Fox Lithium Corp
Symbol AFX
Shares Issued 66,815,714
Close 2024-10-30 C$ 0.01
Market Cap C$ 668,157
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Arctic Fox completes phase 2 work at Pontax North

2024-10-30 16:29 ET - News Release

Mr. Harry Chew reports

ARCTIC FOX COMPLETES PHASE 2 EXPLORATION PROGRAM AT PONTAX NORTH

Arctic Fox Lithium Corp. has completed its phase 2 exploration campaign at the Pontax North property, located in the James Bay region of Quebec. Building on the successful outcome from phase 1, phase 2 targeted three primary areas of interest for an intensive stripping and controlled blasting sampling program.

Phase 2 exploration program details

Following the identification of both a promising geological context and rare metals anomalies after the 2023 and early 2024 exploration programs, the exploration team focused on the most prospective areas highlighted to date.

The overall objective of the phase 2 program was to further delineate and evaluate the mineral potential of these high-priority areas through targeted stripping, controlled blasting and detailed geological mapping.

Six targeted outcrops over three high-priority areas were covered:

  1. Area 1 -- a region highlighting significant anomalies in cesium, niobium, beryllium and tantalum, aligning with signatures of LCT (lithium-cesium-tantalum) pegmatites;
  2. Area 2 -- a high-potential zone featuring white biotite-garnet-bearing pegmatites, closely associated with rare metal anomalies up to 106 parts per million lithium and 11.2 parts per million cesium discovered during phase 1;
  3. Area 3 -- a high potential zone featuring biotite-muscovite-garnet-bearing pegmatites, closely associated with lithium anomalies up to 54 parts per million lithium discovered during phase 1.

The phase 2 exploration program commenced on Oct. 4, 2024, and was completed on Oct. 13, 2024. Each of the six primary targets underwent controlled dynamite blasting to expose fresh rock for analysis, ensuring optimal sampling conditions. Field observations confirmed interesting environments at each place with observation of white pegmatite with locally greenish reflections, hosting red garnets, tourmaline and muscovite in various proportions; this is typical of a peraluminous (S-type) composition.

Three grab samples were collected from each location for a total of 18 samples, with the aim of gaining a deeper understanding of the geology and lithium potential. All 18 samples have been submitted to ALS's laboratory in Val d'Or, Que., and are currently being assayed.

Harry Chew, chief executive officer of Arctic Fox, commented: "Our phase 1 exploration results have highlighted strong indicators of the potential for lithium and other strategic minerals on the Pontax North property. The phase 2 program was executed by a team experienced in controlled blasting supported by a geological team specializing in pegmatite and lithium exploration. With their expertise, we are confident the program will yield important information to further our exploration efforts at Pontax North."

About Arctic Fox Lithium Corp.

Arctic Fox Lithium is a junior mineral exploration company focused on the acquisition and development of mineral properties containing battery metals, base metals and precious metals.

The company's 2,756-hectare Pontax North lithium project is located 12 kilometres south of Allkem Ltd.'s James Bay lithium project and 12 kilometres north of Stria Lithium Inc.'s Pontax lithium project, located in Northern Quebec, approximately 130 kilometres east of James Bay and the Cree Nation's Eastmain community.

The northern portion of Pontax North contains a lithium prospective zone in a similar geological environment to Allkem's project. According to the Quebec Ministere de l'Energie et des Ressources Naturelles (MERN), the Causabiscau suite is characterized by the abundance of S-type pegmatitic granite intrusions, a lithology known for its beryllium, lithium, cesium, niobium and tantalum potential. Beryl (a beryllium silicate mineral) is reported in several outcrops within this zone. The property is known to contain a 10-kilometre-long pegmatite trend as mapped by MERN. This trend appears to be underexplored despite its recognized lithium potential. Swarms of lithium-bearing granitic dikes are present 12 kilometres north of the property at Allkem's Cyr deposit and at Stria Lithium's Pontax deposit 12 kilometres to the south.

Note: 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 Benjamin Mougin, PGeo, MSc, a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Mougin is independent of Arctic Fox Lithium.

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