Arctic Fox Lithium Corp. announced the results from its Phase I exploration campaign at the Pontax North property located in the James Bay region of Quebec. The identification of pegmatites belonging to the Causabiscau Suite in the northern part of the Pontax North Property presents a significant opportunity for targeted exploration due to its strong association with critical and strategic metals.

LCT (Lithium-Cesium-Tantalum) pegmatites are typically hosted by mafic metavolcanics or metasedimentary rocks, and are located near peraluminous (S-type) granitic plutons. The identification of minerals such as muscovite, garnets and tourmaline confirms the peraluminous nature of the granitic units present on the Pontax North Property and further accentuates the exploration potential of the area. In addition, the clear coincident anomalies in beryllium, cesium, niobium and tantalum observed in sample #100865 correspond to a typical signature of LCT pegmatites.

A lithium anomaly of 106 ppm Li was discovered in sample #100754 in the NW part of the property within a dark coarse grained rock containing more than 50% biotite, that could correspond to a restite enclave. While the northern half of the Pontax North property is predominantly composed of large masses of white granitic pegmatite interpreted as a product of partial melting of paragneiss, the identification of diatexites in the hostrock suggests locally high degrees of partial melting further enhancing the prospects for rare earth metals. Notable characteristics of fertile S-type pegmatites have also been observed by field crews in 2023, including coarse to blocky crystals of microcline, plagioclase, and quartz with frequent graphic intergrowths, as well as the occasional presence of muscovite, garnets and tourmaline.

The presence of coincident Be-Cs-Ta-Nb-Rb anomalies are a definitive indicator of the rare-element potential of the system. The company has also completed a detailed compilation of the Lidar completed last fall and the high-resolution magnetic data from Quebec's Ministry of Energy and Natural Resources (MERN) which revealed compelling geophysical features on the Pontax North property, suggesting the presence of unmapped diabase dikes and potential ENE pegmatite swarms pointing to the Causabiscau Suite below overburden. This coupled with the recent results underscores the importance to further explore the Pontax North Property.

The 2024 exploration program of Arctic Fox properties is currently in the planning stages. Work was also carried out on the Kana Lake and Delta Lake properties. Delta Lake: The lithologies observed on the Delta Lake property are mainly dark, massive and aphanitic to fine grained, locally plagioclase-porphyritic amphibolites.

Weak to strong chloritization and epidotization are locally observed. Some finely bedded sediments (greywacke/siltstone) were observed in the central part of the property, while tonalite was observed in the southwestern part with limited pegmatite and aplite injections. Massive medium- grained diorite with weak chloritization was observed in the southeastern part of the property.

The only pegmatite observed throughout the 2023 campaign on the Delta Lake property was situated in outcrop #BM-23-023 hosted in a medium-grained tonalite. A 15 cm wide beige-pinkish pegmatitic dyke oriented N140/- 80 was sampled, however this dyke does not correspond to the S-type ones the company is searching for in rare metals exploration. Two outcrops of particular interest for gold and base metals were observed: 1) A quartz-carbonate stockwork filling was observed in a hydrothermal breccia zone within amphibolites at outcrop #BM-23-147.

The chloritization and silicification of the host rock proves that strong fluid circulation occurred. Sample #100828 taken from a 0.3m wide ESE-oriented vein was sampled; 2) Py-Po-Cp mineralization was observed within sediments at outcrop #BM-23-153. The style of mineralization indicates base metals sulphide remobilizations from a parent source.

Sample #100829 was collected from that outcrop. Unfortunately no rare earth anomaly was observed on the 2 samples assayed for rare metals and no gold anomaly was observed on the six (6) samples assayed for precious metals. However a combined anomaly of 1.26 ppm Ag and 1,605 ppm Cu was observed on sample #100829 where pyrite, chalcopyrite and malachite were observed.

Kana Lake: The lithologies observed on the Kana Lake property were mainly medium-grained white to pinkish felsic intrusive rocks identified as tonalites /granodiorites and anatectic granites, with local pegmatitic pockets. Pink intrusives are related to the granodiorites and granites of the Janin Suite. These rocks usually contain more than 30% alkali feldspar, 20-40% grey quartz and 1%-15% biotite, with local pegmatitic pockets.

White intrusives units of the Gladman Suite however locally expose muscovite, red garnets and tourmaline which attests of a peraluminous (S- type) composition. These pegmatites are therefore considered as highly prospective for lithium and rare metals mineralization. Light to strong hematization is also locally observed giving the rock a pinkish to reddish colour.

Isolated anomalies were locally observed in the 2023 samples but no coincident anomaly suggesting the presence of a LCT pegmatite signature. A 76 ppm Li anomaly was observed in a coarse grained tonalite pocket containing up to 2% of small red garnets (sample #108023) in the northern part of the property. That area of the property is also characterized by a rubidium background noise higher that the rest of the property (300 ppm to 400 ppm Rb).

Slight Be and Cs anomalies are observed on two (2) samples of white pegmatites (#100739 and #100740) collected a few meters from each other, in the southeastern part of the property. Overall, the Kana Lake property hosts a favorable geological environment for continued exploration, as fertile pegmatites often present white and blocky K-Feldspar with frequent graphic intergrowths with quartz, both of which were observed on the Kana Lake property. In addition, the weak lithium anomaly observed in sample (#108023) is an indicator of the fertility potential of the paragneiss-pegmatite system for lithium mineralization in that area.