(TheNewswire)

VANCOUVER, BRITISH COLUMBIA - TheNewswire - October 3, 2024 – Arctic Fox Lithium Corp. (CSE: AFX / FSE: O5K) (the “Company&) is pleased to announce that it will be commencing its Phase 2 exploration campaign at the Pontax North property, located in the James Bay region of Québec. Building on the successful outcome from Phase 1, the next phase will target three primary areas of interest, as highlighted in the map below, for an intensive stripping and 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 will now focus on the most prospective areas highlighted to date.

The overall objective of the Phase 2 program is to further delineate and evaluate the mineral potential of these high priority areas through targeted stripping and detailed geological mapping and sampling. Six targeted outcrops over three high priority areas will therefore undergo further evaluation (See figure below) :

1.Area 1: A region highlighting significant anomalies in cesium, niobium, beryllium and tantalum, which align 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 ppm Li and 11.2 ppm Cs 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 ppm Li discovered during Phase 1.

The Phase 2 exploration program is scheduled to begin in the coming week and is expected to take 10-15 days to complete.

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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. As we get ready for Phase 2, our focus will be on these three key areas, where the geological conditions are favorable. We are confident that this next phase of exploration will bring us a deeper understanding of the property&s full potential.

About Arctic Fox Lithium Corp.

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

The Company&s 2,756-hectare Pontax North Lithium Project (“Pontax North&) 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 Pontax North contains a lithium prospective zone in a similar geological environment to Allkem&s project. According to the Quebec Ministère de l&Énergie et des Ressources Naturelles (MERN) the Causabiscau Suite is characterized by the abundance of S-type pegmatitic granite intrusions, a lithology known for its Be, Li, Cs, 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 asmapped 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 deposit and at Stria Lithium&s Pontax deposit 12 km to the south.

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, SLR Consulting, Wave International and WSP Canada and dated September 29, 2023.

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.

The technical information contained within this News Release has been reviewed and approved by Benjamin Mougin, P.Geo, M.Sc. and Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Benjamin Mougin is independent of Arctic Fox Lithium Corp.

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.

Twitter: https://twitter.com/arcticfoxLi

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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.

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 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 fieldwork described in this press release; and the future potential of and 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 the failure to complete the fieldwork on the timing and terms as contemplated or at all; uncertainty with respect to the results of future exploration and the ability to conduct any exploration activities on the properties 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; in order to conduct anticipated exploration activities; and that the exploration compilation work described in this press release will be completed as anticipated. 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.

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