Arctic Fox Ventures Inc. Executes Definitive Agreement To Acquire the Kana Lake Lithium Project in the James Bay Region of Quebec

VANCOUVER, BC / ACCESSWIRE / January 30, 2023 / Arctic Fox Ventures Inc. (CSE:AFX) (the "Company") is pleased to announce that, further to its previous press release dated January 12, 2023, the Company has entered into a Definitive Agreement (the "Agreement") with Pipeline Capital Corp. ("Pipeline") to acquire 37 active mineral claims located in the James Bay region of Quebec. The 37 mineral claims known as the Kana Lake Lithium project consists of 2,100 hectares of land. Under the terms of the Agreement the Company will issue 12,000,000 common shares to the shareholders of Pipeline at price for common share equivalent to the closing price of the common shares of the Company on the closing date. In addition, the Company will pay to the shareholders of Pipeline $50,000 on the closing date, $50,000 on the date that is 90 days from the closing date and $50,000 on the date that is 180 days from the closing date. On closing the Company will become the sole shareholder of Pipeline. It is currently anticipated that the closing date will occur on or before January 31, 2023.

Harry Chew, President and CEO, commented: "I am very pleased that we are able to close on the acquisition of what we view to be a very prospective lithium property in the James Bay region of Quebec".

The acquisition will not constitute a change of business for the Company.

About Kana Lake

The Kana Lake Lithium project is located north of the Fliszar Lithium showing in the James Bay region of Quebec. During a survey of the property conducted by the Quebec Ministry ("MERN"), field geologists identified a pegmatite trend over 6 kilometres long with at least 10 pegmatite outcrops. Most of the pegmatite exposures are over 900 meters square in size.

During a summer/fall 2022 survey program conducted by the Quebec Ministry (MERN) their geologists identified this area as a new lithium prospective zone that is characterized by the presence of numerous E-W trending pegmatitic granite dykes. The presence of garnet and muscovite in these rocks indicates a hyperaluminous composition, suitable for the development of lithium mineralization. These pegmatites are consistent with the Fliszar Lithium showing to the south of the property, where three grab samples rich in lepidolite, returned up to 1.83% LiO2, 0.34% Cs, 1.11% Rb, 126 ppm Nb, 374 ppm Ta and 0.3% B*.