Arctic Fox Ventures Inc. announced that it has entered into a Letter of Intent (the "LOI") 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 LOI the Company will issue up to 12,000,000 common shares in the Company and make cash payments of CAD 150,000 in instalments. The Company and Pipeline will work towards executing a mutually agreeable definitive agreement outlining the terms of the LOI. 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, some that contain muscovite, tourmaline and garnet consistent with that of the Fliszar Lithium showing to the south. Most of the pegmatites 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 which 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.