Harfang Reports on Exploration Results on Its Pontax Property Under Option to Li-FT Power (Eeyou Istchee James Bay, Québec)
MONTREAL, Nov. 16, 2022 - Harfang Exploration Inc. ("Harfang" or the "Company") (TSX-V: HAR) is pleased to provide an exploration update on the Pontax Property (the "Property") under option to Li-FT Power Ltd. ("Li-FT"; CSE: LIFT) located in the Eeyou Istchee James Bay region, Québec (Figure 1). The Property is located within Li-FT's large regional Pontax Project that they are actively exploring. Results discussed in this news release were obtained from the initial exploration program conducted by Li-FT on the Property following its recent option agreement with Harfang (see news release dated on July 21, 2022).
During the summer of 2022, Li-FT completed a regional till geochemistry survey and preliminary prospecting on three of its properties in the region, including on the Harfang's Property. The goal of that exploration program was to search for lithium pegmatite mineralization beneath the extensive glacial sediment cover (see LiFT's news release dated on November 15, 2022).
Till Geochemistry and Rock Sampling Results
The cluster of till samples defining the anomaly corresponds to high values in Li-Cs-P-Nb-Ga-Mn-W-Mo ± Ta-Sn-Rb. It covers an area of approximately 8 by 7.5 kilometres overlapping the southwestern portion of Harfang's Property (Figures 1 and 2). The geochemical anomalism suggests a spatial relationship with a variably pegmatitic granite and supracrustal rocks.
Sixty-five (65) grab rock samples were collected on the Property from boulders and outcrops. The best sample, assaying 0.41% Li2O, was collected from an amphibolite adjacent to a pegmatite in a quarry located 600 metres from the Billy-Diamond Highway (Figure 2). A pegmatite boulder collected further north on the Property assayed 0.30% Li2O.
Once the results have been assessed by Li-FT, a more extensive exploration program targeting lithium-bearing pegmatites is anticipated to be initiated to further define the till anomaly and potentially develop drill targets.
Commented Ian Campbell, President and CEO of Harfang, "We are very pleased with the first exploration program executed by Li-FT and the results received today. They demonstrate the presence of a large lithium-in-till anomaly occurring in part on our Property requiring further exploration work. The option with Li-FT represents the first step of our Critical and Strategic Minerals strategy of entering into partnerships that advance some of the projects in our portfolio containing significant upside for these metals and related minerals including lithium, tantalum, nickel, copper and cobalt."
About the Pontax Property and the Li-FT Option Agreement
The Property is comprised of 287 mining claims totalling 15,323 hectares and was acquired by Harfang in 2020 by map staking, based on its grassroots potential for precious and base metals, and its prospectivity for lithium-bearing pegmatites. The northwestern part of the Property covers a portion of the structural boundary between the La Grande and Nemiscau subprovinces. Such structural limits are commonly associated with lithium-bearing pegmatites in the region (e.g. Wabouchi, James Bay Lithium, Rose).
The area is partially accessible by vehicles from the Billy-Diamond Highway which cuts across the Property. Limited historical exploration for gold was carried out in select areas of the eastern part of the Property.
Upon signing of the option agreement, Li-FT became the project operator and may acquire a 70% interest in the Property on completion of a total of $150,000 in cash payments and incurring a total of $5 M in exploration expenditures on or before the sixth anniversary date of the agreement. Upon Li-FT's exercise of the option, Harfang will have the option of converting its remaining participating interest of 30% into a 2.5% net smelter return royalty or to form a joint venture to further explore the Property.
QA/QC and Sampling Protocols
Till samples were collected between 20 and 80 centimetres below the surface from the C-horizon of glacial till. Approximately one kilogram of material was collected from each sample site and shipped to Bureau Veritas ("BV") in Timmins, Ontario, for preparation. Samples were prepared for analysis according to BV method SS230 whereby individual samples were sieved to isolate the - 230 mesh (- 63 microns) fraction. Samples were analyzed at BV in Vancouver, British Columbia, with BV method MA250 (four-acid digestion with ICP-MS finish) for multi-element data and BV method AQ130 (aqua regia with ICP-MS finish) for gold analysis (30-g material).
Rock samples were collected from boulders or outcrops. Between 0.5 and 2 kilograms of material were placed in a plastic bag and submitted to BV in Timmins, Ontario, for preparation. Samples were prepared for analysis according to BV method PRP70-250, whereby 250 grams of material was crushed, split and pulverized to isolate the - 200 mesh (- 74 microns) fraction. Some 0.25 grams of this material was analyzed using BV method MA250 (see description above) for multi-element analysis. Thirty (30) grams of material was analyzed using BV method FA430 (lead collection fire assay with AAS finish). Grab samples are selective by nature and are not necessarily representative of the mineralized zones.
Cautionary Note: Li-FT collected all till and rock samples and oversaw the QA/QC and sampling protocols described above. Harfang was not involved in the collection of the samples and cannot validate results reported in this news release.
Vertical Amalgamation
Harfang is also pleased to announce that it has completed a vertical amalgamation with its wholly-owned subsidiary, LaSalle Exploration Corp., effective November 1, 2022, with the name of the amalgamated company to remain "Harfang Exploration Inc.". The amalgamation will streamline the Company's mining exploration activities under a single corporate entity and will reduce corporate and operational expenses.
Qualified Person
The technical information in this news release was prepared and approved by François Huot, P.Geo., Vice President Exploration of Harfang, who is a non-independent qualified person for the technical disclosure as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI43-101").
About Harfang Exploration Inc.
Harfang Exploration Inc. is well financed with approximately $9.49 M in the treasury as of July 31, 2022 and is a technically driven mineral exploration company with the primary mission to discover ore deposits in Québec and Ontario. The Company is managed by an experienced team of industry professionals with a proven track record of success, controls a portfolio of highly prospective projects and has a strong financial position. Harfang is dedicated to best practices through engagement with all stakeholders and commitment to the environment.
On behalf of the Board of Directors and for further information, please contact:
Ian Campbell
President and Chief Executive Officer
Tel: 647 680-3820
Email: icampbell@harfangexploration.com
Web: www.harfangexploration.com
Cautionary Statement Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.