Highlights:
- Current diamond drill program of 2,000 meters on the PAK
Lithium Project being conducted.
- In-fill drilling objective is to upgrade the Company's Mineral
Resources on the Spark deposit from Inferred to Indicated
classification in advance of a Preliminary Feasibility Study.
SUDBURY, ON, Oct. 6, 2021
/CNW/ - Frontier Lithium Inc. (TSXV: FL) (US OTC: LITOF) (FSE: HL2)
("Frontier" or "the Company") is pleased to announce the
commencement of the Phase X, 2,000 meter diamond drill program on
its PAK Lithium Project which is comprised of the PAK and Spark
deposits and is located in the Red Lake mining district
of northwestern Ontario. The program is designed to upgrade
the Spark deposit's current Inferred Resource of 15.7 million
metric tonnes to a higher level of confidence of Measured and
Indicated category with additional potential to also expand the
resource.
The Company plans to publish a Mineral Resource estimate update
for the Spark Resource in Q1 2022 in support of reporting Ore
Reserves and completion for completion of a Preliminary Feasibility
Study in mid-2022.
Trevor Walker, President and CEO
of Frontier Lithium said, "We are excited and confident on the
ability to upgrade the Spark deposit's 15.7 MT inferred resource to
Measured and Indicated in the near future. With success, a material
increase to the total resource base on the PAK Project will enable
revaluation and further strengthening of our share price and
value." Mr. Walker added, "The Electric Avenue, within which the
PAK Project is located, is growing to become one of the worlds'
Tier I spodumene resource districts and is poised to contribute to
North America's clean energy
storage and electric vehicle transition."
Figure 1: Diamond Drilling on the
Spark deposit, October 4, 2021
The Spark pegmatite was initially discovered in September 2018. Subsequent surface channel
sampling and drilling led to resource estimate including 3.2
million tonnes in indicated and 15.7 million tonnes in the inferred
categories reported in the PEA on February
16, 2021. The Spark deposit has a large surface
exposure, broad mineralized zones and remains open in all
directions, with the most significant upside at depth. Recent
2021 in-fill drilling highlights include PL-046-21 intersected
320.6m of pegmatite averaging 1.68%
Li20 and PL-048-21 intersected 340.7m of pegmatite averaging 1.68%
Li2O.
Other Matters
The Company also announces that pursuant to its "Stock Option
Plan" it has granted 100,000 stock options, to certain
employees, officers, directors, and strategic advisors. The options
are set for a period of five years, expiring on October 5, 2026. The options are priced at
$.84 and are subject to regulatory
approval.
About Frontier Lithium
Frontier Lithium (TSX.V: FL) (OTCQX: LITOF) (FSE: HL2) is a pure
play lithium company with the largest land position in the Electric
Avenue, an emerging premium lithium mineral district located in
northern Ontario. The company
maintains 100% ownership in the PAK Lithium Project which contains
one of North America's
highest-grade, large tonnage hard-rock lithium resources in the
form of a rare low-iron spodumene. The Project has significant
upside exploration potential. Frontier is a pre-production business
that is targeting the manufacturing of battery quality lithium
hydroxide to support electric vehicle and battery supply chains in
North America. Frontier maintains
a tight share structure with management ownership at approximately
25% of the Company.
About the PAK Lithium Project
The PAK Lithium Project encompasses 26,774 hectares at the south
end of Ontario's Electric Avenue,
the largest land package hosting premium lithium bearing pegmatites
in Ontario. The Project covers 65
km of the Avenue length and remains largely unexplored; however,
since 2013 the company has delineated two premium spodumene bearing
lithium deposits (Pak and Spark) located 2.3 km from each other. A
2021 Preliminary Economic Assessment of a fully-integrated lithium
operation utilizing spodumene concentrate generated from the PAK
Lithium Project resource to achieve downstream conversion for
production of battery-quality lithium chemicals (NI 43-101
Technical report titled "PAK Property" by BBA Engineering Ltd.
issued on April 5, 2021) resulted in
a post-tax NPV8% of USD $974M with a
21% IRR. Considerable exploration upside is supported on the PAK
Lithium Project through two other spodumene bearing discoveries;
Bolt pegmatite located between PAK and Spark deposits, as well as
Pennock pegmatite, a further 30 km northwest of PAK within the
Project claims.
Forward-looking statements
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. 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 future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company
expects are forward-looking statements. Although the Company
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 in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward looking statements
include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and those actual results or developments may differ materially from
those projected in the forward-looking statements. For more
information on the Company, Investors should review the Company's
registered filings what are available at https://www.sedar.com
SOURCE Frontier Lithium Inc.