FL Frontier Lithium Inc

Highlights 

• Resource estimate update for Spark Pegmatite includes 14 million tonnes averaging 1.40% Li₂O in the Indicated category;
• Includes another 18 million tonnes averaging 1.37% Li₂O in the Inferred category;
• The Spark lithium deposit remains open along strike and down dip.

SUDBURY, ON, March 1, 2022 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (the "Company" or "Frontier") is pleased to report an updated mineral resource estimate for the Spark deposit, the second delineated premium spodumene-bearing lithium deposit on the PAK Lithium Project "Project". The resource estimation has been prepared by BBA E&C Inc. Table 1 is a summary of the mineral resource estimate.

"Due in part to the predictability of the in-fill drilling completed in 2021, as anticipated, most of the Inferred from the previous Resource Estimate is now in the higher confidence levels of Indicated", commented Garth Drever, Vice President Exploration of Frontier Lithium. "We are certainly pleased to have increased the overall size of the Spark Pegmatite." added Drever.

Table 1: Summary of Mineral Resource Estimate for Spark Pegmatite

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards (2014). Mineral resources that are not mineral reserves do not have demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Open pit Mineral Resources are reported at a cut-off grade of 0.70 % Li2O that is based on a spodumene concentrate prices of US$800/tonne and an exchange rate of 1.29.
3. Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit slope angles were used by BBA to generate the pit shell.
4. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
5. Tonnage and grade measurements are in metric units.
6. A bulk density factor of 2.72 was applied to the pegmatite based on 437 measurements.

Modeling was performed using Datamine Studio RM software with grades estimated using ordinary kriging (OK) interpolation methodology. Samples were composited at 2.0 metre down hole. Assessment of composites indicated no capping was required on the Li₂O grades. Block grades were estimated on a multi pass basis with a minimum and maximum number of composites and maximum number of composites per drillhole required for each estimation pass. Block size is 2.5 metre by 2.5 metre (y) by 2.5 metre (z).

Additional information about the Mineral Resource modeling methodology will be documented in the upcoming NI 43-101 technical report (the "Technical Report").

The Spark pegmatite, discovered in September 2018 and delineated in 2019 with two drill programs (9 holes totaling 2,500m and 12 channels totaling 288.4m). During 2021, two more drill programs totaling 11 holes (3,269m) and 54 m of channel sampling with objectives of upgrading the largely Inferred mineral resource category to Indicated mineral resource were completed. The results from the channels and drilling have been previously reported.

Geological logging of channels and drill core combined with multi-element geochemistry indicates a high degree of compositional homogeneity throughout the deposit. The pegmatite consists primarily of spodumene-bearing sodic aplite which is typically fine to medium grained, light grey to greenish grey locally with coarser zonations consisting of megacrystic feldspar, fine to coarse-grained light grey to white spodumene, grey quartz and variable amounts of muscovite.  The coarser grained zones are similar in appearance and composition to the LIZ (Lower Intermediate Zone) at the PAK deposit 2.3 km to the southwest.

Due Diligence

All scientific and technical information in this release has been reviewed and approved by Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA E&C Inc., the qualified person (QP) and Garth Drever, P.Geo., VP Exploration for Frontier Lithium Inc. the qualified person (QP) under the definitions established by National Instrument 43-101.  Under Frontier's QA/QC procedures, all drilling was completed by Chenier Drilling Ltd. of Val Caron, ON using thin-walled BTW drill rods (4.2 cm core diameter) and a Reflex ACT III oriented core system. Using the Reflex system, the drill core was oriented and marked as it was retrieved at the drill.  The core was boxed and delivered to the Frontier core shack where it was examined, geologically logged and marked for sampling.  The core was photographed prior to sampling.  Using a rock saw, the marked sample intervals were halved with one halve bagged for analysis.  Sample blanks along with lithium, rubidium and cesium certified reference material was routinely inserted into the sample stream in accordance with industry recommended practices. Field duplicate samples were also taken in accordance with industry recommended practices. The samples were placed in poly sample bags and transported to Red Lake by Frontier employees and then shipped to AGAT Laboratories Ltd. (AGAT) in Mississauga, ON for quantitative multi-element analysis.  AGAT is an ISO accredited laboratory. The core is stored on site at the Pakeagama Lake exploration camp. 

About Frontier Lithium

Frontier Lithium is a preproduction business that is targeting to become a manufacturer of battery-quality lithium materials to support electric vehicle and battery supply chains in North America. Frontier owns 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 continues to have significant exploration upside with potential to increase the lithium resource. The Company is a pure-play lithium development opportunity with the largest land position in the Electric Avenue, a premium lithium mineral district located in Northern Ontario.

About the PAK Lithium Project

The PAK Lithium Project contains a tier one lithium resource in North America and is one of the global top three premium resources by quality. A 2021 preliminary economic assessment (National Instrument 43-101 technical report titled "Pak Property" by BBA E&C Inc., issued on April 5, 2021) delivered a fully integrated lithium operation from the resource to achieve downstream conversion plan for production of battery-quality lithium salts. The study resulted in an after-tax net present value (discounted at 8 per cent) of $974-million (U.S.) with a 21-per-cent internal rate of return. The 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 is supported by a measured and indicated resource of 10.49 million tonnes (Mt) averaging 1.78 per cent lithium oxide (Li₂O) and inferred resource of 18.48 Mt averaging 1.45 per cent Li₂O.The Project covers 65 kilometres of the Electric Avenue's length and remains largely unexplored; however, since 2013, the company has delineated two premium spodumene-bearing lithium deposits (PAK and Spark), located 2.3 kilometres apart. Considerable exploration upside is supported on the Project through two other spodumene-bearing discoveries: the Bolt pegmatite (located between the PAK and Spark deposits), as well as the Pennock pegmatite (30 kilometres northwest of PAK Deposit 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 available at sedar.com.

SOURCE Frontier Lithium Inc.