SUDBURY,
ON, April 19, 2022 /CNW/ - Frontier Lithium
Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (the "Company" or
"Frontier") is pleased to announce appointment of Mr. Tony (Ming
Wei) Zheng CPA, CA, CGA as Chief Financial Officer (CFO) to its
executive team. Mr. Zheng is a Chartered Professional Accountant
with over 11 years of experience in finance, risk management,
corporate strategy, mergers, and acquisitions, with international
precious and base metals companies.
"On behalf of the company, I wish to welcome Tony Zheng as Chief Financial Officer to the
Frontier Team. Tony brings significant experience which will be
vital as we continue our progress towards building a Tier one
lithium project for North
America." said Mr. Trevor
Walker, President, and CEO of Frontier Lithium.
"I am excited at the opportunity to contribute to Frontier
Lithium, a company that has experienced strong growth in recent
years and is positioning itself to be a leader amongst North
American lithium companies. I look forward to joining the talented
team advancing the PAK Lithium Project to production and
contributing to shareholder value." said Mr. Zheng.
Mr. Zheng has held several positions with international mining
companies, most recently as VP Finance & Controller at
Tanzanian Gold Corporation. Prior to Tanzanian Gold Corporation, he
was Director of Finance at Guyana Goldfields Inc. and facilitated
the post-acquisition integration of Guyana Goldfields by Zijin
Mining Group Co., Ltd. Between 2010 and 2016, he held
progressive roles at Lundin Mining Corp., including Manager,
Financial Planning and Analysis, and Manager, Financial
Reporting. Mr. Zheng holds a Bachelor of Commerce
(Honours) degree from York University
in Toronto and received CPA, CA
designation in 2014 and CGA designation in 2012.
Other Matters
The Company also announces that pursuant to its "Stock Option
Plan" it has granted 750,000 stock options, to certain employees,
officers, directors, and strategic advisors. The options are set
for a period of five years, expiring on April 19, 2027. The options are priced at
$3.16 and are subject to regulatory
approval.
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 is developing 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. Frontier continues to have significant exploration
upside with potential to increase its lithium resource. The Company
is a pure-play lithium development opportunity with the largest
land position in a premium lithium mineral district located in
Northern Ontario
About the PAK Lithium Project
The Project is a Tier 1 lithium resource, containing the
highest-grade lithium deposit and targeting to be top three by size
in North America. The Project encompasses 26,774 hectares 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. These deposits are supported
by a measured and indicated resource of 21.64 million tonnes (Mt)
averaging 1.56 per cent lithium oxide (Li2O) and
inferred resource of 20.86 Mt averaging 1.48 per cent
Li2O. A fully integrated lithium operation from
the resource for production of battery-quality lithium salts 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. (2021 Preliminary Economic
Assessment, NI 43-101 technical report titled "Pak Property" by BBA
E&C Inc., issued on April 5,
2021).Considerable exploration upside is underpinned by 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.