SUDBURY,
ON, May 2, 2022 /CNW/ - Frontier Lithium
Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (the "Company" or
"Frontier") is pleased to announce their 2022 exploration program
and targets for the PAK Lithium Project (Project) in northwestern
Ontario. Frontier's 2022
exploration activities will mainly include infill and step out
drilling on the Spark deposit, as well as, detailed and regional
mapping and prospecting in areas both proximal to known
spodumene-bearing pegmatite deposits and in under-explored areas
within their 27,000 ha claim block. Phase XI drilling was completed
in March 2022 with a total of
1,343m in five holes drilled at the
Spark deposit. All samples are currently being processed with
results pending.
The company plans to continue evaluating the Spark pegmatite
recommencing mid-May by now utilizing two diamond drills over the
2022 exploration period. With a current measured and
indicated resource of 21 Mt averaging 1.56 per cent Li2O
and an additional inferred resource of 20 Mt averaging 1.48 per
cent Li2O, it is anticipated that the drilling will
result in increases in all resource categories of the deposit.
Concurrently, a team of experienced geologists and prospectors
will also work on a geological mapping and prospecting
program. Emphasis will be placed on targeted areas of known
spodumene-bearing pegmatites with the objective of making
additional discoveries.
"Increasing the lithium resource base will add to the overall
scalability of the PAK Lithium Project going forward ." states
Garth Drever, Vice President
Exploration of Frontier Lithium "Knowing that the Pennock
pegmatite, 25 km to the northwest, has the grades and technical
purity of the PAK deposit gives us confidence that more
discoveries can be made."
During the 2021 fall drill program the team completed an
additional channel on the recently discovered Bolt pegmatite
located between the PAK and Spark deposits. Tables 1 and 2
provides details on the mineralization and location of the channel
while Figure 2 shows the channels relative to the outline of
exposed pegmatite. Channel 49, cut 125
m to the northwest of the previous channels, produced
similar grades and mineral composition. The entire channel of
49m averaged 1.14%
Li2O, but included a 29m of a higher-grade interval measuring
1.45% Li2O.
Due Diligence
All scientific and technical information in this release has
been reviewed and approved by Garth Drever, P.Geo., the
qualified person (QP) under the definitions established by National
Instrument 43-101.
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. 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 a premium lithium mineral district located in
Northern Ontario.
About the PAK Lithium Project
The PAK Lithium Project contains North
America's highest grade lithium resource that is top three
in size on the continent and is considered premium quality globally
as a result of its rare low-iron spodumene. 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
close to 27,000 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 21.64 million tonnes (Mt)
averaging 1.56 per cent lithium oxide (Li2O) and
inferred resource of 20.87 Mt averaging 1.42 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 (25 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.