SUDBURY,
ON, Nov. 9, 2023 /CNW/ - Frontier Lithium Inc.
(TSXV: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or "the
Company") is pleased to announce its receipt of $2 million in grant funding from the Northern
Ontario Heritage Fund Corporation (NOHFC) to test the processing
and conversion of by-products as it advances towards commercial
lithium salts production.
The funding announced today at the future headquarters of
Frontier, by Ontario Premier,
Doug Ford, Minister of Northern
Development and Indigenous Affairs, Greg Rickford, Minister of
Mines, George Pirie, and Minister of
Economic Development, Job Creation and Trade, Vic Fedeli reflects the importance of the fully
integrated PAK Lithium Project to EV and EV battery supply chains
in the province. The NOHFC grant will enable the construction of a
facility that will demonstrate processes targeted at the conversion
of sodium sulfate by-products to achieve a closed-loop system for
lithium salt production. This testing is expected to lead to
reagent input regeneration, process optimization, recycling, energy
efficiency and waste minimization that will mitigate disposal risks
associated with by-products.
This new grant builds on NOHFC funding received by Frontier in
2021 to test the production of lithium hydroxide, an important
component of the lithium-ion battery. The findings from the 2021
tests have informed this next phase of the research process and
reflects Frontier's desire to seek and implement environmentally
responsible solutions to advance commercial lithium production
objectives in Ontario.
About Frontier Lithium
Frontier Lithium Inc. (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF) is
an exploration and development mining company with headquarters and
assets in Northern Ontario, a
tier-one mining jurisdiction. The Company's PAK Project represents
the largest proven land position in a new, premium lithium mineral
district, with a high-grade, large tonnage and pure lithium
resource. Strategically located in Ontario's Great Lakes region near the United
States Border, Frontier is developing the first fully integrated
lithium mining-and-processing operation in Ontario with an aim is to become a significant
supplier of spodumene concentrates and battery-grade lithium
hydroxide to the growing electric vehicle and energy storage
markets across North America.
About the PAK Lithium
Project
The PAK lithium project contains North
America's highest-grade lithium resource and is the largest
in Ontario by size. The project encompasses close to
27,000 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.
Exploration is continuing 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). A
2023 Pre-Feasibility Study titled ""National Instrument 43-101
Technical Report PFS PAK Lithium Project"" authored by BBA E&C
Inc., delivered a 24- year project life, at a post-tax NPV(8%)
of US$1.74 billion and internal rate of return of 24.1%
as per the press release disseminated on May 31, 2023 ,
and was filed on www.SedarPlus.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements that constitute
"forward-statements." Such forward looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the Company's actual results, performance or achievements, or
developments to differ materially from the anticipated results,
performance or achievements expressed or implied by such
forward-looking statements. Although the Company believes, in light
of the experience of its officers and directors, current conditions
and expected future developments and other factors that have been
considered appropriate that the expectations reflected in this
forward-looking information are reasonable, undue reliance should
not be placed on them because the Company can give no assurance
that they will prove to be correct. When used in this press
release, the words "estimate", "project", "belief", "anticipate",
"intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and
information. The forward-looking statements and information in this
press release include information relating to the prospectivity of
the Company's mineral properties, the mineralization and
development of the Company's mineral properties, the Company's
exploration program and other mining projects and prospects
thereof. Such statements and information reflect the current view
of the Company. Risks and uncertainties that may cause actual
results to differ materially from those contemplated in those
forward-looking statements and information. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking information contained in this news
release represents the expectations of the Company as of the date
of this news release and, accordingly, is subject to change after
such date. Readers should not place undue importance on
forward-looking information and should not rely upon this
information as of any other date. The Company undertakes no
obligation to update these forward-looking statements in the event
that management's beliefs, estimates or opinions, or other factors,
should change.
Readers are cautioned that any such forward-looking 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,
please review the Company's public filings available on
SEDAR+ at www.sedarplus.com.
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 news release.
SOURCE Frontier Lithium Inc.