SUDBURY,
ON, Nov. 28, 2024 /CNW/ - Frontier Lithium
Inc. (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or the
"Company") has reported financial results for the six months ended
September 30, 2024. The financial
statements and the related management's discussion and analysis
have been filed on SEDAR+ and can be viewed under the Company's
profile at (www.sedarplus.ca) and on the Company's website at
www.frontierlithium.com
The Company continues to advance its PAK Lithium Project and
assess the viability of constructing and operating a
fully-integrated lithium mine and chemicals processing facility to
deliver battery-grade lithium carbonate and lithium hydroxide for
the burgeoning lithium-ion battery market in North
America.
Highlights for the Quarter Ended September 30, 2024, and
Recent Developments
Financial
On September 30, 2024, the company
had cash and cash equivalents of $25.5
million, leaving it well positioned to meet corporate and
administrative expenses and to further execute on its core business
objectives.
Exploration and Development
The Company's Phase XIV drilling program included three
condemnation diamond drill holes on proposed stockpile sites for
the definitive feasibility study ("DFS") and an inaugural drill
hole on the Ember Lithium-Cesium-Tantalum ("LCT") pegmatite,
located 1 kilometre west-northwest of the Spark deposit. As
disclosed on the November
19th press release,the Ember drill hole
intersected 18.8 metres of pegmatite between 42.7 and 61.4 metres,
with an average grade of 1.43% lithium oxide (Li₂O), extending the
surface LCT pegmatite zone to at least 40 metres in depth.
In addition to drilling, a small-scale regional exploration
program was completed. Field mapping and prospecting on claim
blocks north of the mining leases identified target areas requiring
further investigation, including detailed mapping and channel
sampling.
Phase 1 of the DFS for the mine and mill commenced in
November 2023 and is expected to be
completed within 12-18 months. The DFS team has finalized the
resource update, site layout, and mine and mill design.
Infrastructure
Frontier is collaborating with the Government of Canada, the Government of Ontario, and local Indigenous partners to
upgrade and construct northern all-season road infrastructure,
ensuring the Company can efficiently bring its lithium products to
market.
In April 2024, the Federal
government allocated $89 million in
its budget for road construction in remote First Nations
communities, including allocating funding for the Berens River
Bridge and Road Project in Ontario. This initiative was further supported
by an August 2024 announcement from
the Ontario government, which
formalized its partnership with the Federal government and the
Pikangikum First Nation to fund the construction of the Berens
River Bridge, with an anticipated start date in 2025.
In October 2024, Frontier secured
$6.1 million in conditional Federal
funding under the Critical Minerals Infrastructure Fund (see
October 7, 2024 press release). This
funding will play a pivotal role in advancing progress on the
all-season road and electricity infrastructure to the PAK Lithium
Project, including engineering, engagement and consultation and
environmental activities.
Environment and Permitting
Multi-year environmental baseline studies focused on the
Company's mine and mill were concluded in November 2024 with final reports set for release
by the end of 2024. These baseline studies support permitting
efforts which are under way and ramping up in the coming months as
we work with First Nations communities to create a stronger
understanding about the project through engagement and consultation
efforts.
Seasonal environmental baseline data collection continued
throughout the remainder of the year. Information collected
to date is currently being used for different modeling scenarios
which will influence design and permitting. Over the reporting
period, Stage 2 Archaeology field investigation were completed by a
licenced archaeologist with local First Nation community
participation.
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 - Standards of Disclosure for
Mineral Projects. Under Frontier's QA/QC
procedures, all drilling was completed by Chenier Drilling
Ltd. of Val Caron, Ontario using
NQ drill rods for the geotechnical drill holes; thin walled BTW
drill rods (4.2 cm core diameter) for all other holes 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. A Reflex GYRO Sprint-IQ survey instrument was
used every 50 metres downhole and again at the end of each hole
when rods were pulled out. A Reflex North Finder APS
unit was utilized to complete accurate positioning and orientation
of the drill collar upon setup. 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-half bagged for analysis. Sample blanks
along with lithium 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 AGAT Laboratories
Ltd. (AGAT) in Thunder Bay,
Ontario for sample preparation and to Calgary, Alberta for processing and
quantitative multi-element analysis. AGAT is an ISO accredited
laboratory. The core is stored on site at the Company's Knox
exploration camp.
About Frontier Lithium
Frontier Lithium Inc. is a pre-production business with an
objective to become a strategic and integrated domestic supplier of
premium spodumene concentrates as well as battery-grade lithium
hydroxide and other chemicals to the growing electric vehicle and
energy storage markets in North
America. The Company's PAK Lithium project maintains the
largest land position and resource in a premium lithium mineral
district located in Ontario's
Great Lakes region.
About the PAK Lithium Project
The PAK Lithium Project contains North
America's highest-grade lithium reserves and is the largest
in Ontario by size. The project
encompasses close to 27,000 hectares and remains largely
unexplored. 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"
prepared by BBA E&C Inc., delivered a 24-year project life,
delivering a post-tax net present value (8%) of US$1.74 billion and an internal rate of return of
24.1% as per the Company's press release disseminated on
May 31, 2023, and which was filed on
SEDAR+ (www.sedarplus.ca)
Forward-looking Statements
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact constitute forward-looking
statements. Forward looking statements contained in this news
release include, but are not limited to, statements with respect
to: estimated mineral resources, estimated capital costs to
construct mine facilities, estimated operating costs, the duration
of payback periods, estimated amounts of future production,
estimated cash flows, net present value, the PFS and DFS and
statements that address future production, resource and reserve
potential, exploration drilling, exploitation activities and events
or developments that the Company expects.
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 may differ materially from those expressed in the
forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. Risk factors that could cause actual results to
differ materially from those in forward looking statements include:
market prices for commodities, increases in capital or operating
costs, construction risks, availability of infrastructure including
roads, regulatory and permitting risks, exploitation and
exploration successes, continued availability of capital and
financing, financing costs, 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, please review the Company's public filings
available at www.sedarplus.ca.
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.
SOURCE Frontier Lithium Inc.
