Frontier Lithium Commences Phase X Drilling
Frontier Lithium Commences Phase X Drilling
Highlights:
Current diamond drill program of 2,000 meters on the PAK Lithium Project being conducted.
In-fill drilling objective is to upgrade the Company's Mineral Resources on the Spark deposit
from Inferred to Indicated classification in advance of a Preliminary Feasibility Study.
SUDBURY, ON,
Oct. 6, 2021
/CNW/ - Frontier Lithium Inc. (TSXV: FL) (US OTC: LITOF) (FSE:
HL2) ("Frontier" or "the Company") is pleased to announce the commencement of the Phase X,
2,000 meter diamond drill program on its PAK Lithium Project which is comprised of the PAK and
Spark deposits and is located in the Red Lake mining district of northwestern Ontario. The program
is designed to upgrade the Spark deposit's current Inferred Resource of 15.7 million metric tonnes
to a higher level of confidence of Measured and Indicated category with additional potential to also
expand the resource.
The Company plans to publish a Mineral Resource estimate update for the Spark Resource in Q1
2022 in support of reporting Ore Reserves and completion for completion of a Preliminary Feasibility
Study in mid-2022.
Trevor Walker
, President and CEO of Frontier Lithium said, "We are excited and confident on the
ability to upgrade the Spark deposit's 15.7 MT inferred resource to Measured and Indicated in the
near future. With success, a material increase to the total resource base on the PAK Project will
enable revaluation and further strengthening of our share price and value." Mr. Walker added, "The
Electric Avenue, within which the PAK Project is located, is growing to become one of the worlds'
Tier I spodumene resource districts and is poised to contribute to
North America's
clean energy
storage and electric vehicle transition."
Diamond Drilling on the Spark deposit. (CNW Group/Frontier Lithium Inc.)
Figure 1:
Diamond Drilling
on the Spark deposit,
October 4, 2021
The Spark pegmatite was initially discovered in
September 2018
. Subsequent surface channel
sampling and drilling led to resource estimate including 3.2 million tonnes in indicated and 15.7 million
tonnes in the inferred categories reported in the PEA on
February 16, 2021
. The Spark deposit has
a large surface exposure, broad mineralized zones and remains open in all directions, with the most
significant upside at depth. Recent 2021 in-fill drilling highlights include PL-046-21 intersected
320.6m
of pegmatite averaging 1.68% Li
2
0 and PL-048-21 intersected
340.7m
of pegmatite
averaging 1.68% Li
2
O.
Other Matters
The Company also announces that pursuant to its "Stock Option Plan" it has granted 100,000 stock
options, to certain employees, officers, directors, and strategic advisors. The options are set for a
period of five years, expiring on
October 5, 2026
. The options are priced at
$.84
and are subject to
regulatory approval.
About Frontier Lithium
Frontier Lithium (TSX.V: FL) (OTCQX: LITOF) (FSE: HL2) is a pure play lithium company with the
largest land position in the Electric Avenue, an emerging premium lithium mineral district located in
northern
Ontario
. The company maintains 100% ownership in 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 has significant upside exploration potential. Frontier is a pre-
production business that is targeting the manufacturing of battery quality lithium hydroxide to support
electric vehicle and battery supply chains in
North America
. Frontier maintains a tight share structure
with management ownership at approximately 25% of the Company.
About the PAK Lithium Project
The PAK Lithium 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
covers 65 km of the Avenue length and remains largely unexplored; however, since 2013 the
company has delineated two premium spodumene bearing lithium deposits (Pak and Spark) located
2.3 km from each other. A 2021 Preliminary Economic Assessment of a fully-integrated lithium
operation utilizing spodumene concentrate generated from the PAK Lithium Project resource to
achieve downstream conversion for production of battery-quality lithium chemicals (NI 43-101
Technical report titled "PAK Property" by BBA Engineering Ltd. issued on
April 5, 2021
) resulted in a
post-tax NPV8% of USD
$974M
with a 21% IRR. Considerable exploration upside is supported on
the PAK Lithium Project through two other spodumene bearing discoveries; Bolt pegmatite located
between PAK and Spark deposits, as well as Pennock pegmatite, a further 30 km northwest of PAK
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 what are available at
https://www.sedar.com
SOURCE
Frontier Lithium Inc.
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For further information:
Company Contact Information: Bora Ugurgel, Manager, Investor
Relations, 2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA, T. +001 705.897.7622, F. +001
705.897.7618
CO: Frontier Lithium Inc.
CNW 08:00e 06-OCT-21