Frontier Lithium Confirms High-Grade Lithium Oxides at Spodumene-Bearing Pennock Pegmatite, and Announces Option Grant and Repricing
FRONTIER LITHIUM CONFIRMS HIGH-GRADE
LITHIUM OXIDES AT SPODUMENE-BEARING
PENNOCK PEGMATITE, AND ANNOUNCES
OPTION GRANT AND REPRICING
SUDBURY, ON
,
Dec. 28, 2023
/CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX:
LITOF) ("Frontier" or "the Company"), is pleased to release the results of a Summer 2023 regional
prospecting and channel sampling program at Pennock, located 22 km northwest of the Spark
Deposit. The spodumene-bearing Pennock Pegmatite is a 1.5 km long pegmatitic dyke trend that
was first channeled in 2019 with
16m
averaging 1.96% Li
2
O.
Highlights
Channel 56:
700m
east southeast of the main blowout along the Pennock dyke system, crossed
3.0m
of pegmatite averaging 1.8% Li
2
O.
Channel 55:
55m
to the east of Channel 56, crossed
5.8m
averaging 1.0% Li
2
O.
"This was our first opportunity to validate the spodumene-bearing Pennock dyke beyond the
"blowout" area with continuous channeling across the dykes. They tend to be extensive, continuous
and contain high grades of lithium oxide" says
Garth Drever
, VP Exploration of the Company.
"Despite being narrow at surface with widths less than 6 metres and requiring additional channeling
and mapping prior to any drill testing, we are excited about the potential discovery upside outside of
the project's mining lease area."
As part of the 2023 summer drill program at PAK, exploration crews were mobilized to the Pennock
area for follow-up to the 2022 mapping and prospecting to complete sampling along 3 channel cuts.
This resulted in the discovery of several additional pegmatite/aplite dykes, many of which were
channeled. The pegmatite dykes near Channels 55 and 56 had been chip sampled in the past
when spodumene had been identified. The channeling has now confirmed the presence of both
spodumene and high grades of lithium oxide. Although spodumene was not visibly identified in the
lepidolite-bearing aplite at Channel 54, it was channeled to determine the Li
2
O content and for
further study.
Only channels reported here and, in the
September 7
th
, and 25
th
Press Releases, contained
significant values of lithium oxide. Table 1 details the mineralized intervals of the channels while
Table 2 summarizes the channels from the Pennock area.
Channel
Zone
From
(m)
To
(m)
Width
(m)
Li
2
O
(%)
Cs
2
O
(%)
Ta
2
O
5
(ppm)
Nb
2
O
5
(ppm)
SnO
2
(ppm)
Rb
2
O
(%)
Unit
CH-45
(2019)
LI-Enriched
0.0
16.0
16.0
1.96
0.004
80
23
70
0.22
Pegmatite/aplite
including
1.0
13.0
12.0
2.3
0.004
58
18
52
0.19
Pegmatite
CH-54
Aplite Dyke
0.6
1.4
0.8
0.58
0.013
118
95
89
0.49
Lepidolite-Aplite
CH-55
Pegmatite Dyke
0.0
5.8
5.8
0.97
0.008
106
119
179
0.37
Pegmatite
CH-56
Pegmatite Dyke
0.0
3.0
3.0
1.76
0.010
84
86
92
0.41
Pegmatite-Aplite
Table 1: Summary of 2023 Channel Intersections at Pennock (including Channel 45 cut in
2018)
Channel
Date Sampled
UTM Zone 15N (NAD83)
Orientation
Metres Cut
Smp
Start Date
End Date
Easting
Northing
(mASL)
Azim
Dip
Start
End
Pennock
CH-45 (2019)
2019-07-28
2019-07-29
456,175
5,844,545
332.0
200
0
0
16
16
CH-54
2023-05-28
2023-05-28
456,511
5,844,340
344.2
190
0
0
1.5
4
CH-55
2023-05-28
2023-05-28
456,866
5,844,309
341.6
176
0
2
6
7
CH-56
2023-05-29
2023-05-29
456,811
5,844,309
339.6
178
28
0
3
3
2023 Totals
10.5
14
Table 2: Summary of 2023 Channels at Pennock (including Channel 45 cut in 2018)
Figure 1 is a compilation of the Pennock area showing the location of the Pennock dyke system with
the "blowout" area to the west and the dykes extending to the east-southeast for over a kilometre.
Channel 45 (blowout area) is included on the map and in the tables for context.
Figure 1: Location Map showing Channels cut at Pennock in 2023 including Channel 45 cut in 2019
(CNW Group/Frontier Lithium Inc.)
Other Matters
The Company also announces that pursuant to its stock option plan it has granted a total 1,500,000
stock options to certain employees, officers, directors, and strategic advisors ("New Options"). The
New Options have a term of five (5) years from the date of grant and upon exercise entitles the
holder to purchase one common share per New Option at an exercise price of
$0.74
per common
share. Additionally, the Company announces the repricing ("Repricing") of up to [575,000]
outstanding stock options ("Existing Options"). The Repricing excludes Existing Options held by
Directors and Officers of the Company and applies to Existing Options previously granted to certain
employees of the Company pursuant to the Company's stock option plan. The Existing Options will
be repriced from an exercise price of
$2.10
and
$2.30
per common share to
$0.74
per common
share and the Repricing does not affect the Existing Options' current vesting schedules, if applicable,
and does not extend the term of the Existing Options. The Repricing is being taken in response to
the current market challenges impacting the lithium sector, a reduction in the ensuing Company's
stock price, and to better align with the New Options granted to certain officers and directors. The
Repricing and grant of the New Options is subject to TSX Venture Exchange approval.
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, the channels were marked perpendicular to the main strike of the pegmatite dykes with
bio-degradable paint prior to cutting using a portable rock saw. Each sample, at least one metre in
length, was geologically logged prior to sampling. 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
Red
Lake, Ontario
by float plane and then shipped to AGAT Laboratories Ltd. (AGAT) in
Thunder Bay,
Ontario
for sample preparation and to
Mississauga, Ontario
for processing and quantitative multi-
element analysis. AGAT is an ISO accredited laboratory.
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.
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%SEDAR: 00008434E
For further information:
Company Contact Information: Bora Ugurgel, Senior 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 07:00e 28-DEC-23