Frontier Lithium to receive funding from Ontario Government for Lithium Chemicals Mini Pilot Project
Frontier Lithium to receive funding from
Ontario Government for Lithium Chemicals
Mini Pilot Project
SUDBURY, ON
,
May 26, 2021
/CNW/ - Frontier Lithium Inc. (TSXV: FL) (OTCQX: LITOF)
("Frontier" or "the Company") aims to become a fully-integrated lithium producer of battery-quality
lithium chemicals in
North America's
Great Lakes region from the PAK Lithium Project, which hosts
Ontario's
largest and highest-grade lithium resource. The Company is pleased to announce that the
Government of
Ontario
has agreed to contribute
$363,000
towards assisting Frontier Lithium with
piloting a proprietary process that seeks to overcome certain financial, technical and environmental
risks identified with conventional lithium chemical processing utilized commercially outside of
North
America
. Lithium is a critical mineral that is increasing in demand globally by the manufacturing of
lithium-ion battery materials needed for rapidly growing energy storage and electric vehicle markets.
Frontier Lithium to receive funding from Ontario Government for Lithium Chemicals Mini Pilot Project
(CNW Group/Frontier Lithium Inc.)
"We are investing in innovative mining and refining technology developed right here in northern
Ontario
," said
Greg Rickford
, Minister of Energy, Northern Development and Mines. "Our
government's investment in Frontier Lithium strengthens the development of our Critical Minerals
Strategy and our position to become the supplier, producer and manufacturer of choice for certain
critical minerals. There's a growing global market for reliable, responsibly sourced critical minerals,
and we want
Ontario
to be the first jurisdiction on everybody's mind."
"This funding directly supports an operating mini-pilot program addressing technical and financial
risks associated with the Company's patent pending lithium extraction process aiming to generate
high-purity battery grade lithium hydroxide chemicals," said
Trevor Walker
, President and CEO of
Frontier Lithium. "Current activities are delivering essential data for the Company's assessment of
various process and technology options to best commercialize
Ontario's
largest and highest-quality
lithium resource for all stakeholders." He added, "The NOHFC and the Government of
Ontario
are
strategically recognizing that certain
Northern Ontario
critical mineral resources should be leveraged
to create an end-to-end approach for a viable, low carbon, local supply chain in the province."
The funding by the Government of
Ontario
is being made through the Northern Innovation Program of
the Northern Ontario Heritage Fund Corporation ("NOHFC"). This program is designed to support the
development and commercialization of new technologies that are most likely to contribute to future
prosperity in
Northern Ontario
.
About Frontier Lithium
Frontier Lithium (TSX.V: FL) (OTCQX: LITOF) (FSE: HL2) is an emerging pure play lithium company
with the largest land position in the Electric Avenue, an emerging premium lithium mineral district
located in the Great Lakes region of 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 in the Great Lakes Region to support electric vehicle and battery
supply chains in
North America
. Frontier maintains a tight share structure with management
ownership approximately 25% of the Company.
About 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 available at
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 11:15e 26-MAY-21