Ontario Takes Steps to Become Global Supplier of Critical Minerals
Ontario Takes Steps to Become Global
Supplier of Critical Minerals
SUDBURY, ON
,
March 10, 2021
/CNW/ -
Frontier Lithium Inc.
(TSXV: FL) (OTCQB: LITOF)
("Frontier" or "the Company")
Today, the Province announced it is developing its first-ever Critical
Minerals Strategy to help generate investment, increase
Ontario's
competitiveness in the global
market, create jobs and opportunities in the mining sector, and support the transition to a low-carbon
economy both at home and abroad. Frontier Lithium was called to support Minister Rickford's
Ontario Critical Minerals Strategy announcement.
Ontario Takes Steps to Become Global Supplier of Critical Minerals (CNW Group/Frontier Lithium
Inc.)
Greg Rickford
, Minister of Energy, Northern Development and Mines and Minister of Indigenous
Affairs said, "Our Strategy will generate investment, reduce red tape, create jobs and advance
Indigenous participation in the sector. Local and global markets, including
Ontario
-based industries,
are looking for reliable, responsibly-sourced critical minerals and we are ready to capitalize on this
growing market demand." Minister Rickford added "With the development of a Critical Minerals
Strategy, the Province can showcase
Ontario's
competitive advantage, high mineral development
potential and world-class mining sector."
Vic Fedeli
, Minister of Economic Development, Job Creation and Trade said, "Recent proposed
investments of almost
$6 billion
over the last several months in
Ontario's
auto sector will make our
province a global hub for EV manufacturing, making us stronger and more resilient as we continue to
work towards economic recovery."
Trevor Walker
, President and CEO of Frontier Lithium was invited on stage for remarks during this
virtual event. Walker commented "
Ontario
is blessed with its "Electric Avenue",
North America's
newest emerging premium lithium mineral district that is host to four discoveries, two of which are
the continent's highest grade and lowest impurity lithium deposits. The Electric Avenue is analogous
to the Greenbushes deposits of
Australia
that have been a key driver in the lithium business for the
past 20 years. Our recent Preliminary Economic Assessment shows a potential for a minimum 26-
year mine life and revenue of over
$10.5 Billion dollars
. By leveraging the Electric Avenue resource
as a base and working with the peoples and skills of the north, we will provide a "made in
Ontario
"
solution that will be the "north star" of sustainable development practices. Reduce, Reuse and
Recycle, alternatively "the circle of life" – a symbol and vision of a future that all Ontarians relate to
and can share together." Walker added "
Ontario's
Electric Avenue lies within the traditional lands of
Deer Lake
, Keewaywin, North Spirit Lake and
Sandy Lake First Nations
; local indigenous community
members are currently walking and working these traditional lands with us searching for additional
resources that can be leveraged for ongoing and increasing participation, job and wealth creation for
families."
To inform the Critical Minerals Strategy, the Province is releasing a discussion paper for public
consultation on the Environmental Registry of
Ontario
. A consultation with industry and Indigenous
communities will also help guide the development of a final strategy to be released this fall.
About Frontier Lithium
Frontier Lithium (
TSX.V: FL
) (
OTCQB: LITOF
) (
FSE: HL2
) is a Sudbury Ontario based, publicly
listed, junior mining company with the largest land position in an emerging premium lithium mineral
district located in the Great Lakes region of northern Ontario . The company maintains 100%
interest 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 30% 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 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 located 2.3 km from each other at the
southwestern end of the project. The recent Preliminary Economic Assessment initial results
announced an post-tax NPV(8%) of USD 974M with a 21% IRR as per the initial results supporting
an upcoming NI 43-101 Technical Report, "2020 Preliminary Economic Assessment, Fully Integrated
PAK Lithium Project" by BBA Engineering Ltd.
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:
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 11:45e 10-MAR-21