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."
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% Li20 and PL-048-21 intersected 340.7m of pegmatite averaging 1.68% Li2O.
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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2021/06/c4874.html