Canada's Frontier Lithium (TSX-V: FL) has again updated its mineral resource estimate for the Spark deposit, which is part of the company's PAK lithium project in northwestern Ontario.
The company said the resource estimate update for the Spark deposit includes 18.8 million tonnes averaging 1.52% of lithium oxide (Li2O) in the indicated category. This represents a 30% size increase from the 14.4 million tonnes reported in December.
In the inferred category, Frontier said the deposit holds 29.7 million tonnes averaging 1.34% Li2O, a size increase of 64% in just over two months.
Winner of the "2019 discovery of the year" award, the Spark is one of the two premium spodumene-bearing deposits on the PAK property. The smaller deposit also named PAK is located 2.3 km to the southwest of Spark.
"Overall, this equates to a 27% increase in the size of the combined lithium pegmatites at the PAK Lithium Project," Garth Drever, vice president of exploration, said in a statement.
"The grade increase together with the previously released results further support the ensuing PFS," he noted.
The PAK property is said to contain one of North America's highest-grade lithium resources, encompassing close to 270 sq. km that are largely unexplored.
Frontier shares were trading at $2.79 on Wednesday morning in Toronto, in a 52-week window of $1.30 and $3.89, valuing the company at $627.2 million.