Frontier Lithium Inc. Announces Remaining 2022 Exploration Plans
Including A Minimum Of 15,000 Meters Of Drilling And Releases The Results From Channel Sampling At The Bolt PegmatiteSUDBURY, May 2, 2022 - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (the "Company" or "Frontier") is pleased to announce their 2022 exploration program and targets for the PAK Lithium Project (Project) in northwestern Ontario. Frontier's 2022 exploration activities will mainly include infill and step out drilling on the Spark deposit, as well as, detailed and regional mapping and prospecting in areas both proximal to known spodumene-bearing pegmatite deposits and in under-explored areas within their 27,000 ha claim block. Phase XI drilling was completed in March 2022 with a total of 1,343m in five holes drilled at the Spark deposit. All samples are currently being processed with results pending.
The company plans to continue evaluating the Spark pegmatite recommencing mid-May by now utilizing two diamond drills over the 2022 exploration period. With a current measured and indicated resource of 21 Mt averaging 1.56 per cent Li2O and an additional inferred resource of 20 Mt averaging 1.48 per cent Li2O, it is anticipated that the drilling will result in increases in all resource categories of the deposit.
Concurrently, a team of experienced geologists and prospectors will also work on a geological mapping and prospecting program. Emphasis will be placed on targeted areas of known spodumene-bearing pegmatites with the objective of making additional discoveries.
"Increasing the lithium resource base will add to the overall scalability of the PAK Lithium Project going forward ." states Garth Drever, Vice President Exploration of Frontier Lithium "Knowing that the Pennock pegmatite, 25 km to the northwest, has the grades and technical purity of the PAK deposit gives us confidence that more discoveries can be made."
During the 2021 fall drill program the team completed an additional channel on the recently discovered Bolt pegmatite located between the PAK and Spark deposits. Tables 1 and 2 provides details on the mineralization and location of the channel while Figure 2 shows the channels relative to the outline of exposed pegmatite. Channel 49, cut 125 m to the northwest of the previous channels, produced similar grades and mineral composition. The entire channel of 49m averaged 1.14% Li2O, but included a 29m of a higher-grade interval measuring 1.45% Li2O.
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.
Frontier Lithium is a preproduction business that is targeting to become a manufacturer of battery-quality lithium materials to support electric vehicle and battery supply chains in North America. Frontier is developing 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 continues to have significant exploration upside with potential to increase the lithium resource. The Company is a pure-play lithium development opportunity with the largest land position in a premium lithium mineral district located in Northern Ontario.
The PAK Lithium Project contains North America's highest grade lithium resource that is top three in size on the continent and is considered premium quality globally as a result of its rare low-iron spodumene. A 2021 preliminary economic assessment (National Instrument 43-101 technical report titled "Pak Property" by BBA E&C Inc., issued on April 5, 2021) delivered a fully integrated lithium operation from the resource to achieve downstream conversion plan for production of battery-quality lithium salts. The study resulted in an after-tax net present value (discounted at 8 per cent) of $974-million (U.S.) with a 21-per-cent internal rate of return. The Project encompasses close to 27,000 hectares at the south end of Ontario's Electric Avenue, the largest land package hosting premium lithium-bearing pegmatites in Ontario. The Project is supported by a measured and indicated resource of 21.64 million tonnes (Mt) averaging 1.56 per cent lithium oxide (Li2O) and inferred resource of 20.87 Mt averaging 1.42 per cent Li2O.The Project covers 65 kilometres of the Electric Avenue's length 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. Considerable exploration upside is supported 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).
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.
Contact
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