Canada NewsWire
SUDBURY, ON
,
Dec. 14, 2022
/CNW/ – Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (“Frontier” or “the Company”) is pleased to announce the results for seven more drill holes completed during Phase XII drill program on the Spark pegmatite which began in May with two diamond drill rigs and finished in October of 2022 with
14,641m
in 45 holes. The main objective of the program was focused on converting inferred material to the indicated category for the planned open pit. The Spark pegmatite is one of the two delineated premium spodumene-bearing lithium deposits on the PAK Lithium Project.
Highlights
-
When combining Phase XI and Phase XII delineation and infill drilling, the Company completed
15,984m
of drilling in 50 holes in 2022. Highlights from the seven Phase XII diamond drill holes reported are included below. -
DDH PL-077-22 intersected
126.8m
of pegmatite from
56.9m
to
183.7m
averaging 1.31% Li
2
O. Drilled from the south, PL-077-22 was the first of 4 holes designed to define the eastern extent where the main Spark pegmatite orebody begins to break up into smaller pods separated by mafic rafts. -
Includes two narrow lithium and tantalum enriched zones at depth including
11.1m
from 260.2 to
271.3m
averaging 1.79% Li
2
O and 459 ppm Ta
2
O
5
and
13.5m
from 414.5 to
428.0m
averaging 1.01% Li
2
O and 194 ppm Ta
2
O
5
. -
DDH PL-078-22 intersected
104.9m
of pegmatite from 120.4 to
225.3m
averaging 1.58% Li
2
O and a second
33.5m
pegmatite zone from 246.7 to
280.2m
averaging 1.63% Li
2
O. Collared in the mafic volcanic host rock
24m
west of PL-040-19, the hole designed to define the eastern extent where the main Spark pegmatite orebody begins to break up into smaller pods separated by mafic rafts. -
Includes
35m
from 149.0 to
184.0m
averaging 2.39% Li
2
O. -
Includes
24.3m
from
255.5m
to
259.8m
averaging 2.04% Li
2
O.
“We are pleased with the drilling results from the 2022 Drill Program to date, with the Spark deposit remaining open in all directions. The focus continues to be at depth and to the west where the grade and thicknesses of the deposit remain robust.” states
Garth Drever
, V.P. Exploration. “Of the
14,641m
drilled during Phase XII, a total of
8,720m
of drill core was cut and submitted for analysis. 15 holes are outstanding and will be disseminated as they are received and pass quality assurance and control protocols.”
The initial objective for the Phase XII drill program was focused on converting the inferred resource within the Spark deposit to the indicated category in preparation for a pre-feasibility study on the PAK Lithium Project. The latter half of the program included geotechnical drilling for ground control and pit design purposes as well as step out drilling to define the eastern and western extents of the ore body.
Figure 1 is a location map showing the project area including Frontier’s land tenure and location of the three lithium-cesium-tantalum pegmatites.
Figure 2 is a plan view showing all drilling with analytical data completed to date with emphasis on drill hole traces reported in this release.
Table 1 details the drill holes and channel with mineralized intersections while Table 2 summarizes all Phase XII drill holes completed as well as the channel.
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Due Diligence
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. Under Frontier’s QA/QC procedures, all drilling was completed by Chenier Drilling Ltd. of
Val Caron, ON
using thin walled BTW drill rods (4.2 cm core diameter) and a Reflex ACT III oriented core system. Using the Reflex system, the drill core was oriented and marked as it was retrieved at the drill. The core was boxed and delivered to the Frontier core shack where it was examined, geologically logged, and marked for sampling. The core was photographed prior to sampling. Using a rock saw, the marked sample intervals were halved with one-half bagged for analysis. Sample blanks along with lithium, rubidium and cesium certified reference material was routinely inserted into the sample stream in accordance with industry recommended practices. Field duplicate samples were also taken in accordance with industry recommended practices. The samples were placed in poly sample bags and transported to
Red Lake
by float plane and then shipped to AGAT Laboratories Ltd. (AGAT) in
Thunder Bay
for sample preparation and to
Mississauga, Ontario
for processing and quantitative multi-element analysis. AGAT is an ISO accredited laboratory. The core is stored on site at the Pakeagama Lake exploration camp.
New Stock Option Plan and Grant of Stock Options
The Company also announces that it has adopted a new 10% rolling stock option plan (the ”
New Stock Option Plan
“). The New Stock Option Plan has been approved by the board of directors of the Company, the shareholders of the Company at the annual general meeting of shareholders on
October 3, 2022
, and is subject to approval by the TSX Venture Exchange (”
TSXV
“). The New Stock Option Plan replaces the Company’s previous 10% fixed stock option plan.
Under the New Stock Option Plan, the Company may grant options to acquire common shares of the Company in an aggregate amount of up to 10% of the then current issued and outstanding common shares, subject to the terms and conditions of the New Stock Option Plan, the Policies of the TSXV and applicable securities laws. Any options outstanding under the previous stock option plan will be governed by the New Stock Option Plan. The New Stock Option Plan will be filed on the Company’s SEDAR profile and the terms, limitations and conditions of this plan can be accessed at
www.sedar.com
.
The board of directors of the Company would also like to announce at this time that is has granted an aggregate of 4,900,000 stock options under the New Stock Option Plan (the ”
Options
“). The Options have been issued to certain directors, officers, consultants and employees of the Company for retention purposes, and in recognition of these individuals continuing efforts in assisting the Company’s with its growth. The Options are exercisable at a price of $
$2.10
per common share and will have a term of 5 years from the date of issuance. 50% of these Options vest on the grant date, and the remaining 50% vest on the date that is the first anniversary date of the grant date. These Options are subject to approval by the TSXV.
About Frontier Lithium
Frontier Lithium is a preproduction business with an objective to become a strategic domestic supplier of spodumene concentrates for industrial users as well as battery-grade lithium hydroxide and other chemicals to the growing electric vehicle and energy storage markets in
North America
. The Company maintains the largest land position and resource in a premium lithium mineral district located in
Ontario’s
Great Lakes region.
About PAK Lithium Project
The PAK lithium project contains one of
North America’s
highest-grade lithium resources. The project encompasses close to 27,000 hectares 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. Exploration is continuing 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). A 2021 preliminary economic assessment (National Instrument 43-101 technical report titled “NI 43-101 Technical Report, Pak Property, PAK, Red Lake Mining District,
Ontario, Canada
” by BBA E&C Inc., with an effective date of
April 5, 2021
) delivered a fully integrated lithium operation, including the mine and mill and the conversion plant for production of battery-quality lithium salts.
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
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Frontier Lithium Inc.
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