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.
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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