SUDBURY, ON, Feb. 7, 2022 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (OTCQX: LITOF) ("Frontier" or "the Company") is pleased to announce that its Board of Directors (the "Board") has approved the appointment of Ms. Tess Lofsky to the Board as an independent director replacing Mr. Bruce Barker effective February 7, 2022.
"We want to thank Bruce Barker for his contribution and dedication to our Board over the past several years and are pleased he will continue to support the Company through his role on the Advisory Board" said Mr. Rick Walker, Chairman of Frontier Lithium. "We are delighted to welcome Tess Lofsky to our Board. Tess' focus on Corporate and securities law, governance and regulatory compliance will help us as we continue to grow our business and deliver value."
Ms. Lofsky is a business focused, legal executive and Board member with considerable experience in the mining industry. Her understanding of Corporate and securities law, governance, and compliance were developed over 15 plus years of practising law. Prior to her role as Senior Legal Counsel and Corporate Secretary for Bird Construction (TSX:BDT), Ms. Lofsky served as Legal Counsel & Corporate Secretary for the Greater Toronto Airports Authority and Vice President, General Counsel & Corporate Secretary of North American Palladium Ltd. At North American Palladium, she provided advice and counsel on a broad range of public company matters including corporate finance and M&A, as well as with respect to environmental, labour and employment, health and safety and indigenous law matters related to their portfolio of assets including mine operations and exploration properties in Ontario and Quebec. Ms. Lofsky received a Bachelor of Social Sciences degree from the University of Ottawa and a Bachelor of Laws from Queens University.
"I am very pleased to join Frontier Lithium's Board of Directors. As the Company continues to make progress in its drill and metallurgical programs in furtherance of its Pre-Feasibility Study, it is demonstrating the potential of this impressive deposit in Northern Ontario to become a domestic producer for the growing battery metals sector." said Ms. Lofsky.
Other Matters
The Company also announces that pursuant to its "Stock Option Plan" it has granted 1,000,000 stock options, to certain employees, officers and directors. The options are set for a period of five years, expiring on February 7, 2027. The options are priced at $2.71 and are subject to regulatory approval.
About Frontier Lithium Inc.
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 owns 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 the Electric Ave., a premium lithium mineral district located in Northern Ontario.
About PAK lithium project
The PAK lithium project contains a tier one lithium resource in North America and is one of the global top three premium resources by quality. A 2021 preliminary economic assessment (National Instrument 43-101 technical report titled "Pak property" by BBA Engineering Ltd., 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 26,774 hectares at the south end of Ontario's Electric Ave., the largest land package hosting premium lithium-bearing pegmatites in Ontario. The project is supported by a measured and indicated resource of 10.49 million tonnes (Mt) averaging 1.78 per cent lithium oxide and inferred resource of 18.48 Mt averaging 1.45 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 PAK lithium project through two other spodumene-bearing discoveries: the Bolt pegmatite (located between the PAK and Spark deposits), as well as the Pennock pegmatite (30 kilometres northwest of PAK deposit within the project claims).
SOURCE Frontier Lithium Inc.
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