Business
Frontier Lithium Reports First Quarter Results
SUDBURY, ON, Aug. 28, 2023 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) ("Frontier" or the "Company") has reported financial results for t
About this update from Frontier Lithium Inc.
[{"type":"text","content":" SUDBURY, ON, Aug. 28, 2023 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (\"Frontier\" or the \"Company\") has reported financial results for the first quarter ended June 30, 2023. The financial statements and the related management's discussion and analysis have been filed on SEDAR+ and can be viewed under the company's profile on SEDAR+. The company continues to advance its plans to develop a lithium salts refining plant in North America's Great Lakes region. Frontier is advancing the definitive feasibility study (\"DFS\"), assessing the viability of constructing and operating a fully integrated lithium mining and chemicals company to deliver battery-grade lithium carbonate and lithium hydroxide for the burgeoning lithium-ion battery market in North America. On June 30, 2023, the company had cash and cash equivalents of $22.34 million, leaving it well positioned to meet corporate and administrative expenses and to further execute on its planned business objectives. Highlights for the quarter ended June 30, 2023, and recent developments: EXPLORATION PHASE XIII DRILL PROGRAM Phase XIII drill program commenced in February 2023 with four additional holes drilled at Spark testing the western extension of the deposit before delineating the Bolt pegmatite. Since February, the Company has completed 11,364m in 46 drill holes, including geomechanical and hydrogeological test work at the PAK deposit, delineating Bolt pegmatite as well as condemnation drilling in areas of proposed infrastructure. REGIONAL MAPPING PROGRAM Since May 2023, follow-up to the 2022 reconnaissance program has been underway including more detailed prospecting/mapping and channel sampling. In 2022, a new spodumene-bearing pegmatite zone, 10 by 15m, was discovered approximately 1 km west-northwest of the Spark pegmatite with grab samples averaging 3.1% Li2O. Prospecting and mapping in the Pennock pegmatite area discovered additional pegmatite dykes up to 30m in length and 3 to 5 m in width, grab samples averaging 1.7% Li2O. RESULTS OF PRE-FEASIBILITY STUDY In May 2023, the Company released the results of PFS for a proposed mine-to lithium chemical/hydromet plant facility. The PFS was published on July 14th, 2023. The results of the PFS include a post-tax NPV at an 8 percent discount rate of U...