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Lithium Co. Unveils Wider Than Expected Assay Results

Source: Streetwise Reports


August 21, 2023 ( Newswire) Recently, Frontier Lithium Inc. released announced the assay results of its four additional holes drilled on the Bolt pegmatite.

Frontier Lithium Inc. (FL:TSX.V; LITOF:OTCQX; HL2:FRA) has announced the assay results of its four additional holes drilled on the Bolt pegmatite. Until 2023, the Bold pegmatite had only been mapped and channeled on surface exposures. It is located between the Spark and PAK spodumene-bearing lithium deposits on the PAK lithium project, and several condemnation holes were drilled in preparation for an upcoming definitive feasibility study on the PAK lithium project.

The highlights of the assay results are as follows:

According to Garth Drever, the Vice President of Exploration, "The latest results suggest that the Bolt pegmatite is wider than what we initially suspected. Bolt appears to have a large central zone that breaks up along strike into a series of dikes of variable thickness."

Surficial detailed mapping at Bolt is currently underway, including channel sampling. Initial results are encouraging, with surface pegmatite outcroppings extending to the southwest above the drill hole intersections.

There may be continuity between the Bolt pegmatite and the Spark deposit located 200m to the northwest, but that continuity is undetermined and will require additional drilling.

Bolt mineralization currently extends to within 100m of the Spark pit shell. The pegmatite appears to be cut off along strike to the southwest but remains open at depth. Pegmatitic intersections in PL-111-23 and PL-112-23 with horizontal widths of 75m and 60m, respectively, are encouraging and correspond to the recent superficial mapping.

A series of widely spaced single condemnation holes were drilled mainly in areas of planned infrastructure, including the region between PAK and Bolt, to confirm the absence of mineralized pegmatites near surface.

The drill program encompassed three drill holes at Spark, drilled in late March and concluded in July, with fourth drill holes spanning 550m. The primary focus of these endeavors was to explore the western extension of the Spark pegmatite. Spodumene-bearing pegmatite was intersected in all holes. The Phase 13 drilling has been completed for the years and the company expects assay results to continue to release.

Demand for EVs Creates Bull Market

According to analyst Randal Jenneke of T. Rowe Price, demand for EV batteries is set to create a bull market for lithium. While the market has continued to cool in some areas, demand related to transitioning to clean energy has kept lithium going strong.

According to Jenneke, "We expect to see quality, defensive and growth companies outperform as their earnings prove to be more resilient . . . we own a couple of lithium producers that we believe are well placed to take advantage of the strong demand for EV batteries."

A History of Exceptional Results

The company has a history of unveiling exceptional assay results. Frontier Lithium had exciting news late last year when it reported a batch of drill results from the Spark deposit of the PAK project. [OWNERSHIP_CHART-9517]

The drill results for the project returned "grades well above the current mineral resource estimate." Canaccord Genuity analyst Katie Lachapelle commented that "We continue to be impressed by the positive results from the Phase 13 drill program."

Ownership and Share Structure

Reginald F. Walker owns 12.99% with 29.56 million shares, Garth Lloyd Drever owns 0.98% with 2.22 million shares, Trevor Walker owns 0.52% with 1.19 million shares, John Ralph Didone owns 0.47% with 1.07 million shares, and Marian Koziol owns 0.40% with 0.92 million shares.

Commodity Capital AG owns 1.09% with 2.49 million shares, Amati Global Investors Limited owns 0.69% with 1.58 million shares, Picton Mahoney Asset Management owns 0.32% with 0.74 million shares, Purpose Investments Inc. owns 0.17% with 0.40 million shares, and CI Global Asset Management owns 0.17% with 0.38 million shares.

There are 227.63 million shares outstanding and 191.82 million free-float traded shares. The company has a market cap of CA$245.98 million. It trades in the 52-week period between CA$1.37 and CA$3.04.

More Info: Newswire

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