SUDBURY,
ON, Aug. 22, 2024 /CNW/ - Frontier
Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF)
("Frontier" or the "Company") applauds the budget allocation from
the federal and provincial governments to the Beren's bridge and
road project. This milestone was started over 30 years ago by
visionary First Nation's leaders who recognized the need for all
season road infrastructure to their communities. The initiative was
supported by all the communities in the Treaty #5 Ontario region and was achieved through the
funding and perseverance of Pikangikum First Nation and the
Whitefeather Forest Community Resource Management Authority.
Consistent with provincial and federal government commitments to
reconciliation, this project exemplifies the collaborative spirit
between provincial, federal authorities and Indigenous Peoples who
have all contributed to the project. The construction funding
shared between the provincial and federal governments, will enable
the creation of a two-lane, 196-meter bridge over the Berens River
and the upgrading and construction of over 30 kilometers of roads,
including to Pikangikum First Nation.
"This bridge and road will benefit both Pikangikum First Nation
and the other First Nation communities in the region increasing
access to essential goods and services and providing future
economic opportunities. For Pikangikum, it will enhance the economic
initiatives as planned for by the community's elders of
Whitefeather and past leadership. It also builds a better future
for our children and for the future generations to come", stated
Shirley Keeper, Chief of Pikangikum First Nation.
Beyond an infrastructure undertaking, the Beren's Bridge and
Road Project promises multi-generational benefits throughout the
region. The project's completion will herald a new era of
connectivity, increasing safety, economic opportunities and
enhancing the quality of life for over 10,000 residents from 7
First Nation communities in northwestern Ontario.
"Frontier wishes to recognize the leadership of Pikangikum First
Nation and the supporting Treaty #5 Ontario communities and acknowledges the
transformative potential of this project to catalyze the region",
said Trevor Walker, President and
CEO of Frontier Lithium. He added, "The successful completion of
the all-season bridge and road infrastructure will pave the way for
enhanced mobility, foster economic growth and decrease costs by
improving access to markets, healthcare, education, and other
critical services. Importantly, this infrastructure also
represents a significant milestone that will help unlock the
potential of the PAK Lithium Project."
As Frontier applauds this announcement, the company is committed
to working alongside Indigenous communities and partners to ensure
the successful completion of the Beren's Bridge and Road
Project.
About Frontier Lithium
Frontier Lithium Inc. is a pre-production business with an
objective to become a strategic and integrated 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's PAK Lithium project maintains the largest land
position and resource in a premium lithium mineral district located
in Ontario's Great Lakes
region.
About the PAK Lithium Project
The PAK lithium project contains North
America's highest-grade lithium reserves and is the largest
in Ontario by size. 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 kilometers 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
kilometers northwest of PAK deposit within the project claims). A
2023 Pre-Feasibility Study "National Instrument 43-101 Technical
Report PFS PAK Lithium Project" by BBA E&C Inc., delivered a
24-year project life, delivering a post-tax NPV(8%) of US$1.74
billion and IRR of 24.1% as per the press release disseminated
on May 31, 2023, and was filed on SEDAR+
( www.sedarplus.ca )
Forward-looking statements
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact constitute forward-looking
statements. Forward looking statements contained in this news
release include, but are not limited to, statements with respect
to: estimated mineral resources, estimated capital costs to
construct mine facilities, estimated operating costs, the duration
of payback periods, estimated amounts of future production,
estimated cash flows, net present value, the PFS and DFS and
statements that address future production, resource and reserve
potential, exploration drilling, exploitation activities and events
or developments that the Company expects.
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 may differ materially from those expressed in the
forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. Risk factors that could cause actual results to
differ materially from those in forward looking statements include:
market prices for commodities, increases in capital or operating
costs, construction risks, availability of infrastructure including
roads, regulatory and permitting risks, exploitation and
exploration successes, continued availability of capital and
financing, financing costs, 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, please review the Company's public filings
available at www.sedarplus.ca.
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.
SOURCE Frontier Lithium Inc.
