Canadian junior mining company Frontier Lithium Inc. (TSX.V: FL) has closed a non-brokered Flow Through private placement offering for total gross proceeds of C$554,008.24.
Proceeds from the financing will be used to advance exploration of Frontier’s 100% owned PAK Lithium Project located in north-western Ontario.
Frontier Lithium holds the largest land position in the Electric Avenue, an emerging premium lithium mineral district located in the Canadian Shield of north-western Ontario.
The company’s PAK Lithium Deposit contains North America’s highest concentration of rare low-iron spodumene. Frontier Lithium’s objective is to firstly become a near term producer of premium technical grade lithium mineral concentrates of 2,000 tonnes of Lithium Carbonate Equivalent “LCE) for premium glass producers.
The PAK deposit has a current Measured and Indicated Resource of 7.5 million tonnes of 2.02% Li2O and an Inferred Lithium Resource of 1.8 million tonnes of 2.10% Li2O which has a rare technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3) as per its NI 43-101 Technical Report, “Preliminary Feasibility Study” disseminated on April 16, 2018.
The PAK Deposit also hosts Frontier’s new discovery the Spark showing (2km northwest) and the Pennock Lake pegmatite occurrence a further 30km along Frontier’s PAK Lithium Project.
The company’s secondary objective is to ramp up production of concentrates to 20,000 tonnes of LCE and to build a downstream processing facility to produce lithium chemicals required by glass and battery materials producers.