Frontier Lithium Inc. (TSX-V: FL) (FRA: HL2) (OTCQX: LITOF) one of Ontario’s leading lithium exploration companies, is pleased to announce results on the remaining holes drilled and recent channels cut on the Bolt pegmatite, concluding the 2023 maiden drill program. Located between the Spark and PAK spodumene-bearing lithium deposits, the Bolt pegmatite had only been mapped and channeled on surface exposures up until this year.

Drill Highlights

• DDH PL-122-23 extends the pegmatite zone down to a depth of 220 metres (“m”) with a true width of up to 65m, intersecting 86.5m of continuous pegmatite averaging 0.92% Li₂O.
  • Including 7.0m from 229.5 to 236.5m averaging 1.27% Li₂O
  • Including 10.0m from 243.1 to 253.1m averaging 1.40% Li₂O
  • Including 26.1m from 273.5 to 299.6m averaging 1.39% Li₂O
• DDH PL-113-23 intersects two pegmatite zones 14.8m and 22.1m wide, averaging 1.38% and 1.39% Li₂O, respectively.
  • Including 7.6m from 98.0 to 105.5m averaging 2.09% Li₂O
  • Including 11.4m from 216.8 to 228.2m averaging 2.17% Li₂O
• DDH PL-115-23 intersects 21.6m of continuous pegmatite averaging 1.94% Li₂O
  • Including 6.3m from 126.0 to 132.3m averaging 2.50% Li₂O
  • Including 5.6m from 133.8 to 139.5m averaging 2.32% Li₂O

“We’re pleased with the results of our maiden drill program on the Bolt Pegmatite,” says Garth Drever, VP Exploration of the Company. “Early assessments and consistent distribution of mineralized pegmatite are promising, and continuity remains strong at depth, with a notable central zone.”

Drilling has confirmed that the Bolt pegmatite extends over 600m along strike, with horizontal widths of up to 75m, and remains completely open at depth.  The pegmatite appears to have a wide central zone that extends at depth and begins to break up along the strike zone into pods of variable thickness separated by the mafic volcanic and metasedimentary host rock.  As previously reported, PL-106-22, PL-107-22, and PL-108-22 suggest the continuity between the Bolt pegmatite and the Spark deposit located 200m to the northwest is in question.  That continuity is however undetermined and will require additional drilling as there may still be a connection between the pegmatites further at depth.

Figure 1 is a plan-view map highlighting the Bolt area showing locations of the 2023 Phase XIII drilling and includes the Bolt outcrop exposures. Drillhole traces displaying major lithological features for all holes and surface channels plus lithium assay results that have been released.

During the summer drill program, outcrop channeling and sampling was completed at various locations across the PAK property including five more channels at Bolt as shown on Figure 1.

Table 1 details the drill holes and Channels with mineralized intersections at Bolt while Tables 2 and 3 respectively summarize all drill holes completed at Bolt and Spark and the channels completed at Bolt in 2023. Information regarding the condemnation drilling and the hydrogeological-geomechanical drilling completed was previously disclosed on August 10,2023.

Table 1:  Summary of Drill Hole and Channel Intersections

Table 2: Summary of 2023 Drilling at Bolt and Spark

Correction to Certain ‘Restatement’ Disclosure in the 2023 Year End Financial Results Press Release

The Company would like to clarify and correct certain disclosure provided in the Company’s press release disseminated on July 28, 2023. In the July 28 Press Release, the Company disclosed that the comparative financial figures in the 2023 annual financial statements of the Company had been restated and that these restated comparative figures replaced and superseded corresponding information contained in previously filed financial statements and management’s discussion and analysis of the Company, but this statement is incorrect and was accidentally included in the July 28 Press Release. As a correction and for clarity for the Company – no such restatement of comparative financial figures was necessary and/or required and the originally stated and applicable comparatives figures previously provided are to be relied upon.

Due Diligence

All scientific and technical information in this release has been reviewed and approved by Garth Drever, P.Geo., the qualified person under the definitions established by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  Under Frontier’s QA/QC procedures, all drilling was completed by Chenier Drilling Ltd. of Val Caron, Ontario using thin walled BTW drill rods (4.2 cm core diameter) and a Reflex ACT III oriented core system. Using the Reflex system, the drill core was oriented and marked as it was retrieved at the drill. The core was boxed and delivered to the Frontier core shack where it was examined, geologically logged, and marked for sampling. The core was photographed prior to sampling.  Using a rock saw, the marked sample intervals were halved with one-half bagged for analysis. Sample blanks along with lithium, rubidium and cesium certified reference material was routinely inserted into the sample stream in accordance with industry recommended practices. Field duplicate samples were also taken in accordance with industry recommended practices. The samples were placed in poly sample bags and transported to Red Lake, Ontario by float plane and then shipped to AGAT Laboratories Ltd. (AGAT) in Thunder Bay, Ontario for sample preparation and to Mississauga, Ontario for processing and quantitative multi-element analysis. AGAT is an ISO accredited laboratory. The core is stored on site at the Company’s Pakeagama Lake exploration camp.

About Frontier Lithium

Frontier Lithium Inc. is a preproduction business with an objective to become an integrated strategic 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 sole 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 resource and is the second largest in North America 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 kilometres 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 kilometres 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.com.

Figure 1: Planview map of the Bolt-PAK area showing Recent results from the Bolt Drilling (CNW Group/Frontier Lithium Inc.)