Frontier Lithium (TSXV: FL) saw a significant jump in share price on Thursday following the release of additional drill results from the Spark pegmatite, part of the company’s 100% owned PAK lithium project in Ontario.
The new results consist of the remaining seven drill holes from Phase XII drill program that began in May and ended in October. A total of 15,984 metres of drilling in 50 holes were completed during 2022.
The initial objective for the Phase XII drill program was focused on converting the inferred resource within the Spark deposit to the indicated category in preparation for a pre-feasibility study (PFS) on the PAK project.
The latter half of the program included geotechnical drilling for ground control and pit design purposes as well as step out drilling to define the eastern and western extents of the ore body.
Highlights from the latest results include DDH PL-094-22, which was designed to define the western extent of the Spark pegmatite and to target the recently discovered NW Spark zone. This hole was the first indication that the NW zone was connected to the main Spark pegmatite at depth, intersecting 125.9 metres of pegmatite averaging 1.51% Li2O.
Another hole DDH PL-098-22 was designed to follow up on the results from PL-094-22 and confirmed that the NW zone is in fact connected to the main Spark ore body at depth, intersecting 398.25 metres of pegmatite averaging 1.88% Li2O.
DDH PL-099-22 hole was designed to follow up on the results from PL-098-22, intersecting 243 metres of pegmatite averaging 1.58% Li2O, extending the NW zone further to the west.
“Now that all the results have been received and processed, we can say that our goal of upgrading inferred has been achieved, and the Spark pegmatite continues to increase in size particularly with the intersections in holes PL-098-22 and PL-099-22,” Frontier Lithium VP exploration Garth Drever said in a media release. “These two holes, which are 140 metres apart, have confirmed that the new northwest zone discovered in February 2022 is connected to the main zone and contains significant high-grade zones of 2-3% Li2O.”
“This zone will certainly be explored during the 2023 drill program at Spark,” Drever added.
Spark represents one of several spodumene-bearing deposits delineated by Frontier Lithium on the PAK property, which is said to contain one of North America’s highest-grade lithium resources, encompassing close to 27,000 hectares that are largely unexplored.
The largest deposit on the property, the Spark pegmatite has a current mineral resource estimate of 14.4 million tonnes averaging 1.40% Li2O in the indicated category and 18.1 million tonnes averaging 1.37% Li2O in inferred.
Shares of Frontier Lithium jumped 8.7% by 12:15 p.m. ET Thursday, which gives the company a market capitalization of C$647.8 million ($482.3 million).