LithiumBank Announces Federal Funding for Brine Samples to Supply Feed Stock for Carbon Sequestration Cement Products
LithiumBank Announces Federal Funding for
Brine Samples to Supply Feed Stock for
Carbon Sequestration Cement Products
Calgary, Alberta--(Newsfile Corp. - February 8, 2024) -
LithiumBank Resources Corp.
(
TSXV:
LBNK
) (
OTCQX: LBNKF
) ("
LithiumBank
" or the "
Company
") is pleased to announce it has obtained
funding from Next Generation Manufacturing Canada ("NGen") to acquire and supply brine from its
Boardwalk lithium project for use in advanced carbon sequestration cement products. The funding is part
of a combined commitment of $2.76 million awarded to LithiumBank, ZS2 Technologies Ltd. ("ZS2"),
Progressive Planet (TSXV: PLAN), Occam's Technologies Inc., and Falkbuilt Ltd. by NGen within its
Advanced Manufacturing Projects program that aims to de-risk, commercialize, and scaling-up
innovative manufacturing capabilities in Canada.
The non-repayable grant supports a collaborative project by these five companies which aims to disrupt
the construction industry by developing an advanced manufacturing solution to address the pressing
global need for affordable, climate-adaptive, energy-efficient, and sustainable housing both by capturing
and storing carbon into magnesium cement board and by utilizing waste streams.
The consortium leader ZS2, has a Memorandum of Understanding with LithiumBank (see release dated
April 13, 2023
) to deploy their proprietary and patented CO
2
Direct-Air-Capture ("DAC") technology to
capture carbon dioxide emissions from the Boardwalk and Park Place projects in central Alberta,
Canada. ZS2 will also further process treated brine to collect magnesium (Mg) and calcium (Ca) for use
in their proprietary magnesium cement products.
This rebate on drilling and sampling costs, up to $185,000, to be reimbursed by NGEN and the Minister
of Innovation, Science, and Economic Development, is the first federal funding obtained by LithiumBank.
The Company expects to commence drilling at Boardwalk by May 2024 to obtain brine for the
consortium and to support and upgrade the resource classification.
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
commented, "Our government is working hard to ensure that Canadians have access to a safe and
affordable place to call home. Innovative projects like this, that create sustainable, affordable and
durable building materials, take us one step closer to achieving that goal. We will continue to be there to
make life more affordable for Canadians, like on housing."
"It is an honour to be working with NGen. LithiumBank appreciates the financial support provided by the
Minister of Innovation, Science, and Economic Development," commented Rob Shewchuk, CEO of
LithiumBank. "We are excited to be supplying Boardwalk brine for a process that has the potential to
create innovative building products while simultaneously reducing carbon emissions from a future lithium
production plant. We look forward to working together with government and stakeholders to make it a
reality."
About LithiumBank Resources Corp.
LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company
that is focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada.
The Company holds 2,480,196 acres of brown-field lithium brine licenses, across three districts in
Alberta and Saskatchewan.
About NGen
NGen is the industry-led, non-profit organization leading Canada's Global Innovation Cluster for
Advanced Manufacturing. One of five national networks supported by Canada's ambitious Global
Innovation Clusters Initiative. We are founded on the principle that digital transformation in advanced
manufacturing will enrich the lives of Canadians, delivering better products and good jobs while
generating the economic growth essential to a better future. See
www.ngen.ca
for more information.
Contact:
Rob Shewchuk
CEO & Director
(778) 987-9767
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.
Cautionary Statement Regarding Forward Looking Statements
This release includes certain statements and information that may constitute forward-looking
information within the meaning of applicable Canadian securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/197251