LithiumBank Completes Drilling of the Entire 232 Metre Leduc Formation at Boardwalk Project, Alberta, Canada
LithiumBank Completes Drilling of the Entire
232 Metre Leduc Formation at Boardwalk
Project, Alberta, Canada
Calgary, Alberta--(Newsfile Corp. - August 8, 2024) -
LithiumBank Resources Corp. (TSXV: LBNK)
(OTCQX: LBNKF) ("LithiumBank''
or the
"Company")
is pleased to announce the Company has
completed drilling through the entire 232 metre thickness of the Leduc Formation ("
Leduc
") at its 100%-
owned Boardwalk Lithium Brine Project located in west-central Alberta, Canada. LithiumBank extended
its 100%-owned well, 100/10-06-069-21W5/00 ("
10-6
") to a total depth of 2,869 metres in a sidetrack
that starts at the Leduc top. The drilling increased the known thickness of the Leduc from 206 m to 232m
in the area. Drilling also intersected 84 metres of the underlying porous limestone Swan Hills Formation,
similar to what is encountered at Park Place. The Company is currently logging the hole for lithology,
porosity & permeability plus flow testing & sampling discrete depth intervals for complete chemical
analysis. The Company expects that this data will upgrade the confidence of the Boardwalk resource
and provide additional reservoir information for modelling potential production scenarios.
"Drilling through the entire Leduc Formation in our own well and increasing its known thickness is
another milestone achievement for LithiumBank. Our ongoing summer work program continues to add
value and de-risks our Boardwalk lithium brine project," commented Rob Shewchuk, CEO of
LithiumBank. "Controlling our own licensed well allows LithiumBank to collect brine samples and
important subsurface data that can be used to validate and integrate regional data sets to upgrade the
resource classification and confidence. More importantly, it will provide insight on the continuity and
variability of lithium concentration over the 232 m extent of the Leduc Formation. We will use this well to
assess reservoir characteristics anticipated to enable better production planning. The bulk brine
samples we can now collect will be tested at our DLE pilot plant facility in Calgary to validate and
enhance our exclusive DLE technology."
On August 5
th
LithiumBank completed the re-entry and deepening of the Company's own 10-06 well,
previously acquired
May 16th, 2024
,
as shown in Figure 1. The well was deepened in a sidetrack
starting at the top of the Leduc Formation to drill the entire section from the top to bottom (~232 m) of the
formation. LithiumBank is very pleased with this result which increased the estimated dolomite Leduc
thickness by more than 20 metres. This drill section will be used to collect lithological, porosity,
permeability, downhole geophysical data, and conduct flow testing at various depth intervals. This new
well will allow the Company to collect brine samples at various depths for complete chemical analysis to
determine grade and variability throughout the vertical column of the Leduc. The Company will also
collect bulk brine samples (~200 cubic metres in total) from below the hydrocarbon horizon to be used in
Direct Lithium Extraction ("
DLE
") testing at LithiumBank's own pilot facility in Calgary Alberta, Canada.
Figure 1: Boardwalk Project Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/219243_56073bc3c4632b32_001full.jpg
Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is
no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The
estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
Qualified Person
The information that forms the basis for the scientific and technical information disclosed in this news
release was prepared and approved by Kevin Piepgrass, P.Geo, who is a Qualified Person (QP) for the
purposes of National Instrument 43-101 and the Company's Chief Operating Officer. Mr. Kevin
Piepgrass consents to and approves of the inclusion of the data in the form and context in which it
appears.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company
that is focused on developing and de-risking the largest portfolio of lithium brine assets in North
America. The Company has completed a NI 43-101 Preliminary Economic Assessment ("PEA") at
Boardwalk (
Jan. 16, 2024
), an initial NI 43-101 Resource Estimate at Park Place (
June 24, 2024
) which
are both located in west central Alberta.
The Company is currently conducting large scale pilot testing of
a licensed Direct Lithium Extraction ("DLE") technology at the Company's facility in Calgary (
July 10,
2024
). The DLE technology process being piloted is currently being used at a commercial scale for use
in other metals. The Company owns 100% of the 2,130,470 acres of brown-field brine hosted mineral
licenses within Alberta and Saskatchewan
.
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. All statements in this news
release, other than statements of historical facts, including statements regarding future estimates,
plans, objectives, timing, assumptions or expectations of future performance, including without
limitation, the Company's development plans for its Boardwalk project and the expected results and
timing thereof; the Company's logging and sample collection of its newly drilled well through the
Leduc Formation; the Company's proposed data collection, testing and assessment activities in
respect of the newly drilled well and the expected results thereof; the Company's expectations that
controlling its own licensed well will upgrade the Company's resource classification and increase the
confidence in the potential for economic extraction of lithium from the Boardwalk project; and
statements regarding the Company advancing, de-risking and adding value to its Boardwalk project
are forward-looking statements and contain forward-looking information. Generally, forward-looking
statements and information can be identified by the use of forward-looking terminology such as
"intends" or "anticipates", or variations of such words and phrases or statements that certain actions,
events or results "may", "could", "should" or "would" or occur.
Forward-looking statements are based on certain material assumptions and analysis made by the
Company and the opinions and estimates of management as of the date of this press release,
including that the Company will be able to complete its development plans on the Boardwalk project
on the timeline indicated; that the Company's proposed data collection, testing and assessment
activities in respect of the newly drilled well will be completed on the timeline anticipated and obtain
the expected results; that the Company's planned work will effectively utilize the Company's licensed
DLE technology; that controlling its own licensed well will upgrade the Company's resource
classification and increase the confidence in the potential for economic extraction of lithium from the
Boardwalk project; and that the Company will advance, de-risk and add value to the Boardwalk project.
These forward-looking statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such forward-looking
statements or forward-looking information. Important risks that may cause actual results to vary,
include, without limitation, the risk that the Company will be unable to complete its development plans
for its Boardwalk project, or will be unable to do so on the timeline indicated; the risk that the
Company's proposed data collection, testing and assessment activities in respect of the newly drilled
well will not be completed on the timeline anticipated or at all, or will not obtain the expected results;
the risk that the Company's planned work will not effectively utilize the Company's licensed DLE
technology; the risk that controlling its own licensed well will not result in an upgrade of the Company's
resource classification and/or increase the confidence in the potential for economic extraction of
lithium from the Boardwalk project; the risk that the Company will not be able to advance, de-risk
and/or add value to the Boardwalk project; the risk that North America's demand for lithium does not
continue to grow; and the risk that the cDLE® process cannot be scaled up for commercial production.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements and forward-looking
information. Readers are cautioned that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any forward-looking statement, forward-looking
information or financial outlook that are incorporated by reference herein, except in accordance with
applicable securities laws.
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