LithiumBank Engages SLB to Conduct Subsurface Reservoir Modelling for Resource Estimation at Park Place Lithium Brine Project, West-Central Alberta
LithiumBank Engages SLB to Conduct Subsurface Reservoir Modelling for
Resource Estimation at Park Place Lithium Brine Project, West-Central Alberta
CALGARY, Alberta, Sept. 05, 2023 -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank'' or
the “Company”) is pleased to announce it has engaged SLB (NYSE: SLB) (formerly Schlumberger Limited) a global
technology company, to provide detailed reservoir modelling for an upcoming resource estimation and preliminary economic
assessment that the Company anticipates completing at the Park Place lithium brine project in west-central Alberta (Figure 1)
(the "Park Place Project"). The Park Place Project is located approximately 50 kilometres south of the Company’s Boardwalk
Project (for which a preliminary economic assessment was recently completed). Results of SLB’s modelling work are
expected in 90 days.
SLB provides technology solutions along with subsurface engineering services across Alberta and around the globe. Its
subsurface engineering interpretation tools and understanding of fluid behaviours, under various circumstances within the
reservoir, are expected to help discern optimal operational techniques to maximize production while achieving sustainability
benefits through direct lithium extraction (DLE) on the Company’s production chain lifecycle.
LithiumBank has engaged SLB to conduct detailed subsurface reservoir modelling of the Leduc and Swan Hills Formations at
the Park Place Project. This work will complement the hydrogeological study previously completed by Matrix ( News Release
Feb. 27, 2023 ). SLB’s study will involve reservoir characterization, such as facies modelling, porosity and permeability
modelling, and interpretation of 57 kilometres of seismic lines that were not included in the earlier study. Detailed reservoir
modelling from this study is expected to provide a higher level of confidence in future engineering and production designs as
well as support for an upcoming resource estimation that the Company has targeted to complete. The study will target a 3,255
km2 area of interest (“AOI”) (Figure 2), that is considered to be the most favourable AOI in the Park Place Project in terms of
formation thickness, porosity, depth to formation, and location and has been prioritized for development. This work is expected
to be the foundation of an upcoming resource estimation followed by a preliminary economic assessment expected to be
completed by the Company.
“We are very pleased to work with SLB on the Park Place lithium-brine project. SLB will leverage its decades of experience in
the region and history of technological innovation to characterize the potential of the project,” commented Rob Shewchuk,
CEO and Director of LithiumBank.
Park Place Project has reported as the largest lithium-rich brine project, by volume, in North America held by a single operator
(News Release Feb. 27, 2023 ) with 76.3 km 3 (76.3 B m3) of lithium-bearing brine, 49.8 km 3 within the Leduc Formation and
26.5 km3 within the Swan Hills Formation at a 3% porosity cut-off. Brine samples collected in December 2022 from the Leduc
Fm, reported an average of 77.2 mg/L lithium ( News Release Jan. 17, 2023 ). The Leduc Fm measures up to 350 metres in
thickness (Figure 2) & Swan Hills Fm up to 250 metres thick. The thicker zones (over 200 metres) in the Leduc Formation are
correlated with higher porosity and are in locations that logistically are ideal for potential production hubs.
The scientific and technical disclosure in this news release has been reviewed and approved by Mr. Kevin Piepgrass (Chief
Operations Officer, LithiumBank Resources Corp.), who is a Member of the Association of Professional Engineers and
Geoscientists of Alberta (APEGA) and the Association of Professional Engineers and Geoscientists of the Province of British
Columbia (APEGBC) and is a Qualified Person (QP) for the purposes of National Instrument 43-101. Mr. Piepgrass consents
to the inclusion of the data in the form and context in which it appears.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. is a development company focused on lithium-enriched brine projects in Western Canada where
low-carbon-impact, rapid DLE technology can be deployed. LithiumBank currently holds over 3.6 million acres of mineral titles,
3.33M acres in Alberta and 336k acres in Saskatchewan. LithiumBank’s mineral titles are strategically positioned over known
reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for a large-scale
direct brine lithium production. LithiumBank is advancing and de-risking the Park Place Project in parallel with the Boardwalk
lithium brine project.
Contact:
Rob Shewchuk
Co-Founder, CEO & Director
(778) 987-9767
Figure 1. Park Place and Boardwalk Lithium Brine Projects, Alberta, Canada
Figure 2. Leduc Isopach Map at the Park Place Project with Area of Interest.
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 news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable
securities legislation. The forward-looking statements herein are made as of the date of this news release only, and the
Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future
events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts",
"predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of
such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should",
"would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things,
statements relating to: the Company's plan to have a resource estimation and preliminary economic assessment completed at
the Park Place Project and the fact that SLB will provide detailed reservoir modelling in connection therewith; when the
Company expects to receive the results of SLB's work; the intended results of the work that SLB will perform, and particularly
that it is expected to help discern optimal operational techniques to maximize production while achieving the sustainability
benefits through direct lithium extraction on the Company’s production chain lifecycle; what SLB's study is expected to
involve; what SLB's study is expected to provide; and the fact that the work being completed by SLB is expected to be the
foundation for an upcoming resource estimation.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the
Company’s cost and timing expectations are accurate, that SLB will complete the work it has been engaged to complete, and
within the timeframe expected, that the results will be provided within the timeframe disclosed, that the study will provide the
results expected, that the work completed by SLB will provide the foundation for a resource estimation and preliminary
economic assessment and that the Company will complete a resource estimation and a preliminary economic on the Park
Place Project. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other
factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be
materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by
such forward-looking statements. Such risks include, without limitation: SLB may not conduct the study as expected, within
the time frame expected, or at all, SLB may not be able to provide the results within the time frame expected, the study may
not provide the positive results expected by the Company and may not successfully provide the basis for a resource
estimation or preliminary economic assessment, the Company may not be able to complete the resource estimation or
preliminary economic assessment on the Park Place Project, unanticipated costs, unexpected development and production
challenges, the engagement with SLB may be unexpectedly terminated early, SLB could face technology or software
disruptions and public health crises or other global events may adversely impact the Company’s business and development
plans. Such forward-looking information represents management's best judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised
not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives
make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in
this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort,
trust or otherwise, to you or any person resulting from the use of the information in this news release by you or any of your
representatives or for omissions from the information in this news release.
Photos accompanying this announcement are available at:
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