LithiumBank Files NI 43-101 Resource Estimate Technical Report for the Park Place Lithium Brine Project, West-Central Alberta
LithiumBank Files NI 43-101 Resource
Estimate Technical Report for the Park Place
Lithium Brine Project, West-Central Alberta
Calgary, Alberta--(Newsfile Corp. - August 7, 2024) -
LithiumBank Resources Corp.
(
TSXV: LBNK
)
(
OTCQX: LBNKF)
("
LithiumBank
" or the "
Company
") is pleased to announce the filing of the National
Instrument ("NI") 43-101 Technical Report for the Park Place Lithium-Brine Project located in West-
Central Alberta, Canada (Figure 1) entitled "LithiumBank Resources Corp. Park Place NI 43-101
Technical Report" effectively dated June 24, 2024. The Park Place resource estimate highlights was
originally announced by the Company on
June 24, 2024
. The Park Place Technical Report can be found
on the Company's website and on
SEDAR+
.
Park Place Resource Estimate Highlights include:
Park Place is the largest known NI 43-101 inferred lithium brine resource estimate in North
America.
Highest known reported lithium-in-brine grades used in a NI 43-101 inferred lithium resource
estimate in Alberta.
10,076,000 tonnes inferred LCE within the Leduc Fm aquifer at an average of 79.4 mg/L lithium.
11,620,000 tonnes inferred LCE within the Swan Hills Fm aquifer, which underlies the Leduc
Formation, at an average of 80.9 mg/L lithium.
Multiple high porosity areas occur that have a combined Leduc & Swan Hills Fm thickness of over
350 metres, and as high as 511 m, to be studied for potential selection of future PEA.
Subsurface reservoir modelling conducted by SLB and Matrix included data from 420 wells, 104
km
2
of 3D seismic data and 262 km of two-dimensional seismic data.
The subsurface reservoir model will assist in planning well networks and locations in future
economic and engineering studies such as a PEA; and
Park Place bulk brine sample collection to occur in H2 2024 to be included in the 10,000 L/day
direct lithium extraction ("
DLE
") pilot plant test work located in the Company's DLE facility in
Calgary, Alberta.
Reporting Parameters
Leduc Fm
Domain
Swan Hills Fm
Domain
Combined Total
Total Volume (km
3
)
1
501.2
660.5
1,161.70
Pore Volume (km
3
)
2
25.1
28.4
53.5
Average Li Concentration (mg/L)
79.4
80.9
80.2
3
Average Effective Porosity (%)
5
4.3
4.6
4
Average Brine Pore Space (%)
95
95
95
Total Elemental Li Resource (tonnes)
1,893,000
2,183,000
4,076,000
Total LCE (tonnes)
10,076,000
11,620,000
21,697,000
1. Total volume of rock and pore space
2. Total volume of effective porosity
3. Calculated using a weighted average (by pore volume) from the average grade of the Leduc and Swan Hills formations
4. Calculated using a weighted average porosity by total formation volume for both Leduc and Swan Hills formations
Note 1: Mineral resources are not mineral reserves and do not have demonstrated economic viability.
There is no guarantee that all or any part of the mineral resource will ever be upgraded to a higher
category. The estimate of mineral resources may be materially affected by geology, environment,
permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs).
Note 3: Tonnage numbers are rounded to the nearest 1,000 unit.
Note 4: In a 'confined' aquifer (as reported herein), effective porosity is an appropriate parameter to use
for the resource estimate.
Note 5: The resource estimation was completed and reported using a cut-off of 50 mg/L Li.
Note 6: To describe the resource in terms of industry standard, a conversion factor of 5.323 is used to
convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE).
The consolidated Park Place project consists of 1,404,558 acres of contiguous Brine Hosted Mineral
Licenses ("
BHML
"). The project is situated between Edson, Fox Creek, and Hinton, approximately 180
km west of Edmonton, and is approximately 50 km to the south of the Company's Boardwalk lithium
brine project ("
Boardwalk
"). This area has seen over 70 years of hydrocarbon extraction resulting in a
well-established and well-trained labour force, networks of all-weather gravel roads, drill sites that can be
easily accessed from Provincial highways, and electrical transmission lines that run through and adjacent
to the project (see Figure 1).
The mineral resource estimate work was prepared within a portion of the Park Place Property (81%) that
is defined as the area of interest and totals 1,140,115 acres (Figure 1). The Swan Hills Fm directly
underlies the Leduc Fm and appear to be in hydraulic communication based on regionally available
pressure data. While they may represent a regionally connected aquifer system, the two formations are
evaluated separately due to an identifiable difference in lithology and porosity. The Swan Hills Fm is
mapped to from 24 to 264 m in thickness within the claims area and the Leduc Fm immediately overlies
the Swan Hills Fm, where present, with a maximum thickness of 366 m within the claims area. The
maximum observed combined thickness where the two units overlap within the property is 511 m of
highly porous reservoir rock occur that would potentially present ideal locations for consideration within a
PEA.
Figure 1: Map of the Park Place project showing Area of Interest and lithium brine samples
used in the Park Place NI 43-101 resource estimate along with surface infrastructure.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/219209_3991e50f54510a35_001full.jpg
The scientific and technical information relating to the
Park Place
mineral resources presented in this
news release has been reviewed and approved by Mr. Alex Haluszka P. Geol. of Matrix Solutions Inc.
Mr. Alex Haluszka is independent of LithiumBank and the Park Place property, and a Qualified Person
as defined by NI 43-101.
The scientific and technical information relating to the Park Place mineral resources, related to the
potential of lithium extraction, presented in this news release has been reviewed and approved by Mr.
Maurice Shevalier, P.Chem, of Matrix Solutions Inc. Mr. Maurice Shevalier, P.Chem, is independent of
LithiumBank and the Park Place property, and a Qualified Person as defined by NI 43-101.
The scientific and technical information relating to the brine sampling and lithium grade validation for the
Park Place mineral resources presented in this news release has been reviewed and approved by Mr.
Roy Eccles P. Geol. of APEX Geoscience Ltd. Mr. Eccles is independent of LithiumBank and the Park
Place Property, and a Qualified Person as defined by NI 43-101.
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 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 Chairman & CEO
(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 expectations regarding the anticipated Park Place bulk brine sample
collection and timing thereof and the Company's expectation that its sampling and analysis method
has produced conservative results that avoid over-estimation of the mineral resources at Park Place
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 Park Place bulk brine sample collection and on
the timelines anticipated and the Company's sampling and analysis method produced conservative
results that avoid over-estimation of the mineral resources at Park Place.
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 Park Place bulk brine
sample collection or will be unable to do so on the anticipated timelines and the risk that the
Company's sampling and analysis method did not produce conservative results and over-estimated
the mineral resources at Park Place.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/219209