LithiumBank Reports >3,000 mg/L Lithium and >98% Recovery from Direct Lithium Extraction Test Work
LithiumBank Reports >3,000 mg/L Lithium and
>98% Recovery from Direct Lithium Extraction
Test Work
Calgary, Alberta--(Newsfile Corp. - November 22, 2023) -
LithiumBank Resources Corp.
(TSXV:
LBNK) (OTCQX: LBNKF)
("
LithiumBank
'' or the "
Company
") is pleased to announce results from
bench-scale G2L Greenview Resources Inc. ("
G2L
") - Direct Lithium Extraction (DLE) test work on brine
from its Boardwalk Lithium Brine Project. The Boardwalk Project is located in west-central Alberta,
Canada, and situated on 100% owned crown mineral rights.
Highlights:
Greater than 98% recovery of lithium from the Boardwalk Project brine.
G2L DLE produced the highest purity concentrated lithium solution (eluate) of the 15 technologies
tested or assessed to date.
Greater than 90% reduction of calcium (Ca), sodium (Na), chlorine (Cl) impurities in the eluate.
G2L DLE produced lithium eluate concentration of > 3,000 mg/L (3 g/L) Li.
This represents:
Greater than 40 fold
increase in lithium concentration from feedstock; and
Greater than 40 fold volume reduction of brine post DLE processing.
Reagents used in the G2L DLE processing are approximately a third of the cost of those used in
the DLE process that was used in the Company's maiden Boardwalk PEA published in May 2023.
The reagents in the existing PEA accounted for 54% of the total operating costs.
Results anticipated to be included in an updated Boardwalk PEA expected in late 2023.
Pilot Plant testing with G2L continuous DLE (cDLE®) technology, at a rate of up to 10,000L per
day to commence Q1 2024.
"The test results from G2L represent a significant improvement in the overall purity of the concentrated
brine, or eluate, from the existing DLE process we employed in our existing PEA," commented
LithiumBank COO Kevin Piepgrass. "We are very pleased because we can achieve this purity level
using lower cost reagents that are readily available in Central Alberta. The high-grade eluate of over
3,000 mg/L lithium represents a 40-fold reduction in brine volume which significantly reduces
downstream handling and processing of the brine post-DLE concentration."
"We are excited to continue optimizing our cDLE® process for the Boardwalk project brine,"
commented Peter Voigt, CTO of G2L. "Our focus will remain on maximizing the recovery and purity of
lithium while reducing operating and capital costs. We believe further efficiencies can be achieved when
we start testing our technology in the cDLE® pilot plant that is being shipped to LithiumBank this month."
Elemental
Concentration
Eluate
Feed
Brine
(mg/L)
Existing PEA
DLE Eluate
(mg/L)
G2L DLE
Eluate (mg/L)
Change (G2L
vs PEA)
B
114
57.2
24.8
-57%
Ba
10.3
39.3
-
100%
Ca
22,390
3,948
406
-90%
Cl
139,373
34,027
2,384
-93%
K
4,216
59.7
124
108%
Li
70.1
3,590
3,238
-10%
Mg
2,630
676
417
-38%
Na
56,719
3,231
254
-92%
S
263
5.5
10,594
>10k mg
Sr
931
209
7.2
-97%
Zn
0.6
4.3
-
-100%
LithiumBank has undertaken testing of the G2L DLE process to determine the suitability of the
technology for Boardwalk lithium-rich brine. Test work produced a high-purity eluate with lithium
concentrations between 3,000 - 7,000 mg/L (3-7 g/L), with low levels of impurities. Eluate concentrations
of Ca, Na and Cl were reduced by 90% when compared with results used in another DLE process which
was employed in the existing PEA. Furthermore, the G2L cDLE process also reduced the eluate
concentrations of magnesium (Mg) and boron (B) by 38% and 57%, respectively. These results are
considered very favourable as higher lithium and lower impurity concentrations in the eluate requires a
smaller processing plant post-DLE and may reduce the cost of further impurity removal steps.
Brine used in the G2L test work was collected from Well 100/09-26-068-22WS/OO located in the South
Sturgeon Lake oilfield, within the "Production Zone" of the Boardwalk Project and has a reported
average grade of 73.8 mg/L Lithium (as previously reported in LithiumBank news release dated June
28, 2022). DLE test work was conducted in Melbourne Australia at the G2L lab facilities where the
results and procedures were reviewed by Ms Lisa Parks, Qualified Person ("QP"), as defined by NI 43-
101. Samples were analyzed at HRL Technology Group Pty Ltd, a third party, ISO 17025:2017certified
lab, in Melbourne Australia. G2L implemented strict Quality Control and Quality Assurance (QA/QC)
protocols for the analysis where each batch of analysis included duplicates, blanks, standard reference
material, and check lab analysis.
In the Company's existing
Boardwalk PEA
published in May 2023
, the costs of the reagents and resin
used in the DLE accounted for 54% of the total operating expenditures ("
OPEX
"). Recent test work has
shown that the G2L process, in addition to delivering superior eluate concentrations, can also effectively
use alternative, more cost-effective reagents such as easily sourced quicklime (CaO) instead of sodium
hydroxide (NaOH) and sulphuric acid (H
2
SO
4
) instead of hydrochloric acid (HCl). Furthermore,
downstream processes
are capable of recovering a significant portion of the H
2
SO
4
used in the cDLE®
process; this is expected to further reduce the OPEX. These reagent substitutions have shown to be
effective and are expected to have a significant net positive impact on the economics in an updated
PEA. LithiumBank has engaged Hatch Inc. to prepare the updated PEA in accordance with National
Instrument 43-101 which the Company expects to be completed in late 2023.
LithiumBank has entered into an intellectual property license agreement dated September 8, 2023 (the
"
License Agreement
"), as previously announced on
September 11, 2023
, with G2L, a subsidiary of
Go2Lithium Inc., whereby G2L agreed to grant to the Company a license (the "
License
") in Alberta and
Saskatchewan for a full suite of continuous ion exchange technologies (the "
Licensed Technology
").
The DLE technology will be used to extract lithium salts from enriched brines present at the Company's
lithium development projects.
G2L has also agreed to provide the Company with access to a deployment-ready pilot plant that has
been previously operating in Australia. Modifications to the pilot plant are almost complete and it is
expected to be shipped in November to Alberta with pilot testing commencing in Q1 2024. The pilot
plant is expected to have a nameplate throughput capacity of up to 10,000 L per day, making it one of
the largest DLE pilot plants in North America. The Company anticipates that access to a dedicated DLE
pilot plant will accelerate the Company's test work program and provide the necessary design
parameters for inclusion in feasibility studies for its Boardwalk, Park Place, and Saskatchewan lithium
development properties.
First Issuance of Shares Under License Agreement with G2L
The Company pleased to also announce it has issued the first 4,000,000 common shares in the capital
of the Company (the "
Shares
") to G2L pursuant to the License Agreement.
Pursuant to the terms of the License Agreement, in consideration for the License, LithumBank has
agreed to issue up to an aggregate of 14,000,000 Shares to G2L as follows:
a
.
4,000,000 Shares on November 21, 2023;
b
.
3,000,000 Shares upon there being an operational plant that has processed lithium brine for at
least 100 hours of continuous operation in the province of Alberta (the "
First Milestone
");
c
.
3,000,000 Shares if the Company does not deliver a notice to G2L advising G2L that it does not
intend to use the Licensed Technology for the Boardwalk Brines Project (a "
Notice to
Terminate
") by the date that is 12 months after the achievement of the First Milestone (the
"
Second Milestone Deadline
"), provided that the Second Milestone Deadline may be extended
for an additional six months if required to generate sufficient data from piloting to support a pre-
feasibility study; and
d
.
4,000,000 Shares upon completion of a pre-feasibility study that concludes the Company's
Boardwalk Brines Project demonstrates an ungeared internal rate of return greater than the
applicable discount rate used to value the Boardwalk Brine Project,
(collectively, the "
Consideration Shares
").
If, following achievement of the First Milestone, a Notice to Terminate is delivered by the Company by the
Second Milestone Deadline, the License shall automatically terminate and no further Consideration
Shares shall be issuable.
Subject to certain exceptions, the Consideration Shares issued pursuant to the License Agreement shall
not be sold or otherwise disposed of by G2L for a period of 12 months following the date of issuance of
the Consideration Shares.
Qualified Person's/Competent Person's Statement
The scientific and technical disclosure of the test work undertaken by G2L in this news release has been
reviewed and approved by Ms. Lisa Park. Ms Park is a Chemical Engineer and is a Fellow and
Chartered Professional of the Australasian Institute of Mining and Metallurgy. Ms. Park is Principal of
Process Engineering Options and is independent of LithiumBank Resources Corp. and its subsidiaries.
Ms. Park has sufficient relevant experience and is a "Qualified Person" as defined in NI 43-101. Ms.
Park consents to the inclusion of the data in the form and context in which it appears.
The scientific and technical disclosure with respect to the PEA 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. (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 permits, across 3 districts in Alberta
and Saskatchewan. In May 2023, LithiumBank completed an initial robust preliminary economic
assessment of its Boardwalk project that targets a 31,350 TPA operation with a pre-tax USD $2.7B
NPV and a 21.6% IRR with the potential for a number of near term enhancements. The Company will
continue to de- risk its assets through detailed geological modelling and advanced engineering.
For more information see the Company's Boardwalk Lithium Brine Project Preliminary Economic
Assessment Technical report entitled "Preliminary Economic Assessment (PEA) for LithiumBank
Resources Boardwalk Lithium-Brine Project in West- Central Alberta, Canada" effectively dated June
16, 2023 filed on
SEDAR+ (
www.sedarplus.ca
) on June 23, 2023 and on the Company's website
(
www.lithiumbank.ca
).
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 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. A preliminary economic assessment is
preliminary in nature as it includes a portion of inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to
be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment
will be realized.
About G2L Greenview Resources Inc.
Go2Lithium Inc. was formed in early 2023 as a 50/50 joint venture with Computational Geosciences Inc
(CGI), a subsidiary of the Robert Friedland-chaired Ivanhoe Electric Inc. and Clean TeQ Water. Please
see Clean TeQ's case studies for additional information on their suite of water treatment and metal
extraction technologies.
Contact:
LithiumBank
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 news 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 statement that the Company intends to complete an updated PEA containing the test
results and the anticipated timeline for completion of such updated PEA; the expectation that the
reduction in brine impurities and increased lithium concentration resulting from the G2L DLE testwork
will be repeatable at scale; the expectation that the reduced costs for reagents used in the G2L DEL
process will create a reduction in OPEX; the expectation that G2L will provide the Company with
access to a deployment-ready pilot plant; the expectation that the pilot plant will have capacity of up to
10,000 L per day and the anticipated impact of a dedicated DLE pilot plan in accelerating the
Company's work programs and feasibility studies; achievement of any of the milestones under the
License Agreement and the corresponding issuance of the Consideration Shares; the target and
potential production of the Company's projects; and the de-risking of the Company's assets are
forward-looking statements and contains 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", "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 updated
PEA containing the test results can be completed and on the anticipated timeline; that the reduction in
brine impurities and increased lithium concentration resulting from the G2L DLE testwork will be
repeatable at scale; that the reduced costs of the reagents used in the G2L DLE will create a reduction
in OPEX; that G2L will provide the Company with access to a deployment-ready pilot plant; that the
pilot plant will have capacity of up to 10,000 L per day and that a dedicated DLE pilot plant will
accelerate the Company's work program and feasibility studies; that the Company will achieve the
milestones under the License Agreement; that the Company will be able to achieve its target and
potential production; and that the Company will be able to de-risk its assets. 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 factors that may cause actual results to vary, include, without limitation, that the
updated PEA containing the updated test results will not be completed on the timelines expected by
management or at all, that the results of the G2L DLE study will not be replicable at scale, that the
reduced costs of the reagents used in the G2L DLE process will not have a significant impact on
OPEX; that G2L will not provide the Company with access to a deployment-ready pilot plant; that the
pilot plant will not have capacity of up to 10,000 L per day and that access to a dedicated DLE pilot
plant will not materially accelerate the Company's work programs and feasibility studies, or at all; that
the milestones for the payment of the Consideration Shares as set out in the License Agreement may
not be achieved; that the Company is unable to achieve its target and potential production; that the
Company will not be able to de-risk its assets.
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 out-look 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/188375