Lithiumbank Reports up to 60X Grade Increase and Production of High Purity Lithium Concentrate from Dle Test Work at the Boardwalk Lithium Brine Project, Alberta, Canada
November 1st 2022
TSX-V:LBNK www.lithiumbank.ca
LITHIUMBANK REPORTS UP TO 60X GRADE INCREASE AND
PRODUCTION OF HIGH PURITY LITHIUM CONCENTRATE
FROM DLE TEST WORK AT THE BOARDWALK LITHIUM BRINE
PROJECT, ALBERTA, CANADA
Calgary, Alberta. November 1, 2022 – LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (FSE:
HT9) (“LithiumBank” or the “Company”) is pleased to announce results from the Direct Lithium Extraction
(DLE) test work on brine from the 100% owned Boardwalk Lithium Brine Project in Alberta. Test work
results indicate the selected DLE technology to be a highly effective and scalable method of extracting
lithium chloride from the Boardwalk brine.
Highlights
• 93% Lithium Chloride recovery achieved in under 60 minutes of extraction processing.
• Testing produced a lithium concentrate with a range between 35-60 times grade increase over
the initial raw lithium brine concentration level.
• High purity lithium concentrates between 2,500 - 4,000 mg/L (4 g/L) achieved at the end of the
DLE process.
• Boardwalk raw brine characteristics prove to be well-suited in terms of temperature, pH, grade,
impurities with the DLE Ion Exchange method.
• Results are expected to be incorporated in the upcoming Preliminary Economic Assessment
(“PEA”) that details and estimates the costs of the engineering and design of a commercial-scale
lithium processing facility at Boardwalk.
LithiumBank engaged Conductive Energy Inc. (“Conductive”) from Alberta, Canada to test their
proprietary Direct Lithium Extraction (“DLE”) technology using brine collected from the Leduc Formation
at the Boardwalk project. Conductive has proprietary Ion Exchange (“IX”) material (also known as a bead
or resin) that LithiumBank has tested to selectively recover lithium from the Company’s Boardwalk brine.
Conductive’s IX materials are safer than other commonly known materials, such as manganese-based
sieves, and is produced in Conductive’s own manufacturing facility in North America. Their IX material is
currently being piloted on two other Lithium DLE projects in North America.
The purpose of the DLE test work was to determine the ideal parameters whereby the highest level of
lithium recovery is achieved in the shortest amount of time while using the least amount of IX material.
This test work was successful in achieving 93% recovery of high-purity, high concentrate lithium chloride
(LiCl) within 60 minutes. The success of this test work provides the technical support required to progress
the Preliminary Economic Assessment (“PEA”) in designing an on-site commercial scale lithium production
facility.
Kevin Piepgrass, LithiumBank COO states, “We put Conductive’s DLE technology through a very
comprehensive test program and their proprietary ion-exchange material has proven to be very effective
in extracting lithium from our Boardwalk brine. The collaboration of Hatch and Conductive Energy Inc. has
resulted in high-quality data set that can confidently be used in the processing design and engineering of
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a commercial scale lithium processing facility. This will be instrumental for delivering a robust PEA of the
Boardwalk Lithium Brine Project. As part of LithiumBank’s long-term strategy, the Company continues to
build a strong technical foundation in lithium brine development that is expected to benefit Boardwalk as
well as the Company’s 100 percent owned Park Place and Kindersley Projects.”
DLE testing was conducted over a four-month period at Conductive’s Calgary laboratory, to examine the
IX material’s spectrum of capabilities and limitations. These tests examine the brine characteristics such
as temperature, grade, interactions with impurities, and pH, and test it with several different conditions
that can be controlled such as;
• Loading capacity at temperatures ranging from 60-80 degrees Celsius;
• Loading capacity with specified amounts of IX material;
• Loading capacity over specified time intervals;
• Lithium recovery after elution (washing of the IX material);
• Elution testing at specified pH levels; and
• Elution testing at specified temperatures.
LithiumBank, Hatch Ltd. (“Hatch”), and Conductive are expected to continue to work together to optimize
their DLE process through additional tests. Further testing and pre-concentration may improve the
reported recovery and residence time that is expected to be used in the PEA.
The Conductive IX material lithium extraction process has two stages, loading and elution.
The loading cycle is the front end of the DLE process where brine interacts directly with the IX material
and undergoes a simple reaction in which lithium ions are preferentially attracted to the IX material. After
a specific amount of time, as determined by the test work, the IX material is ‘loaded ’and cannot attract
additional lithium ions. This is the end of the loading stage, and the IX material is ready for the elution
stage.
The elution stage takes the IX material out of the brine to separate the lithium from the IX material in a
washing cycle. The residual lithium-depleted brine is then sent to existing oil wells for reinjection into the
subsurface. The elution stage of the DLE achieved concentrations up to 4,000 mg/L (4 g/L) LiCl. The
optimization of the elution stage is ongoing and is expected to be between the range of 2,500 – 4,000
mg/L.
The washed IX material can then be reused to recover lithium from the further brine multiple times. The
IX material, based on Conductive’s previous experience, is expected to be reused over 1000 times before
it reaches its life-cycle (Conductive has not yet conducted tests with Boardwalk brine to measures
longevity of the IX material).
After the DLE process, the concentrated brine is then required to undergo additional steps before it is
upgraded to a battery grade lithium product such as lithium carbonate (LC) or lithium hydroxide
monohydrate (LHM). The processes following the DLE are being evaluated by Hatch and is expected to be
incorporated in the PEA.
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Figure 1. Boardwalk Lithium Brine Project mineral title map highlighting the "Production Zone"
Brine used in the DLE test work was collected in August 2021 from Well 100/09-26-068-22WS/OO located
in the South Sturgeon Lake oilfield (see figure 1), within the “Production Zone”, and has a reported average
grade of 73.8 mg/L Lithium (as previously reported in LithiumBank news release dated June 28, 2022).
LithiumBank first engaged Hatch in August 2021 to conduct a comparative study of a number of North
American based DLE technologies that could deliver a high purity Lithium Chloride (LiCI) concentrate to be
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used in commercial, battery grade lithium chemical production from the Boardwalk brine. After an
iterative process by Hatch, LithiumBank has narrowed the potential technology providers, with Conductive
technology providing the most optimal results.
Table 1. Boardwalk (formally Sturgeon Lake) Leduc Formation Li-brine NI 43-101 inferred resource estimate
presented as a global (total) resource.
Reporting parameter Leduc Formation Reef Domain
Aquifer volume 321.99 (km3)
Brine volume 16.72 (km3)
Average lithium concentration 67.1 (mg/L)
Average porosity 5.3 (%)
Average brine in pore space 98.0 (%)
Total elemental lithium resource 1,122,000 (tonnes)
Total lithium carbonate equivalent 5,973,000 tonnes (LCE)
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 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.
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), porosity is a proxy for specific yield.
Note 5: The resource estimation was completed and reported using a cut-off of 50 mg/L Li.
Note 6: In order 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
The Boardwalk (formally Sturgeon Lake) Leduc Formation Li-brine inferred resource, with an effective date
of May 18th, 2021, is globally estimated at 1,122,000 tonnes of elemental Li at an average lithium
concentration of 67.1 mg/L Li in 16.7 km3 of formation brine volume (Table 2). The global (total) lithium
carbonate equivalent (LCE) for the inferred mineral resource is 5,973,000 tonnes LCE at an average grade
of 67.1 mg/L Li (as reported May 31, 2022).
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. While
bench-scale, and demonstration pilot plants operated by companies other than LithiumBank are
reportedly having success in the recovery of high purity battery-grade lithium from subsurface confined
aquifers, DLE technology is in the development stage and has not yet been proven at commercial scale.
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
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November 1st 2022
Professional Engineers and Geoscientists of the province of BC (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 an exploration and 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 four million acres of mineral titles, 3.68M acres in Alberta and 326K 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 several projects in parallel
of the Boardwalk Lithium Brine Project.
About Hatch Ltd.
Hatch is an engineering firm that has expertise in engineering, procurement, and construction
management (EPCM) of lithium processing plants. LithiumBank's management team is working with senior
members of Hatch's lithium group, with recent DLE project experience, to assess DLE technology options
for the Boardwalk project. The results of the technology assessment performed by Hatch will be used in
preparing a NI 43-101 Preliminary Economic Assessment (PEA) in respect of the Boardwalk Project. This
PEA is a key steppingstone towards the design of a commercial facility that the Company anticipates will
produce battery grade lithium chemical product.
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, statements regarding: the
DLE test work results, the inclusion of DLE test work results and the processes following the DLE in the PEA
of the Boardwalk Lithium Brine Project, the effects of the DLE test work results on the Boardwalk, Park Place
and Kindersley Projects, the Company, Hatch and Conductive’s ability to optimize their DLE process and the
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November 1st 2022
Company’s ability to produce battery grade lithium chemical products. Such statements 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: the DLE test work results and the processes
following the DLE are expected to be included in the PEA of the Boardwalk Lithium Brine Project, the
expected effects of the DLE test work results on the Boardwalk, Park Place and Kindersley Projects and the
Company’s anticipated production of battery grade lithium chemical products. Such statements are forward-
looking statements and contains forward-looking information.
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 DLE
test work results will differ from the anticipated results, that the DLE test work results and the processes
following the DLE will not be included in the PEA of the Boardwalk Lithium Brine Project, that the effects of
the DLE test work results on the Boardwalk, Park Place and Kindersley Projects will not be as anticipated
and that the Company, Hatch and Conductive’s will not produce battery grade lithium chemical products.
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.
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