Lithiumbank to Develop Boardwalk and Park Place Lithium Brine Projects After Successful Acquisition Campaign
LITHIUMBANK TO DEVELOP BOARDWALK AND PARK PLACE
LITHIUM BRINE PROJECTS AFTER SUCCESSFUL
ACQUISITION CAMPAIGN
Calgary, Alberta. February 2, 2023 – LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF)
(“LithiumBank” or the “Company”) is pleased to provide a corporate update and outline key milestones
for 2023.
In 2022, LithiumBank successfully completed its 3-year acquisition and exploration campaign that was
focused on:
i. Reservoirs that contain commercially viable lithium brine concentrations in Alberta &
Saskatchewan;
ii. Geological formations that can support large scale brine extraction and subsequent reinjection;
iii. Availability of comprehensive historical data;
iv. Existing past producing wells and local infrastructure;
v. Proximity to labour; and
vi. Supportive local relationships & partnerships;
This resulted in acquiring three separate development districts that are part of a portfolio of claims that
totalled over 4 Million acres (see Figure 1):
• Boardwalk: 572,237 acres that cover 100% of the Leduc reef complex, 270 kilometres west of
Edmonton.
• Park Place: 1,571,364 acres that cover - ~95% of the Leduc reef complex 50 kilometres south of
Boardwalk.
• Saskatchewan: 336,595 acres across three highly prospective properties in southern
Saskatchewan.
LithiumBank has since established Canada’s first indicated mineral resource of lithium brine at the
Company’s Boardwalk lithium brine project (the “Boardwalk Project” or “Boardwalk”), and assayed wells
up to 82.0 mg/L lithium from Leduc brine at the Company’s Park Place project (the “Park Place Project”
or “Park Place”).
LithiumBank is now focused on developing the Boardwalk and Park Place district projects by further
quantifying their mineral resources and completing financial models to be included in coming Preliminary
Economic Assessments.
Emerging North American Lithium Developer – 2023 Strategy
LithiumBank’s successful exploration programmes and geological assessments have identified Boardwalk
and Park Place as flagship district scale projects that possess key elements required for potential
commercial development. In the Company’s view, both projects have an ideal combination of lithium
resource potential and brine chemistry that is compatible with existing extraction technologies.
Furthermore, each area is well situated with paved highways, permitted well pads, power & natural gas
lines throughout, skilled labour force and hundreds of past & present production wells.
During 2023 the Company intends to further de-risk these flagship assets by commissioning a brine
processing pilot plant to establish optimal production parameters. Additionally, LithiumBank expects to
conduct detailed hydrogeological modeling and brine sampling at both Boardwalk and Park Place to
further expand and upgrade the classification of their lithium resources to measured and indicated
categories.
The Company is working with a number of experienced Direct Lithium Extraction (“DLE”) technology
providers to enhance recovery, lower power consumption, and reduce project capex. This work and
subsequent reservoir sampling is expected to be incorporated into a Preliminary Economic Assessment on
the Boardwalk Project which the Company expect will be completed in Q1 2023, and a NI-43-101 inferred
resource assessment at Park Place. LithiumBank has also retained consultants that have successfully
permitted and attracted government financing for industrial projects in Alberta.
“LithiumBank’s ongoing transition from a lithium resource explorer to developer is a defining moment for
our young company of 3 years," commented Rob Shewchuk, CEO and director of LithiumBank. “I am proud
of my team’s success in acquiring a 4 million acre plus portfolio of prospective lithium brine assets and
evaluating their potential. We will soon be completing a further resource estimate at Park Place and await
receipt of a PEA of Boardwalk. Shifting gears to become a development company with near term lithium
production potential, at multiple district scale projects, highlights our view that Alberta is a critical
centerpiece to North America’s lithium supply chain industry. We are looking forward to a catalyst rich
2023 across our entire lithium brine portfolio.”
Figure 1: LithiumBank Projects in Western Canada.
LithiumBank Development Assets
The Company is proud to be building off a successful 2022 that saw LithiumBank begin publicly trading in
April (TSX.V, OTCQB & Frankfurt), increase lithium brine holdings to over 4 million acres, and announce
Canada’s first lithium brine indicated mineral resource at Boardwalk. In addition to providing a summary
of work done to date below, the Company will further detail its 2023 project level goals over the coming
weeks.
Boardwalk
The Boardwalk Project is located in west-central Alberta, approximately 85 km east of the City of Grande
Prairie and 270 km northwest of the City of Edmonton (see Figure 2). The Project consists of 30 contiguous
Alberta Metallic and Industrial Mineral permits covering an area of 572,237 acres. Boardwalk is covered
by 100% Crown mineral rights and has no current operating oil and gas producers in the Leduc Formation.
Highlights at Boardwalk in 2022 include:
• Completed hydrogeological studies of the Boardwalk reservoir that showed the ‘Production Zone’
within the Leduc Formation is capable of providing consistent, high volume brine production over
a 20-year period. Of particular note, the Production Zone accounts for only 10% of the Leduc
Formation by volume at Boardwalk.
• Results from DLE test work completed by Conductive Energy Inc. indicate that it was highly
effective and scalable for extracting lithium chloride (“LiCl”) from the Boardwalk brine.
• Highlights of this testing includes:
o 93% Lithium Chloride (“LiCl”) recovery achieved in under 60 minutes of extraction
processing;
o High purity lithium concentrates were achieved between 2,500 – 4,000 mg/L; and
o DLE increased the lithium concentration of samples between 35-60 times over feed grade.
• LithiumBank announced the first brine project in Canada to include indicated mineral resources
of 393,000 tonnes of Lithium Carbonate Equivalent (“LCE”) at a grade of 71.6 mg/L and 5,808,000
tonnes of Inferred LCE at 68.0 mg/L lithium1.
• A Preliminary Economic Assessment being led by Hatch is well underway and is expected to be
completed in Q1 2023.
1 See “NI 43-101 Technical Report - Updated Indicated and Inferred Resource Estimates for LithiumBank Resources
Corp.’s Boardwalk Lithium-Brine Project in West- Central Alberta, Canada. By D. Roy Eccles P. Geol., Jim Touw
P. Geol., Egon Linton P. Eng. with an Effective date of 20 December 2022” The report is available on
www.sedar.com and the Company’s website.
Figure 2: Boardwalk lithium brine project.
Park Place
The Park Place Project is located in west-central Alberta, approximately 180 km west of the City of
Edmonton (see Figure 3). Park Place consists of 83 contiguous Alberta Metallic and Industrial Mineral
permits covering an area of 1,571,364 acres. Highlights at Park Place in 2022 include:
• LithiumBank initiated a hydrogeological study that is utilizing pre-existing data to determine the
porosity, permeability, transmissivity, and volume estimates of lithium-bearing brine. These
estimates are expected to be used to complete a NI 43-101 mineral resource estimate;
• Consolidated the mineral rights (only crown mineral rights in the project area) that cover over
95% of Leduc carbonate reef complex; and
• In January of 2023, the Company announced assay results from three samples taken from a 72-
meter-thick interval at the top of the Leduc Formation (Figure 3) that returned grades ranging
between 71.2 – 82.0 mg/L lithium with an overall average of 77.2 mg/L lithium.
Figure 3: Park Place lithium brine project.
Saskatchewan
LithiumBank is the second largest land holder in Saskatchewan with 336,595 acres of mineral permits
across three separate property areas (see Figure 4). Each property listed below is targeting the Duperow
Formation, which is a stratigraphic equivalent to the Leduc Formation in Alberta. Increased activity in the
Company’s property areas continue to report encouraging lithium grades in brine sampled from the
Duperow Formation.
• Kindersley – 111,483 acres, located in west-central Saskatchewan near the Alberta border that
consists of 16 claims acquired through auction from the Saskatchewan government.
o In November 2022, the Company completed a hydrogeological study that indicated:
▪ The Duperow Formation, within the “Kindersley Project” area hosts a brine
volume of 3.89 km3 at a 6% porosity cut off. Lithium grades reported adjacent to
the property range between 70 and 78 mg/L lithium.
▪ The Duperow Formation is an unconfined aquifer that measures up to 300 metres
thick within the area of the Company’s mineral permits.
▪ Multiple zones of potential lithium brine production within the Duperow
Formation add up to ~90 m in net pay at a 6% porosity cut off.
• South Property – 134,229 acres, located in southern Saskatchewan along the border with the
United State that consists of 8 claims acquired through auction from the Saskatchewan
government.
o LithiumBank’s South Property is directly adjacent to Prairie Lithium’s Williston Basin
project that is under agreement to be acquired by Arizona Lithium for approximately
C$70.6 million in cash and stock. The South Property shares the same reservoir and key
infrastructure including electricity, natural gas, fresh water, paved highways, and
railroads.
• Estevan – 90,883 acres, located in southeast Saskatchewan that consists of 11 claims acquired
through auction from the Saskatchewan government or from Freehold owners.
o Neighboring lithium exploration activities, adjacent to the Company’s Estevan property
have reported lithium grades ranging between 77 and 148 mg/L lithium.