LithiumBank Updates NI 43-101 Lithium Brine Resource Estimate at Park Place, West-Central Alberta
LithiumBank Updates NI 43-101 Lithium Brine
Resource Estimate at Park Place, West-Central
Alberta
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) -
LithiumBank Resources Corp.
(TSXV: LBNK) (OTCQX: LBNKF)
("
LithiumBank
" or the "
Company
") is pleased to announce an
update to the National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
("
NI 43-101
")
resource estimate for the Park Place Lithium Brine Project ("
Park Place
"), located in west-central
Alberta. The Company has made strategic reductions in the total holdings of brine hosted mineral
licences ("
BHML
") at Park Place (Figure 1 & Table 2) in an effort to focus on areas that have the highest
potential rates of brine production based on three-dimensional ("
3D
") static reservoir modelling (see
news release dated
June 24, 2024
). The updated BHML holdings for Park Place consist of 226,683 ha
for a total of 15,082,000 tonnes inferred of Lithium Carbonate Equivalent ("
LCE
") at a grade of 80.0
mg/L lithium. The updated BHML position reduces the Company's annual licencing fees by C$821,468.
The initial NI 43-101 compliant technical report for Park Place entitled "LithiumBank Resources Corp.
Park Place NI 43-101 Technical Report" effectively dated June 24, 2024, prepared by the following
Qualified Persons: Alex Haluszka P. Geo. of Montrose Environmental Solutions Canada Inc., Mr.
Maurice Shevalier, P.Chem, of Montrose Environmental Solutions Canada Inc. and Mr. Roy Eccles P.
Geol. of APEX Geoscience Ltd., originally reported 21,681,000 tonnes of inferred LCE at a grade of
80.2 mg/L lithium (Table 1) (see news release dated
June 24, 2024
) and is available on
SEDAR+
. The
updated NI 43-101 resource estimate for Park Place, based on the Company's current holding of
BHMLs, totals 15,082,000 tonnes of inferred LCE at a grade of 80.0 mg/L lithium (Table 1) within
contiguous BHMLs (Figure 1).
The Company focused on maintaining the core Park Place asset where the Leduc formation ("
Fm
") and
the Swan Hills Fm are stacked and offer the most favourable potential for long-term lithium-rich brine
production. No additional technical data has been collected or identified and thus the reduction in the
resource estimate is purely due to the reduced footprint of the BHMLs. The Company elected not to
renew approximately 50% of the Park Place BHMLs, based on reservoir quality and potential production
capacity, totalling 234,705 ha of BHMLs that have now expired. The Company now holds a strategic
position of 226,683 ha at Park Place. The Company also allowed the non-core portion, approximately
50%, of the Peace lithium brine project to expire (Table 2).
Park Place Resource Estimate Highlights include:
Park Place continues to be one of the largest known NI 43-101 inferred lithium brine resource
estimates in North America with 15,082,000 tonnes inferred LCE.
Park Place has the second highest reported lithium-in-brine grades used in a NI 43-101 compliant
inferred lithium resource estimate in Alberta at 80.0 mg/L lithium.
Second only to the Company's Boardwalk lithium brine project (Figure 1).
8,659,000 tonnes inferred LCE within the Leduc Fm aquifer at an average of 79.4 mg/L lithium.
6,423,000 tonnes inferred LCE within the Swan Hills Fm aquifer, which underlies the Leduc Fm, 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 preliminary
economic assessment ("
PEA
").
Subsurface reservoir modelling conducted by SLB and Montrose 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.
Park Place bulk brine sample collection (35,000L) returned >95% lithium recovery and over 99%
impurity removal from the direct lithium extraction pilot testing with SLB/ILiAD (see news released
April 14, 2025).
Reporting
Parameters
Original
Leduc Fm
Domain
Original
Swan Hills
Fm
Domain
Original Combined
Total
Updated
Leduc Fm
Domain
Updated
Swan Hills
Fm
Domain
Updated
Combined
Total
Total Volume (km
3
)
1
501.2
660.5
1,161.70
422.1
366.7
788.80
Pore Volume (km
3
)
2
25.1
28.4
53.5
21.6
15.7
37.3
Average Li
Concentration
(mg/L)
79.4
80.9
80.2
3
79.4
80.9
80.0
3
Average Effective
Porosity (%)
5
4.3
4.6
4
5
4.3
4.7
4
Average Brine Pore
Space (%)
95
95
95
95
95
95
Total Elemental Li
(tonnes)
1,893,000
2,183,000
4,076,000
1,627,000
1,207,000
2,834,000
Total LCE (tonnes)
10,076,000
11,620,000
21,697,000
8,659,000
6,423,000
15,082,000
Table 1: Park Place updated NI 43-101 resource estimate compared to the original resource estimate.
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
Notes
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.
2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs).
3: Tonnage numbers are rounded to the nearest 1,000 unit.
4: In a 'confined' aquifer (as reported herein), effective porosity is an appropriate parameter to use for the resource estimate.
5: The resource estimation was completed and reported using a cut-off of 50 mg/L Li.
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 538,360 acres of contiguous BHMLs. Park Place 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 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 in an economic assessment.
Table 2. LithiumBank BHML holdings before and after reduction.
Alberta
Projects
BHML Holding
Before
Reduction
(hectares)
Current
BHML
Holding
(hectares)
BHML
Change
(hectares)
Boardwalk
159,979
159,979
0
Park Place
461,388
217,866
-243,522
Peace
29,500
13,920
-15,580
Total Alberta
Holdings
650,867
400,582
-250,285
Figure 1: Map of the Park Place and Boardwalk projects highlighting categories of NI 43-101
lithium brine resource estimates.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/253936_2907f5ead405984c_001full.jpg
Additionally, further to the Company's news release dated September 11, 2023, the Company
announces that effective May 28, 2025, LithiumBank and G2L Greenview Resources Inc. ("
G2L
") have
mutually agreed to terminate their intellectual property license agreement, technology services
agreement and all related statements of service (collectively, the "
Agreements
"). The parties each
entered into a full release agreement confirming there are no further obligations on behalf of either
LithiumBank or G2L in respect of the Agreements.
The termination reflects a strategic realignment by
both parties to pursue independent opportunities aligned with their respective technology and
commercialization priorities.
The scientific and technical information relating to the mineral resource estimate presented in this news
release has been reviewed and approved by Alex Haluszka P. Geo. of Montrose Environmental
Solutions Canada Inc., Alex Haluszka is independent of LithiumBank 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 its two flagship projects, Boardwalk and Park Place, in
Western Canada, which host some of the largest lithium brine resources in North America
(Figure 3). The Company holds 1,237,487 acres of brown-field brine hosted mineral licenses,
across three (3) districts in Alberta and Saskatchewan. The Company has pilot tested multiple
mature Direct Lithium Extraction ("DLE") technologies and is working toward establishing
commercial lithium production by a modular approach.
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, the Company's expectations regarding the usefulness of subsurface reservoir models in
planning well networks and locations in future economic and engineering studies. 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 subsurface reservoir model conducted by SLB and Montrose will assist the
Company in planning well networks and locations in future economic and engineering studies.
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 subsurface reservoir model conducted by SLB and
Montrose will not assist the Company in planning well networks and locations in future economic and
engineering studies.
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/253936