Lithiumbank’S Park Place Hydrogeological Study Reports Largest Contiguous Lithium-Rich Brine Project BY Volume IN North America
LITHIUMBANK’S PARK PLACE HYDROGEOLOGICAL STUDY
REPORTS LARGEST CONTIGUOUS LITHIUM-RICH BRINE
PROJECT BY VOLUME IN NORTH AMERICA
Calgary, Alberta. February 27, 2023 – LithiumBank Resources Corp. (TSX-V: LBNK )
(OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to announce the completion
of the hydrogeological study at its 100% owned Park Place Lithium Brine Project (“ PPLP”)
located 180 km west of Edmonton, Alberta, and 50 km south of the Company’s other flagship
brine project in the Boardwalk district. The hydrogeological study was completed by Matrix
Solutions Inc. (“ Matrix”) and is expected to be incorporated into an upcoming NI 43 -101
Resource Estimate.
Highlights
● PPLP hosts a combined total of 76.3 km3 (76.3 B m3) of lithium-bearing brine, 49.8 km3
within the Leduc Formation and 26.5 km3 within the Swan Hills Formation (Table 1).
● Currently the largest reported lithium -rich brine project, by volume, in North America
held by a single operator.
● Favourable average net total porosity of 11%, 12% in the north and 10% in the south
(Table 1), using a 3% porosity cut-off.
● Maximum Formation thickness: Leduc 350 metres & Swan Hills 250 metres (Figure 1).
● Thicker zones (over 200m) in the Leduc Formation are correlated with higher porosity
and are locations ideal for potential production hubs.
● The Leduc Formation and underlying Swan Hills Formation are hydraulically
connected, representing a continuous resource volume.
● Leduc Formation brine sample, collected in December 2022 from Park Place, reported
77.2 mg/L lithium (News Release Jan. 17, 2023).
The recently completed hydrogeological study indicates that PPLP hosts the largest lithium -
bearing brine, by volume, held by a single operator in North America at 76.3 km3 of brine (76.3
B m3). The entire brine is wholly contained within the 1.57 M acre Cr own mineral rights-only
land package that is endowed with modern infrastructure and abundant geological data from
decades of oil & gas activity. LithiumBank and Matrix are now using this information and recent
sampling data to produce an NI 43-101 Resource Estimate that is expected to be completed
in Q2 2023.
“We are very p roud to report the largest reported lithium brine project by volume in North
America. Beyond validating our high value asset acquisition strategy, we believe it positions
our company as one of the most attractive investments in Direct Lithium Extraction resource
development opportunities globally and at a District-Scale," commented Rob Shewchuk, CEO
of LithiumBank. “76.3 km3 is an enormous volume of lithium-rich brine with favourable porosity,
formation thickness, and lithium grades. We are confident that these metrics and grades will
lead to a positive NI 43 -101 Resource Estimate. LithiumBank will also undertake additional
brine sampling and testing of multiple Direct Lithium Extraction technologies that, together with
the Resource Estimate, will support an initial Preliminary Economic Assessment (“PEA”) at
PPLP. This assessment will compliment the Boardwalk Project PEA that is expected to be
completed shortly.”
The Leduc Formation at Pa rk Place is a confined aquifer, primarily composed of higher
porosity dolomite except for the southern portion which is primarily limestone (Figure 1). The
Swan Hills Formation consists of interbedded dolomite and limestone where both rock types,
based on core analysis, are of reservoir quality and should be considered pay intervals.
Although they are differing heterogeneous formations, the units are hydraulically connected
and could be considered as a single hydrostratigraphic unit. Both stratigraphic units dip gently
toward the southwest. The Devonian aged, Leduc Carbonate Reef complex (Woodbend
Group) and the underlying Swan Hills Formation (Beaverhill Lake Group) have historically
been known to host the highest grades of lithium-in-brine in Alberta, with samples that range
from 76 mg/L to 130 mg/L lithium within our Park Place Metallic and Industrial Mineral (MIM)
permit area. These samples are considered historic and have not been verified by a Qualified
Person (QP) under the latest NI 43 -101 Standards of Disclosure and cannot be relied upon.
Historical samples are mentioned as a reference only until such time they have been verified.
The average net total porosity is 11% (12% in the no rth and 10% in the south) using a 3%
porosity cut-off. Porosity at Park Place has been calculated differently than Boardwalk by using
a porosity cut -off rather than an average of total porosity. At Park Place , all rock and brine
within the two Formations with porosity below 3% are excluded from the volume calculations
and from the average porosity calculation , therefore resulting in a higher average net total
porosity. 11% porosity is promising, and Matrix expects that this should correspond favourably
to permeability and reservoir continuity supportive of potential future commercial production.
The hydrogeological study used 57,437 core measurements from 675 wells within the study
area from public-domain geological data from the Province of Alberta (Figure 1 & 2). 21,761
core measurements were obtained from 269 Leduc wells and 35,676 core measurements
were obtained from 407 Swan Hills wells. Matrix determined that a total of 58 drill stem tests
(DST) from 58 wells that were deemed representative. Of these D STs, 22 were within the
Leduc Formation and 36 were within the Swan Hills Formation. Matrix completed permeability
analyses on 12 DSTs for the Leduc Formation and 18 DSTs for the Swan Hills Formation.
Estimates of lithium-bearing brine volumes presented i n this disclosure are preliminary and
conceptual in nature. There has been insufficient exploration at the Park Place Lithium Brine
Project to define a mineral resource and it is uncertain if further exploration will result in
delineation of a mineral resource at PPLP.
Further Reading
The Park Place area was the focus of a study, authored by D.R. Eccles and H. Berhane,
entitled “Geological Introduction to Lithium -Rich Formation Water with Emphasis on the Fox
Creek Area of West -Central Alberta (NTS 83F and 83K)” ( https://ags.aer.ca/publication/ofr-
2011-10). The report highlights significant lithium potential in three different formations, the
Leduc (Woodbend), Nisku (Winterburn), and Swan Hills (Beaverhill Lake Group) , and is
supported by historical lithium brine samples that range from 76 mg/ L to 130 mg/L lithium in
these formations.
Table 1: Volume of brine of the Leduc and Swan Hills Formations at different porosity cut-offs.
Formation Porosity
Cut-off
Pore Volume (km3)
Northern
Reef
Southern
Reef
Total
Volume
Leduc
Formation 3% 47.3 2.5 49.8
Leduc
Formation 6% 43.1 1.9 45.0
Swan
Hills
Formation
3%
-
26.5
Swan Hills
Formation 6% - 23.7
Total brine
volume (km3)
at 3% cut-off
76.3
Figure 1: Leduc Formation Isopach map at Park Place
Figure 2: Swan Hills Formation Isopach map at Park Place
Qualified Person
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 Professional Engineers and Geoscientists of th e 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. is a 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 3.6 million acres of mineral titles, 3.33M acres in Alberta and
336k 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.
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
statement that the Company intends to complete a NI 43-101 Resource Estimate and the expected timing
and results thereof, the Company’s expectation that thicker zones in the Leduc Formation will be ideal
locations for production hubs , the Company’s plans with respect t o further testing, sampling and
analysis at PPLP, the Company’s plans to complete an initial Preliminary Economic Assessment
(“PEA”) at PPLP and the expected timing and results thereof, Matrix’s expectation that 11% porosity
will correspond favourably to permeability and reservoir continuity and ultimately be supportive of
potential future commercial production, are forward-looking statements and contain forward-looking
information. Generally, forward-looking statements and information can be identified using 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 ma terial assumptions and analysis made by the
Company and the opinions and estimates of management as of the date of this press release, including
that further testing, sampling, and analysis at PPLP will lead to a NI 43 -101 Resource Estimate and,
ultimately, be supportive of an initial PEA at PPLP with positive results, or that PPLP will be suited
for future commercial production. These forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actua l 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 Company is not able to complete a NI 43 -101
Resource Estimate as anticipated or at all, or that the results of the NI 43 -101 Resource Estimate will
not be as expected by management, that the Company will not be able t o develop PPLP or that PPLP
will not be suited to future commercial production, that further testing, sampling and analysis at PPLP
will not produce positive results, or that the Company is unable to complete a PEA or that the results
of the PEA will not b e as expected by management. 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 up date
any forward -looking statement, forward -looking information or financial out -look that are
incorporated by reference herein, except in accordance with applicable securities laws.