Indigo Exploration Tables High-Grade Lithium Brine Resource Including Grades of 93 mg/L
Indigo Exploration Tables High-Grade Lithium Brine Resource Including Grades of 93 mg/L
October 4, 2023 - Vancouver, British Columbia. Indigo Exploration Inc. (the “Company”) (TSX-V: IXI, OTCQB: IXIXF,
FSE: INEN) is pleased to announce a maiden lithium brine resource estimate at its wholly owned Fox Creek West
property in Alberta. The Mineral Resource Estimate (“MRE”), which was prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43 -101”), outlined an Inferred Resource of
231,100 tonnes of lithium carbonate equivalent (“LCE”) at an average grade of 72 mg/L.
Key Highlights:
• 231,100 tonnes of LCE in the Inferred Mineral Resource category from two Devonian-aged formation aquifers;
the Wabamun and Beaverhill Lake Group Formations.
• Fox Creek West Property has an estimated 3.8 billion barrels of brine, with lithium concentrations between
31mg/L to 93 mg/L and an estimated average lithium concentration of 72 mg/L.
• In comparison, Lithiumbank’s Broadwalk Project 30 km away has an average grade of 68 gm/L.
• Indigo’s total land position at Fox Creek West equals 55,103 hectares and is adjacent to Lithiumbank properties.
• Indigo intends to focus development on those areas of its asset base featuring the highest lithium concentrations
in the Beaverhill Lake Group formations , which are expected to drive strong economic returns an d robust cash
flows.
“This maiden resource represents the first step in placing Indigo firmly on the development pathway to producing
high-quality lithium carbonate to meet the expanding EV demand” commented Paul Cowley, President & CEO of
Indigo Exploration. “Having tabled the first significant de-risking milestone, we are focused on growing our resource
base through the delineation of resources throughout our existing portfolio, in addition to expanding our resource
base through further exploration and accretive acquisitions.”
Table 1 Wabamun-Beaverhill Lake Group Formations Li-Brine NI 43-101 Inferred Resource Estimate
Formation Water In-Place
(MMbbl)
Lithium
Concentration
(mg/L)
Inferred Resources
Li (tonnes)
Inferred Resources
LCE4 (tonnes)
Wabamun 2,648 78 32,833 174,773
Beaverhill Lake
Group – East1
513 93 7,585 40,373
Beaverhill Lake
Group – West2
608 31 2,997 15,952
Total 3,769 723 43,415 231,097
1.East part of Fox Creek West consisting of T63 R23W5 and east half of T64 R22W5.
2. West part of Fox Creek West (excluding T63 R23W5 and east half of T64 R22W5.
3. Weighted average lithium concentration based on total water in-place and lithium in-place.
4. Lithium Carbonate Equivalent (LCE) calculated as elemental lithium (Li) times 5.323.
5. 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 estimat e of
mineral resources may be materially affected by geology, fluid composition, environment, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
Estimate Methodology
The estimate was completed using volumetric analytics based on geological parameters that include aquifer
geometry, porosity, permeability, pressure, and lithium concentrations. The mineral resource estimate benefited
from a considerable amount of data compiled by the oil and gas industry and made public by the Government of
Alberta.
Key data sets used to determine aquifer brine parameters in the resource area include:
• drill stem tests (pressure, water quality, and permeability),
• core plug analyses (porosity and permeability),
• core logging and facies description (geometry of the aquifer),
• downhole wireline logs (lithology, total porosity, effective porosity, and permeability),
• sampling compositional analysis (lithium concentration), and
• historical production volumes of hydrocarbons and water (context for aquifer pressure and
continuity).
A total of 10 samples of lithium measurements, including public and private data, were used to generate the
estimated lithium concentration across the Fox Creek West Property. Numerous lithium brine samples were
available for the formations in the area of interest, including both historical public samples, as well as samples that
had been compiled for an open file report prepared by the Alberta Energy Regulator and Alberta Geological Survey,
led by Lyster et al.
To estimate a lithium Inferred Mineral Resource across the Fox Creek West Property area, a volumetric analysis
based on bulk rock volume, petrophysical properties, and lithium concentration data was used to define the initial
estimates of reservoir in -place volumes. Based on sensitivity analysis, it is reasonable to expect that most of the
Inferred Mineral Resource volume estimated can be moved into Indicated and Measured Resources as exploration
activities, fluid testing, geomodel enhancements and additional statistical modeling resolve and manage
uncertainties related to the geological and lithium measurement parameters associated with the project.
The Resource estimate, along with various scientific and technical information in this press release, has been
prepared and approved by Indigo’s multi-disciplinary team of Meghan Klein, P.Eng, Doug Ashton, P. Eng and Alexey
Romanov of Sproule Associates Limited ("Sproule"), a global leader in subsurface fluid resource evaluations with
over seventy years of experience. Each of the above persons meet the qualifications for a Qualified Person (QP)
within the meaning of NI 43-101.
The NI 43-101 Technical Report for the Fox Creek West Property is being prepared and will be filed on SEDAR and
the Company’s website within the coming week, and no later than 45 days.
About Indigo Exploration
Indigo Exploration is an emerging petro -lithium brine explor er with 147,904 hectares of Metallic and Industrial
Minerals permits in Central Alberta, Canada. The Company’s three primary lithium projects are the Fox Creek
(114,522 hectares), Leduc-Legal (23,488 hectares) and Peace River (10,048 hectares) which are located within the
heart of lithium exploration and development in Western Canada.
On Behalf of the Board of Directors,
“Paul Cowley”,
President and CEO
For further information, please contact: Paul Cowley: (604) 340-7711 Website: www.indigoexploration.com
This news release includes certain forward -looking statements as well as management's objectives, strategies, beliefs and
intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events and results. Forward -looking statements are based on the
current opinions and expectations of management . All forward -looking information is inherently uncertain and subject to a
variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development,
fluctuating commodity prices, competitive risks and the ava ilability of financing, as described in more detail in our recent
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