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Grounded Lithium Announces Commencement of 2024 Field Program and Selection of Stantec as Lead Author for Pre-Feasibility Study

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Grounded Lithium Corp. (GRDAF) announces the start of its 2024 field program and Pre-Feasibility Study (PFS) for the Kindersley Lithium Project (KLP), with Stantec as lead author. The program, funded by Denison Mines Corp.'s $4.5 million budget, includes re-entering and deepening a dedicated lithium well by 100 meters, conducting extensive production testing across 11 intervals, and collecting brine samples for technology evaluation. The PFS, targeting completion in mid-2025, will incorporate data from field work and technology assessments to determine optimal metallurgical design and performance.

Grounded Lithium Corp. (GRDAF) annuncia l'inizio del suo programma di campo 2024 e dello Studio di Pre-Fattibilità (PFS) per il Progetto Litio di Kindersley (KLP), con Stantec come autore principale. Il programma, finanziato dal budget di 4,5 milioni di dollari di Denison Mines Corp., prevede la riapertura e l'approfondimento di un pozzo di litio dedicato di 100 metri, la conduzione di ampi test di produzione su 11 intervalli e la raccolta di campioni di salamoia per la valutazione tecnologica. Il PFS, previsto per essere completato entro metà 2025, incorporerà dati provenienti dal lavoro sul campo e dalle valutazioni tecnologiche per determinare il design e le prestazioni metallurgiche ottimali.

Grounded Lithium Corp. (GRDAF) anuncia el inicio de su programa de campo 2024 y el Estudio de Pre-Factibilidad (PFS) para el Proyecto de Litio de Kindersley (KLP), con Stantec como autor principal. El programa, financiado por el presupuesto de 4.5 millones de dólares de Denison Mines Corp., incluye la reentrada y profundización de un pozo de litio dedicado en 100 metros, la realización de pruebas de producción extensivas en 11 intervalos, y la recolección de muestras de salmuera para la evaluación tecnológica. El PFS, que se prevé completar a mediados de 2025, incorporará datos del trabajo de campo y evaluaciones tecnológicas para determinar el diseño y el rendimiento metalúrgico óptimo.

Grounded Lithium Corp. (GRDAF)가 2024 필드 프로그램과 Kindersley 리튬 프로젝트(KLP)에 대한 사전 타당성 연구(PFS)를 시작한다고 발표했습니다. Stantec이 주 저자로 참여하며, Denison Mines Corp.의 450만 달러 예산으로 자금을 지원받습니다. 이 프로그램은 전용 리튬 우물을 100미터 재진입하고 깊이를 더하며, 11개 간격에 걸쳐 광범위한 생산 테스트를 수행하고, 기술 평가를 위한 브라인 샘플을 수집하는 것을 포함합니다. PFS는 2025년 중반에 완공될 예정이며, 현장 작업과 기술 평가에서 수집된 데이터를 포함하여 최적의 제련 설계 및 성능을 결정할 것입니다.

Grounded Lithium Corp. (GRDAF) annonce le début de son programme de terrain 2024 et de l'Étude de Pré-Faisabilité (PFS) pour le Projet de Lithium de Kindersley (KLP), avec Stantec comme auteur principal. Le programme, financé par le budget de 4,5 millions de dollars de Denison Mines Corp., comprend la réouverture et l'approfondissement d'un puits de lithium dédié de 100 mètres, la réalisation de tests de production approfondis sur 11 intervalles et la collecte d'échantillons de saumure pour l'évaluation technologique. Le PFS, qui devrait être achevé d'ici mi-2025, incorporera des données des travaux de terrain et des évaluations technologiques pour déterminer le design et la performance métallurgiques optimaux.

Grounded Lithium Corp. (GRDAF) gibt den Start seines Feldprogramms 2024 und der Machbarkeitsstudie (PFS) für das Kindersley-Lithiumprojekt (KLP) bekannt, wobei Stantec als Hauptautor agiert. Das Programm, finanziert durch das Budget von 4,5 Millionen Dollar von Denison Mines Corp., umfasst die Wiederinbetriebnahme und Vertiefung eines speziellen Lithiumbrunnens um 100 Meter, umfassende Produktionstests über 11 Intervalle und die Sammlung von Soleproben zur Technologieevaluation. Die PFS, die Mitte 2025 abgeschlossen werden soll, wird Daten aus der Feldarbeit und technologische Bewertungen einbeziehen, um das optimale metallurgische Design und die Leistung zu bestimmen.

Positive
  • Secured $4.5 million funding from Denison Mines Corp.
  • Partnership with global engineering firm Stantec for PFS
  • Comprehensive field program with 11 testing intervals
Negative
  • PFS completion not expected until mid-2025

CALGARY, AB, Nov. 4, 2024 /PRNewswire/ - (TSXV: GRD) (OTCQB: GRDAF) – Grounded Lithium Corp. ("GLC" or the "Company") announces commencement of the 2024 field program together with initiation of the Pre-Feasibility Study ("PFS") authored by Stantec Inc. ("Stantec"), a leading global engineering and consulting firm, as lead author for the Kindersley Lithium Project ("KLP") in accordance with Canadian Securities Administrators National Instrument 43-101 ("NI 43-101").

"We are excited to begin executing renewed activity on the KLP stemming from the recently announced project budget approved by Denison Mines Corp. ("Denison"), commented Gregg Smith, President and CEO. "The budget is fully funded by Denison and dedicates $4.5 million to various key activities including advancing detailed analysis on the reservoir through a rigorous field program supporting a future PFS to meaningfully advance the evaluation of the KLP."  

The 2024 KLP field program is highlighted by the following:

  • Re-entry of dedicated lithium well
      
    • Originally drilled in 2022 as a dedicated lithium well 20 kilometers north of Kindersley, Saskatchewan (the "4-15 Well"), the 4-15 Well was re-opened (see picture below) and will be deepened by approximately 100 metres;
    • Extensive production evaluation testing is planned to be conducted over 11 separate 20-metre stratigraphic intervals within the Duperow formation to determine flow capacity and brine analysis for lithium and ion concentrations for the individual zones; and
    • A significant volume of brine is expected to be captured to support several planned lithium extraction technology lab pilot tests (discussed below).

Figure 1 – 4-15 Well Picture Taken November 3, 2024 (CNW Group/Grounded Lithium Corp.)

  • Depletion model data collection

    • Interval testing is intended to collect pressure data, among other factors, critical in developing a fulsome depletion model to guide future efforts related to well placement, reservoir maintenance, and general field operations for the KLP. 

  • Lab pilot performance test work:

    • Brine samples are planned to be delivered to a number of leading lithium extraction and processing companies to perform extensive lab pilots to evaluate optimal metallurgical design and performance;
    • The evaluation of new lithium extraction technologies with encouraging bench scale results are expected to be included in this process along with established technologies; and 
    • The PFS is expected to base its economic and commercial conclusions on the recommended technology determined from this assessment.

Initiation of PFS

The combined efforts from the field work and technology assessments are expected to support the completion of a future PFS in accordance with National Instrument 43-101. Denison assumed the lead in the selection of the parties to prepare the PFS and we are pleased to announce that Stantec has been awarded that contract. Stantec is a global leader in sustainable engineering, architecture, and environmental consulting who bring a breadth of expertise from their mining, minerals and metals team to the KLP. Subject to the successful completion of the planned field and lab programs, the PFS is currently targeted for completion in mid-2025.

About Grounded Lithium Corp.

GLC is a publicly traded lithium brine exploration and development company that owns approximately 1.0 million metric tonnes of Measured & Indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of Inferred lithium carbonate equivalent resource over our focused land holdings in Southwest Saskatchewan as per the Company's updated PEA.  The updated PEA, titled "NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project – Phase 1 Update" dated November 7, 2023 and effective as of June 30, 2023, reports a Phase 1 NPV8 after-tax of US$1.0 billion with an after-tax IRR of 48.5%. In January 2024, GLC entered into an agreement with Denison whereby Denison has the option to earn up to a 75% working interest in the KLP by funding in aggregate up to $15,150,000 comprised of both cash payments to GLC of up to $3,150,000 and funding project expenditures of up to $12,000,000 through a structured earn-in option.

GLC's multi-faceted business model involves the consolidation, delineation, exploitation and ultimately development of our opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/

Qualified Person

Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, P.Eng., Alexey Romanov, P. Geo., Meghan Klein, P. Eng., Dean Quirk, P.Eng., Jeffrey Weiss, P.Eng., Chad Hitchings., P.L. Eng., and Michael Munteanu, P.Eng., each of whom is a qualified person within the meaning of NI 43-101.

Forward-Looking Statements 

This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. The opinions, forecasts, projections and statements about future events of results, are forward looking information, forward-looking statements or financial outlooks (collectively, "forward-looking statements") under the meaning of applicable Canadian securities laws. These statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by GLC that the Company believes these forward-looking statements continue to be true as of any subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct. Such statements include, but are not limited to, statements pertaining to: the execution of renewed activity on the KLP; the Budget and estimated costs of activities at the KLP; conducting analysis on the KLP reservoir through a field program and the ability of such analysis to support a PFS to advance the further evaluation of the KLP; field and lab programs, including the advancement and completion of a dedicated lithium well, depletion model data collection, and lab pilot performance test work; deepening the 4-15 Well; production evaluation testing being conducted within the Duperow formation; expectations regarding the volume of brine to be captured and the ability thereof to support pilot tests; the collection of pressure data through interval testing; the development of a depletion model to guide well placement, reservoir maintenance, and general field operations; the delivery of brine samples to third parties and the performance of lab pilots by such third parties; the testing and evaluation of lithium extraction technologies and the results thereof; the outcome  of the PFS, including the expectation that the PFS will base its conclusions on the recommended technology determined from lab pilots and test work; the completion of a future PFS in respect of the KLP and the expected timing thereof; the funding of project expenditures by Denison and the quantum thereof;  Denison earning into subsequent phases under its earn-in agreement with GLC; Denison remitting cash payments to the Company and the quantum thereof; and GLC's vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift.

Among the important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those indicated by such forward-looking statements are: GLC's expectation that our operations will be in Western Canada, unexpected problems can arise due to technical difficulties and operational difficulties which impact the production, transport or sale of our products; geographic and weather conditions can impact the production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC currently predicts; the failure to obtain financing on reasonable terms; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; Denison electing to fund project expenditures; the costs associated with, and outcome of, field programs, lab pilots and the PFS; and the other risk factors detailed from time to time in GLC's periodic reports. GLC's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

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 news release.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/grounded-lithium-announces-commencement-of-2024-field-program-and-selection-of-stantec-as-lead-author-for-pre-feasibility-study-302295009.html

SOURCE Grounded Lithium Corp.

FAQ

What is the budget for Grounded Lithium's (GRDAF) 2024 field program?

The 2024 field program is fully funded by Denison Mines Corp. with a budget of $4.5 million.

When is Grounded Lithium's (GRDAF) Pre-Feasibility Study expected to be completed?

The Pre-Feasibility Study (PFS) for the Kindersley Lithium Project is targeted for completion in mid-2025.

What is the scope of Grounded Lithium's (GRDAF) 2024 field program?

The program includes deepening a lithium well by 100 meters, conducting production testing across 11 intervals, and collecting brine samples for technology evaluation.

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