Indigo Engages Sproule for Maiden Lithium Brine Resource Estimation and Provides Market Update
- Indigo Exploration's engagement of Sproule Associates for the resource estimate shows progress in the lithium market. E3 Lithium's pilot plant operation paves the way for unlocking the value of the resource.
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Indigo Exploration Inc. (TSXV: IXI) (OTCQB: IXIXF) (FSE: INEN) (the "Company") is pleased to announce it has awarded Sproule Associates Limited ("Sproule") the contract to prepare a maiden resource estimate for the Company's Fox Creek West lithium brine project in central Alberta. With over 70 years of operating history in over 90 countries, Sproule has established a reputation as a leader in the energy space. Within the resource estimation and certification space, Sproule completes over 250 evaluations annually in over 50 countries which recently includes the petrolithium brine resources for the Rainbow Lake project in Alberta and the Kindersley project in Saskatchewan.
The Company would also like to highlight the recent milestone advancements from neighbouring E3 Lithium Ltd. ("E3") an emerging lithium developer in Alberta which announced last week the commencement of operation of its Direct Lithium Extraction (DLE) pilot plant. E3's plant represents the first commercial operation of a pilot plant within the Western Canadian Sedimentary Basin ("WCSB") targeting petrolithium brines from the same or similar aquafer reservoirs as contained within Indigo's projects. Indigo's Leduc-Legal project adjoins some of E3's Alberta properties targeting the same world-class Leduc Aquifer.
"The engagement of Sproule to complete our first maiden resource estimate represents the culmination of activities since last October when the Company shifted its focus to the growing lithium market," commented Paul Cowley, President & CEO of Indigo Exploration. "The resource estimate for Fox Creek West represents only the first of many maiden resource estimates we anticipate delivering and only the beginning of demonstrating the world class potential of these projects to fill the overwhelming lithium supply imbalance. E3's efforts in demonstrating the commercial potential of the DLE application to petrolithium brine projects in Alberta paves the way for other players in the industry to unlock the value of this vast resource."
About the Fox Creek Lithium Brine Projects
The Fox Creek Projects are located adjacent to active exploration and development work being undertaken by Lithium Bank, namely their Boardwalk and Park Place projects. The Fox Creek Projects cover an area of 114,522 hectares and is comprised of the Fox Creek East (45,568 hectares), Fox Creek West (59,738 hectares) and Fox Creek Central (9,216 hectares) areas. The Fox Creek West Project targets the Devonian-aged reefs, including the Wabamun and the Swan Hills Formation of the Beaverhill Lake Group, which has the highest consistent lithium concentrations according to sampling data from the Alberta Geological Survey.
About Sproule
Sproule is an independent engineering and energy advisory firm providing technical and commercial expertise that drives value from energy assets around the world. Sproule has extensive experience with subsurface characterization, reservoir deliverability, economic analysis and field operations, including reservoirs containing lithium-enriched brines. Indigo Exploration can confidently rely on Sproule's expertise related to regulatory reporting requirements, asset valuation and financing, and strategic support. Sproule provides support and advice critical to understanding value drivers, capital attraction and allocation, and execute corporate strategy in a rapidly changing environment. Sproule is familiar with the regulatory requirements for lithium enriched brines and has completed several technical reports compliant with National Instrument 43-101.
About Indigo Exploration
Indigo Exploration is an emerging petro-lithium brine explorer 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 (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
Bradley Parkes, P.Geo., VP Exploration and Director of Indigo Exploration Inc., is the Qualified Person as defined in
National Instrument 43-101, who has read and approved the technical content of this news release.
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 availability of financing, as described in more detail in our recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
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