LITHIUMBANK RES CORP - LBNKF STOCK NEWS

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) has successfully recovered over 98% of lithium from brine during initial pilot plant operations at its 10,000 litres/day Direct Lithium Extraction (DLE) facility in Calgary. The pilot campaign processed over 40,000 litres of brine from four wells within the Boardwalk Lithium Brine Project in Alberta. The initial campaign focused on the absorption/recovery portion of the DLE process, using continuous DLE (cDLE®) technology licensed from Go2Lithim Inc. The process consistently achieved 98-99% lithium recovery, aligning with bench-scale results used in the 2024 Preliminary Economic Assessment for Boardwalk. This achievement is considered a significant milestone for efficiently producing battery-grade lithium and unlocking value for the company.

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) has completed a bulk brine sampling program at its Park Place Lithium Brine Project in Alberta, Canada. The program collected 148 cubic meters of lithium-rich brine from an active gas producing well, with samples averaging 83.8 mg/L lithium. This aligns with previous results reported in January 2023.

The company plans to process the brine through its 10,000 l/day Direct Lithium Extraction (DLE) pilot plant in Calgary, aiming to demonstrate the commerciality and effectiveness of its licensed DLE technology at a large scale. The Park Place Project is part of North America's largest NI 43-101 inferred lithium brine resource.

LithiumBank's CEO, Rob Shewchuk, stated that this milestone further adds value and de-risks the Park Place Project. The company expects to process the Park Place bulk brine sample in 2024, following the initiation of DLE pilot test work with brine from its Boardwalk Lithium Brine Project.

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) has engaged SLB (NYSE: SLB) to conduct detailed subsurface reservoir modelling of the Leduc Formation at its Boardwalk lithium brine project in west-central Alberta. This study aims to upgrade and update the current NI 43-101 Resource Estimate, complementing the previous PEA work.

The study will involve reservoir characterization, facies modelling, updated porosity and permeability modelling, and interpretation of 67 kilometres of 2D seismic lines. It is expected to provide higher confidence in future engineering and production designs.

The Boardwalk project's current lithium resource is estimated at 395,000 tonnes LCE (Indicated) at 71.6 mg/L Li and 5.73 million tonnes LCE (Inferred) at 68.0 mg/L Li. LithiumBank aims to optimize operational techniques and maximize brine production through SLB's analysis.

LithiumBank Resources Corp. (TSXV: LBNK, OTCQX: LBNKF) announced the completion of drilling through the entire 232-metre thickness of the Leduc Formation at its 100%-owned Boardwalk Lithium Brine Project in Alberta, Canada. The well, 100/10-06-069-21W5/00, was extended to a depth of 2,869 metres, increasing the known thickness of the Leduc from 206m to 232m.

The drilling also intersected 84 metres of the Swan Hills Formation. The company is now logging the hole for lithology, porosity, permeability, and conducting flow tests and chemical analysis. This data will enhance resource confidence and provide reservoir information for production modeling.

CEO Rob Shewchuk highlighted that this drilling milestone adds value and reduces risks for the Boardwalk project. The company plans to use the collected brine samples to validate and enhance its Direct Lithium Extraction technology at its pilot plant in Calgary. The re-entry and deepening of the well were completed on August 5, 2024.

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) has filed an NI 43-101 Technical Report for its Park Place Lithium-Brine Project in West-Central Alberta, Canada. The report highlights:

1. Park Place is North America's largest known NI 43-101 inferred lithium brine resource estimate.

2. The project boasts the highest reported lithium-in-brine grades used in an NI 43-101 inferred lithium resource estimate in Alberta.

3. The Leduc Formation aquifer contains 10,076,000 tonnes of inferred Lithium Carbonate Equivalent (LCE) at an average of 79.4 mg/L lithium.

4. The underlying Swan Hills Formation aquifer holds 11,620,000 tonnes of inferred LCE at an average of 80.9 mg/L lithium.

5. The project area includes multiple high-porosity zones with combined Leduc & Swan Hills Formation thickness over 350 metres, reaching up to 511 m in some areas.

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) has announced its 2024 development plans for the Boardwalk and Park Place lithium brine projects in west-central Alberta. The company aims to advance and de-risk these projects by:

1. Acquiring bulk brine samples to test its exclusive Direct Lithium Extraction (DLE) technology at a 10,000 litre/day pilot plant in Calgary.
2. Conducting a drilling program at Boardwalk to collect brine samples and confirm reservoir information.
3. Performing detailed subsurface reservoir modelling at Boardwalk.
4. Acquiring brine samples and licensing a well at Park Place for testing.

These efforts follow recent achievements, including an updated PEA for Boardwalk, a large inferred resource estimate at Park Place, and the commissioning of a DLE pilot plant in Calgary.

LithiumBank Resources Corp. (LBNKF) has inaugurated its Calgary pilot plant, marking a key milestone in harnessing Alberta's lithium resources. This pilot plant will test brines from the company's Boardwalk and Park Place properties, processing 10,000 liters per day using Direct Lithium Extraction (DLE) technology. The Alberta government supports the project, viewing it as a step towards enhancing the province's energy and mineral sector. This pilot program, in partnership with G2L Greenview Resources, aims to demonstrate the scalability and commercial viability of LithiumBank's lithium extraction process, potentially setting new industry standards.

LithiumBank Resources Corp. (TSXV: LBNK, OTCQX: LBNKF) announced its initial National Instrument 43-101 lithium-brine mineral resource estimates for its Park Place project in Alberta. The assessments, prepared by SLB, estimate a total inferred resource of 21,681,000 tonnes of Lithium Carbonate Equivalent (LCE) at an average grade of 80.2 mg/L lithium. The project includes resources from both the Leduc and Swan Hills formations, making it the largest known lithium-brine resource in North America. The company plans further sampling and testing, and a Preliminary Economic Assessment (PEA) is anticipated. These developments position Canada as a potential major lithium supplier in North America, leveraging 27.78 million tonnes LCE across LithiumBank’s Alberta projects.

LithiumBank Resources has acquired a wellbore within its Boardwalk Lithium Brine Project in Alberta, following approval from the Alberta Energy Regulator.

The well, previously used for oil and gas, will now support lithium extraction testing. The project encompasses a large lithium-rich brine resource with significant indicated and inferred resources.

The company plans to deepen the well and conduct further testing, expecting to enhance the project's resource confidence.

Additionally, engineering firm McElhanney has been engaged to support further well acquisitions and regulatory guidance.