LithiumBank Completes Drilling of the Entire 232 Metre Leduc Formation at Boardwalk Project, Alberta, Canada
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) ha annunciato il completamento della perforazione attraverso l'intera sezione di 232 metri della Formazione Leduc nel suo Progetto di Salamoia di Litio Boardwalk, interamente posseduto, in Alberta, Canada. Il pozzo, 100/10-06-069-21W5/00, è stato esteso fino a una profondità di 2.869 metri, aumentando lo spessore noto della Leduc da 206m a 232m.
La perforazione ha inoltre intercettato 84 metri della Formazione Swan Hills. L'azienda sta ora registrando il foro per litologia, porosità, permeabilità e sta conducendo test di flusso e analisi chimiche. Questi dati miglioreranno la fiducia nelle risorse e forniranno informazioni sul serbatoio per la modellazione della produzione.
Il CEO Rob Shewchuk ha sottolineato che questo traguardo nella perforazione aumenta il valore e riduce i rischi per il progetto Boardwalk. L'azienda prevede di utilizzare i campioni di salamoia raccolti per convalidare e migliorare la propria tecnologia di Estrazione Diretta di Litio presso il proprio impianto pilota a Calgary. Il re-inserimento e il profondamento del pozzo sono stati completati il 5 agosto 2024.
LithiumBank Resources Corp. (TSXV: LBNK, OTCQX: LBNKF) anunció la finalización de la perforación a través de toda la sección de 232 metros de la Formación Leduc en su Proyecto de Salmuera de Litio Boardwalk, de propiedad 100%, en Alberta, Canadá. El pozo, 100/10-06-069-21W5/00, se extendió a una profundidad de 2,869 metros, aumentando el grosor conocido de la Leduc de 206m a 232m.
La perforación también intersectó 84 metros de la Formación Swan Hills. La empresa está ahora registrando el pozo para litología, porosidad, permeabilidad y realizando pruebas de flujo y análisis químicos. Estos datos mejorarán la confianza en los recursos y proporcionarán información sobre el reservorio para la modelización de la producción.
El CEO Rob Shewchuk destacó que este hito en la perforación añade valor y reduce riesgos para el proyecto Boardwalk. La empresa planea utilizar las muestras de salmuera recopiladas para validar y mejorar su tecnología de Extracción Directa de Litio en su planta piloto en Calgary. La reentrada y profundización del pozo se completaron el 5 de agosto de 2024.
LithiumBank Resources Corp. (TSXV: LBNK, OTCQX: LBNKF)는 캐나다 앨버타의 100% 소유인 Boardwalk 리튬 브라인 프로젝트에서 Leduc Formation의 전체 두께인 232미터를 관통하는 드릴링 완료를 발표했습니다. 우물, 100/10-06-069-21W5/00은 2,869미터 깊이로 확장되어 Leduc의 알려진 두께를 206m에서 232m로 늘렸습니다.
드릴링은 또한 Swan Hills Formation의 84미터를 교차했습니다. 회사는 현재 이 구멍을 리토로지, 다공성, 투과성에 대해 기록하고 흐름 테스트 및 화학 분석을 실시하고 있습니다. 이 데이터는 자원 신뢰도를 향상시키고 생산 모델링을 위한 저수지 정보를 제공할 것입니다.
CEO Rob Shewchuk는 이 드릴링 이정표가 Boardwalk 프로젝트의 가치를 높이고 위험을 줄인다고 강조했습니다. 회사는 수집된 브라인 샘플을 사용하여 캘거리에 있는 파일럿 플랜트에서 직접 리튬 추출 기술을 유효화하고 강화할 계획입니다. 우물의 재진입 및 심화는 2024년 8월 5일에 완료되었습니다.
LithiumBank Resources Corp. (TSXV: LBNK, OTCQX: LBNKF) a annoncé l'achèvement du forage à travers l'ensemble de l'épaisseur de 232 mètres de la Formation Leduc dans son Projet de saumure de lithium Boardwalk, entièrement détenu, en Alberta, Canada. Le puits, 100/10-06-069-21W5/00, a été approfondi à 2 869 mètres, augmentant l'épaisseur connue de la Leduc de 206m à 232m.
Le forage a également intercepté 84 mètres de la Formation Swan Hills. L'entreprise est actuellement en train de logger le trou pour la lithologie, la porosité, la perméabilité, et effectue des tests d'écoulement et des analyses chimiques. Ces données renforceront la confiance dans les ressources et fourniront des informations sur le réservoir pour la modélisation de la production.
Le PDG Rob Shewchuk a souligné que cette étape de forage ajoute de la valeur et réduit les risques pour le projet Boardwalk. L'entreprise prévoit d'utiliser les échantillons de saumure recueillis pour valider et améliorer sa technologie d'extraction directe de lithium à son usine pilote à Calgary. La réinjection et l'approfondissement du puits ont été achevés le 5 août 2024.
LithiumBank Resources Corp. (TSXV: LBNK, OTCQX: LBNKF) hat den Abschluss der Bohrungen durch die gesamte Dicke von 232 Metern der Leduc-Formation in seinem vollständig im Besitz befindlichen Boardwalk-Lithiumsalzprojekt in Alberta, Kanada, bekannt gegeben. Der Brunnen, 100/10-06-069-21W5/00, wurde auf eine Tiefe von 2.869 Metern erweitert, was die bekannte Dicke der Leduc von 206m auf 232m erhöht.
Die Bohrung durchdrang auch 84 Meter der Swan Hills-Formation. Das Unternehmen dokumentiert nun das Bohrloch hinsichtlich Lithologie, Porosität, Permeabilität und führt Durchfluss-Tests sowie chemische Analysen durch. Diese Daten werden das Vertrauen in die Ressourcen stärken und Informationen über das Reservoir für die Produktionsmodellierung bereitstellen.
CEO Rob Shewchuk hob hervor, dass dieser Bohrmeilenstein den Wert erhöht und die Risiken für das Boardwalk-Projekt verringert. Das Unternehmen plant, die gesammelten Soleproben zur Validierung und Verbesserung seiner Direkt-Lithium-Extraktionstechnologie an seinem Pilotstandort in Calgary zu nutzen. Der Wiedereintritt und die Vertiefung des Brunnens wurden am 5. August 2024 abgeschlossen.
- Completed drilling the entire 232-metre thickness of the Leduc Formation.
- Increased known thickness of the Leduc Formation from 206m to 232m.
- Intersected 84 metres of the Swan Hills Formation.
- Enhanced data collection for lithology, porosity, and permeability.
- Milestone achievement in reducing risks for the Boardwalk project.
- Plan to use brine samples to validate Direct Lithium Extraction technology.
- Mineral resources are not guaranteed to be converted into mineral reserves.
- Potential issues affecting mineral resource estimates: geology, environment, permitting, legal, title, taxation, socio-political, marketing.
Calgary, Alberta--(Newsfile Corp. - August 8, 2024) - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) ("LithiumBank'' or the "Company") is pleased to announce the Company has completed drilling through the entire 232 metre thickness of the Leduc Formation ("Leduc") at its
"Drilling through the entire Leduc Formation in our own well and increasing its known thickness is another milestone achievement for LithiumBank. Our ongoing summer work program continues to add value and de-risks our Boardwalk lithium brine project," commented Rob Shewchuk, CEO of LithiumBank. "Controlling our own licensed well allows LithiumBank to collect brine samples and important subsurface data that can be used to validate and integrate regional data sets to upgrade the resource classification and confidence. More importantly, it will provide insight on the continuity and variability of lithium concentration over the 232 m extent of the Leduc Formation. We will use this well to assess reservoir characteristics anticipated to enable better production planning. The bulk brine samples we can now collect will be tested at our DLE pilot plant facility in Calgary to validate and enhance our exclusive DLE technology."
On August 5th LithiumBank completed the re-entry and deepening of the Company's own 10-06 well, previously acquired May 16th, 2024, as shown in Figure 1. The well was deepened in a sidetrack starting at the top of the Leduc Formation to drill the entire section from the top to bottom (~232 m) of the formation. LithiumBank is very pleased with this result which increased the estimated dolomite Leduc thickness by more than 20 metres. This drill section will be used to collect lithological, porosity, permeability, downhole geophysical data, and conduct flow testing at various depth intervals. This new well will allow the Company to collect brine samples at various depths for complete chemical analysis to determine grade and variability throughout the vertical column of the Leduc. The Company will also collect bulk brine samples (~200 cubic metres in total) from below the hydrocarbon horizon to be used in Direct Lithium Extraction ("DLE") testing at LithiumBank's own pilot facility in Calgary Alberta, Canada.
Figure 1: Boardwalk Project Map
To view an enhanced version of this graphic, please visit:
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Mineral resources that are not mineral reserves 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 estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Qualified Person
The information that forms the basis for the scientific and technical information disclosed in this news release was prepared and approved by Kevin Piepgrass, P.Geo, who is a Qualified Person (QP) for the purposes of National Instrument 43-101 and the Company's Chief Operating Officer. Mr. Kevin Piepgrass consents to and approves of the inclusion of the data in the form and context in which it appears.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company that is focused on developing and de-risking the largest portfolio of lithium brine assets in North America. The Company has completed a NI 43-101 Preliminary Economic Assessment ("PEA") at Boardwalk (Jan. 16, 2024), an initial NI 43-101 Resource Estimate at Park Place (June 24, 2024) which are both located in west central Alberta. The Company is currently conducting large scale pilot testing of a licensed Direct Lithium Extraction ("DLE") technology at the Company's facility in Calgary (July 10, 2024). The DLE technology process being piloted is currently being used at a commercial scale for use in other metals. The Company owns
Contact:
Rob Shewchuk CEO & Director
rob@lithiumbank.ca
(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 Company's development plans for its Boardwalk project and the expected results and timing thereof; the Company's logging and sample collection of its newly drilled well through the Leduc Formation; the Company's proposed data collection, testing and assessment activities in respect of the newly drilled well and the expected results thereof; the Company's expectations that controlling its own licensed well will upgrade the Company's resource classification and increase the confidence in the potential for economic extraction of lithium from the Boardwalk project; and statements regarding the Company advancing, de-risking and adding value to its Boardwalk project are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of 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 material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the Company will be able to complete its development plans on the Boardwalk project on the timeline indicated; that the Company's proposed data collection, testing and assessment activities in respect of the newly drilled well will be completed on the timeline anticipated and obtain the expected results; that the Company's planned work will effectively utilize the Company's licensed DLE technology; that controlling its own licensed well will upgrade the Company's resource classification and increase the confidence in the potential for economic extraction of lithium from the Boardwalk project; and that the Company will advance, de-risk and add value to the Boardwalk project.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual 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 risks that may cause actual results to vary, include, without limitation, the risk that the Company will be unable to complete its development plans for its Boardwalk project, or will be unable to do so on the timeline indicated; the risk that the Company's proposed data collection, testing and assessment activities in respect of the newly drilled well will not be completed on the timeline anticipated or at all, or will not obtain the expected results; the risk that the Company's planned work will not effectively utilize the Company's licensed DLE technology; the risk that controlling its own licensed well will not result in an upgrade of the Company's resource classification and/or increase the confidence in the potential for economic extraction of lithium from the Boardwalk project; the risk that the Company will not be able to advance, de-risk and/or add value to the Boardwalk project; the risk that North America's demand for lithium does not continue to grow; and the risk that the cDLE® process cannot be scaled up for commercial production.
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 update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
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FAQ
What is the significance of LithiumBank's drilling completion at the Boardwalk Project?
How does the completion of drilling affect LithiumBank's resource confidence at Boardwalk?
What is the purpose of the brine samples collected by LithiumBank?
When was the re-entry and deepening of LithiumBank's 10-06 well completed?
What potential issues could affect the mineral resource estimates at LithiumBank's Boardwalk project?
