LithiumBank’s Park Place Hydrogeological Study Reports Largest Contiguous Lithium-Rich Brine Project by Volume in North America
LithiumBank Resources Corp. (TSX-V: LBNK, OTCQX: LBNKF) has completed a hydrogeological study at its Park Place Lithium Brine Project, revealing it as the largest lithium-rich brine project in North America. The study, conducted by Matrix Solutions Inc., estimates a total of 76.3 km³ of lithium-bearing brine, with 49.8 km³ in the Leduc Formation and 26.5 km³ in the Swan Hills Formation. The average net porosity is 11%, and samples show 77.2 mg/L lithium. The results will contribute to an upcoming NI 43-101 Resource Estimate expected in Q2 2023.
- Completion of a hydrogeological study finding 76.3 km³ of lithium-bearing brine.
- Largest reported lithium-rich brine project in North America by volume.
- Average net total porosity of 11%, indicating favorable reservoir conditions.
- High lithium concentration of 77.2 mg/L reported in brine samples.
- Estimates of lithium-bearing brine volumes are preliminary and conceptual.
- Insufficient exploration to define a mineral resource at Park Place.
CALGARY, Alberta, Feb. 27, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to announce the completion of the hydrogeological study at its
Highlights
- PPLP hosts a combined total of 76.3 km3 (76.3 B m3) of lithium-bearing brine, 49.8 km3 within the Leduc Formation and 26.5 km3 within the Swan Hills Formation (Table 1).
- Currently the largest reported lithium-rich brine project, by volume, in North America held by a single operator.
- Favourable average net total porosity of
11% ,12% in the north and10% in the south (Table 1), using a3% porosity cut-off. - Maximum Formation thickness: Leduc 350 metres & Swan Hills 250 metres (Figure 1).
- Thicker zones (over 200m) in the Leduc Formation are correlated with higher porosity and are locations ideal for potential production hubs.
- The Leduc Formation and underlying Swan Hills Formation are hydraulically connected, representing a continuous resource volume.
- Leduc Formation brine sample, collected in December 2022 from Park Place, reported 77.2 mg/L lithium (News Release Jan. 17, 2023).
The recently completed hydrogeological study indicates that PPLP hosts the largest lithium-bearing brine, by volume, held by a single operator in North America at 76.3 km3 of brine (76.3 B m3). The entire brine is wholly contained within the 1.57 M acre Crown mineral rights-only land package that is endowed with modern infrastructure and abundant geological data from decades of oil & gas activity. LithiumBank and Matrix are now using this information and recent sampling data to produce an NI 43-101 Resource Estimate that is expected to be completed in Q2 2023.
“We are very proud to report the largest reported lithium brine project by volume in North America. Beyond validating our high value asset acquisition strategy, we believe it positions our company as one of the most attractive investments in Direct Lithium Extraction resource development opportunities globally and at a District-Scale," commented Rob Shewchuk, CEO of LithiumBank. “76.3 km3 is an enormous volume of lithium-rich brine with favourable porosity, formation thickness, and lithium grades. We are confident that these metrics and grades will lead to a positive NI 43-101 Resource Estimate. LithiumBank will also undertake additional brine sampling and testing of multiple Direct Lithium Extraction technologies that, together with the Resource Estimate, will support an initial Preliminary Economic Assessment (“PEA”) at PPLP. This assessment will compliment the Boardwalk Project PEA that is expected to be completed shortly.”
The Leduc Formation at Park Place is a confined aquifer, primarily composed of higher porosity dolomite except for the southern portion which is primarily limestone (Figure 1). The Swan Hills Formation consists of interbedded dolomite and limestone where both rock types, based on core analysis, are of reservoir quality and should be considered pay intervals. Although they are differing heterogeneous formations, the units are hydraulically connected and could be considered as a single hydrostratigraphic unit. Both stratigraphic units dip gently toward the southwest. The Devonian aged, Leduc Carbonate Reef complex (Woodbend Group) and the underlying Swan Hills Formation (Beaverhill Lake Group) have historically been known to host the highest grades of lithium-in-brine in Alberta, with samples that range from 76 mg/L to 130 mg/L lithium within our Park Place Metallic and Industrial Mineral (MIM) permit area. These samples are considered historic and have not been verified by a Qualified Person (QP) under the latest NI 43-101 Standards of Disclosure and cannot be relied upon. Historical samples are mentioned as a reference only until such time they have been verified.
The average net total porosity is
The hydrogeological study used 57,437 core measurements from 675 wells within the study area from public-domain geological data from the Province of Alberta (Figure 1 & 2). 21,761 core measurements were obtained from 269 Leduc wells and 35,676 core measurements were obtained from 407 Swan Hills wells. Matrix determined that a total of 58 drill stem tests (DST) from 58 wells that were deemed representative. Of these DSTs, 22 were within the Leduc Formation and 36 were within the Swan Hills Formation. Matrix completed permeability analyses on 12 DSTs for the Leduc Formation and 18 DSTs for the Swan Hills Formation.
Estimates of lithium-bearing brine volumes presented in this disclosure are preliminary and conceptual in nature. There has been insufficient exploration at the Park Place Lithium Brine Project to define a mineral resource and it is uncertain if further exploration will result in delineation of a mineral resource at PPLP.
Further Reading
The Park Place area was the focus of a study, authored by D.R. Eccles and H. Berhane, entitled “Geological Introduction to Lithium-Rich Formation Water with Emphasis on the Fox Creek Area of West-Central Alberta (NTS 83F and 83K)” (https://ags.aer.ca/publication/ofr-2011-10). The report highlights significant lithium potential in three different formations, the Leduc (Woodbend), Nisku (Winterburn), and Swan Hills (Beaverhill Lake Group), and is supported by historical lithium brine samples that range from 76 mg/L to 130 mg/L lithium in these formations.
Table 1: Volume of brine of the Leduc and Swan Hills Formations at different porosity cut-offs.
Formation | Porosity Cut-off | Pore Volume (km3) | |||
Northern Reef | Southern Reef | Total Volume | |||
Leduc Formation | 3 | % | 47.3 | 2.5 | 49.8 |
Leduc Formation | 6 | % | 43.1 | 1.9 | 45.0 |
Swan Hills Formation | 3 | % | - | 26.5 | |
Swan Hills Formation | 6 | % | - | 23.7 | |
Total brine volume (km3) at | 76.3 |
Figure 1: Leduc Formation Isopach map at Park Place
Figure 2: Swan Hills Formation Isopach map at Park Place
Qualified Person
The scientific and technical disclosure in this news release has been reviewed and approved by Mr. Kevin Piepgrass (Chief Operations Officer, LithiumBank Resources Corp.), who is a Member of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (APEGBC) and is a Qualified Person (QP) for the purposes of National Instrument 43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.
About LithiumBank Resources Corp.
LithiumBank Resources Corp. is a development company focused on lithium-enriched brine projects in Western Canada where low-carbon-impact, rapid DLE technology can be deployed. LithiumBank currently holds over 3.6 million acres of mineral titles, 3.33M acres in Alberta and 336k acres in Saskatchewan. LithiumBank’s mineral titles are strategically positioned over known reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for a large-scale direct brine lithium production. LithiumBank is advancing and de-risking several projects in parallel of the Boardwalk Lithium Brine Project.
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 statement that the Company intends to complete a NI 43-101 Resource Estimate and the expected timing and results thereof, the Company’s expectation that thicker zones in the Leduc Formation will be ideal locations for production hubs, the Company’s plans with respect to further testing, sampling and analysis at PPLP, the Company’s plans to complete an initial Preliminary Economic Assessment (“PEA”) at PPLP and the expected timing and results thereof, Matrix’s expectation that
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FAQ
What is the significance of the hydrogeological study completed by LithiumBank Resources Corp. (LBNKF)?
What are the lithium concentrations reported in the Park Place Project by LithiumBank (LBNKF)?
When is the NI 43-101 Resource Estimate expected from LithiumBank (LBNKF)?