LithiumBank Resources Corp (TSX-V:LBNK) has earned an ‘Outperform’ rating and US$2.75/C$3.65 price target from Noble Capital analysts who said developments at the company's Park Place project highlighted the Canadian lithium explorer and developer’s ability to progress multiple projects at once.
LithiumBank’s US-listed shares are currently trading at US$0.96, while its Toronto-listed shares are trading at C$1.30.
In a note to clients, the analysts wrote that LithiumBank is advancing its flagship Boardwalk lithium brine project in Alberta and is developing several other projects, including Park Place and Kindersley.
READ: LithiumBank Resources reports promising first assay results from Park Place lithium brine project in Alberta
“By leveraging extensive infrastructure in the Park Place region, the company expects to rapidly advance the project,” they noted.
“In our view, the company is well-positioned with a significant portfolio of mineral titles in Canada.”
The analysts wrote that they were keeping an eye on Park Place, located 20 kilometres south of the Boardwalk project, where historical samples collected by multiple petroleum operators returned a range from 76 milligrams per litre to 130 milligrams per litre of lithium.
Assay results from samples collected at Park Place released by LithiumBank on January 17, 2023, returned grades ranging from 71.2 milligrams per litre to 82 milligrams per litre of lithium with an overall grade of 77.2 milligrams per litre lithium, Noble’s analysts noted.
The analysts expect continued sampling and study at the project leading to a NI 43-101 resource estimate to be followed by a preliminary economic assessment (PEA) expected in 2Q, 2023.
LithiumBank also expects to complete a PEA for the Boardwalk project during the second quarter of 2023.
“While Boardwalk has taken center stage, recent developments associated with Park Place underscore the company’s ability to rapidly advance multiple projects in parallel fashion,” the analysts concluded.
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