LithiumBank Resources Corp (TSX-V:LBNK) completed a three-year acquisition program in 2022 — now, in 2023, it’s ready to develop an intriguing set of lithium brine projects.
The company prioritized reservoirs that contain commercially-viable lithium brine concentrations in Alberta and Saskatchewan, acquiring three separate development districts that are part of a portfolio of claims totaling more than 4 million acres.
LithiumBank has since established Canada’s first Indicated mineral resource of lithium brine at its Boardwalk lithium brine project, along with assayed wells up to 82 milligrams per liter of lithium from Leduc brine at its Park Place project.
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The plan now is to develop the Boardwalk and Park Place district projects by further quantifying their mineral resources and completing financial models to be included in coming Preliminary Economic Assessments.
“LithiumBank’s ongoing transition from a lithium resource explorer to developer is a defining moment for our young company of 3 years," CEO Rob Shewchuk said in a statement. “I am proud of my team’s success in acquiring a 4 million acre plus portfolio of prospective lithium brine assets and evaluating their potential.”
In 2023, LithiumBank intends to further de-risk these assets by commissioning a brine processing pilot plant to establish optimal production parameters. The company also expects to conduct detailed hydrogeological modeling and brine sampling at both projects to further expand and upgrade the classification of their lithium resources to Measured & Indicated categories.
LithiumBank is also working with a number of experienced direct lithium extraction technology providers to enhance recovery, lower power consumption and reduce project capex.
Production on phase two is expected to begin in the second quarter of 2024.
“Shifting gears to become a development company with near-term lithium production potential, at multiple district scale projects, highlights our view that Alberta is a critical centerpiece to North America’s lithium supply chain industry,” Shewchuk said. “We are looking forward to a catalyst rich 2023 across our entire lithium brine portfolio.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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