LithiumBank Resources Corp (TSX-V:LBNK) told investors the completion of the hydrogeological study at its 100% owned Park Place lithium brine project (PPLP) has revealed the largest reported contiguous lithium-rich brine project by volume in North America.
The company explained that Park Place is 180 kilometres (km) west of Edmonton, Alberta, and 50 km south of its other flagship brine project in the Boardwalk district. The hydrogeological study was completed by Matrix Solutions Inc and is expected to be incorporated into an upcoming NI 43-101 resource estimate.
“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," LithiumBank CEO Rob Shewchuk said in a statement.
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LithiumBank noted that the recently completed hydrogeological study indicates PPLP's volume at 76.3 km3 of brine (76.3 B m3). The entire brine is wholly contained within the 1.57 million acre Crown mineral rights-only land package that is endowed with modern infrastructure and abundant geological data from decades of oil and gas activity.
The company said it 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 the second quarter of 2023.
“76.3 km3 is an enormous volume of lithium-rich brine with favourable porosity, formation thickness, and lithium grades,” Shewchuk added. “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 at PPLP,” he continued. “This assessment will complement the Boardwalk project PEA that is expected to be completed shortly.”
Highlights of the study include:
- 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;
- 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 and 10% in the south, using a 3% porosity cut-off;
- Maximum Formation thickness: Leduc 350 metres (m) and Swan Hills 250m;
- 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; and
- Leduc Formation brine sample, collected in December 2022 from Park Place, reported 77.2 mg/L lithium.
LithiumBank is focused on lithium-enriched brine projects in Western Canada, where low-carbon-impact, rapid direct lithium extraction (DLE) technology can be deployed. The firm currently holds over 3.77 million acres of mineral titles, 3.44 million of which are in Alberta and 326,000 in Saskatchewan.
Contact the author at stephen.gunnion@proactiveinvestors.com