LithiumBank Resources Corp (TSX-V:LBNK) said it has provided a corporate update related to its Boardwalk lithium brine project in Alberta, home to an inferred resource of 5,973,000 tonnes of lithium carbonate equivalent (LCE) .
“The Boardwalk project represents an enormous opportunity to help fulfill North America’s EV and storage requirements by providing a significant contiguous lithium brine resource with exceptional infrastructure and tremendous jurisdictional advantages,” said Paul Matysek, an independent director and the former executive chairman of Lithium One and Lithium X.
LithiumBank used a wealth of historical oil and gas drilling and seismic data in completing a maiden NI 43-101 Inferred Mineral Resource Estimate, dated May 18, 2021, the company said. More than 550 oil and gas wells have been previously drilled into the Leduc formation on the Boardwalk project by previous and current petro-operators, 65 of which have been historically sampled for Leduc formation brine between 2010 and 2019.
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These historical brine sampling programs show that the lithium content in the Leduc Formation aquifer is homogeneous with respect to lithium content over the investigated reservoir portions of the roughly 50 km long reef complex, the company noted.
A 3-D closed solid polygon wireframe of the Leduc Formation aquifer domain was used to calculate the volume of the Leduc Formation rock, or the aquifer volume. The aquifer volume underlying the Boardwalk project, summarized as the total Leduc Formation domain aquifer volume, is 321.99 cubic kilometers.
The Boardwalk Leduc formation lithium-brine inferred resource is globally estimated at 1,122,000 tonnes of elemental lithium at an average concentration of 67.1 milligrams per liter (mg/L) in 16.7 cubic kilometers of formation brine volume. The total LCE for the inferred mineral resource is 5,973,000 tonnes at an average grade of 67.1 mg/L.
Lithiumbank Resources is an exploration and development company focused on direct brine lithium resources in western Canada.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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