LithiumBank Resources Corp (TSX-V:LBNK) reported that it has bolstered its land position in Western Canada by acquiring a further 530,000 acres in the last month alone.
The total permits and leases across Alberta and Saskatchewan now stand at around 3.77 million acres, or 1.52 million hectares (Ha).
"We are very proud to conclude our three-year staking and acquisition strategy in Western Canada with the goal to aggregate the largest land position in areas we believe to have the most commercial potential for large scale lithium brine production," said CEO Rob Shewchuk in a statement.
"We have successfully consolidated the Sturgeon Lake complex for our Boardwalk project and obtained the vast majority of the mineral permits in the prospective Fox Creek area.
"We have also acquired mineral leases at auctions in Saskatchewan in 2021. LithiumBank is very excited to commence next steps to evaluate our Fox Creek and Saskatchewan properties leveraging the strong technical foundation gained from our work with Hatch, Apex and Matrix Solutions on our Boardwalk Lithium Brine project that is expected to produce a PEA in Q4," he added.
READ: LithiumBank Resources begins direct lithium extraction testing of brines from Boardwalk Project
The Fox Creek land acquisition (it now holds around 1.36 million contiguous acres) is strategic for the company as the Leduc Carbonate Reef Complex (Woodbend Group) and the underlying Swan Hills Carbonate Complex (Beaverhill Lake Group) have historically been known to host the highest grades of lithium-in-brine concentrations in Alberta, the firm noted.
Historical samples collected by multiple petro-operators and donated to the Alberta Geological Survey, ranging from 76 miligrams per litre (mg/l) to 130 mg/l lithium, sit within LithiumBank's Fox Creek Metallic and Industrial Mineral permit area.
LithiumBank said it has also acquired a strategic land position in the Peace Arch area of northern Alberta totaling 73,610 acres.
The four permits here, over a portion of the Leduc Reef complex, have historically been one of the most prolific producers of hydrocarbons.
The permits cover a strike length of 30 kilometres (km) of the Leduc with abundant oil and gas infrastructure. LithiumBank is currently evaluating the next steps for this property, it said.
As reported previously, 326,459 acres of Saskatchewan brine mineral leases were acquired by way of auction through the Saskatchewan government between August and December 2021.
LithiumBank is focused on lithium-enriched brine projects in Western Canada where low-carbon-impact, rapid direct lithium extraction (DLE) technology can be deployed.
Its 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.
Contact the writer at giles@proactiveinvestors.com