LithiumBank Resources Corp (TSX-V:LBNK) has commenced a hydrogeological study at its Park Place Lithium Brine Project, formally known as Fox Creek, in west-central Alberta.
Geologically, the area is underlain by the prospective Leduc Carbonate Reef complex and Beaverhill Lake Group, the company said. The study will utilize pre-existing data to determine porosity, permeability, transmissivity and volume estimates of lithium-bearing brine.
Results from the study are expected to be used to complete a NI 43-101 mineral resource estimate.
READ: LithiumBank Resources boosts land position in Western Canada with another 530,000 acres
The Leduc Carbonate Reef complex and the underlying Beaverhill Lake Group have been known to host the highest grades of lithium-in-brine in Alberta, with samples that range from 76 milligrams per liter (mg/l) to 130 mg/l lithium in the Park Place Metallic and Industrial Mineral (MIM) permit area, the company said.
The Park Place Lithium Brine Project consists of more than 1.3 million acres of contiguous MIM (metallic and industrial minerals) permits, which consists of 65 MIM permits and 10 MIM permit applications.
“As we continue to advance our flagship Boardwalk Lithium project towards completion of a PEA, we are thrilled to demonstrate the significant lithium potential of our Park Place project, located 20km to the south of Boardwalk,” LithiumBank CEO Rob Shewchuk said in a statement.
“This large land package took over 3 years for our team to put together capturing the vast majority of the Leduc reef structure in the area with potential to host a world-class lithium brine deposit. In the immediate future, the company is expected to conduct a thorough exploration program to define a 43-101 compliant inferred resource in Q4 with the intention to advance the project to a Preliminary Economic Assessment (PEA) targeted for Q2/23.”
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 Andrew Kessel at andrew.kessel@proactiveinvestors.com
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