LithiumBank Resources Corp (TSX-V:LBNK) has unveiled updated NI 43-101 mineral resource estimates (MREs) at its Boardwalk lithium brine project in Alberta that would make it the first such project in Canada to report an indicated resource.
The company reported 393,000 tonnes of indicated lithium carbonate equivalent (LCE) at a grade of 71.6 milligrams per liter (mg/L) and 5,808,000 tonnes of inferred LCE at 68.0 mg/L lithium.
Shares of LithiumBank jumped nearly 10% Monday to C$0.79 in Toronto.
READ: LithiumBank Resources hails positive findings of DLE testing on brine from its Boardwalk project in Alberta
“This mineral resource estimate update represents an historic achievement as it is the first lithium brine project in Canada where there is enough historical oil and gas well entry points, brine assaying and hydrogeological work to confidently classify a portion of the lithium resource as Indicated, in accordance with [Canadian Institute of Mining] definition standards,” CEO Rob Shewchuk said in a statement.
“This is a milestone achievement in the development of the Boardwalk lithium brine project as an indicated resource is the minimum requirement to allow the application of modifying factors in sufficient detail to support advanced studies, such as a pre-feasibility study, that can serve as the basis for potential future development of this world-class project,” he added.
The indicated resource estimate area identified occurs within LithiumBank’s intended production zone and will be incorporated into the upcoming preliminary economic assessment study, the company said.
A full breakdown of the report can be found here.
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 in Alberta and 326,000 in Saskatchewan.
These are strategically positioned over known reservoirs that provide a unique combination of scale, grade and exceptional flow rates that are necessary for large-scale direct brine lithium production.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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