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LithiumBank Resources Announces First Known Canada-Based Indicated Lithium Brine Resource Estimate at Boardwalk, Alberta
CALGARY, Alberta, Nov. 07, 2022 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (FSE: HT9) (“LithiumBank” or the “Company”) is plea
About this update from Lithiumbank Resources Corp.
[{"type":"text","content":" CALGARY, Alberta, Nov. 07, 2022 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (FSE: HT9) (“LithiumBank” or the “Company”) is pleased to announce updated NI 43-101 Mineral Resource Estimates (“MREs”) of 393,000 tonnes of Indicated Lithium Carbonate Equivalent (LCE) at a grade of 71.6 mg/L and 5,808,000 tonnes of Inferred LCE at 68.0 mg/L lithium, from the Company’s 100% owned ‘Boardwalk’ Lithium Brine Project, located in west-central Alberta (formerly defined as ‘Sturgeon Lake’). LithiumBank CEO, Rob Shewchuk commented, “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 CIM Definition Standards (2014). 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.” Highlights: LithiumBank reports an updated NI 43-101 Indicated & Inferred Resource Estimate from Boardwalk, including 393,000 tonnes Indicated at 71.6 mg/L lithium and 5,808,000 tonnes Inferred LCE at a grade of 68.0 mg/L lithium. The Indicated Resource estimate at the Boardwalk project provides a pivotal advancement in the geological confidence of the Leduc Formation aquifer brine within the Sturgeon Lake Reef Complex at the Boardwalk NI 43-101 Resource Estimate, in accordance with CIM Definition Standards (2014). The Indicated Resource estimate area identified occurs within LithiumBank’s intended “Production Zone” (Figure 1) as defined via a hydrogeological study completed by Matrix (NR October 13, 2022). This work will be incorporated into the upcoming Preliminary Economic Assessment study. Indicated Resources are categorized using LithiumBank-collected brine samples that validated the historical brine samples analyzed for lithium in the Sturgeon Lake South oilfield and the reprocessing & reinterpretation of 7 existing 2-D seismic lines over the field. Geological and hyd...