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LithiumBank Resources Completes Hydrogeological Study and Commences Preparation of NI 43-101 Technical Report at Kindersley, Saskatchewan
CALGARY, Alberta, Nov. 09, 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. 09, 2022 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (FSE: HT9) (“LithiumBank” or the “Company”) is pleased to announce the completion of the hydrogeological study from its 100% owned Kindersley Lithium-brine project (the “Kindersley Project”) located in southwest Saskatchewan, 160 km west of Saskatoon. The hydrogeological study was carried out by Matrix Solutions Inc. (“Matrix”). Encouraged by two anomalous lithium brine samples collected from the Duperow Formation in 2017 by the Saskatchewan Geological Survey, LithiumBank established a strategic core position in December 2021. LithiumBank intends to collect samples from the Duperow Formation within the Kindersley Project area and use knowledge and experience derived from its Boardwalk Project in Alberta to fast track a National Instrument 43-101 (“NI 43-101”) technical report and future Preliminary Economic Assessment. Highlights: Matrix assessed reservoir properties and aquifer deliverability within LithiumBank’ mineral leases and identified multiple zones of potential lithium brine production within the Duperow Formation add up to ~ 90 m in net pay at a 6% porosity cut off The Duperow Formation is an unconfined aquifer that measures up to 300 m within the area of the Company’s mineral leases comprising the Kindersley Project The Duperow Formation within LithiumBank's Kindersley Project area hosts a brine volume of 3.89 km3 at a 6% porosity cut off Expected brine production from the Duperow Formation is up to 1,600 m3 per day Two brine samples from an area of the Duperow Formation adjacent to the Kindersley Project collected in 2017 by the Saskatchewan Geological Survey, returned 78 mg/L and 70 mg/L lithium LithiumBank engaged Matrix to conduct an in-depth geological and hydrogeological study of the Company’s 41,014 ha (101,347 ac) of mineral leases located 5 km north and east of the town of Kindersley, Saskatchewan (see Figure 1 below). The study is a compilation of all available data in the area from historic and ongoing hydrocarbon activities. The purpose of the study is to provide the level of detail required in preparing a NI 43-101 compliant technical report and ultimately, to evaluate the Kindersley Project’s potential for future lithium-brine production. The Duperow Formation which is stratigraphically similar t...