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LithiumBank Resources Details Kindersley, Saskatchewan Asset Development Strategy
CALGARY, Alberta, Feb. 14, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to prov
About this update from Lithiumbank Resources Corp.
[{"type":"text","content":" CALGARY, Alberta, Feb. 14, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to provide a project update and detail the current development strategy for LithiumBank’s Kindersley Lithium Project (“LKLP”) located near Kindersley, Saskatchewan, Canada that makes up part of its Saskatchewan district portfolio of 100% Crown land. The Company’s initial focus for LKLP was to target areas within the Duperow Formation reservoir that had the following characteristics: Lithium brine concentrations above 70 mg/L and could potentially support large scale brine extraction & subsequent reinjection Comprehensive production data that indicate large volumes of brine Past producing wells and local infrastructure Following these criteria, LithiumBank acquired 111,282 acres of Crown mineral permits. (See Figure 1). The LKLP is targeted on the Duperow Formation, which is stratigraphically equivalent to the Leduc Formation in Alberta that hosts the company’s Boardwalk & Park Place district projects. The Duperow formation varies in gross thickness across the South Saskatchewan lithium region between 150 – 300 metres and has been the formation with some of the highest lithium-brine grades reported in western Canada with samples reported between 70 -190 mg/L Li. LKLP Highlights Project size: 111,282 acres, 174 sections of Crown mineral permits Development status: Reservoir characterization Next milestone: NI 43-101 Resource Estimate, <6 months Sampled reservoir grades: 70-81 mg/L Li Reservoir thickness: Up to 300 metres, the thickest Duperow section in South Saskatchewan Modelled brine volume: 3.89 million m3 at 6% porosity Depth to reservoir formation: 1,100 metres No H2S or significant hydrocarbons in reservoir Engaged Matrix Solutions Inc. on February 23rd, 2022, to complete a reservoir characterization study and Resource Estimate LKLP is the Company’s most advanced project in Saskatchewan. It benefits from significant historic oil and gas infrastructure, including past producing wells, all season roads and proximity to electricity and gas lines, and by being Crown land that does not have the royalty and other obligations associated with freehold land holdings elsewhere in the region. LithiumBank is also encouraged by positive lithium brine sampling results obtaine...