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LithiumBank Resources Increases Lithium-Brine Land Position by Over 530,000 Acres in Alberta and Saskatchewan
CALGARY, Alberta, Sept. 13, 2022 (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, Sept. 13, 2022 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX:LBNKF) (“LithiumBank” or the “Company”) is pleased to provide an update on its lithium-brine land holdings in Alberta and Saskatchewan. LithiumBank has increased its land position over the past month by over 530,000 acres with a strategic focus on Fox Creek, Leduc reef area (Figure 1). Additional Metallic and Industrial Mineral (MIM) Permits were acquired directly from the government of Alberta. The total MIM permits (Alberta), and Mineral leases (Saskatchewan) currently held by LithiumBank are 3.77 million acres, or 1.52 million hectares as shown in Table 1 and Figure 1. The additional permits give LithiumBank a dominant land position in the Fox Creek area, for a total of 1,361,007 contiguous acres. The Fox Creek land acquisition is strategic for LithiumBank as the Leduc Carbonate Reef Complex (Woodbend Group) and the underlying Swan Hills Carbonate Complex (Beaverhill Lake Group) have historically been known to host the highest grades of lithium-in-brine concentrations in Alberta. Historical samples collected by multiple petro-operators and donated to the Alberta Geological Survey, range from 76 mg/l to 130 mg/l lithium (Figure 2) are located within LithiumBank’s Fox Creek Metallic and Industrial Mineral permit area. These samples are considered historic and have not been verified by a Qualified Person (QP) under the latest NI 43-101 Standards of Disclosure and cannot be relied upon and thus the Company is not treating the historical estimate as current mineral resources or mineral reserves. LithiumBank expects to implement a systematic exploration and development program that is well established within the Company from work completed on the Boardwalk Project, in the Sturgeon Lake area located only 50 km to the north of the Fox Creek Property. LithiumBank will continue to make announcements as news becomes available as Fox Creek is explored and developed in parallel to the Boardwalk Project. The Fox Creek area was the focus of a study, authored by D.R. Eccles and H. Berhane, entitled “Geological Introduction to Lithium-Rich Formation Water with Emphasis on the Fox Creek Area of West-Central Alberta (NTS 83F and 83K)” (https://ags.aer.ca/publication/ofr-2011-10). The report highlights significant lithium potential in three dif...