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LithiumBank to Acquire Second Well for Re-entry and Unlock Era Funding at Boardwalk Lithium Project
Calgary, Alberta--(Newsfile Corp. - November 20, 2025) - LithiumBank Resources Corp. (TSXV: LB...
About this update from Lithiumbank Resources Corp.
[{"type":"text","content":"LithiumBank to Acquire Second Well for Re-entry and Unlock Era Funding at Boardwalk Lithium ProjectCalgary, Alberta--(Newsfile Corp. - November 20, 2025) - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) (\"LithiumBank'' or the \"Company\") is pleased to announce that, further to its news release dated July 17, 2025, the Company started a comprehensive work program to unlock CAD $3.9 million in funding from the Province of Alberta through the Emissions Reduction Act (\"ERA\"). In partnership with the Province, LithiumBank is focused on commencing near-term production from the Boardwalk Lithium Brine Project (\"Boardwalk\") by employing modular Direct Lithium Extraction (\"DLE\") plants. This modular approach will derisk the project by reducing upfront capital while also utilizing existing oil and gas infrastructure.To this end, LithiumBank has begun the process of acquiring a second suspended, past producing well located in close proximity to the Company's 10-6 well (acquisition announced May 16, 2024) at the 100% owned Boardwalk Project, located in west-central Alberta, Canada (Figure 1). The Company believes this well, following exploration work, can likely support near-term lithium-brine production as it is in an area that has abundant historic production data and surface/subsurface infrastructure (wells, well pads, pipelines, roads, water, power). In order to complete the well license transfer to acquire 100% ownership of the new well, the Company requires approval by the Alberta Energy Regulator (AER). The Company will announce an update as and when additional information on this transfer of this new well license becomes available.As previously announced (July 17, 2025), to qualify for reimbursement of expenses from the ERA, LithiumBank must complete the following milestones:Complete an additional exploration drill hole through the Leduc formation reservoir at Boardwalk to support an advanced reservoir model, geological model, and collect additional brine. This exploration test well is situated so it can be converted into a production well in the future;Conduct long cycle DLE testing and optimization, focusing on concentration and impurity removal testing, and conversion to lithium carbonate; and,Complete a Feasibility Study at Boardwalk that assesses a low Capex, modular approach to lithium production.The Company a...