Business
LithiumBank’s Park Place Hydrogeological Study Reports Largest Contiguous Lithium-Rich Brine Project by Volume in North America
CALGARY, Alberta, Feb. 27, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to anno
About this update from Lithiumbank Resources Corp.
[{"type":"text","content":" CALGARY, Alberta, Feb. 27, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to announce the completion of the hydrogeological study at its 100% owned Park Place Lithium Brine Project (“PPLP”) located 180 km west of Edmonton, Alberta, and 50 km south of the Company’s other flagship brine project in the Boardwalk district. The hydrogeological study was completed by Matrix Solutions Inc. (“Matrix”) and is expected to be incorporated into an upcoming NI 43-101 Resource Estimate. Highlights PPLP hosts a combined total of 76.3 km3 (76.3 B m3) of lithium-bearing brine, 49.8 km3 within the Leduc Formation and 26.5 km3 within the Swan Hills Formation (Table 1). Currently the largest reported lithium-rich brine project, by volume, in North America held by a single operator. Favourable average net total porosity of 11%, 12% in the north and 10% in the south (Table 1), using a 3% porosity cut-off. Maximum Formation thickness: Leduc 350 metres & Swan Hills 250 metres (Figure 1). Thicker zones (over 200m) in the Leduc Formation are correlated with higher porosity and are locations ideal for potential production hubs. The Leduc Formation and underlying Swan Hills Formation are hydraulically connected, representing a continuous resource volume. Leduc Formation brine sample, collected in December 2022 from Park Place, reported 77.2 mg/L lithium (News Release Jan. 17, 2023). The recently completed hydrogeological study indicates that PPLP hosts the largest lithium-bearing brine, by volume, held by a single operator in North America at 76.3 km3 of brine (76.3 B m3). The entire brine is wholly contained within the 1.57 M acre Crown mineral rights-only land package that is endowed with modern infrastructure and abundant geological data from decades of oil & gas activity. LithiumBank and Matrix are now using this information and recent sampling data to produce an NI 43-101 Resource Estimate that is expected to be completed in Q2 2023. “We are very proud to report the largest reported lithium brine project by volume in North America. Beyond validating our high value asset acquisition strategy, we believe it positions our company as one of the most attractive investments in Direct Lithium Extraction resource development opportunities globally and at a District-Scale,\...