LithiumBank Resources Corp. (
TSX-V:
LBNK) (
OTCQX: LBNKF)
(“
LithiumBank'' or the “
Company”)
is pleased to announce it has engaged
SLB (NYSE:
SLB) (formerly Schlumberger Limited) a global technology
company, to provide detailed reservoir modelling for an upcoming
resource estimation and preliminary economic assessment that the
Company anticipates completing at the Park Place lithium brine
project in west-central Alberta (Figure 1) (the "Park Place
Project"). The Park Place Project is located approximately 50
kilometres south of the Company’s Boardwalk Project (for which a
preliminary economic assessment was recently completed). Results of
SLB’s modelling work are expected in 90 days.
SLB provides technology solutions along with
subsurface engineering services across Alberta and around the
globe. Its subsurface engineering interpretation tools and
understanding of fluid behaviours, under various circumstances
within the reservoir, are expected to help discern optimal
operational techniques to maximize production while achieving
sustainability benefits through direct lithium extraction (DLE) on
the Company’s production chain lifecycle.
LithiumBank has engaged SLB to conduct detailed
subsurface reservoir modelling of the Leduc and Swan Hills
Formations at the Park Place Project. This work will complement the
hydrogeological study previously completed by Matrix (News Release
Feb. 27, 2023). SLB’s study will involve reservoir
characterization, such as facies modelling, porosity and
permeability modelling, and interpretation of 57 kilometres of
seismic lines that were not included in the earlier study. Detailed
reservoir modelling from this study is expected to provide a higher
level of confidence in future engineering and production designs as
well as support for an upcoming resource estimation that the
Company has targeted to complete. The study will target a 3,255 km2
area of interest (“AOI”) (Figure 2), that is considered to be the
most favourable AOI in the Park Place Project in terms of formation
thickness, porosity, depth to formation, and location and has been
prioritized for development. This work is expected to be the
foundation of an upcoming resource estimation followed by a
preliminary economic assessment expected to be completed by the
Company.
“We are very pleased to work with SLB on the
Park Place lithium-brine project. SLB will leverage its decades of
experience in the region and history of technological innovation to
characterize the potential of the project,” commented Rob Shewchuk,
CEO and Director of LithiumBank.
Park Place Project has reported as the largest
lithium-rich brine project, by volume, in North America held by a
single operator (News Release Feb. 27, 2023) with 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 at a 3% porosity
cut-off. Brine samples collected in December 2022 from the Leduc
Fm, reported an average of 77.2 mg/L lithium (News Release Jan. 17,
2023). The Leduc Fm measures up to 350 metres in thickness (Figure
2) & Swan Hills Fm up to 250 metres thick. The thicker zones
(over 200 metres) in the Leduc Formation are correlated with higher
porosity and are in locations that logistically are ideal for
potential production hubs.
The scientific and technical disclosure in this
news release has been reviewed and approved by Mr. Kevin Piepgrass
(Chief Operations Officer, LithiumBank Resources Corp.), who is a
Member of the Association of Professional Engineers and
Geoscientists of Alberta (APEGA) and the Association of
Professional Engineers and Geoscientists of the Province of British
Columbia (APEGBC) and is a Qualified Person (QP) for the purposes
of National Instrument 43-101. Mr. Piepgrass consents to the
inclusion of the data in the form and context in which it
appears.
About LithiumBank Resources
Corp.
LithiumBank Resources Corp. is a development
company focused on lithium-enriched brine projects in Western
Canada where low-carbon-impact, rapid DLE technology can be
deployed. LithiumBank currently holds over 3.6 million acres of
mineral titles, 3.33M acres in Alberta and 336k acres in
Saskatchewan. LithiumBank’s mineral titles are strategically
positioned over known reservoirs that provide a unique combination
of scale, grade and exceptional flow rates that are necessary for a
large-scale direct brine lithium production. LithiumBank is
advancing and de-risking the Park Place Project in parallel with
the Boardwalk lithium brine project.
Contact:
Rob ShewchukCo-Founder, CEO &
Directorrob@lithiumbank.ca(778) 987-9767
Figure 1. Park Place and Boardwalk Lithium Brine Projects,
Alberta, Canada
Figure 2. Leduc Isopach Map at the Park Place Project with Area
of Interest.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward
Looking Statements
This news release contains "forward-looking
information" and "forward-looking statements" within the meaning of
applicable securities legislation. The forward-looking statements
herein are made as of the date of this news release only, and the
Company does not assume any obligation to update or revise them to
reflect new information, estimates or opinions, future events or
results or otherwise, except as required by applicable law. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects", "is expected", "budgets",
"scheduled", "estimates", "forecasts", "predicts", "projects",
"intends", "targets", "aims", "anticipates" or "believes" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. These forward-looking
statements include, among other things, statements relating to: the
Company's plan to have a resource estimation and preliminary
economic assessment completed at the Park Place Project and the
fact that SLB will provide detailed reservoir modelling in
connection therewith; when the Company expects to receive the
results of SLB's work; the intended results of the work that SLB
will perform, and particularly that it is expected to help discern
optimal operational techniques to maximize production while
achieving the sustainability benefits through direct lithium
extraction on the Company’s production chain lifecycle; what SLB's
study is expected to involve; what SLB's study is expected to
provide; and the fact that the work being completed by SLB is
expected to be the foundation for an upcoming resource
estimation.
Such forward-looking statements are based on a
number of assumptions of management, including, without limitation,
that the Company’s cost and timing expectations are accurate, that
SLB will complete the work it has been engaged to complete, and
within the timeframe expected, that the results will be provided
within the timeframe disclosed, that the study will provide the
results expected, that the work completed by SLB will provide the
foundation for a resource estimation and preliminary economic
assessment and that the Company will complete a resource estimation
and a preliminary economic on the Park Place Project. Additionally,
forward-looking information involve a variety of known and unknown
risks, uncertainties and other factors which may cause the actual
plans, intentions, activities, results, performance or achievements
of the Company to be materially different from any future plans,
intentions, activities, results, performance or achievements
expressed or implied by such forward-looking statements. Such risks
include, without limitation: SLB may not conduct the study as
expected, within the time frame expected, or at all, SLB may not be
able to provide the results within the time frame expected, the
study may not provide the positive results expected by the Company
and may not successfully provide the basis for a resource
estimation or preliminary economic assessment, the Company may not
be able to complete the resource estimation or preliminary economic
assessment on the Park Place Project, unanticipated costs,
unexpected development and production challenges, the engagement
with SLB may be unexpectedly terminated early, SLB could face
technology or software disruptions and public health crises or
other global events may adversely impact the Company’s business and
development plans. Such forward-looking information represents
management's best judgment based on information currently
available. No forward-looking statement can be guaranteed and
actual future results may vary materially. Accordingly, readers are
advised not to place undue reliance on forward-looking statements
or information. Neither the Company nor any of its representatives
make any representation or warranty, express or implied, as to the
accuracy, sufficiency or completeness of the information in this
news release. Neither the Company nor any of its representatives
shall have any liability whatsoever, under contract, tort, trust or
otherwise, to you or any person resulting from the use of the
information in this news release by you or any of your
representatives or for omissions from the information in this news
release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/01a15394-fe45-451d-8c7b-b7beb747d8d4
https://www.globenewswire.com/NewsRoom/AttachmentNg/ef701f95-9400-44b9-9803-795f19a32a78
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