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LithiumBank Completes Hydrogeological Survey and Begins Preparation of NI 43-101 Technical Report at Canadian Business Journal Kindersley, Saskatchewan

CALGARY, Alberta, November 9, 2022 (GLOBE NEWSWIRE) — Lithium Bank Resources Corporation (TSX-V: LBNK) (OTCQX: LBNKF) (FSE: HT9) (“lithium bank” or “Company) is a 100% owned Kindersley Lithium Brine Project (“kinder three project) Located 100 miles west of Saskatoon in southwestern Saskatchewan. The hydrogeological survey was conducted by Matrix Solutions Inc. (“Matrix”).

Boosted by two unusual lithium brine samples collected from the Duperrow Formation by the Saskatchewan Geological Survey in 2017, Lithium Bank has established itself as a strategic focal point in December 2021. National Instrument 43-101 (“NI 43-101”) technical reports and future preliminary economic assessments.

highlight:

  • Matrix evaluates reservoir properties and aquifer deliverability within the Lithium Bank Mineral Lease, identifies multiple zones of potential lithium brine production within the Dupéreaux Formation, and cuts porosity by 6% Added up to 90m net pay off
  • The Duperow Formation is an unconfined aquifer of up to 300 m within the area of ​​the company’s mineral leases comprising the Kindersley Project.
  • The Duperow Formation in LithiumBank’s Kindersley Project area has 3.89 km of salt water3 6% porosity cutoff
  • Expected brine production from the Duperoux Formation is up to 1,600 m3 per day
  • Lithium was detected at 78 mg/L and 70 mg/L in two brine samples from the area of ​​the Duperrow Formation adjacent to the Kindersley Project collected by the Saskatchewan Geological Survey in 2017.

LithiumBank contracted Matrix to conduct a detailed geological and hydrogeological survey of its 41,014-hectare (101,347 ac) mineral lease located 5 km north and east of the town of Kindersley, Saskatchewan ( (see Figure 1 below). This study brings together all available data for the region from historical and ongoing hydrocarbon activity. The purpose of this study is to provide the level of detail necessary to produce an NI 43-101 compliant technical report and ultimately to assess the future lithium brine production potential of the Kindersley project.

The Duperow Formation, which is stratigraphically similar to the Leduc Formation in Alberta, is actively used as a water source and exhibits high lithium concentrations compared to other aquifer concentrations in the region. It was therefore the focus of Matrix research. The matrix study was positive for hydrogeological properties, including porosity and permeability, at the Kindersley Project, with a historical long-term production rate at the proximal well and a historical brine production of 3.3 million m3. indicates that it matches3In addition to the working wells, the Duperou Formation has several injection wells with injection rates in excess of 2,000 m.3/Day. Based on available data, Matrix expects his one well in the Duperow Formation could allow him to produce brine at velocities of up to 1,600 m per day.3.

Within the area of ​​the company’s mineral leases that make up the Kindersley Project, Matrix performs all available Drill Stem Tests (DST), Historical Production Rates, Fluid Chemistry Analysis, Formation Top Picks and Logs, and Petrophysical Utilized the core for analysis. Incorporating core, log, DST and production data allowed us to understand reservoir quality and deliverability. Using petrophysical analysis, a number of porosity cutoffs were defined from 1 to 30%. By mapping the porosity cutoffs, you can calculate the amount of brine across your company’s mineral leases. Although 3% porosity is a common cutoff used, data suggest that a 6% porosity cutoff is more appropriate when considering long-term brine production (see below). (see Table 1 of ).

Table 1. Kindersley Project, volumes based on various porosity cutoffs assuming 100% water saturation

kinders three lithium project Area (ha) porosity cutoff Brine capacity (m3)
LBNK Mineral Lease 41,014 1 % 5,040,328,641
LBNK Mineral Lease 41,014 3 % 4,788,004,868
LBNK Mineral Lease 41,014 6 % 3,891,597,972
LBNK Mineral Lease 41,014 11 % 2,008,596,074
LBNK Mineral Lease 41,014 15 % 1,034,854,407

*Lithium-in-place volume = A*T*ɸ*(1-Sw)*C or brine volume (m3)*C. A= aquifer area, T= measured aquifer interval thickness, ɸ = aquifer porosity, Sw= water saturation (non-reducible), C= lithium concentration in brine

Figure 1. LithiumBank Mineral Leases and Historical Duprow Brine Analysis

qualified person

The scientific and technical disclosures in this news release were reviewed and approved by Kevin Peepgrass, Chief Operations Officer, LithiumBank Resources Corp., Member of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) . He is also a Qualified Person (QP) for purposes of NI 43-101. Piepgrass agrees to include the data in the format and context in which it appears.

About Lithium Bank Resources

LithiumBank Resources Corp. is an exploration and development company focused on lithium-enhanced brine projects in Western Canada, where low carbon impact, rapid DLE technology can be deployed. LithiumBank currently owns more than 4.07 million acres of mineral holdings in Alberta and 326,000 in Saskatchewan. LithiumBank’s mineral titles are strategically positioned over known reservoirs that offer a unique combination of size, grade and exceptional flow rates required for large-scale direct brine lithium production. LithiumBank is de-risking several projects in parallel with the Boardwalk Lithium Brine Project.

contact:

Rob Shuchuck
Chairman and CEO
[email protected]
(778) 987-9767

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release..

Cautionary Note Regarding Forward-Looking Statements

This release contains certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release other than statements of historical fact. including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including statements that the Company intends to collect samples from the Duperot Tier; is not limited to NI 43-101 Technical Report and its use within the Kindersley Project to prepare preliminary economic evaluations for the future, and projected brine production from the Duperrot Formation within the Kindersley Project, are forward-looking statements and It contains forward-looking information. In general, forward-looking statements and information refer to the use of forward-looking terms such as “intends” or “anticipates” or variations of such words or phrases or that certain actions, events or results may occur. It can be identified by the use of the statement “may be”. “could”, “should”, “could”, or “occur”. Forward-looking statements are based on certain material assumptions and analyzes made by the Company and management’s opinions and estimates as of the date of this press release. NI 43-101 Prepares a technical report and preliminary economic evaluation for the future and projected brine production from the Duperou Formation within the Kindersley Project. These forward-looking statements involve known and unknown risks, uncertainties, and our actual results, level of activity, performance or achievements, either expressed or implied by such forward-looking statements. are subject to other factors that can cause them to differ significantly. forward-looking information. Important factors that could cause actual results to differ include the Company’s position in collecting samples from the Duperrot Formation within the Kindersley Project to prepare the NI 43-101 Technical Report and future preliminary economic indicators. This includes, but is not limited to, not in We appreciate the inability to do so in the expected timeline or the expected brine production being less than management expected. Although our management has attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking statements or forward-looking information, we cannot predict, estimate or Or there may be other factors that cause it to differ from what is intended. There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected by such statements. You should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be suitable for other purposes. We do not undertake to update any forward-looking statements, forward-looking information or financial prospects incorporated herein by reference, except in accordance with applicable securities laws.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9ab1821-1a2a-45e9-b7d7-bf6d301437d0.


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LithiumBank Completes Hydrogeological Survey and Begins Preparation of NI 43-101 Technical Report at Canadian Business Journal Kindersley, Saskatchewan

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