LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to announce the filing of a technical report (the “Report”) for an updated mineral resource estimate at its 100% owned Boardwalk lithium brine project (“Boardwalk”) located in west-central Alberta. The Report is entitled “LithiumBank Resources Corp. Boardwalk NI 43-101 Technical Report” with an effective date of February 20, 2025. The Boardwalk resource estimate highlights were originally announced by the Company on February 20, 2025. The Report can be found on the Company’s website and on SEDAR+.
Boardwalk Resource Estimate Highlights:
- Boardwalk hosts the highest-grade lithium brine measured or indicated current resource estimate in Alberta at 81.6 mg/L lithium.
- 5,195,000 tonnes of measured or indicated of lithium carbonate equivalent (“LCE”) within the Leduc Formation (“Fm”) aquifer at an average of 81.6 mg/L lithium (Table 2).
- 2,777,000 tonnes of inferred LCE within the Leduc Fm and Beaverhill Lake Group (“Gp”)/Swan Hills Fm aquifers, which directly underlies the Leduc Fm, at a weighted average of 79.0 mg/L lithium (Table 1).
- The resource estimate at Boardwalk increased by over 30% due to an increase in the lithium grade via recent “10-06” drilling/testing program (Figure 1), additional measurements, refined parameterization of Leduc Fm aquifer geometry and effective porosity, as well as confirming the presence of lithium in the Beaverhill Lake Gp/Swan Hills Fm aquifer (Figure 3).
- The subsurface reservoir model will assist in planning well networks and locations in future economic and engineering studies.
The Report estimates the LCE measured resource at 1,671,000 tonnes at a grade of 81.2 mg/L lithium and 3,524,000 tonnes of indicated LCE at a grade of 81.8 mg/L lithium within the Leduc Fm. This leads to a combined total of measured and indicated resources of 5,195,000 tonnes LCE with an average grade of 81.6 mg/L lithium (Table 2). Additionally, recent work estimates the inferred LCE resources of 1,128,000 tonnes at 81.8 mg/L lithium and 1,649,000 tonnes inferred LCE at 78.1 mg/L lithium within the Leduc and Beaverhill Lake Gp/Swan Hills Fm (Table 1), respectively. The data and workflow process were reviewed and validated by Alex Haluszka of Montrose Environmental Solutions Canada Inc.; a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Boardwalk resource estimate is an increase in lithium grade of approximately 18% from the previous resource estimate and an increase in overall lithium resources by approximately 30% (previous Boardwalk resource estimate with effective date Feb. 22, 2024) and increasing the Company’s overall lithium resources as shown in Table 2 and Figure 3.
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