LithiumBank Resources has announced high-grade lithium resources of an estimated 10,078,000 tonnes of inferred Lithium Carbonate Equivalent (LCE) at a grade of 79.4 mg/L within the Leduc Formation.
Furthermore, the Company has discovered 11,603,000 tonnes of inferred LCE at 80.9 mg/L high-grade lithium within the Swan Hills Fm aquifer underlying its 100% owned Park Place lithium brine project.
The initial mineral resource estimate assessments were prepared by global technology company SLB (NYSE: SLB) using 3D static modelling mining workflows.
These assessments were then used to determine the resource estimates and reviewed and validated by a Qualified Person as defined by National Instrument 43-101 of Canada.
Ownership of the highest-grade lithium resource in North America
The total inferred mineral resource for the Park Place project is 21,681,000 tonnes LCE between the two formations contained within the license boundaries with a combined average grade of 80.2 mg/L lithium.
The Company anticipates filing a NI 43-101-compliant technical report in respect of Park Place on SEDAR+ within 45 days of this announcement.
“LithiumBank spent the past five years consolidating Park Place brine-hosted mineral licenses. This work has now culminated in 100% ownership of the largest LCE inferred mineral resource in North America and with the highest recorded lithium grade in Alberta,” said Rob Shewchuk, CEO of LithiumBank.
He added: “The Park Place resource puts LithiumBank’s collective lithium brine resources inventory for the Company’s Alberta projects at 27.78 million tonnes LCE. This presents district scale potential opportunity for Canada to become a major supplier of lithium in North America.”
Future exploration at Park Place
Shewchuk explained: The Company will now focus on additional brine sample assaying, completing high-grade lithium extraction test work, and initiating a Preliminary Economic Assessment (PEA) for Park Place.
“Park Place brine will be chemically and metallurgically evaluated at the Company’s, exclusively licensed, 10,000 L/day Direct Lithium Extraction (DLE) pilot plant in Calgary following a bulk brine sampling program in H2 2024.”
The consolidated Park Place project consists of 1,404,558 acres of contiguous Brine Hosted Mineral Licenses.
The project is situated between Edson, Fox Creek, and Hinton, approximately 180km west of Edmonton, and is approximately 50km to the south of the Company’s Boardwalk lithium brine project.
This area has seen over 70 years of hydrocarbon extraction resulting in a well-established and well-trained labour force, networks of all-weather gravel roads, drill sites that can be easily accessed from Provincial highways, and electrical transmission lines that run through and adjacent to the project.
