November 28, 2022

CALGARY, Alberta, Nov. 09, 2022 (GLOBE NEWSWIRE) — LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (FSE: HT9) (“LithiumBank” or the “Company”) is pleased to announce the completion of the hydrogeological study of the 100% owned Kindersley lithium brine project ( the “Kindersley Project”) in southwest Saskatchewan, 100 miles west of Saskatoon. The hydrogeological study was conducted by Matrix Solutions Inc. (“Matrix”).

Encouraged by two anomalous lithium brine samples collected from the Duperow Formation by the Saskatchewan Geological Survey in 2017, LithiumBank established a strategic core position in December 2021. LithiumBank intends to sample the Duperow Formation within the Kindersley project area and use the knowledge and experience gained from its Boardwalk project in Alberta to prepare a National Instrument 43-101 (“NI 43-101”) Technical Report and to expedite a future preliminary economic assessment.

Highlights:

  • Matrix evaluated the deposit properties and aquifer deliverability within LithiumBank’s mineral concessions and identified multiple zones of potential lithium brine production within the Duperow Formation, totaling approximately 90m of net gain at a 6% porosity cut-off
  • The Duperow Formation is an unconstrained aquifer measuring up to 300m within the area of ​​the Company’s mineral claims comprising the Kindersley Project
  • The Duperow Formation within LithiumBank’s Kindersley project area hosts a brine volume of 3.89 km3 at a 6% porosity cutoff
  • The expected brine production from the Duperow Formation is up to 1,600 m3 per day
  • Two brine samples from an area of ​​the Duperow Formation adjacent to the Kindersley Project collected by the Saskatchewan Geological Survey in 2017 returned 78 mg/L and 70 mg/L lithium

LithiumBank engaged Matrix to conduct an in-depth geological and hydrogeological survey of the Company’s 41,014 ha (101,347 ac) mineral claims located 5 km north and east of the town of Kindersley, Saskatchewan (see Figure 1 below). The study is a compilation of all available data in the area from historical and ongoing hydrocarbon activities. The purpose of the study is to provide the level of detail required to prepare a NI 43-101 compliant technical report and ultimately to evaluate the potential of the Kindersley project for future lithium brine production.

The Duperow Formation, which is stratigraphically similar to the Leduc Formation in Alberta, was the focus of Matrix’s study because it is actively used as a water source and has enriched lithium concentrations compared to other basin aquifer concentrations in the region. The Matrix study indicates that the hydrogeological characteristics, including porosity and permeability, at the Kindersley project are positive and consistent with historical long-term production rates from nearby wells and a cumulative historical brine production of 3.3 million m3. In addition to active water wells, there are several injection wells in the Duperow Formation with injection rates in excess of 2,000 m3/day. Based on the available data, Matrix believes that a single well in the Duperow Formation could be capable of producing brine at a daily rate of up to 1,600 m3.

Within the Company’s mineral concession area, which includes the Kindersley project, Matrix utilized all available drill stem tests (DSTs), historical production rates, fluid chemistry analysis, formation top picks and logs, and core for petrophysical analysis. The inclusion of core, log, DST and production data provided an understanding of deposit quality and deliverability. A range of porosity cut-offs from 1-30% were defined using a petrophysical analysis. Mapping of porosity cut-offs has enabled the calculation of brine volume across the Company’s mineral claims. Although 3% porosity is a commonly used cut-off, the data suggest that a 6% porosity cut-off is more appropriate when considering long-term brine production (see Table 1 below).

Table 1. Kindersley project, volumes based on different porosity cutoffs assuming 100% water saturation

Kindersley Lithium Project Area (ha) porosity limit Brine volume (m3)
LBNK mineral leases 41.014 1 % 5,040,328,641
LBNK mineral leases 41.014 3 % 4,788,004,868
LBNK mineral leases 41.014 6 % 3,891,597,972
LBNK mineral leases 41.014 11 % 2.008.596.074
LBNK mineral leases 41.014 fifteen % 1.034.854.407

*Lithium In-Place Volume =A*T*ɸ*(1-Sw)*C or Brine Volume (m3)*C. A= aquifer area, T= thickness of the aquifer interval to be measured, ɸ= porosity of the aquifer, Sw= water saturation (cannot be reduced), C= lithium concentration in the brine

Figure 1. LithiumBank mineral leases with historical Duprow salt samples

Qualified Person

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 the Province of BC (APEGBC). and is a Qualified Person (QP) as defined by NI 43-101. Mr Piepgrass consents to the inclusion of the data in the form and context in which it appears.

About LithiumBank Resources Corp.

Lithium Bank Resources Corp. is an exploration and development company focused on lithium-enriched brine projects in western Canada where low-carbon, fast DLE technology can be deployed. LithiumBank currently owns over 4.07 million acres of mineral titles, 3.68 million acres in Alberta and 326,000 acres in Saskatchewan. LithiumBank’s mineral titles are strategically positioned over known deposits that offer a unique combination of size, grade and exceptional flow rates required for large-scale direct brine lithium production. LithiumBank is advancing and de-risking multiple projects in parallel with the Boardwalk lithium brine project.

Contact:

Rob Shewchuk

chairman

[email protected]

(778) 987-9767

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 Note Regarding Forward-Looking Statements

This press release contains certain statements and information that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All statements in this press release, other than statements of historical fact, including statements of future estimates, plans, goals, schedules, beliefs or expectations of future performance, including, but not limited to, the statement that the Company intends to recover samples from the Duperow -Formation available within the Kindersley Project for the preparation of a NI 43-101 Technical Report and a future Preliminary Economic Assessment and expected brine production from the Duperow Formation within the Kindersley Project are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information may be qualified by the use of forward-looking terminology such as “intends” or “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”. ‘ or ‘enter’. Forward-looking statements are based on certain key assumptions and analyzes made by the Company and management’s opinions and estimates as of the date of this news release, including the Company’s intention to sequentially collect samples from the Duperow Formation within the Kindersley Project in accordance with the preparation of a technical report NI 43-101 and a future Preliminary Economic Assessment and expected brine production from the Duperow Formation at the Kindersley Project. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Important factors that could cause actual results to differ include the Company’s inability to collect samples from the Duperow Formation within the Kindersley Project to complete an NI compliant technical report 43-101 and future preliminary economic results or may not be able to do so within expected timescales or expected brine production will be less than management anticipates. Although the Company’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in any forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated , estimated or intended . There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement, forward-looking information or financial outlook, which is 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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