- LithiumBank Resources Corp. updates its NI 43-101 resource estimate, reporting 15,082,000 tonnes of inferred Lithium Carbonate Equivalent (LCE) at the Park Place Project.
- Strategic reductions in brine hosted mineral licenses result in C$821,468 in annual savings.
- Direct lithium extraction pilot testing shows >95% lithium recovery and 99% impurity removal.
LithiumBank Resources Corp. (LBNKF, Financial) has announced a significant update to its NI 43-101 resource estimate for the Park Place Lithium Brine Project, located in west-central Alberta. The updated estimate reflects a reduction in total inferred Lithium Carbonate Equivalent (LCE) to 15,082,000 tonnes with a lithium grade of 80.0 mg/L. This update follows a strategic reduction of the company’s brine hosted mineral licenses to 226,683 hectares, allowing for a focus on areas with higher production potential.
The company's decision to streamline its holdings resulted in notable annual licensing fee savings of C$821,468. The Park Place Project remains one of the largest inferred lithium brine resources in North America, with significant lithium resources in both the Leduc and Swan Hills formations, holding 8,659,000 tonnes and 6,423,000 tonnes of inferred LCE, respectively.
The recent pilot testing on direct lithium extraction demonstrated impressive results, achieving over 95% lithium recovery and 99% impurity removal. However, as part of its strategic realignment, LithiumBank also announced the termination of agreements with G2L Greenview Resources Inc., as both parties opted to pursue independent opportunities.
