LithiumBank to Develop Boardwalk and Park Place Lithium Brine Projects After Successful Acquisition Campaign

CALGARY, Alberta, Feb. 02, 2023 (GLOBE NEWSWIRE) -- LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF) (“LithiumBank” or the “Company”) is pleased to provide a corporate update and outline key milestones for 2023.

In 2022, LithiumBank successfully completed its 3-year acquisition and exploration campaign that was focused on:

1. Reservoirs that contain commercially viable lithium brine concentrations in Alberta & Saskatchewan;
2. Geological formations that can support large scale brine extraction and subsequent reinjection;
3. Availability of comprehensive historical data;
4. Existing past producing wells and local infrastructure;
5. Proximity to labour; and
6. Supportive local relationships & partnerships;

This resulted in acquiring three separate development districts that are part of a portfolio of claims that totalled over 4 Million acres (see Figure 1):

• Boardwalk: 572,237 acres that cover 100% of the Leduc reef complex, 270 kilometres west of Edmonton.
• Park Place: 1,571,364 acres that cover - ~95% of the Leduc reef complex 50 kilometres south of Boardwalk.
• Saskatchewan: 336,595 acres across three highly prospective properties in southern Saskatchewan.
  

LithiumBank has since established Canada’s first indicated mineral resource of lithium brine at the Company’s Boardwalk lithium brine project (the “Boardwalk Project” or “Boardwalk”), and assayed wells up to 82.0 mg/L lithium from Leduc brine at the Company’s Park Place project (the “Park Place Project” or “Park Place”).

LithiumBank is now focused on developing the Boardwalk and Park Place district projects by further quantifying their mineral resources and completing financial models to be included in coming Preliminary Economic Assessments.

Emerging North American Lithium Developer – 2023 Strategy

LithiumBank’s successful exploration programmes and geological assessments have identified Boardwalk and Park Place as flagship district scale projects that possess key elements required for potential commercial development. In the Company’s view, both projects have an ideal combination of lithium resource potential and brine chemistry that is compatible with existing extraction technologies. Furthermore, each area is well situated with paved highways, permitted well pads, power & natural gas lines throughout, skilled labour force and hundreds of past & present production wells.