The lithium bull market is only set to accelerate. All with global demand for lithium batteries expected to jump five-fold by 2030, according to Li-Bridge, as noted by Reuters. In fact, according to Li-Bridge, “Demand for lithium batteries in the United States is expected to grow more than six times and translate into $55 billion per year by the end of the decade, but still the country is expected to depend on imports for supply.” Even more impressive, General Motors may pick up more lithium land. After announcing plans to invest $650 million into Lithium Americas to secure lithium supply, this may be the first of many. “Automakers are starting to realize that the only way to guarantee lithium supplies is to own or have a controlling stake in the source,” added CNBC. This is all substantial news for lithium stocks, such as LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), Albemarle Corporation (NYSE: ALB), Lithium Americas (NYSE: LAC) (TSX: LAC), American Lithium Corp. (NASDAQ: AMLI) (TSXV: LI), and Piedmont Lithium (NASDAQ: PLL).
Look at LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), For Example
LithiumBank Resources Corp. announce the completion of the hydrogeological study at its 100% owned Park Place Lithium Brine Project located 180 km west of Edmonton, Alberta, and 50 km south of the Company’s other flagship brine project in the Boardwalk district. The hydrogeological study was completed by Matrix Solutions Inc. and is expected to be incorporated into an upcoming NI 43-101 Resource Estimate.
Highlights
- PPLP hosts a combined total of 76.3 km3 (76.3 B m3) of lithium-bearing brine, 49.8 km3 within the Leduc Formation and 26.5 km3 within the Swan Hills Formation.
- Currently the largest reported lithium-rich brine project, by volume, in North America held by a single operator.
- Favourable average net total porosity of 11%, 12% in the north and 10% in the south, using a 3% porosity cut-off.
- Maximum Formation thickness: Leduc 350 metres & Swan Hills 250 metres.
- Thicker zones (over 200m) in the Leduc Formation are correlated with higher porosity and are locations ideal for potential production hubs.
- The Leduc Formation and underlying Swan Hills Formation are hydraulically connected, representing a continuous resource volume.
- Leduc Formation brine sample, collected in December 2022 from Park Place, reported 77.2 mg/L lithium (News Release Jan. 17, 2023).
The recently completed hydrogeological study indicates that PPLP hosts the largest lithium-bearing brine, by volume, held by a single operator in North America at 76.3 km3 of brine (76.3 B m3). The entire brine is wholly contained within the 1.57 M acre Crown mineral rights-only land package that is endowed with modern infrastructure and abundant geological data from decades of oil & gas activity. LithiumBank and Matrix are now using this information and recent sampling data to produce an NI 43-101 Resource Estimate that is expected to be completed in Q2 2023.
“We are very proud to report the largest reported lithium brine project by volume in North America. Beyond validating our high value asset acquisition strategy, we believe it positions our company as one of the most attractive investments in Direct Lithium Extraction resource development opportunities globally and at a District-Scale," commented Rob Shewchuk, CEO of LithiumBank. “76.3 km3 is an enormous volume of lithium-rich brine with favourable porosity, formation thickness, and lithium grades. We are confident that these metrics and grades will lead to a positive NI 43-101 Resource Estimate. LithiumBank will also undertake additional brine sampling and testing of multiple Direct Lithium Extraction technologies that, together with the Resource Estimate, will support an initial Preliminary Economic Assessment at PPLP. This assessment will complement the Boardwalk Project PEA that is expected to be completed shortly.”
The Leduc Formation at Park Place is a confined aquifer, primarily composed of higher porosity dolomite except for the southern portion which is primarily limestone (Figure 1). The Swan Hills Formation consists of interbedded dolomite and limestone where both rock types, based on core analysis, are of reservoir quality and should be considered pay intervals. Although they are differing heterogeneous formations, the units are hydraulically connected and could be considered as a single hydrostratigraphic unit. Both stratigraphic units dip gently toward the southwest. The Devonian aged, Leduc Carbonate Reef complex (Woodbend Group) and the underlying Swan Hills Formation (Beaverhill Lake Group) have historically been known to host the highest grades of lithium-in-brine in Alberta, with samples that range from 76 mg/L to 130 mg/L lithium within our Park Place Metallic and Industrial Mineral (MIM) permit area. These samples are considered historic and have not been verified by a Qualified Person (QP) under the latest NI 43-101 Standards of Disclosure and cannot be relied upon. Historical samples are mentioned as a reference only until such time they have been verified.
The average net total porosity is 11% (12% in the north and 10% in the south) using a 3% porosity cut-off. Porosity at Park Place has been calculated differently than Boardwalk by using a porosity cut-off rather than an average of total porosity. At Park Place, all rock and brine within the two Formations with porosity below 3% are excluded from the volume calculations and from the average porosity calculation, therefore resulting in a higher average net total porosity. 11% porosity is promising, and Matrix expects that this should correspond favourably to permeability and reservoir continuity supportive of potential future commercial production.
The hydrogeological study used 57,437 core measurements from 675 wells within the study area from public-domain geological data from the Province of Alberta (Figure 1 & 2). 21,761 core measurements were obtained from 269 Leduc wells and 35,676 core measurements were obtained from 407 Swan Hills wells. Matrix determined that a total of 58 drill stem tests (DST) from 58 wells that were deemed representative. Of these DSTs, 22 were within the Leduc Formation and 36 were within the Swan Hills Formation. Matrix completed permeability analyses on 12 DSTs for the Leduc Formation and 18 DSTs for the Swan Hills Formation.
Estimates of lithium-bearing brine volumes presented in this disclosure are preliminary and conceptual in nature. There has been insufficient exploration at the Park Place Lithium Brine Project to define a mineral resource and it is uncertain if further exploration will result in delineation of a mineral resource at PPLP.
Other related developments from around the markets include:
Albemarle Corporation, a global leader in transforming lithium and bromine into essential ingredients for mobility, energy, connectivity and health, announced that it has signed definitive agreements with Mineral Resources Limited to restructure the parties' MARBL lithium joint venture in Australia and separately for MinRes to invest in Albemarle conversion assets in China. "Our Australian lithium assets are core to Albemarle's strategy to build a globally diversified portfolio of best-in-class assets and resources," said Kent Masters, Albemarle CEO. "Inherent to that strategy is managing our global portfolio to maximize growth optionality and maintain a leading position in a dynamic, growing market. Our restructured MARBL joint venture enables each partner to deliver long-term value to our customers."
Lithium Americas received a Letter of Substantial Completion from the U.S. Department of Energy Loan Programs Office for its application to support the financing of its Thacker Pass lithium project in Humboldt County, Nevada. The Letter of Substantial Completion determines that the Company’s application for the DOE’s Advanced Technology Vehicles Manufacturing Loan Program contains all the information necessary to conduct an eligibility assessment and can commence the process to engage in confirmatory due diligence and term sheet negotiation. “We applaud the Biden Administration for their efforts to date and support to secure a domestic supply chain of critical minerals to strengthen our national security, our economy and our commitment to sustainability,” said Jonathan Evans, President and CEO. “We are pleased to have the support of both GM and the DOE to accelerate the energy transition while spurring job creation and economic growth in America. Over the past months, we have achieved major milestones that allow us to commence construction and begin ordering long-lead equipment at Thacker Pass, putting into motion a solid foundation for a domestic lithium supply chain for electric vehicles.”
American Lithium Corp. provided operating and financial highlights for the third-quarter ending November 30, 2022. “During the quarter, the Company made strong progress and delivered on several key milestones,” stated Simon Clarke, CEO of American Lithium. “Successful drilling at TLC allowed us to deliver new and expanded resources, forming the foundation for the Company’s maiden PEA announced yesterday.” Positive drill results at TLC – continued to receive strong drill results from its 2022 drill program as it intersected high grade sections at TLC. Board Appointment – addition of Carsten Korch to the Board of Directors as an independent director based in Lima, Peru.
Piedmont Lithium, announced that it has signed agreements with LG Chem, Ltd., under which LG Chem will make a $75 million equity investment in Piedmont and commit to the offtake of 200,000 metric tons of spodumene concentrate from Piedmont’s jointly-owned North American Lithium over a four-year term. LG Chem will purchase 1,096,535 newly-issued shares of Piedmont common stock at an approximate price of $68.40 per share for a total consideration of $75 million. Closing of the Subscription Agreement is expected on or around February 24, 2023, and will result in LG Chem holding approximately 5.7% of Piedmont common shares. Transaction details are described in the table at the end of this announcement.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for LithiumBank Resources Corp. by LithiumBank Resources Corp. We own ZERO shares of LithiumBank Resources Corp. Please click here for full disclaimer.
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