CALGARY, Alberta, Nov. 09, 2023 (GLOBE NEWSWIRE) --LithiumBank Resources Corp.(TSX-V: LBNK) (OTCQX: LBNKF)(“LithiumBank” or the “Company”) is pleased to provide a progress update on the commissioning of its continuous Direct Lithium Extraction (cDLETM) pilot plant licensed from G2L Greenview Resources Inc. (“G2L”). The exclusive licensing agreement with G2L, a 50/50 G2L Joint venture with Computational Geosciences Inc. (CGI), a subsidiary of the Robert Friedland-chaired Ivanhoe Electric Inc. (NYSE:IE) and Clean TeQ Water (ASX:CNQ), was announcedSeptember 11, 2023.
The pilot plant is undergoing final improvements at the Clean TeQ Water facility in Melbourne Australia prior to shipment to Canada. Modifications to the cDLETMpilot plant include installing new high efficiency pumps, upgrading certain components for high temperature brines (up to 80 degrees Celsius), as well as various mechanical and electrical improvements. When these modifications are complete (expected November 2023), the pilot plant will be packed into four shipping containers and transported to LithiumBank facilities, currently being constructed in Calgary AB, Canada.
LithiumBank’s pilot plant is expected to test G2L’s DLE technology at reservoir temperatures at a rate of up to 10,000 L per day. It will provide the necessary design parameters to include the technology in feasibility studies for LithiumBank’s Alberta and Saskatchewan lithium development properties. Demonstrating G2L technology at this scale enables significant de-risking of the commercial design and is a crucial step in unlocking the value of LithiumBank’s multi-district portfolio of direct brine assets. LithiumBank intends to pilot brine sourced from over 2.1M acres of its Alberta projects, Boardwalk and Park Place, as well as from Estevan, Kindersley and South in Saskatchewan. Piloting is expected to take place over a 12-18 month period and is anticipated to commence in Q1 2024 after the plant has been reassembled at the Company’s facility.
Since the release of theBoardwalk Preliminary Economic Assessment(May 2023),LithiumBank and its engineering consultants have worked with G2L to optimize the project flow sheet. Initial testing has identified multiple process parameters that can be improved with the inclusion of Licensed Technology. These include:
- Resin loading capacity;
- Impurity rejection;
- Eluate concentration;
- Reagent consumption;
- Substitution of lower cost reagents, such as quicklime and sulfuric acid; and
- Water and energy consumption.
It is anticipated that the pilot testing will positively quantify the impact of these factors on the project economics.
“We are very pleased to be making progress toward the timely delivery and installation of the G2L cDLETMpilot plant in our newly leased facility in Calgary, Alberta,” commented LithiumBank CEO Rob Shewchuk. “It is our understanding that this pilot plant will be the largest ever commissioned for testing of unconventional direct brine lithium assets in Western Canada. We look forward to the successful implementation of this technology and attaining key performance indicators with a focus on lithium recovery, selectivity, flow rate and concentrate quality. Successful testing is expected to further demonstrate the commercial viability and scalability of our unique combination of resource, process and design.”
About LithiumBank Resources Corp.
LithiumBank Resources Corp. (TSX-V: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company that is focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada. The Company holds 2,480,196 acres of brown-field lithium brine permits, across 3 districts in Alberta and Saskatchewan. In May 2023, LithiumBank completed an initial robust preliminary economic assessment of its Boardwalk project that targets a 31,350 TPA operation with a pre-tax USD $2.7B NPV and a 21.6% IRR with the potential for a number of near term enhancements. The Company will continue to de-risk its assets through detailed geological modelling and advanced engineering.
