LithiumBank Receives Conditional Acceptance from the TSX Venture Exchange for its Sale of Saskatchewan Projects to Pristine Lithium Corp.
LithiumBank is the second largest land holder in Saskatchewan with 336,595 acres of mineral permits across three separate property areas. Each property listed below is targeting the Duperow Formation, which is a stratigraphic equivalent to the Leduc Formation in Alberta. Increased activity in the Company’s property areas continue to report encouraging lithium grades in brine sampled from the Duperow Formation.
Kindersley – 111,483 acres, located in west-central Saskatchewan near the Alberta border that consists of 16 claims acquired through auction from the Saskatchewan government.
- In November 2022, the Company completed a hydrogeological study that indicated:
- The Duperow Formation, within the “Kindersley Project” area hosts a brine volume of 3.89 km3 at a 6% porosity cut off. Lithium grades reported adjacent to the property range between 70 and 78 mg/L lithium.
- The Duperow Formation is an unconfined aquifer that measures up to 300 metres thick within the area of the Company’s mineral permits.
- Multiple zones of potential lithium brine production within the Duperow Formation add up to ~90 m in net pay at a 6% porosity cut off.
South Property – 134,229 acres, located in southern Saskatchewan along the border with the United State that consists of 8 claims acquired through auction from the Saskatchewan government.
- LithiumBank’s South Property is directly adjacent to Prairie Lithium’s Williston Basin project that is under agreement to be acquired by Arizona Lithium for approximately C$70.6 million in cash and stock. The South Property shares the same reservoir and key infrastructure including electricity, natural gas, fresh water, paved highways, and railroads.
Estevan – 90,883 acres, located in southeast Saskatchewan that consists of 11 claims acquired through auction from the Saskatchewan government or from Freehold owners.
- Neighboring lithium exploration activities, adjacent to the Company’s Estevan property have reported lithium grades ranging between 77 and 148 mg/L lithium.